Expanding the autonomy of higher and postgraduate education organizations by improving the legal framework for the functioning of the endowment fund

Currently, the world's leading universities and scientific institutions are actively using endowment funds to achieve sustainable development and innovation. These funds provide a unified structure for non-profit activities and investment activities, supporting the financial sustainability of educational institutions in the long term. However, in Kazakhstan, there is no legal basis for the creation and development of such funds, which reduces the effectiveness of such a financing model. On April 12, 2023, President of the Republic of Kazakhstan Kassym-Jomart Tokayev, at the first meeting of the National Council for Science and Technology, once again stressed the need to create a separate law regulating endowments. This article examines the legislative needs for the creation and management of endowment funds in Kazakhstan and their impact on the sustainable development of universities and other scientific and educational institutions. The purpose of the study is to ensure the financial and institutional stability of scientific and educational institutions in Kazakhstan by adopting a separate law regarding Endowment funds. The law On the regulation of Endowment funds will ensure high-quality and stable financing of the higher education sector in Kazakhstan, as well as stimulate scientific research. This project contributes to the development and implementation of long-term development strategies for leading universities. The proposal to develop a separate draft law is based on the introduction of provisions aimed at increasing the motivation of potential depositors and effective and transparent management of their funds. The analysis showed that separate legislation designed to regulate the activities of endowment funds will increase the confidence of potential depositors and ensure control and effective management of their funds. This is a crucial step contributing to the long-term sustainable development of Kazakhstan's scientific and educational systems. The best practices of the USA, Great Britain, and many other countries prove the effectiveness of this approach and give impetus to financial stability and innovation.

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