How Swiss Foundations Put CHF 159.6 Billion To Work
With Swiss zainteresowanie stawki w zero, podstawy trzeba decide jak bardzo gotówka do keep, jak do invest ich remaining aktywa oraz jak bardzo oni może afford do spend na charitable work.
Switzerland’s 13’782 charitable podstawy hold a combined CHF 159.6 billion w assets, zgodnie z do ten Swiss Foundation Report 2026. Ten money supports medical research, education, cultural institutions oraz social programmes, often through commitments that extend ponad several years. How podstawy manage ich money determines not tylko co oni może distribute today, ale whether oni może kontynuuj funding these activities w ten future.
Ten finansowy challenge has become większy as zainteresowanie stawki have fallen as the Swiss National Bank zachowane jego polityka stawka w 0% w wrzesień 2026, wychodząc little opportunity do earn zainteresowanie na ordinary Swiss-franc deposits. Foundations still potrzeba ready dostęp do money dla grants oraz operating expenses, ale keeping więcej gotówka niż necessary może reduce ich inwestycja income.
Professional podstawy have generally responded by investing most z ich assets. According do ten SwissFoundations Benchmark Report 2026, participating podstawy held a average z just 5% w cash, z ten remainder invested primarily w equities, obligacje oraz property. Ich portfolios returned a average z 7.2% w 2025.
Ten findings show jak established podstawy manage ich money, although ten survey covers tylko 55 organisations. It cannot establish jak bardzo gotówka ten entire Swiss charitable sector holds lub whether mniejszy podstawy receive competitive bankowość terms.
Switzerland’s CHF 159.6 Billion Foundation Sector
Ten Swiss Foundation Report 2026, published by ten Center dla Philanthropy Studies w ten University z Basel, SwissFoundations oraz ten University z Zurich, puts ten sector’s aktywa w CHF 159.6 billion. Foundations supervised by federal authorities account dla CHF 85.7 billion, podczas gdy te under cantonal supervision hold CHF 73.9 billion.
These organisations have very different finansowy needs. Some manage large endowments oraz employ professional inwestycja managers. Others operate z limited staff, depend na donations oraz rely na volunteer trustees do make finansowy decisions.
A foundation established do fund scientific research indefinitely trzeba manage jego money differently z a organisation financing a five-year programme. Ten po pierwsze needs do preserve enough kapitał do wsparcie przyszłość grants, podczas gdy ten drugi może deliberately spend jego aktywa as projects są completed.
These differences affect jak bardzo money podstawy powinno keep w cash. Operating expenses, approved grants oraz payments due within ten coming months require readily available funds. Money committed do projects ponad ten next few years może być invested więcej cautiously, z inwestycje maturing gdy payments są due. Funds that będzie not być needed dla a long time może generally być invested w poprzek a wider range z assets, provided ten foundation może withstand losses bez cancelling jego commitments.
Foundations ponadto potrzeba do decide whether ich gotówka rezerwy have become unnecessarily large. A foundation z CHF 10 million w jego accounts oraz annual spending commitments z CHF 1 million has different needs z one preparing do distribute ten to samo amount ponad twelve months.
Keeping sufficient money available jest part z responsible management. Posiadanie substantially więcej niż planned expenditure requires a wyraźny reason, particularly gdy deposits earn little income.
What Swiss Foundations Earn From Ich Investments
Ten SwissFoundations Benchmark Report 2026 pokazuje jak professionally managed charitable inwestycje performed. The study examined 55 podstawy holding CHF 15.1 billion w combined assets. They earned a average inwestycja powrót z 7.2% w 2025, compared z 8.1% w 2024. Ich cumulative average powrót since 2021 reached 23.9%. The average participating foundation invested 49% z jego aktywa w equities, 20% w obligacje oraz 16% w property. Gotówka accounted dla 5%, z ten remainder held w other investments.
Ten dane liczbowe show that podstawy w ten survey invested most z ich money w finansowy markets podczas gdy keeping a relatively small share w cash. They do not establish whether every foundation held enough readily available money dla jego planned spending.
Inwestycje returns ponadto varied zgodnie z do jak bardzo ryzyko podstawy accepted. Those z więcej niż połowa ich aktywa w equities achieved average cumulative returns z 29.6% ponad ten five-year period, compared z 23.9% w poprzek ten pełny sample.
Wyższy equity allocations może improve returns ponad time, ale oni ponadto expose podstawy do większy losses during rynek downturns. An organisation that has promised substantial grants cannot necessarily wait dla share prices do recover przedtem making payments.
Foundations trzeba therefore judge inwestycja wydajność alongside ich spending commitments. A pogrubiony annual powrót increases ten wartość z a portfolio, ale gains na inwestycje that have not been sold do not automatically provide ten gotówka needed dla grants. Foundations może receive dividends oraz bond interest, draw na rezerwy lub sell inwestycje do meet te payments.
Ten amount available dla grants depends na ten portfolio’s total return, ten foundation’s spending polityka oraz jak bardzo kapitał trustees intend do preserve.
What Zero Interest Rates Mean Dla Foundation Gotówka
Ten Swiss National Bank’s decision do maintain jego polityka stawka w 0% w wrzesień 2026 has zachowane returns na ordinary Swiss-franc deposits low. Banks set ich own deposit stawki oraz fees, so podstawy może receive different warunki depending na ten institution oraz ten size z ich balances. Członkowie rady nadzorczej może negotiate te terms, ale switching banki cannot guarantee bardzo wyższy returns gdy short-term zainteresowanie stawki w poprzek ten rynek są close do zero.
Even small differences w zainteresowanie stawki może add up. A foundation holding CHF 5 million w gotówka would earn CHF 25’000 annually w a zainteresowanie stawka z 0.5%, przedtem fees oraz taxes. At 0%, to would receive no interest. Ten comparison jest illustrative, rather niż a measure z dochód currently lost by Swiss foundations, oraz earning a wyższy powrót może require accepting different conditions lub risks.
Bankowość koszty ponadto deserve attention because account fees, custody charges, investment-management fees oraz transaction koszty reduce ten amount podstawy keep z ich investments.
A 0.25% annual management fee na a CHF 20 million portfolio amounts do CHF 50’000. At 0.5%, ten annual charge rises do CHF 100’000, assuming ten fee applies do ten pełny portfolio value. Foundations potrzeba do assess co services oni receive w powrót oraz whether oni mógłby obtain better warunki elsewhere.
Lower fees do not necessarily produce better inwestycja results jeśli cheaper services fail do provide ten oversight lub expertise ten organisation needs. Członkowie rady nadzorczej powinno compare koszty alongside portfolio performance, ryzyko oraz ten quality z reporting.
Ten available Swiss research does not establish that charities generally wynagrodzenie excessive bankowość fees. It does show why koszty deserve attention alongside inwestycja returns, particularly dla podstawy that depend na ich portfolios do finance grants.
Dlaczego Foundations Cannot Invest Every Franc
Foundations have finansowy obligations that make dostęp do gotówka as important as inwestycja performance. Many approve funding several years przedtem ten money jest paid. A foundation supporting a university research programme może commit do annual payments regardless z jak finansowy markets perform. Others potrzeba money available dla salaries, property maintenance lub urgent charitable projects.
Członkowie rady nadzorczej trzeba account dla these commitments przedtem deciding jak bardzo money do invest. Cash może być divided into three broad categories zgodnie z do gdy to będzie być spent: operating funds dla immediate payments, rezerwy dla commitments ponad ten next few years oraz long-term kapitał intended do finance przyszłość charitable work.
Ten amounts w each kategoria depend na ten foundation’s activities oraz sources z income. An organisation receiving predictable annual donations może manage jego gotówka differently z one that relies almost entirely na inwestycja returns.
Inwestycje ryzyko ponadto matters. Money needed within months powinno not ordinarily być exposed do ten to samo rynek fluctuations as a endowment intended do wsparcie charitable praca dla decades.
A foundation that invests short-term rezerwy w equities mógłby być forced do sell during a rynek downturn do honour obecne commitments. Even relatively safe inwestycje może przegrać wartość jeśli oni trzeba być sold przedtem maturity.
Foreign-currency deposits introduce another risk. Wyższy zainteresowanie stawki w euros lub dollars może appear attractive gdy Swiss-franc deposits oferta little income, ale a adverse exchange-rate movement może reduce ten amount available dla grants paid w francs.
Posiadanie foreign currencies może make sense where a foundation has corresponding spending commitments abroad. Otherwise, trustees trzeba assess whether ten dodatkowe zainteresowanie justifies ten possibility z losses gdy converting ten money back into Swiss francs.
What Foundation Boards Should Expect From Ich Banks
Swiss podstawy pozostać responsible dla ich inwestycja policies nawet gdy oni appoint banki lub external asset managers. The Swiss Foundation Code recommends that boards manage aktywa professionally, keep koszty under control oraz consider security, diversification, returns oraz dostęp do gotówka gdy setting ich inwestycja strategy. It ponadto calls dla regular reviews oraz measures do prevent conflicts z interest.
These responsibilities involve practical decisions because trustees potrzeba do know jak bardzo money ten foundation expects do distribute, which aktywa może być sold gdy payments fall due oraz whether inwestycja managers są przyjmowanie ryzyka consistent z te requirements.
Bankowość agreements powinno clearly state co ten institution charges dla custody, transactions, inwestycja management oraz other services. Foundations powinno ponadto understand ten warunki attached do deposits oraz gdy oni może withdraw ich money.
Comparing banki becomes particularly istotne gdy a foundation has accumulated substantial balances through donations, inwestycja proceeds lub delayed spending. Accounts opened years earlier może no longer oferta ten most suitable terms.
Ten inwestycja polityka ponadto needs regular review. If rynek gains increase ten equity share z a portfolio beyond ten zgodziłem się allocation, trustees może potrzeba do adjust ich holdings. If a foundation approves a large nowy programme, to może potrzeba do raise gotówka przedtem ten po pierwsze płatność becomes due.
Banks oraz inwestycja managers może advise na these decisions, ale foundation boards trzeba decide jak bardzo ryzyko oni może accept w pursuit z returns.
How Inwestycje Decisions Affect Charitable Spending
An organisation that spends too bardzo z jego kapitał during pogrubiony rynek years może struggle do maintain grants after losses. Another that keeps most z jego bogactwo w gotówka może protect ten nominal wartość z jego rezerwy podczas gdy earning too little do maintain ich purchasing power ponad time.
Even modest inflation może affect ten amount a foundation może fund. At annual inflation z 1%, CHF 10 million held bez zainteresowanie would zachować jego nominal wartość ale przegrać roughly CHF 100’000 w purchasing power ponad one year.
Foundations established do operate indefinitely trzeba account dla inflation gdy deciding jak bardzo dochód do distribute oraz jak bardzo do reinvest. Those intending do spend ich aktywa ponad a defined okres może take a different approach, gradually spending ich kapitał zgodnie z do ich remaining commitments.
Ten SwissFoundations benchmark suggests that wiele established podstawy already use diversified portfolios do wsparcie long-term funding. Ich returns w 2025 były positive, ale przyszłość grants cannot być based na ten assumption that finansowy markets będzie deliver similar gains every year.
Boards trzeba consider co happens gdy returns fall short z expectations. They może potrzeba sufficient rezerwy do maintain zgodziłem się funding, revise przyszłość grants lub adjust jak quickly oni spend ich capital.
Switzerland’s CHF 159.6 billion foundation sector holds enough money dla inwestycja decyzje do have substantial finansowy consequences. Ten appropriate approach differs z one organisation do another, depending na jego purpose, spending obligations oraz ability do withstand losses.
With Swiss zainteresowanie stawki w zero, gotówka alone oferty limited income. Foundations still potrzeba enough z to do meet ich commitments, podczas gdy investing money oni będzie not potrzeba immediately zgodnie z do a wyraźny finansowy plan. Regular reviews z bankowość costs, gotówka rezerwy oraz inwestycja wydajność help trustees determine jak bardzo oni może distribute bez umieszczanie przyszłość charitable praca w risk.
ROTHARIA/Philantropy/The Practical Guide
How To Structure Your Charitable Giving In Switzerland
Wealthy individuals planning substantial donations should decide how much to give, how the money will be managed and who will oversee its distribution before transferring assets to a charitable organisation.
1. Choose how you want to give.
Direct donations suit those who want to support existing charities without taking on administrative responsibilities. Donors seeking a long-term programme can establish their own charitable foundation or create a named fund within an existing umbrella foundation. The latter allows donors to recommend projects while the host foundation handles administration and retains final legal responsibility.
2. Check the tax treatment before transferring assets.
Qualifying donations to Swiss tax-exempt charitable organisations are generally deductible up to 20% of net income for federal income-tax purposes, subject to statutory conditions. Cantonal rules may differ. Large donations, particularly those involving shares, property or foreign assets, warrant specialist tax advice before the transfer.
3. Agree on how the money will be invested.
Ask how much the organisation keeps in cash, which assets it holds and what it pays in management, custody and transaction fees. If the donation is intended to finance grants over many years, establish how the investment policy will support those payments without taking excessive risks.
4. Decide how much control you want to retain.
Establishing an independent Swiss foundation involves irrevocably dedicating assets to a charitable purpose. Donors who use an umbrella foundation can retain an advisory role, but they do not own the donated assets or have unrestricted authority over distributions.
5. Require regular financial and grant reporting.
Ask for annual information on investment returns after fees, grants distributed, cash reserves and progress against the agreed charitable objectives. Where family members participate in decisions, define their responsibilities and how future generations will become involved.
Before committing a substantial sum, compare the full costs of running an independent foundation with those of a hosted charitable fund. The Swiss Foundation Code provides guidance on investment oversight, governance and the responsibilities of foundation boards.
