The Fund resources shall be used for covering the Fund’s administrative costs and for funding projects and programs.

The total annual administrative costs shall not exceed 15% of the total annual revenues of the Fund. In the first year of Fund operations, this percentage may be higher to allow for expenditures related to the establishment of the Fund. Administrative costs shall include but may not be limited to expenses for: compensations for members of the Board of Directors, salaries and compulsory social insurance of Fund staff, expenses related to offices rented or owned by the Fund, Fund office equipment and stationary, expenses related to vehicles owned by the Fund, expenses related to outsourced services of the Fund.

 

After consideration of maintaining a satisfactory operating reserve, at least 85% of the annual total Fund revenues shall be used for funding projects and programs in the following areas:

 

1. Management of Baa Atoll Biosphere Reserve;

2. Protection, conservation and management of biological and natural resources and biodiversity in Baa Atoll;

3. Livelihood improvements for Baa Atoll residents in line with sustainability and atoll ecosystem conservation policies;

4. Research, awareness raising and education related to protection, conservation and management of biological and natural     resources, biodiversity and nature protection in Baa Atoll.

5. Other projects and programs as defined by the Fund’s adopted and published annual and long-term spending policies,           provided that such projects and programs are fully supportive and directly linked to the Fund’s purpose

 

The Fund’s long term spending program shall be based on relevant national policies, as well as relevant policies on the level of Baa Atoll. These include policies in the areas, biodiversity, nature protection, environment, sustainability, livelihoods, land and resource use.

 

The Fund can participate in co-financing of programs, projects and related activities organized and financed by domestic and foreign financial institutions, international organizations and other foreign legal persons.