“…I am Ready to Donate Bank Notes from My Capital”: Formation and Functioning of Siberian Merchants’ Endowment Capitals in the Charitable Sphere (Based on Materials from Irkutsk Merchants’ Large Endowments)

The article presents the results of a study of the formation and functioning of charitable endowment capitals of Siberian merchants.The creation of one of the most significant regional segments of charitable perpetual contributions by Irkutsk merchants made it possible to examine this problem using materials from Irkutsk.It is noted that the formation of the endowment capital and its donation remained the most important stage for the donor.This period was characterized by the greatest activity and involvement of the donor in the process.A significant variety of specific forms and conditions for donating perpetual endowments is recorded.The donor sought to find a balance between their financial capabilities and the desire to ensure the economic sustainability of the recipient institution (or fund) with the donated capital.The issues of donors' choice of managers of donated capital are considered.The conditions for the transfer of perpetual deposits to them and the behavior patterns of each party in this process are analyzed.It is proven that since the late 1870s, the city self-government bodies became the most important institutions for managing the inviolable capital of the Irkutsk merchants.By the beginning of the 20th century, the Irkutsk Duma had not only developed significant experience in implementing the target purposes of perpetual deposits, but made attempts to optimize endowment management.At the same time, the activities of the bank of the Orphanage of E. Medvednikova remained the most striking example of the implementation of an effective financial policy in the area of target capital.Based on the analysis of the management of the "M.A. Sibiryakov Capital", a significant influence of motivation of the endowment managers on the effectiveness of its functioning is shown.The participation of donors in the management of an institution (fund) created on the basis of endowment capital is considered.It is emphasized that the desire to effectively use perpetual deposits has stimulated the development of a rational, socially responsible model of behavior not only on the part of donors, but also on the part of managers of endowments.The examined material proves that the ramified