Guarantee Foundation Statutes

Section 1 The Foundation’s Name and Location

The name of the foundation is Takuusäätiö sr, which is “Guarantee Foundation” in English and “Garantistiftelsen sr” in Swedish. The Foundation is located in the City of Helsinki.

Section 2 Purpose of the Foundation

The purpose of the Foundation is to help prevent citizens’ debt problems and to provide services that are aimed at solving them. The Foundation supports and promotes the independent survival of financially vulnerable people, such as those who have been in institutions, who suffer from an illness, or who struggle with financial problems for other reasons.

Section 3 Achieving Its Purpose

In order to achieve its purpose, the Foundation acts as a national expert in its field, participating in the public debate and improving existing methods.

The Foundation achieves its purpose by offering financial advice, providing guarantees for consolidation loans, granting social credit, promoting debt arrangements, and developing tools that support financial management.

The Foundation engages in and supports communication, projects, education and research that serve its purpose.

The Foundation may participate in any legal activities in order to serve its purpose.

Section 4 The Foundation’s Assets

The Foundation’s basic capital is twenty-seven thousand seven hundred and fifty-one euros (27,751.00).

The Foundation may accept donations, bequests and grants, and may increase its assets in the manner permitted by the Foundations Act (“Säätiölaki”).

The Foundation may set up funds.

The Foundation’s financial management must be done systematically.

Section 5 The Foundation’s Administrative Bodies

The Foundation has a delegation and, as administrative bodies required by the Foundations Act, a board of trustees and a managing director.

Section 6 The Delegation

The Foundation’s delegation consists of a minimum of 10 and a maximum of 15 members.
Each of the Foundation’s founding organisations appoints one member to the delegation, as well as their personal deputy member. If a founding organisation does not appoint a member to the delegation, the delegation shall appoint the remaining members.

The Ministry of Justice may appoint one member and one deputy member to the delegation.
Within the limit of the maximum number of members, the delegation may also invite as members individuals who have been appointed by other organisations and authorities that have similar objectives to those of the Foundation.

The members of the delegation are elected for three calendar years at a time. If a member resigns in the middle of a term, the organisation that appointed them shall elect a new member to replace them until the end of the term.

A member of the delegation may be elected to the same position for a maximum of three consecutive terms.

Section 7 Duties of the Delegation

The delegation supports the Foundation’s operations.

The delegation is responsible for:

  • the appointment and discharge of the Foundation’s board members
  • the budget and the operating plan
  • the processing of the delegation’s and the board’s fees
  • the Foundation’s strategy
  • the Foundation’s report on current operations, finances and asset management
  • giving consent to amend the statutes of the Foundation

Section 8 Delegation meetings

The delegation shall meet at least once a year.

The delegation shall be convened by the chairperson of the delegation or, if they are prevented from attending, the deputy chairperson. An invitation to the delegation meeting shall be sent to the members of the delegation 14 days before the meeting.

The delegation has a quorum when the chairperson or deputy chairperson and at least half of the members are present. Matters are decided by a simple majority vote. In the event of a tie, the election shall be decided by lot, but in other situations, the opinion with which the chairman of the meeting agrees will win.

Minutes of the delegation meetings must be drawn up, and they must be signed by the chairperson, a member elected by the meeting, and the secretary.

Section 9 Board of Trustees

The Foundation’s board of trustees consists of five (5) members. The term of office of the members of the board is three (3) years. Board membership may last a maximum of four (4) consecutive terms at a time.

When counting the terms of office of a member of the board, the term of office that began before the statute amendment is not taken into account.

Section 10 Duties of the Board of Trustees

The board is responsible for the Foundation’s administration and for organising its operations in order to achieve its purpose. The board of trustees is responsible for ensuring that the supervision of the Foundation’s accounting and financial management is appropriately organised.

The board of trustees:

  • prepares and approves the financial statements and the annual report
  • decides on the Foundation’s budget for the coming year
  • elects the auditor and, if necessary, the deputy auditor
  • decides on the board of trustees’ and the auditors’ fees
  • makes decisions about statute amendments, mergers and dissolving the Foundation.

Section 11 Board Meetings

The board of trustees elects a chairperson and a deputy chairperson from among its members for a term of three years.

The board of trustees convenes at the invitation of the chairperson or, if they are prevented from attending, the deputy chairperson. The meeting invitation must be sent no later than seven (7) days before the meeting.

Section 12 The Managing Director

The managing director is elected and discharged by the board. The managing director ensures that the purpose of the Foundation is fulfilled and manages the day-to-day administration of the Foundation in accordance with the instructions and regulations issued by the board of trustees.

Section 13 Fees

The members of the board may be paid a standard fee and compensation for the work done for the benefit of the Foundation.

Section 14 Representing the Foundation

The Foundation is represented by the managing director alone or by the chairperson of the board and the managing director together.

The Foundation may also be represented by persons authorised to do so by the board of trustees.

Section 15 Amending the Statutes

The board of trustees decides on any changes to the Foundation’s statutes. The delegation must sign off any changes to the statutes.

Section 16 Dissolving the Foundation

If the Foundation is dissolved or disbanded, the Foundation’s remaining assets will be transferred in equal parts to the Church Resources Agency, the Finnish Foundation for Supporting Ex-offenders, and MIELI Mental Health Finland, to be used for work that serves the Foundation’s purpose.