Use of funds and open governance.
Transparency in finances and governance is an absolute precondition for our work, and the most important tool we have for building trust.
We are still taking shape, but as the work grows we will update this page regularly with annual accounts, an overview of partners, and an itemized breakdown of how funds are used. We place real emphasis on precise, reliable reporting and welcome any suggestions for doing better.
Formal and legal framework.
The organization meets the following registration and review requirements:
- Annual accounts: We formally file examined annual accounts with Skatturinn (Iceland Revenue and Customs) every year.
- Examiner: Diljá Pálsdóttir (elected at the annual general meeting to examine the annual accounts and finances).
Funding, use of funds, and annual accounts.
Funding during the founding phase
We are newly founded, and work on the base funding for the organization's build-out is under way. Information will be updated as soon as agreements are confirmed; at this point we have accepted no public grants.
Use of funds during the founding phase (2026)
The first year of operation goes largely into building databases, setting up systems, and securing day-to-day operations. The estimated split of our spending during this build-out period is therefore:
- Operations and founding costs — approx. 80%: Staff costs for building infrastructure, systems and software development, accounting, legal services, and general operations.
- Project costs — approx. 10%: Initial data collection, analysis, and publishing.
- Reserve fund — approx. 10%: Set aside to cover unexpected costs.
We expect this ratio to flip over time, with project costs weighing heaviest once the infrastructure is fully in place. The final figures will always be itemized and published in the annual accounts.
Sponsors and partners
The organization only accepts funding that aligns with our purpose and does not threaten our independence from government, companies, or other interest groups. An overview of our formal partners will be published here once agreements are confirmed — and we equally respect the wishes of individual supporters and sponsors who prefer to remain anonymous.
Annual accounts
Our first financial year runs to December 31, 2026. The annual accounts, examined by the elected examiner, will be published here together with the board's report no later than June 30, 2027.
Legal and governance documents.
For full transparency in our governance, all formally adopted board documents are available below (PDFs in Icelandic):
- A2.1 · Statutes: The statutory founding document defining the organization's purpose, governance, and ways of working.
- A2.2 · Roles and duties: The responsibilities of board members, the Executive Director, and committees.
- A2.3 · Decision-making framework: How decisions are made, who holds mandates, and which matters go to the board.
- A2.4 · Conflict-of-interest policy: How the board and staff disclose and handle conflicts of interest.
- A2.5 · Code of conduct: Standards of behavior, transparency, and confidentiality for the board, staff, advisory council, and volunteers.
- A2.6 · Complaint and appeal process: How to report breaches of the code of conduct or raise formal concerns.
See also: the privacy policy · the accessibility statement · a summary of the code of conduct.
Governance: The board meets at least six times a year and receives regular operations reports from the Executive Director. More on the Board and staff page.