Russian education is undergoing serious changes, especially with respect to higher education. Today, both the state and science expect from universities a high level of service quality and independence in the choice of development strategy. In modern conditions, the university may not be effective, relying only on public funding. That is why for universities in Russia in the near future it is necessary to solve a question of finding additional funding sources, one of which is an increasingly popular mechanism of endowment funds. The relevance of the Endowment Funds for the higher education system is that they allow to accumulate financial resources and ensure the stable development of the universities in the long run. The article presents the results of investigation of the essence and methods of development of the financial mechanism of attraction and use of target capital. To achieve this goal, the following objectives form the structure of this article: a review of the history of the Endowment Funds; a market research of endowment funds in Russia; an analysis and evaluation of public awareness of Endowment Funds. Legislation in many countries stimulates the creation of the target capital, which is the source of income going to the financing of the non-profit sector as a non-profit organization forms an endowment, receives a stable and long-term source of funding for its activities. In addition, the target capital is a significantly more transparent model for donors, compared with the current or one-time funding to provide the ability to control of decision-making. The availability of endowment allows partial independence of non-profit organizations from one-time and sporadic donations, plan their activities in the long term. For non-profit organizations target capital means the ability to finance various projects and programs, professorships (for high schools), construction / renovation of buildings, staff development, etc. The availability of endowment informs that the organization is able to plan its activities for at least the next few years, which indicates a clear understanding by the employees of a nonprofit organization its mission and objectives.
endowment, endowment fund, nonprofit organization, foundation, fundraising system, competition
1. Bokareva, E.V. Analiz i otsenka raboty fondov tselevogo kapitala v Rossii. Finansovaya analitika: problemy i resheniya. - 2013. - № 21. - S. 7-10.
2. Bokareva, E.V. Razvitie finansovogo mekhanizma privlecheniya tselevogo kapitala nekommercheskimi organizatsiyami v sisteme vysshego professional´nogo obrazovaniya. Finansovaya analitika: problemy i resheniya. - 2013. - № 48. - S. 17-23.
3. Bokareva, E.V. Tselevoy kapital nekommercheskoy organizatsii: mirovoy opyt ispol´zovaniya i normativnoe regulirovanie v sovremennoy Rossii. Finansovaya analitika: problemy i resheniya. - 2013. - № 15. - S. 43-47.
4. Osobennosti upravleniya tselevym kapitalom v sisteme vysshego obrazovaniya / E.V. Bokareva, E.N. Egorova, M.A. Kuchin, L.I. Chernikova. Servis v Rossii i za rubezhom. - 2014. - T. 8, № 5 (52). [Elektronnyy resurs]: URL: http://old.rguts.ru/electronic_journal/number52/contents (data obrashcheniya: 10.12.14).
5. Egorova, E.N. Nalogovoe stimulirovanie innovatsionnoy deyatel´nosti v Rossii. Servis v Rossii i za rubezhom. - 2012. - № 7(34). [Elektronnyy resurs]: URL: http://old.rguts.ru/electronic_journal/number34/contents (data obrashcheniya: 11.12.14).
6. Egorova, E.N. Fiskal´nyy monitoring kak informatsionnaya baza nalogovogo regulirovaniya. Servis plus. - 2011. - № 1. - S. 87-93.
7. Egorova, S.K. Novatsii v informatsionnom obespechenii upravleniya sub´´ektov malogo predprinimatel´stva sfery uslug. Vestnik Povolzhskogo gosudarstvennogo universiteta servisa. - Seriya: Ekonomika. - 2012. - № 21. - S. 87-95.
8. Lavrova, S. Nekotorye aspekty sozdaniya vuzovskogo endaument-fonda: prakticheskie sovety. Teoriya i praktika funktsionirovaniya fondov tselevogo kapitala v vysshem obrazovanii Rossii: sb. prakt. rekomendatsiy dlya uchastnikov Mezhdunarodnoy nauchno-prakticheskoy konferentsii «Teoriya i praktika funktsionirovaniya fondov tselevogo kapitala v Rossii», MGIMO (U) MID Rossii, 27-29 aprelya 2010 g. / pod. red. E.S. Biryukova, D.A. Degtereva, A.V. Stel´makha. - M.: MGIMO, 2010.
9. Leonova, V.P., Egorova, E.N., Ambros´eva, T.G. Venchurnoe finansirovanie kak instrument razvitiya innovatsionnoy deyatel´nosti. Ekonomika i predprinimatel´stvo. - 2014. - № 5-2. - S. 918-923.
10. Podsevalova, E.N. Printsipy tselevogo kapitala. Problemy i opyt menedzhmenta, finansov, ucheta i nalogooblozheniya predpriyatiy, otrasley, kompleksov: sb. statey. - M., 2012. - S. 181-184.
11. Pod´´yablonskaya, L.M. Finansy: uchebnik. - M.: Yuniti, 2011.
12. Chernikova, L.I., Zaernyuk, V.M. Novye mekhanizmy finansirovaniya rossiyskogo obrazovaniya. Vestnik Assotsiatsii VUZov turizma i servisa. - 2011. - № 1. - S. 52-57.
13. Shit´kov, S.V. Protsedura registratsii endaument-fondov vysshikh uchebnykh zavedeniy po rossiyskomu zakonodatel´stvu. Teoriya i praktika funktsionirovaniya fondov tselevogo kapitala v vysshem obrazovanii Rossii: sb prakt. rekomendatsiy dlya uchastnikov Mezhdunarodnoy nauchno-prakticheskoy konferentsii «Teoriya i praktika funktsionirovaniya fondov tselevogo kapitala v Rossii», MGIMO (U) MID Rossii, 27-29 aprelya 2010 g. / pod. red. E.S. Biryukova, D.A. Degtereva, A.V. Stel´makha. - M.: MGIMO, 2010.
14. Chernikova L.I., Zaernyuk V.M., Bokareva E.V., Kryukova E.M. Theoretical approaches to the banking financial intermediation and its development trends. World Applied Sciences Journal. 2014. T. 30. № 12. S. 1723-1725.
15. Denmark, F., 2007. Marking the Grade. Institutional Investor’s alpha. July-August.
16. Egorova E.N. Taxation as a tool of improvement of competitiveness of small enterprises in the sphere of tourism. World Applied Sciences Journal. 2013. T. 24. № 11. S. 1455-1459.
17. Ramachandra, S., 2008. Higher educaion and non-profit governance: the role of endowment. May.
18. Ramsden, D., 2008. Insights into the Yale formula for endowment spending. Yale magazine. Vol. 4.
19. Functioning and development of target capitals of non profit organizations Bokareva E.V., Chernikova L.I., Egorova E.N., Egorova S.K. Asian Social Science. 2014. T. 10. № 23. S. 223-230.
