The foundation is called the Student Village Foundation of Turku. The foundation was established in the city of Turku.
The main objective of the Foundation is to help those who are studying in post-comprehensive schools as well as students continuing their studies to obtain rental housing in the Turku region. An additional purpose of the ´Foundation is to provide graduates and other young people, as well as foreign students and researchers, in finding rental housing and tenant-owner apartments. To realise this purpose, the Foundation acquires and builds suitably located and affordable real estate and properties with all the necessary additional space according to the funds available.
The purpose of the Foundation is also to support and to independently conduct the kind of research that will, in one way or another, serve to improve the social and economic conditions of students and other young people.
To realise its purpose, the Foundation builds the Turku Student Village, and, where appropriate, also other buildings, owns shares in property companies and real estate, takes care of reserving land for future needs of its target group, maintains the governing facilities for the student foundations that have joined in its activities, maintains residential buildings, student cafeterias, student recreation facilities, library, sports facilities, and the develops services that are important for the general comfort of the living area, as well as works in other ways to improve the social and economical conditions of the people in its target group.
The Foundation can use its facilities for accommodation and related service activities during the holiday season of the students.
The term student foundations that have joined in the activities of the Turku Student Village Foundation means those post-comprehensive school student bodies that have been established in a municipality in which the Turku Student Village Foundation has got student housing. The delegation of the Turku Student Village Foundation has had to accept these student foundations as members of its sphere of activity.
The capital of the foundation comes from the 10.000 Finnish marks given by a signed deed of foundation by the University of Turku Student Union on September 1, 1966. In addition, the Foundation may have other funds, whose management is taken care of by the delegation within these rules.
The Foundation seeks its social objectives by maintaining the rents and other charges as low as possible, when considering the costs from taking good care and renovating the properties, as well as the Foundation’s administrative expenditure. There is no rent for those buildings that have been given to the Foundation by the University of Turku Student Union that are being used by the Student Union.
The Foundation is entitled to receive donations, bequests and grants, as well as to accumulate its assets in other legal ways. The resulting property can be added to the funds mentioned in 4 §.
The Foundation’s governing bodies are the delegation and the board. The Foundation’s permanent facility can be a Board of Directors, to which the delegation gives guidelines.
The members of the delegation are selected for three years at a time.
The delegation comprises of 46 members, of which the Regional Council of Southwest Finland, Turku Chamber of Commerce, Savings Association, OP-Pohjola Group Central Cooperative, University of Turku, Turku Finnish University Society, Åbo Akademi University, Stiftelsen för Åbo Akademi, Turku University of Applied Sciences, Åbo Akademis Studentkår, Turku University of Applied Sciences Student Union TUO, Turku Vocational Institute, and Studerandekåren NOVIUM elect one member each, the University of Turku Student Union six members, and the city of Turku 25 members. The delegation also selects two (2) members to the delegation from the list of candidates nominated by the residents’ meetings held according to the Student Village Foundation residents’ cooperation model. One member chosen by the Turku University Student Union must be the Chairman of the Student Union representative body.
Unless one of the above-mentioned institutions or entities has not chosen a member after receiving the call, the delegation will choose the missing member.
If a member resigns during term, the institute or a community that selected him will select a new member to replace him during the current term of office.
If a member is temporarily unable to attend the activities of the delegation, the institute or a community that selected him can authorise a substitute for a given period for a time determined in the mandate.
The delegation shall elect a Chairman and first vice Chairman among its members for three years at a time. The Chairman of the Turku University Student Union representative body acts as the second vice Chairman. The delegation appoints a secretary. The delegation shall have a quorum when the Chairman or Vice-Chairman and not less than 1/3 of the members are present.
The delegation will have a spring meeting in April at the latest and an autumn meeting in November at the latest, and they will meet at other times at the invitation of the Chairman. The invitation must be mailed to each member of the delegation no later than one week before the date of the meeting.
In the spring meeting the following decisions shall be made:
1) measures according to the annual report of the Board of Directors
2) measures according to the auditors’ report
3) approve the financial statement or the measures to which the financial statement gives a reason.
In the autumn meeting the following decisions shall be made:
1) approve fixed income and expenditure for the following year
2) approve the action plan drawn up by the Board of Directors for the following year
3) elect the Chairman of the Board of Directors among the members selected by the City of Turku. Conduct the elections for the Vice-Chairmans of the Board of Directors as well as the members in the boards of the institution.
4) select a minimum of two auditors and their deputies to check the administration and accounts of the Foundation. One of auditors and deputy auditors is nominated by the residents’ meetings held according to the Student Village Foundation residents’ cooperation model.
In addition, any other issues stated on the agenda are dealt with that the delegation is, according to these rules, allowed to decide.
If at least three members of the delegation take an issue to the Chairman no later than two weeks before the delegation meeting, it must be taken to the agenda.
In addition to what was mentioned in 11 §, it is the task of the delegation to:
1) decide on the establishment and abolition of of special funds
2) to decide on the sale of fixed assets
3) to consider the general operation of the Foundation according to a proposal from the Board of Directors
4) approve the guidelines for the funds and the institutions
5) to engage a CEO
Members of the delegation may be paid a fee according to the second payment category of the city of Turku at the highest.
The Foundation is managed by and is represented by the 13 member Board of Directors consisting of seven members elected by the City of Turku, two members elected by the Turku University Student Union, one member chosen together by Åbo Akademi Studentkår and Studerandekåren NOVIUM, and one member chosen by the Turku University of Applied Sciences Student Union TUO. In addition, the Delegation chooses two (2) members from the list of nominees chosen by the residents’ meetings held according to the Student Village Foundation residents’ cooperation model.
The Delegation of the Foundation elects a Chairman for the Board of Directors among the candidates chosen by the city of Turku. The delegation also elects one of the Board of Directors as the First Vice-Chairman and another as the Second Vice-Chairman. The term of office for the Chairman and the Vice-Chairmans is three years.
Members of the Board of Directors are elected for three years. The Board of Directors shall have a quorum when the Chairman or one of the Vice-Chairmen and at least six other members are present. Members of the Board may be paid a fee according to the second payment category of the city of Turku at the highest.
In the Delegation and the Board of Directors, decisions are made by a simple majority of votes unless these rules state something else. In the event of a tie, the Chairman’s vote decides, except in an election by lot.
The CEO acts as a manager for the institutions maintained by the Foundation. A secretary and other officials may be hired to the Foundation according to what has been stated in the Foundation budget.
The Foundation’s name can be signed by the Chairman and one of the Vice-Chairmen together, or one of them together with a member of the Board of Directors of an official of the Foundation authorised by the Board of Directors.
The Foundation’s account and fiscal year is the calendar year. The financial statement shall be drawn up by March 31 at the latest, and the auditors shall give the audit report by April 30.
A copy of the financial statement, the annual report and the audit report, as well as other reports according to 13 § must be sent before the end of May to the Ministry of Justice, as well as to the boards of all student associations joined in the activities of the Foundation.
To change these rules, the delegation must approve the change proposal made by the Board of Directors by at least 3/4 majority. The decision shall be submitted to the National Board of Patents and Registration of Finland confirmation. The abolition of the Foundation shall happen in the same order.
If the foundation is abolished, one half of its assets must be handed over to the city of Turku to be used in activities close to the purpose of the Foundation.
The other half must be handed over to be divided according to the number of memberships among the student unions joined in the activities of the Foundation according to the decisions of their deciding bodies for activities close to the purpose of the Foundation. These properties are excluded from the division: plot No 20 of the City of Turku I district 9 block and the buildings on the site, the property gained instead of housing cooperative Kaskenkatu 3 shares No 252-351, which will return to the University Student Union, and the plot of land No. 3 in the city of Turku Nummi district’s block 108 and the buildings on the site, that is the first construction phase of the Turku Student Village, and plot No 1 in the city of Turku Nummi district’s block 109 and the buildings on site, and the so called social center building and a house for two-families and the property stated in the site plan within the buildings construction documents, namely the second construction phase of the Turku Student Village, which must be given to be shared, in relation to the number of memberships, among the student unions joined in the activities of the Foundation according to the decisions of their deciding bodies for activities close to the purpose of the Foundation.
The term of office for the decision making bodies, the Board of Directors and the Delegation chosen according to these rules begins after the Ministry of Justice has ratified these rules and after the decision making bodies have been chosen. At the same time, the term of office for the decision making bodies chosen according to the previous rules ends.
The first term of office for the decision making bodies chosen according to these rules ends on 31.12.1994.