In Slovakia, a foundation is defined as a purposeful grouping of property established for the support of publicly beneficial purpose as defined in the Law on Foundations adopted in 2002. The law defines the key characteristics of foundations, and specifies clearly the key roles of foundations, which are: a) To provide financial and non-financial means from the assets of the foundation to third parties to fulfil a public benefit purpose. b) To administer its assets, including the assets of foundation funds (donor advised funds and affiliated funds to the foundation without legal subjectivity). Slovak jurisdiction recognises only one legal type of foundation – the one described above. All other classifications such as “corporate foundation”, “family foundation”, “community foundation”, “independent foundation” and others that are used in the public domain describe some salient characteristic of the given foundation but bear no relevance to the law. Also of note in Slovak foundation law is that foundations (and other non-profit organisations) may receive a tax assignation from legal entities as part of their income tax payment or from individuals who have paid income tax. This donation must be used for public-benefit purposes and may be up to 2% of a firm’s income tax payment or 2% of an individual income tax payment (3% if an individual volunteered for at least 40 hours in a given year) as per The Ministry of Finance of the Slovak Republic - Tax Assignation.