Law of the Republic of Moldova on Foundations
No 581-XIV of 30.07.99
Monitorul Oficial al R.Moldova No 118-119/556 of 28.10.1999
Chapter V
Accounting, Supervision, and Openness of the Foundation Activities
Article 30. Accounting and Financial Reports
The Foundation shall be obligated to assure accounting management in compliance with the Law on the Accounting as well as with the national accounting standards and submit financial accounts in accordance with the legislation.
Article 31. Supervisory Body
(1) Supervisory Body shall be appointed by the Foundation Board. A revisory commission or auditor may act as a supervisory body.
(2) Supervisory Body members must be neither members of any other Foundation body, nor users of the Foundation.
Article 32. Supervision of Foundation Activities.
(1) Supervision of Foundation activities in terms of their compliance with statutory objectives shall be exercised by the Ministry of Justice. Officials of the Ministry of Justice shall be entitled to obtain information about all the aspects of Foundation activities, to look through Foundation documents, and to participate in all its events.
(2) Supervision of the financial activity of the Foundation shall be exercised by State financial and tax offices according to the procedure envisaged by the legislation.
(3) In the event that the founder or the person in whose interests the Foundation exercises its activities considers that some actions of the Foundation Board contradict the Foundation Statute, he/she shall be entitled to appeal to the Ministry of Justice with the request to eliminate these drawbacks.
Article 33. Openness of Foundation Activities.
(1) Upon the consummation of each accounting year, but no later than in six-month period since its expiration day, the Foundation shall publish the report on its activities, which must include: the total amount of finances and materials used for the achievement of statutory objectives during the accounting year, programs implemented by the Foundation, the number and categories of Foundation users, the amount of finances used for the compensation of administrative expenses.
(2) Any person shall have access to the reports on Foundation activities.
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