Finances    
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Eva Clostermeyer
Eva Clostermeyer

eberhard deisenhammer
Eberhard Deisenhammer

FINANCIAL AND ECONOMIC DEVELOPMENT OF THE EFNS

By Eberhard Deisenhammer
September 2013

The EFNS was founded during the second Pan-European Congress in Vienna in 1991, the Pan-European Society was at the same time dissolved.

The surplus of this Viennese Congress, namely 170.000 Schilling ATS ( 12.355,- EUR) was the starting capital of the EFNS, a minor sum and not enough to realize all the big ideas the MC developed.

For the beginning the EFNS had the support of the Austrian Society of Neurology and Psychiatry, the rooms of the secretariat at the Hospital Rosenhügel could be used without any payment and the executive director of the Austrian Society of Neurology, Dr. Uschi Tschabitscher did all the work to be done for the EFNS.

Despite this generous support the financial needs were much more than what was left from the Viennese Congress. It was the activity and reputation of Prof. Jes Olesen to get the needed US$ 25.000 from Glaxo Holding Plc. as seed money. Additional support was contributed by Asta Medica AG (EUR 2.000), as well as from Janssen Pharmaceutica and Schering AG.

The yearly amount the national societies have been asked for was and still is EUR 3,-- per person.

The first Meetings, not Congresses (see chapter 10), in Berlin and Poznan, brought a minor surplus and the first Congress of the EFNS in 1995 in Marseille could also hardly cover the financial needs of the missions of the federation.

In 1996, the EFNS Congress in Rome came to a remarkable profit of EUR 123.200,-- and from that time on the financial situation developed in a way that all the many and costly activities could be carried out.

The finances have been presented in public at the annual council of delegates and every member of the EFNS was therefore informed about this development.

The tables below give a summary about this positive development.

Sources of income (Congresses excluded)
Net Profit from congresses
Typical layout of dispositions of EFNS expenditure
Investment in educational activities in Europe

From 2003 onwards, Contenda, a tax advisor and accountant firm, was hired to support the EFNS regarding financial, economic and tax affairs and Mrs Eva Clostermeyer (photo) is our special advisor in this matter since then.

Due to the increasing amount of surplus at the end of every year, Eva, Dr Henriette Dahm (owner of Contenda), together with a strong affiliate in the person of Professor Markus Achatz , who could arrange a clarification with the Austrian Ministry of Finance, by disclosing the decisive facts, it was decided to open the financial situation of the Federation towards the tax authorities and from 2006 onwards the Federation declares its annual income and pays the corporation tax of 25% of the profit.
The EFNS' accountancy and financial statements were and are annually reviewed by an independent auditor. The monies of EFNS are safely kept on accounts of a triple A rated bank in Austria.

In other words, the financial situation of the federation, in accordance with the law, can be considered as absolutely faultless. The EFNS therefore was and is, without exception, distant from any hidden business.

The corporate tax to be paid is at least levelled by the fact that the VAT the Federation has to pay on every item to be bought, from reasonable office paper to the most expensive computer, can be deducted from the corporation tax. In the end, the final net income after paying the taxes did not change remarkably in comparison to the time before.

Eventually, the EFNS made a clear and successful financial development over the years and handled the income very thoroughly with responsibility and obligation towards the member societies with their up to 17.000 members, despite the huge economic changes in the world over this period of time.
 
   
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