Use of Donations and Transparency

The responsibility of the German charity, Deutsche Stiftung zur Förderung des Vedischen Weltkulturerbes, as the German co-operation partner, is to be responsible for collecting German donations and transferring them to the Nepal Maharishi Foundation for Vedic Culture, which is then responsible for using these funds in accordance with the German laws for charitable organizations.

As a charitable foundation according to Paragraph 51 ff. AO the Stiftung zur Förderung des Vedischen Weltkulturerbes is authorized to remit tax deductible donation receipts.

There will be a consistent flow of financial reporting between these two Foundations as well as an exchange of information, reports, and even Nepal visits organized for the donors. According to an agreement between both Foundations, the Nepal Foundation will provide the German Foundation with annual audited financial statements and any non-cash contributions/donations will be reported. In addition, the German Foundation will receive a detailed report of the use of all donations including all expenditures incurred during a yearly period, as well as a list of accrued assets.

The German Foundation has the right to examine at any time and place to be mutually agreed upon by the parties, the books and records of the Nepal Foundation.

Two in-resident representatives, Mr. Royal Lillge, MBA and Mr. Robert Wallace, of the Deutsche Stiftung zur Förderung des Vedischen Weltkulturerbes, who are very familiar with the circumstances of the country, will keep the German Foundation updated and fully informed of the activities and of the ongoing general developments being undertaken by the Nepal Foundation.
Additional to the annual audited financial statements, the Nepal Foundation shall furnish to the German Foundation each year a full and complete written report of its activities for the preceding calendar year (including e.g. pictures, brochures, news-paper-reports, etc.) and the plans for the coming year. On request, the Nepal Foundation will also furnish such a report at any other time.
The Nepal Foundation will hold general-meetings and board-meetings according to the provisions of the articles of the Nepal Foundation. The German Foundation may request at any time to have copies of the records of these meetings and its decisions in English.

The Nepal Foundation will permit the German Foundation’s officers, directors, employees or committee members to enter at reasonable times, with a three day notice, any premises used by the Nepal Foundation, in order to evaluate and observe their activities and programs and to inspect all records relating to the same....back