1. Giving to the Liszt Academy through foundations and membership groups:Donations may be unrestricted or restricted, directed for specific purposes defined by the sponsor. Unrestricted contributions are especially valuable to the Liszt Academy, as they give the institution flexibility to use funds wherever the need is most urgent. The Liszt Academy reserves the right that the 10% of the restricted donations is received as unrestricted. The Liszt Academy helps possible sponsors define the purpose of a donation by outlining current campaigns where financial help is most needed.
There are three foundations connected to the Liszt Academy:
1. Friends of the Liszt Academy Association and Foundation
The Friends of the Liszt Academy Association is a non-profit membership group, which was established with the purpose of supporting the Liszt Academy in 1997. It is striving to preserve and to improve the competitiveness of this widely renowned institution. Hand in hand with the Association operates the Friends of the Liszt Academy Foundation, which merged with the "Génie Oblige" Foundation in 2011, which had also been supporting the Academy of Music.
The main objective of the Friends of the Liszt Academy is to encourage students of the institution to develop artistically and professionally. The board congregates three times a year to decide over grants, supports to participate at international competitions and master classes, and over funds to purchase instruments.
The Friends of the Liszt Academy supported altogether 1420 Liszt Academy students with a total of HUF 109.307.250 by the end of 2010.
2. Liszt Academy Foundation
Founder: Sándor Balassa, Kossuth Award-winning composer, retired professor at the Liszt Academy of Music
Main office: 1061. Budapest, Liszt Ferenc tér 8.
Registered: 16 September 1996, No.: 6298
VAT No.: 18156515-2-42
Account No.: 11707024 – 20378884
The Foundation has been a keen supporter of the Academy and its students. Millions have been spent on acquiring new computers, copy machines, furniture and other equipment. The floor and the tapestry of the chairs in the Great Hall of the Academy have been renovated with the donations received by the Foundation. The plastic covering of the ground floor lobby has been fitted, the stairs have been regrinded, and the organ in the Great Hall has been renovated with donations as well.
2. LegaciesThe Liszt Academy can accept legacies as follows:
Residuary: a residuary legacy is the value remaining once all pecuniary legacies, debts, fees and other charges have been met. You can leave whole or part of the residue to the Academy. The value of a residuary legacy is not affected by inflation.
Pecuniary: this is a legacy of a specific sum of money. You may want to request that it be linked to inflation in order for it to retain its value over the years.
Specific: a legacy need not be a sum of money. Instead, you can leave assets such as instruments, property, stocks, shares, library collections, artefacts or other valuables. Please do contact us to discuss your plans.
3. 1% taxAccording to Hungarian law, those drawing income and paying income tax in Hungary can dispose freely of 1 per cent of their income tax to be paid. If you consider the Liszt Academy worthy of your support, when making your annual tax declaration, kindly offer this 1 per cent of your tax to one of the three foundations of the Liszt Academy.
4. EndowmentThe Génie Oblige Foundation has established an endowment fund. The endowed asset is kept intact and only the income generated by it is spent supporting of the Liszt Academy. Its successor in title, the Friends of the Liszt Academy Foundation continues its work without change.
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