On 21 February 2022, the Board of Directors deliberated on the approval of amendments in order to bring the Foundation’s Articles of Association into line with the Third Sector Regulations (pursuant to Legislative Decree No. 117 of 3 July 2017). As a result of this amendment to the Articles of Association and the subsequent registration in the Single National Register of the Third Sector (RUNTS), which took place on 20 May 2022, the Foundation was renamed Fondazione Andrea Bocelli ente filantropico.

The inclusion among the Third Sector entities and, specifically, the registration in the section dedicated to so-called “philanthropic entities” in the Single National Register of the Third Sector, set up at the Ministry of Labour and Social Policies, responds to the Foundation’s need to provide itself with a specific identity within the non-profit landscape.

The qualification as ente filantropico is fully in line with the Foundation’s identity and its institutional ‘aptitude’ to raise, manage and allocate funds for the realisation of initiatives and interventions of general interest.

The inclusion in the RUNTS as ente filantropico marked a crucial step for ABF in terms of its inclusion in a defined, recognised and recognisable category, also in terms of transparency towards its stakeholders.

Due to its status of ente filantropico of the Third Sector, individuals, companies and entities that make donations, in cash or in kind, in favour of ABF can benefit from specific tax incentives.

In particular, for natural persons, the liberal disbursement is deductible to the extent of 30% of the charges incurred, for a total amount not exceeding €30,000 (Article 83, paragraph 1 of Legislative Decree No. 117/2017 or “Code of the Third Sector”) or alternatively it is deductible to the extent of 10% of the total declared income, with no maximum amount limits, with the possibility of carrying forward any excess in the four following tax periods, up to its amount (Article 83, paragraph 2 of Legislative Decree No. 117/2017).

For entities and companies, the liberal disbursement is deductible for an amount not exceeding 10% of the total declared income with the possibility of carrying forward any excess in the following four tax periods, up to its amount (Article 83, paragraph 2 of Legislative Decree 117/2017).

The benefits envisaged by Article 83 of the Third Sector Code cannot be cumulated either with each other or with other relief measures envisaged by way of tax relief or deduction for the same disbursements.

Payments must be made through banks, post offices or other traceable means of payment (pursuant to Article 23 of Legislative Decree No. 241 of 1997). The benefits do not apply to donations made in cash. In particular:

• for donations made by wire transfer (bank/postal), the payment must be evidenced by the relevant receipt;
• for donations made by credit, debit or prepaid cards, the payment must be evidenced by the statement of account issued by the company managing such cards.

Where the donation relates to goods in kind and is made outside the scope of the business activity, the amount of the tax relief due in terms of relief or deduction is determined on the basis of the normal value of the good. That is to say, the average price or consideration charged for goods and services of the same or similar kind, under conditions of free competition and at the same stage of marketing, at the time and place where the goods or services were acquired or provided, and, failing that, at the nearest time and place (Article 9 TUIR).

If the value of the donated goods exceeds EUR 30,000 or if, due to the particular nature of the goods, it is not possible to infer their value on the basis of objective criteria, a sworn valuation report no more than 90 days prior to the transfer is required, certifying the value of the donation made.

For companies, a distinction must be made between whether the donated good is a commodity or an instrumental asset of the business activity. Where the donation concerns an instrumental asset, the amount of the deduction is determined on the basis of the unamortised residual cost of the asset at the time of the transfer. In the case of liberal donations of commodities, the deductible amount must instead be determined by referring to the lower value between the normal value and the value attributed to inventories pursuant to Article 92 of the Consolidated Income Tax Act. In the latter cases, it is not necessary to obtain a sworn appraisal, not even in the case of a value in excess of €30,000, since the reference value can be obtained with sufficient precision from the donor’s accounting records.

The deed of donation of the goods in kind must in any case be evidenced by a written document containing a declaration by the donor, from which an analytical description of the goods and their value are clearly stated, and a declaration by the Foundation, whereby it undertakes to directly use the goods received for the fulfilment of its statutory activities, for the exclusive pursuit of civic, solidarity and socially useful purposes.