The Philippe Smit endowment fund was established in July 2014 with a view to protecting, promoting and exhibiting the works of the painter Philippe Smit (1886-1948).
It will enable the production of a catalogue raisonne of the work of the artist, which will be an indispensable tool for future exhibitions, conferences, and other cultural events and thereby ensure the ongoing promotion of his work.
The endowment fund is established under French Law No 2008-776 of 4 August 2008, which grants significant tax benefits to individuals and entities that promote artistic works.
Under French law, this means a reduction of income tax for individuals equivalent to 66% of the total amount of the donation – subject to a cap of 20% of that individual’s total income. In the case of companies, this means a reduction equivalent to 60% of the value of the donation, subject to a cap of 0.5% of the company’s capital. In the US, tax benefits are linked to charity trusts.
The endowment fund will be overseen by a managing board. It will prepare and publish its annual report providing details of its income and expenditure under the supervision of an accountant as well as a specific activity report, which will be published in the Journal officiel (Legal Gazette). The fund will be established initially for a period of 5 years but can be renewed.