Académique Documents
Professionnel Documents
Culture Documents
IRUPDVGHMXVWLILFDomRGR,PSHUDWLYR&DWHJyULFR
2REMHWLYRGHVWHDUWLJRpHQFRQWUDUXPSULQFtSLRTXHIRUQHoDDVEDVHVGHXPDFRQGXWD
PRUDO RX VHMD TXH IRUQHoD R FULWpULR D SDUWLU GR TXDO SRVVDPRV MXOJDU QRVVDV Do}HV FRPR
VHQGR RX QmR PRUDLV &RPR SRQWR GH SDUWLGD GHVWD LQYHVWLJDomR HOHMR D DQiOLVH GD SURSRVWD
NDQWLDQD H VXD WHQWDWLYD GH IXQGDPHQWDomR GR LPSHUDWLYR FDWHJyULFR (P VHJXLGD SUHWHQGR
DQDOLVDU D SURSRVWD GH +DEHUPDV GH IXQGDPHQWDomR GR SULQFtSLR PRUDO NDQWLDQR FRPR
SULQFtSLRFRQVWLWXWLYRGRGLVFXUVRUDFLRQDO3DUDFRQFOXLUSUHWHQGRGHIHQGHUXPDSHUVSHFWLYD
GHFLVLRQLVWDGLDQWHGDTXHVWmRGHIXQGDPHQWDomRGDPRUDOLGDGHHDDGRomRGRSULQFtSLRPRUDO
NDQWLDQR FRPR R SULQFtSLR TXH PHOKRU UHVSRQGH D QRVVDV GHPDQGDV PRUDLV 1HVWD HWDSD
SUHWHQGR PRVWUDU FRPR p SRVVtYHO DEDQGRQDQGR D SHUVSHFWLYD GH IXQGDPHQWDomR NDQWLDQD
MXVWLILFDURSULQFtSLRPRUDODSUHVHQWDGRSRU.DQWFRPRRPHOKRUSULQFtSLRSDUDDTXHOHVTXH
DFHLWDP D SURSRVWD GH XPD PRUDO XQLYHUVDOLVWD 3DUD WDO SUHWHQGR EDVHDUPH QD FKDPDGD
0RUDOGR5HVSHLWR8QLYHUVDOGHIHQGLGDSRU(7XJHQGKDW
3UHWHQGRGHIHQGHUDWHVHGHTXHDDQiOLVHNDQWLDQDGDIRUPDLQHUHQWHDRSULQFtSLRPRUDO
QRV IRUQHFH R SULQFtSLR TXH QHFHVVLWDPRV SDUD UHVSRQGHU j GHPDQGD FRQWHPSRUkQHD SHOD
PRUDOLGDGHDLQGDTXHVXDIXQGDPHQWDomRQmRVHMDFRJHQWH1HVWHVHQWLGRSUHWHQGRUHVJDWDUD
KHUDQoD NDQWLDQD HP +DEHUPDV H 7XJHQGKDW +DEHUPDV HVWDEHOHFH XPD GLVWLQomR HQWUH R
SULQFtSLR GH XQLYHUVDOL]DomR SULQFtSLR 8 H R SULQFtSLR pWLFRGLVFXUVLYR SULQFtSLR ' 2
SULQFtSLR 8 p MXVWLILFDGR FRPR XPD FRQGLomR SDUD TXH SRVVDPRV ID]HU SDUWH GH TXDOTXHU
GLVFXUVR GH IXQGDPHQWDomR 2 SULQFtSLR ' IRUQHFH R FULWpULR SDUD R UHFRQKHFLPHQWR GD
YDOLGDGHGRVHQXQFLDGRVTXHEXVFDPRVIXQGDPHQWDU(VWHVHULDSDUD+DEHUPDVRSULQFtSLRGR
FRQVHQVR&RQWUD+DEHUPDVSUHWHQGRGHIHQGHUDWHVHGHTXHRSULQFtSLRGHXQLYHUVDOL]DomRGH
TXH QHFHVVLWDPRV SDUD JDUDQWLU D LPSDUFLDOLGDGH GRV MXt]RV PRUDLV QmR SRGH VHU
IXQGDPHQWDGR FRPR XPD UHJUD H XP SUHVVXSRVWR GD DUJXPHQWDomR &RP LVVR SUHWHQGR
DEDQGRQDURSURMHWRGRTXHVHSRGHULDGHQRPLQDUXPDIXQGDPHQWDomRDSULRULGDPRUDOLGDGH
RX VHMD XPD UHIXWDomR DR FHWLFLVPR PRUDO &RP EDVH HP 7XJHQGKDW UHWRPR R LPSHUDWLYR
FDWHJyULFR NDQWLDQR FRPR SULQFtSLR GR UHVSHLWR XQLYHUVDO 3UHWHQGR GHIHQGHU R FDUiWHU
SULPLWLYRGDDSOLFDomRGHVWHSULQFtSLRFRPRXPDPHUDGHFRUUrQFLDGDDXVrQFLDGHFULWpULRV
TXHIXQGDPHQWHPXPDGLVFULPLQDomRSULPiULDRXVHMDDSULRUtVWLFDHQWUHRVVHUHVKXPDQRV
UHIXWDQGRDVVLPDVGLYHUVDVIRUPDVGHSDUWLFXODULVPRPRUDO
$IXQGDPH QWDomRGDPRUDOQDSH UVSH FWLYDGH .DQW
1HVWD SULPHLUD SDUWH IRUQHoR XPD UHFRQVWUXomR GD SHUVSHFWLYD NDQWLDQD EDVHDQGRVH QD
)XQGDPHQWDomR GD 0HWDItVLFD GRV &RVWXPHV *06 >@ H QD &UtWLFD GD UD]mR SUiWLFD
.S9>@
)XQGDPH QWDomRGD0H WDItVLFDGRV&RVWXPH V