History and Structure
The Foundation began its activities in 1976, with an initial endowment fund of ten million dollar donated by the Wolf family. The major donors were Ricardo Wolf and his wife Francisca. Annual income from investments is used for prizes, scholarships and Foundation operating expenses.
It has a status of a private not-for-profit organization in Israel. It is tax-exempt. The objectives and prize administration details and procedures of the Foundation are grounded in the "Wolf Foundation Law-1975". State Comptroller of Israel oversees all Foundation’s activities. In accordance with the Law mentioned above, the Minister of Education and Culture acts as Chairman of the Council.
The Foundation Trustees, Council and Committee Members, Prize Juries, and Internal Auditor perform their duties on a voluntary basis.
Read more about this topic: Wolf Foundation
Famous quotes containing the words history and/or structure:
“These anyway might think it was important
That human history should not be shortened.”
—Robert Frost (1874–1963)
“A committee is organic rather than mechanical in its nature: it is not a structure but a plant. It takes root and grows, it flowers, wilts, and dies, scattering the seed from which other committees will bloom in their turn.”
—C. Northcote Parkinson (1909–1993)