Submission of Annual Financial Statements of Funds and Non-Profit Institutions

As of 1 January 2025, annual financial statements of funds and self-governing foundations must be submitted to the District Commissioner. Submissions may be made via email to sjodir@syslumenn.is.

The party responsible for a fund or foundation shall, no later than 31 August each year, submit to the District Commissioner an endorsed annual financial statement for the preceding year. If a fund or foundation fails to fulfil its obligation to submit the annual financial statement within the prescribed deadline, the District Commissioner is required to impose an administrative fine on the relevant fund or foundation.

The District Commissioner also maintains a statutory register of financial information relating to funds and foundations, including income, expenses, assets, and liabilities, cf. Article 3(3) of Act No. 19/1988. The report provides a summary and overview of this register, the submission of annual financial statements, and the implementation of supervision. The report is published for public access in accordance with the provisions of the legislation on access to information.

Related Laws and Regulations

(Only in Icelandic)

Lög nr. 19/1988 um sjóði og stofnanir sem starfa samkvæmt staðfestri skipulagsskrá - https://www.althingi.is/lagas/nuna/1988019.html

Lög nr. 112/2024 um breytingu á lögum um skráð trúfélög og lífsskoðunarfélög og lögum um sjóði og stofnanir sem starfa samkvæmt staðfestri skipulagsskrá (aðgerðir gegn peningaþvætti og fjármögnun hryðjuverka). - https://www.althingi.is/altext/154/s/2124.html

Reglugerð nr. 140/2008 um sjóði og stofnanir sem starfa samkvæmt staðfestri skipulagsskrá - https://island.is/reglugerdir/nr/0140-2008

Reglugerð nr. 1125/2006 um framkvæmd laga um sjóði og stofnanir sem starfa samkvæmt staðfestri skipulagsskrá - https://island.is/reglugerdir/nr/1125-2006

Reglugerð nr. 1416/2024 um breytingu á reglugerð um framkvæmd laga um sjóði og stofnanir sem starfa samkvæmt staðfestri skipulagsskrá, nr. 1125/2006. - https://www.reglugerd.is/reglugerdir/allar/nr/1416-2024