FAQ About the Use of Funds
How is it ensured that my money is used for a specific purpose?The use of traditional donations is clearly regulated in the articles of association of Bowspirit Kids gemeinnützige GmbH, and you can read about it here.
These articles of association are legally binding for us. In addition, as a non-profit organisation, we are subject to supervision by the Lübeck tax office.
The proceeds earned by our support company Bowspirit Management GmbH are also used in accordance with the articles of association. In contrast to a traditional commercial company, the articles of association define that any profits that are generated are not distributed to the shareholders, but rather used to achieve the objective of the non-profit sister company.
The funds raised by both of the sister companies will be used for the intended purpose specified in the articles of association as well as for the establishment and suitable administration and management and also for the acquisition of the necessary equipment and facilities - in particular the passenger ferry.
Are the funds also used for other purposes?
The credo we have chosen for the Bowspirit Kids Group is "All in for the kids". That means we are committed to putting all the personal know-how, skills and resources we have or which you and other supporters provide into raising more money for the good cause on an ongoing basis - extending beyond just the pinboard campaign.
From our viewpoint, no resource should remain unused here. Neither our equipment or facilities - especially the passenger ferry - nor the funds raised should be "ditched" and left unused in a port or in a bank account, but instead be utilised for further entrepreneurial activities that generate additional low-risk funding for the Bowspirit Kids holiday camp activities. Such strategic decisions are made after detailed consultation with our Board of Trustees. In the end result, all funds are used for the project.
Can't the articles of association just be changed?
In principle, partnership agreements can be changed by the shareholders and in some cases, they must be amended due to legislative changes.
In theory, we could also change the provisions governing the use of funds. However, since we ask you and other supporters to get involved, particularly with reference to the regulations in our articles of association, such an amendment would be a criminal offence (Section 263 of the German Criminal Code (StGB) - Fraud). And since we are not fond of barred windows, this is only a theoretical option.
If the two sister companies are dissolved, the articles of association of both companies (see here and here) ensure that the capital gains from the liquidation will be distributed to the non-profit organisations designated in the articles of association.
Therefore, the money will go to a good cause in all cases.
How much of the money will be allocated to charitable purposes if Bowspirit Kids is not realised?
Both of the sister companies will distribute the capital gains from the liquidation to the non-profit organisations designated in the articles of association.
To put it simply, the capital gains from the liquidation are equal to the amount of the difference between the donations and proceeds from the pinboard campaign and the administrative expenses incurred (bank account maintenance fees, bookkeeping, costs related to annual financial statements, taxes, personnel costs, etc.).
Like the complete annual financial statements, the liquidation accounts would also be published on this website.
What happens to the donations given to Bowspirit Kids gemeinnützige GmbH?
The donations are used for the purpose specified in the articles of association: to establish the Bowspirit Kids camp, particularly to set up the camp's recreational activities.
The capital requirements for Bowspirit Kids are much too high, there is no way it can succeed.
Our project is ambitious. However, please keep in mind that every single euro is already a success and is allocated to charitable projects, after subtracting the expenses incurred. There is no "failure" in this project, only the achievement of smaller and larger goals.
Moreover, 1 euro each from a million supporters totals one million euros. So it's up to you and your friends to make it a success.
The donations are used for the purpose specified in the articles of association: to establish the Bowspirit Kids camp, particularly to set up the camp's recreational activities.
The capital requirements for Bowspirit Kids are much too high, there is no way it can succeed.
Our project is ambitious. However, please keep in mind that every single euro is already a success and is allocated to charitable projects, after subtracting the expenses incurred. There is no "failure" in this project, only the achievement of smaller and larger goals.
Moreover, 1 euro each from a million supporters totals one million euros. So it's up to you and your friends to make it a success.
