The Peterhof Endowment Fund

 

Conceived by the first Russian Emperor, Peter I, Peterhof’s purpose was on one hand to serve as the royal country residence on par with the splendour of the most famous royal residences of Europe, and on the other — to highlight Russia’s success in the struggle for access to the Baltic Sea. Both aims were expertly achieved by this great Russian ruler. For four centuries, Peterhof has remained a matter of national pride — a cultural gem and one of the most famous tourist attractions in Russia.

The maintenance and development of a museum of this magnitude requires serious effort and considerable resources. To ensure financial stability and independence from occasional donations, the Peterhof State Museum Reserve was among the first Russian cultural institutions to put to use the endowment fund scheme. An endowment fund is a special funding mechanism, where sponsors donate funds for the development of the museum, creating a long-term target capital. This capital is accumulated and invested in the stock market, real estate, or deposited with interest. The planned development programs are then financed by the income derived from the investment of this long-term target (endowment) capital. The actual fund capital itself always remains intact.

The Peterhof Endowment Fund was established in 2011. The Art, Science and Sport Charity Foundation was among the first patrons to donate funds to the Peterhof State Museum Reserve’s endowment fund.

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