Imprimir Republish


Endowment fund veto overturned

On June 11, Brazilian Congress rescinded a veto by President Jair Bolsonaro that prevented foundations that fund public universities from acting as managers of philanthropic funds known as endowment funds. At the time, the justification for the veto was that allowing it would “compromise the separation of duties” and undermine the credibility of the fund because it could compromise important policies regarding grant management, oversight, accountability, and transparency. “This is a victory for Brazilian science,” said Fernando Peregrino, president of the National Council of Funding Agencies for Higher Education and Scientific and Technological Research Institutions (CONFIES). “The decision helps establish a legal basis and judicial assurances for raising private funds to support teaching, research, and innovation activities,” he explains. Other vetoes were maintained, including the ban on fiscal incentives for private donations.