Annual Report 2011 - Fai

Annual Report 2011

© A. Angelucci
Contents
About us 02
The FAI property portfolio 06
36 years of FAI 08
Letter from the President 11
2011 Overview 12
2011 Management Overview 14
Our most fascinating stories 16
Negozio Olivetti 18
Villa dei Vescovi 19
Bosco di San Francesco 20
Our threefold mission 22
1.Protecting and Enhancing 24
2.Educating and Raising Awareness 40
3.Supervising and Intervening 48
Pursuing our mission is
a major team effort 50
Raising and managing funds 52
“I 200 del FAI“ 56
Corporate Golden Donor 58
Friends of FAI 60
Communication 62
People 66
Future projects 68
Financial statements – Balance Sheet 70
Financial statements – Operating Section 74
Notes to the financial statements 76
Schedule A 88
Schedule B 92
Schedule C 93
Thanks 94
FAI - Bosco di San Francesco, Assisi (Perugia)
Annual Report 2011 1

About Us
FAI - Villa dei Vescovi, Luvigliano di Torreglia (Padua)
Board
of Directors
Honorary President
Giulia Maria Mozzoni Crespi
What is FAI
The Fondo Ambiente Italiano
commonly referred to in English
as the “Italian National Trust
is a not-for-profit private-law
foundation, recognised as a
legal entity by the President of
the Italian Republic (Presidential
Decree No. 941 of 3.12.1975).
Our exclusive purpose is to
educate the general public on the
importance of defending Italy’s
environment and artistic and built
heritage.
We operate in the interest of all
those who care deeply about
Italy’s cultural and natural
heritage.
FAI’s mission
FAI - not just an acronym, but also
a part of the Italian verb “FARE”,
meaning “to do”, “to be active
FAI - Fondo Ambiente Italiano is a
nationwide, not-for-profit foundation
that was founded in 1975 with a
concrete objective: to act in order to
safeguard Italy’s artistic and natural
heritage. This commitment sees FAI
engaged in:
PROTECTING AND ENHANCING
FAI restores and (re)opens to the
public a wealth of uniquely Italian
monuments and landscapes that have
been entrusted to it.
EDUCATING AND RAISING
AWARENESS
FAI works day in, day out to educate
and raise the awareness of the
public with a view to increasing
their knowledge of, respect for and
dedication to art and nature, which are
among the defining elements of Italy’s
national identity.
SUPERVISING AND INTERVENING
FAI serves as the spokesperson for
the interests and expectations of the
public, supervising and pro-actively
intervening on their behalf across the
country to defend Italy’s landscape
and cultural assets.
FAI WORKS FOR ITALY.
PLAY YOUR PART.
© Alessandro Torrenti
President
Ilaria Borletti Buitoni
Vice Presidents
Paolo Baratta
Guido Roberto Vitale
Executive Vice President
Marco Magnifico
Director General
Angelo Maramai
Board of Directors
Pier Fausto Bagatti Valsecchi
Paolo Baratta *
Ilaria Borletti Buitoni *
Luigi Colombo *
Fedele Confalonieri
Bruno Ermolli
Gabriele Galateri di Genola
Luca Garavoglia *
Anna Gastel *
Paola Gazzola Premoli
Federico Guasti
Vannozza Guicciardini Paravicini
Andrea Kerbaker *
David Landau
Marco Magnifico *
Mario Monti**
Giulia Maria Mozzoni Crespi
Galeazzo Pecori Giraldi *
Antonio Puri Purini
Salvatore Settis
Flavio Valeri
Alessandro Viscogliosi
Guido Roberto Vitale
Marco Vitale
Anna Zegna
* Members of the Executive Committee
** Self-suspended
Board of Trustees
Giulia Maria Mozzoni Crespi
Ezio Antonini
Giovanni Bazoli
Luca Paravicini Crespi
Guido Peregalli
Gustavo Zagrebelsky
Board of Statutory Auditors
Franco Dalla Sega
Pietro Graziani
Antonio Ortolani
Angelo Carbone (substitute)
Francesco Logaldo (substitute)
Auditing Company
Deloitte & Touche S.p.A.
2 Annual Report 2011 Annual Report 2011 3

Our governance
FAI across Italy
Board of Auditors
2 Vice Presidents
Financial
and Human
Resources,
General Affairs
Delegations Department
Environment and
Landscape Department
Fund
Raising
Board of Directors
Executive Committee
President
Director General
(with delegated
powers)
Communication
Executive Staff Department
Rome Office and
Institutional Relations
National
Events
Honorary President
(with executive mandate
on the Environment)
Board of Trustees
Executive Vice President
(with delegated
powers)
Property
Management
ABRUZZO
Delegations: Chieti, L’Aquila, Lanciano, Pescara, Teramo,
Vasto
BASILICATA
Delegations: Matera, Potenza
CALABRIA
Delegations: Catanzaro, Cosenza, Locride e Piana,
Pollino, Reggio Calabria
FAI Groups: Crotone, Vibo Valentia
CAMPANIA
Delegations: Avellino, Benevento, Caserta, Naples,
Salerno
EMILIA ROMAGNA
Delegations: Bologna, Cesena, Ferrara, Forlì, Modena,
Parma, Piacenza, Ravenna, Reggio Emilia, Rimini
FAI Groups: Bagnacavallo, Faenza, Lugo, Imola, Cervia
FRIULI VENEZIA GIULIA
Delegations: Gorizia, Pordenone, Trieste, Udine
LAZIO
Delegations: Frosinone, Latina, Rieti, Rome, Viterbo
FAI Groups: Gaeta
LIGURIA
Delegations: Albenga – Alassio, La Spezia, Genoa,
Imperia, Portofino – Tigullio, Savona
LOMBARDY
Delegations: Bergamo, Brescia, Brianza-Lakes, Como,
Cremona, Franciacorta - Sebino - Val Camonica, Lecco,
Lodi – Melegnano, Mantua, Milan, Monza, Pavia, Seprio,
Sondrio, Treviglio, Varese
FAI Groups: North-West Milan, South-West Milan,
South-East Milan, North-East Milan
MARCHE
Delegations: Ancona, Ascoli Piceno, Fermo, Macerata,
Pesaro Urbino
FAI Groups: Jesi e Vallesina, Senigallia
MOLISE
Delegations: Campobasso
PIEDMONT
Delegations: Asti, Biella, Casale Monferrato, Cuneo,
Ivrea and Canavese, Novara, Turin, Tortona,
Verbano - Cusio - Ossola, Vercelli
FAI Groups: Alba, Saluzzo, Alessandria, Alto Novarese,
Montereggio, Valsesia
APULIA
Delegations: Andria - Barletta – Trani, Bari, Foggia,
Lecce, Taranto
SARDINIA
Delegations: Cagliari, Sassari
FAI Groups: Nuoro – Oliena, Olbia Tempio
SICILY
Delegations: Agrigento, Caltanissetta, Catania,
Messina, Palermo, Ragusa, Scicli, Siracusa, Trapani
FAI Groups: Acireale, Marsala, Bagheria, Caccamo
TUSCANY
Delegations: Arezzo, Florence, Grosseto, Livorno,
Lucca - Massa Carrara, Pisa, Prato – Pistoia, Siena
TRENTINO ALTO ADIGE/SÜDTIROL
Delegations: Bolzano, Trento
FAI Groups: Merano
UMBRIA
Delegations: Perugia
FAI Groups: Assisi, Trasimeno Lake, Orvieto, Spoleto,
Terni
AOSTA VALLEY
Delegations: Aosta
VENETO
Delegations: Bassano del Grappa, Mestre, Padua,
Portogruaro, Rovigo, Treviso, Venice, Verona, Vicenza
FAI Groups: Tagliamento
4 Annual Report 2011 Annual Report 2011 5

Properties regularly
open to the public
Safeguarded
properties
Undergoing
restoration
properties
The FAI Portfolio
1 Monastero di Torba
(Torba Monastery)
Gornate Olona (Varese)
Donation: Giulia Maria Mozzoni Crespi
- 1977
2 Castello di Avio
(Avio Castle)
Sabbionara di Avio (Trento)
Donation: Emanuela di Castelbarco
Pindemonte Rezzonico - 1977
3 Promontorio e Torre
Punta Pagana
(Punta Pagana Promontory and Tower)
San Michele di Pagana (Genoa)
Donation: Famiglia De Grossi - 1981
4 Abbazia
di SanFruttuoso
(Saint Fruttuoso Abbey)
Camogli (Genoa)
Donation: Frank e Orietta Pogson
Doria Pamphilj - 1983
5 Castello della Manta
(Manta Castle)
Manta (Cuneo)
Donation: Elisabetta De Rege
Provana - 1984
6 Baia di Ieranto
(Ieranto Bay)
Massa Lubrense (Naples)
Donation: Italsider - 1986
7 Castel Grumello
(Grumello Castle)
Montagna in Valtellina (Sondrio)
Donation: Società Enologica
Valtellinese - 1987
8 Castello di Masino
(Masino Castle)
Caravino (Turin)
Acquisition: Luigi Valperga
di Masino – 1988
9 Villa del Balbianello
(Balbianello Villa)
Lenno (Como Lake)
Bequest: Guido Monzino – 1988
10 Villa Della Porta
Bozzolo
(Della Porta Bozzolo Villa)
Casalzuigno (Varese)
Donation: the descendants of the
Bozzolo family – 1989
11 Torre di Velate
(Velate Tower)
Velate (Varese)
Donation: Leopoldo Zambeletti - 1989
12 Bottega storica di
barbiere
(Historic barber shop)
Genoa
Acquisition: the descendants of the
Giacalone family – 1992
13 Casa Carbone
(Carbone House)
Lavagna (Genoa)
Bequest: Emanuele and
Siria Carbone – 1992
14 Edicola ottocentesca
di giornali
(19th-Century News stand) Mantua
Acquisition: the Gandolfi family – 1992
15 Villa e Collezione
Panza
(Panza Villa and Collection)
Varese
Donation: Giuseppe and Rosa
Giovanna Panza di Biumo – 1996
16 Teatrino di Vetriano
(Vetriano Theater)
Pescaglia (Lucca)
Partial donation: Anna Biagioni – 1997
17 Giardino della
Kolymbetra
(Kolymbetra Garden)
Valley of the Temples - Agrigento
Concession: Sicily Region – 1999
18 Villa Necchi
Campiglio
(Necchi Campiglio Villa)
Milan
Donation: Gigina Necchi Campiglio
and Nedda Necchi – 2001
19 Parco Villa
Gregoriana
(Villa Gregoriana Park)
Tivoli (Rome)
Concession and lease: the Italian
Public Property Agency – 2002
20 Mulino di Baresi
Maurizio Gervasoni
(Baresi “Maurizio Gervasoni” Mill)
Roncobello (Bergamo)
Acquisition: Giovanna, Francesca
and Mattia Gervasoni – 2005
21 Villa dei Vescovi
(Vescovi Villa)
Luvigliano di Torreglia (Padua)
Donation: Vittorio Olcese – 2005
22 Giardino Pantesco
Donnafugata
(Pantesco “Donnafugata” Garden)
Island of Pantelleria (Trapani)
Donation: Donnafugata – 2008
23 Bosco di San
Francesco
(San Francesco Woodland)
Assisi (Perugia)
Donation: Intesa Sanpaolo – 2008
24 Villa Fogazzaro Roi
(Fogazzaro Roi Villa)
Oria, Valsolda - Lugano Lake (Como)
Bequest: Giuseppe Roi – 2009
25 Negozio Olivetti
(Olivetti Showroom)
Piazza San Marco, Venice
Concession: Assicurazioni
Generali – 2011
26 Area boschiva Casana
sul Monte di Portofino
(Casana Woodland on Mount Portofino)
Camogli (Genoa)
Donation: the descendants of the Casana
Family - 1977
27 Cala Junco
Island of Panarea,
Aeolian Archipelago (Messina)
Donation: Piero di Blasi – 1977
28 Area costiera Isola di
Capraia
(Coastal area on the Island of Capraia)
Island of Capraia - Tuscan Archipelago
Donation: Ignazio Vigoni – 1978
29 Area boschiva
Salvucci sul Monte di
Portofino
(Salvucci Woodland on Mount Portofino)
Camogli (Genoa)
Donation: Carla Salvucci – 1981
30 Area costiera
La Masseta
(“La Masseta” coastal area)
San Giovanni a Piro (Salerno)
Donation: Fiamma Petrilli Pintacuda
– 1984
31 Area boschiva
Brignola sul Monte di
Portofino
(Brignola Woodland on Mount Portofino)
Camogli (Genoa)
Donation: Benito Brignola – 1986
32 Maso Fratton Valaja
(Fratton Valaja Farm)
Spormaggiore (Trento)
Acquisition: Endrizzi Brothers – 1993
33 Villa San Francesco
(San Francesco Villa)
Varese
Bequest (bare ownership):
Maria Luisa Monti Veratti - 2001
34 Villa San Luca e
Collezione Laura
(San Luca Villa and the Laura Collection)
Ospedaletti (Imperia)
Donation (bare ownership): Luigi Anton
and Nera Laura – 2001
35 Area boschiva Oliva
sul Monte di Portofino
(Oliva Woodland on Mount Portofino)
Santa Margherita Ligure (Genoa)
Donation: Ida Marta Oliva - 2001
36 Area collinare Isola di
Levanzo
(Hilly section on the Island of Levanzo)
Island of Levanzo, Aegadian Archipelago
(Trapani)
Donation: Griseldis Fleming -2001
37 Area costiera Isola di
Ponza
(Coastal area of the Island of Ponza)
Island of Ponza (Latina)
Donation: Franco and Bianca Maria
Orsenigo - 2001
38 Pensilina di Velate
(Tram Shelter)
Velate (Varese)
Donation: Zophiel srl - 2011
39 Punta Don Diego
Cala di Trana, Palau district
(Sassari)
Concession: Sardinia Region -
2002
40 Casa Noha
(Noha House)
Matera
Donation: Fodale Brothers – 2004
41 Palazzo e Torre
Campatelli
(Campatelli Palace and Tower)
San Gimignano (Siena)
Bequest: Lydia Campatelli - 2005
42 Punta Mesco
Levanto (La Spezia)
Donation: Fiascherino s.r.l. - 2009
43 Area boschiva Alpi
Orobie
(Woodland in the Orobian Alps)
Talamona (Sondrio)
Bequest:
Stefano Tirinzoni - 2011
44 Barca Velarca
(“La Velarca” Houseboat)
Ossuccio (Como)
Donation: Aldo e Maria Luisa
Norsa - 2011
45 Torre di Ossuccio
(Ossuccio Tower)
Ossuccio (Como)
Bequest: Rita Emanuela
Bernasconi - 2011
46 Collezione Enrico
presso Villa
Flecchia
(The Enrico Collection and
Flecchia Villa)
Magnano (Biella)
Donation: Piero Enrico - 2011
47 Abbazia di Santa
Maria di Cerrate
(Saint Mary of Cerrate Abbey)
Lecce
Concession by the Province of
Lecce - 2012
Properties regularly open to the public Safeguarded properties Undergoing restoration properties
12 4 3
26
13
34 29 35 42
31
6 Annual Report 2011 Annual Report 2011 7
5
8
45
43
44
24
9 7
10
38
1 11
15
46 33
18
39
28
16
20
14
41
32
2
21
36
37
25
19
22
23
17
30
6
27
40
47

The idea becomes
the Trust
Based on an idea by Elena
Croce, daughter of philosopher
Benedetto Croce, on 28 April
1975 Giulia Maria Mozzoni
Crespi, Renato Bazzoni, Alberto
Predieri and Franco Russoli
found FAI with the intention of
emulating the work done by the
National Trust in England.
Our first “bricks and
mortar” properties
The Monastero di Torba and
the Castello di Avio are the first
two buildings that we acquire.
The former is donated to us
by FAI President Giulia Maria
Mozzoni Crespi, and the latter
by Emanuela di Castelbarco
Pindemonte Rezzonico.
1975 1977 1985
36 years of FAI The “first times” that made history
The completion of the
first major restoration
project
The first large-scale restoration
project we deal with takes a
total of eight years to complete,
and sees us give the Monastero
di Torba – which had been
completely submerged by thick
vegetation, its frescoed walls
victims of chronic neglect – a
whole new lease of life.
First staging of the “Tre
Giorni per il Giardino”
(Three Days for the Garden
event)
31 exhibitors and 7,000 visitors:
these are the figures for the first
staging of the most important
event held in the properties
we are responsible for. Two
decades later, in 2011, we will
go on to celebrate 20 years of
the event, with more than 140
exhibitors and 18,500 visitors in
attendancevisitatori in 3 giorni.
© Andrea Casà
The first property leased
to us
The Giardino della Kolymbetra,
a real archaeological and
agricultural jewel located in
the Valley of the Temples in
Agrigento, is the first property
that is leased to us on a
concessionary basis (free for
25 years, by Sicily Region) in
order for it to be restored after
decades of neglect.
1976 1980 1988
1992 1999 2009
The first major SMS
campaign
Our first national SMS
campaign – called “La Terra
di Francesco” (The Land of St
Francis) – aims to raise funds
for the restoration of a highly
symbolic site: the Bosco di San
Francesco in Assisi. The Italian
public respond with great
generosity, offering a total of
€340,000.
1993 2003 2010
Our first natural property
The first donation made to FAI
is an area of 1,000m² located
on the coast of Cala Junco,
at the western edge of the
island of Panarea. Piero di Blasi
decides to donate it to us to
protect it from
real estate speculation.
The first edition of the FAI
Newsletter
“Finally in your hands” is how
Renato Bazzoni puts it in the
first edition of the FAI Newsletter
– the forum for information
and dialogue with the
members; Bazzoni calls the
Newsletter the “prophet” of the
recently established Trust.
The purchase of our first
property
The Castello di Masino – a
delightful fortification dating
back to the fifteenth century
– is the first property that
we purchase. Owned by the
Valperga family, it is in a state of
dereliction that necessitates an
urgent intervention in order to
restore it and make the most of
what it has to offer.
The first “Giornata FAI di
Primavera” (FAI Spring
Day)
Five sites in the city of Milan. A
whole host of monuments are
opened up for the first staging
of what remains to this day the
Trust’s most high-profile event.
In 2011, we will reach a total
of 660 properties throughout
Italy, with more than 500,000
visitors.
The first “I Luoghi del
Cuore” (“Italian Places I
Love” survey)
A total of 24,200 votes are cast
in the first “I Luoghi del Cuore”
(“Italian Places I Love” national
survey), which asks for input
from the general public on
which buildings and landscapes
they would most like to see
saved. During the fifth survey –
in 2010 – in excess of 464,000
votes will be cast.
The first handover at the
helm
After 35 years in which she
consistently put great passion,
dedication and energy into
the FAI project, Giulia Maria
Mozzoni Crespi steps down as
President, making way for Ilaria
Borletti Buitoni and taking on
the role of Honorary President.
© Mollica & Racheli
8 Annual Report 2011 Annual Report 2011 9

© Giorgio Majno
© Giorgio Majno
Ilaria Borletti Buitoni
President of the
FAI - Fondo Ambiente Italiano
THE ROAD TO RECOVERY STARTS WITH THE SAFEGUARDING OF OUR
CULTURAL IDENTITY
In many ways, 2011 was a turning point for the Trust, albeit against a general backdrop of increasing
– and increasingly worrying – uncertainty and a marked reduction in the support being
given to organisations both public and private alike.
Alongside the opening of three very important properties – the Negozio Olivetti in
Piazza San Marco in Venice, the Villa dei Vescovi in Luvigliano di Torreglia (in the province
of Padua), and the Bosco di San Francesco in Assisi – which we gave back to the country
after prolonged and eagerly awaited restoration projects that demanded substantial funds and
an enormous organisational effort, we also completed an in-depth administrative overhaul
geared towards boosting the effectiveness of our cost-control mechanisms, with a particular
focus on those overheads relating to our restoration projects.
In 2011, we made substantial investments in human resources and in promoting the work
of the Trust. Our promotional efforts highlighted not only our undoubted capacity to enhance
and efficiently manage the properties that are entrusted to us but also our values, which
are particularly prescient at a time such as this, when Italy is in a state of confusion: a highprofile
marketing campaign accompanied our operations throughout the year, helping to
raise awareness right across Italy about the nature of our work. Cultural identity, pride, an
understanding of the importance of Italy’s historical, artistic and natural heritage, and a
commitment to conserve the landscape for a sustainable future – these are all expressions
of a “sensitivity” that FAI must be able to transmit to an ever-increasing number of people.
The result of this investment approach has been both tangible and encouraging. The
increase in membership and the exceptionally large number of participants in the “Giornata
FAI di Primavera” (FAI Spring Day) are indicative that we are making progress along our chosen
path.
Albeit in an awareness that difficult times no doubt lie ahead for us, we can today look towards
the future, safe in the knowledge that we will always be able to give voice to those
who believe that the safeguarding of Italy’s cultural identity is one of the roads we
must take in order to get back on the move in the wake of the global crisis, also with a view to
promoting the development of tourism, particularly in those regions rich in art and beauty but
lacking an industrial base.
At a time in which civil society is being called upon with increasing frequency to contribute to
the debate on the future of the country, FAI will play its part with passion and enthusiasm,
thanks to the generous support of our donors and friends, which is now more fundamental than
ever before.
FAI - Abbazia di San Fruttuoso , Camogli (Genoa)
10 Annual Report 2011 Annual Report 2011 11

2011 Overview
Marco Magnifico, Executive Vice President of FAI
© Giorgio Majno
FAI - Villa dei Vescovi, Luvigliano di Torreglia (Padua)
2011: THREE GREAT STORIES FOR ITALY AS IT REACHES ITS 150TH
ANNIVERSARY
Out of the 28 years I’ve spent working for FAI, 2011 was the most frenetic, the most exhausting
and, without a doubt, the most “perfect”. The run up to the 150th anniversary of Italian
Unification had given us, as it did many others, the impetus to plan out a memorable year
with a view to stressing to the country as a whole that FAI was conceived and founded as an
organisation with the aim of serving the nation.
“Destiny” presented us with the solution on a silver platter, in the sense that – by shortening
our timescales and cleverly “slotting together” deadlines and commitments – we would indeed
meet our insane-but-thrilling target of opening three new properties before year’s end.
What better way to stay true to our Statute and, in the process, to give Italy a wonderful
gift It is, of course, superfluous to state why the project was thrilling; we can, however, explain
why it was insane, but only in hindsight, smiling now that the (unforeseeably Herculean) effort
we all put in – both in financial terms and in terms of sheer determination – is behind us.
The Negozio Olivetti in Piazza San Marco in Venice – a shining, impeccable masterpiece
by Carlo Scarpa, which was entrusted, with considerable farsightedness, to FAI by insurance
group Assicurazioni Generali – was inaugurated amid the jubilation of a number of not very
authentic Venetians and the admiring curiosity of that international world that has rightly
elected Scarpa one of the giants of the 20th century, but the projects at the Villa dei
Vescovi in Luvigliano near Padua and the Bosco di San Francesco in Assisi (donated to FAI by
the Intesa Sanpaolo banking group) were still very far from completion.
At the Villa dei Vescovi, with its frescoes by Sustris, its loggias by Falconetto and its ashlar
by Giulio Romano, we had only recently started work again following the shock of coming
across a necropolis under the ground floor, while in Assisi we were still counting the almost
400 truck, car and tractor tyres that emerged from the brambles infesting the 60 hectares
of woods and olive groves, while Michelangelo Pistoletto used his plough to trace out the
triple circle of his Terzo Paradiso (“Third Paradise”), where 121 olive trees were to give
pilgrims food for thought on their relationship with Creation.
From Venice to the Euganean Hills, to Assisi! A year of radically divergent construction sites;
from the silken stuccoes of Carlo Scarpa, through the hundreds of metres of dry-stone walls to
be put back up in order to support the terraced olive groves in Assisi, to the fragile banisters
sculpted from Nanto stone that, like a ribbon, make their way around the terraces and loggias of
the Villa dei Vescovi outside Padua.
These are three stories that differ in terms of their eras, protagonists, materials, climates,
purposes, colours, messages and cultures; three great Italian Stories that from St Francis,
via the Renaissance, bring us right into the 20th century. These are three stories that FAI –
thanks to those who believe in its mission, its commitment and the seriousness of its approach
– has been able to donate to Italy so that the country can take pride in them on what is such an
important anniversary.
© ORCH_chemollo
FAI - Negozio Olivetti, Venice
© A. Angelucci
FAI - Bosco di San Francesco, Assisi (Perugia)
12 Annual Report 2011 Annual Report 2011 13

Management Overview
Angelo Maramai, Director General of FAI
© Maja Galli
THE FIRST STEPS IN A “NEW DIRECTION” FOR FAI’S ORGANISATIONAL
INFRASTRUCTURE
2011 was a complex year due to the specific political and economic circumstances, marked
by a serious institutional crisis and a contraction of the Italian economy. But for FAI, 2011 was
first and foremost an opportunity for appropriate celebrations of the 150th anniversary
of Italian Unification, with the conclusion of the restoration of three important new
properties that, from now on, will be open to the general public, thanks to the three in-depth,
intelligent interventions that have returned the assets in question to their former splendour,
as befits the entire historical, artistic and natural heritage of Italy. Overall, FAI spent around
€9 million on restorations in 2011 – a sizeable figure and an immense commitment for
the Trust, which had to work exceptionally hard to raise the necessary funds. We are certainly
now reaping the rewards of all our efforts, with the Negozio Olivetti in Piazza San Marco in
Venice, the Villa dei Vescovi in Luvigliano di Torreglia and the Bosco di San Francesco
in Assisi now offering three tangible new embodiments of the difference that FAI can make right
across Italy.
Thanks in part to these new inaugurations, the numbers visiting FAI properties in 2011
reached in excess of 400,000! This represents a major milestone, and it allowed us to bring in
more than €2 million from ticket sales alone, constituting a crucial component in the effort
to cover the astronomical overheads involved in keeping these extraordinary buildings open and
in perfect condition.
The 2011 “Giornata FAI di Primavera” (FAI Spring Day) confirmed the engagement of
the Italian public with this event, with record numbers taking part: around 500,000 visitors
made their way to the sites selected by FAI, which – thanks to its 7,000+ volunteers – “opened
up” to the public a total of 660 places of historical, artistic and natural interest. The great
success of the initiative made a significant contribution to the increase in the number of
Members and Friends of FAI; so much so that, as of December 2011, the numbers have
reached around 90,000 in total, which is an increase of almost 20,000 on the same period
last year.
© Eva Volpato
2011 was, moreover, the year of the interventions on those sites highlighted as “I Luoghi
del Cuore” (Italian Places I Love) in 2010 thanks to the votes cast by around 500,000
Italians; the 11 most popular and most significant sites have since been
selected, where operations will soon be carried out that are targeted at preserving their value
and at drawing the attention of the public and of institutions towards them.
“Ricordati di salvare l’Italia” (Remember to save Italy) is the title of the campaign that,
in October 2011, FAI launched throughout Italy with a view to raising funds for the activities
that the Trust implements in pursuit of its mission to restore, raise awareness of and safeguard
the historical, artistic and natural heritage of all Italians, with the objective of delivering intact
this priceless treasure to our children and future generations. In terms of the funds raised,
support was definitely not lacking and, by the end of the campaign, more than €700,000
had been amassed. A great many appearances in the media and on the web enabled us to
explain in more detail what FAI is all about, what it is attempting to achieve and what it offers to
the public.
From a financial perspective, we managed to reduce drastically our losses from
previous years and, thanks to the tremendous commitment and hard work of the whole FAI
infrastructure, we increased our income despite the challenging economic backdrop. We
actually succeeded in exceeding the forecasted operating income figure, reaching
€14.4 million (+8.1% on 2010), and managed to contain the operating expenses to €15
million (+ 2.3% up on 2010), while implementing a major reorganisation and investment
programme in relation to our personnel. In view also of the inventory management results, the
management report shows a deficit of €0.4 million, 64.5% down on the previous year.
Significant financial donations and small bequests made it possible to improve our
cash flow, which was severely put to the test by the €8.7 million that had to be set aside for
the restoration of our properties. The developmental operations undertaken over the course
of 2011 represent the first important steps in a “new direction” for FAI’s organisational
infrastructure.
In 2012, we will work intensively on a planning programme that will steer the operations of the
Trust towards objectives of breaking even and, at the same time, towards developing
our activities, leveraging our passion to enable us to grow and to raise our profile within Italy
as a tangible model for effective management.
FAI - Villa dei Vescovi,
Luvigliano di Torreglia (Padua)
© M. Chiesa
14 Annual Report 2011 Annual Report 2011 15

Our most
fascinating
stories
Walking amidst the olive trees of the “Terzo Paradiso” (Third Paradise) by Michelangelo Pistoletto
at Bosco di San Francesco, Assisi (Perugia).
© A. Angelucci
THREE “PRESENTS” FOR THE FUTURE
At times, there are some stories that are more fascinating than others. Perhaps
due to the circumstances in which they come into being, or due to the emotions that
they can elicit, or simply because they are perfect for that precise moment in time. The
three stories collected in this section belong to this latter category.
These three stories are about a love for Italy’s artistic and natural heritage, a passion for
one’s work, the courage to choose a different road than that followed by everyone else,
and the strength to believe in timeless values that are robust enough to resist whatever any
economic or civil crisis may throw at them.
These are the stories of three “presents” that we wanted to give to everyone in order to send
out a clear, indelible message, which is that even – and, indeed, more than ever – in difficult
times, the Trust is “by your side” and we are committed to exerting a unified and evergreater
influence if all those who believe in the resources of Italian “culture” will continue
to support us and to stand shoulder-to-shoulder with us. They are stories that, more than any
other form of discourse, are able to express what it means to work day in, day out, to give our
past a future.
16 Annual Report 2011 Annual Report 2011 17

The Negozio Olivetti in Piazza San Marco in Venice
Tobia Scarpa
The Villa dei Vescovi, Luvigliano di Torreglia (Padua)
Pierpaolo Olcese
© M. Introini
FAI - Negozio Olivetti, Venice
FAI - Villa dei Vescovi,
Luvigliano di Torreglia (Padua)
© M.E. Smith
© M. Bianchi
Tobia Scarpa is an
Italian artist with
a longstanding,
brilliant career: his
work, which ranges
from architecture
to design to
restoration projects,
has often been
exhibited in the
leading international
museums and he
has made a vital
contribution to the
reputation of Italian
design around the
world.
ITALY REDISCOVERS AN ICON OF THE TWENTIETH CENTURY
Having sunk into oblivion for years, the Negozio Olivetti in Piazza San Marco
in Venice has regained all of its former lustre. After having taken care of its
restoration, insurance group Assicurazioni Generali – the Showroom’s owners
– entrusted its management to FAI, which re-opened it to the public in April
2011. Visitors from far and wide were, therefore, given the opportunity to get
re-acquainted with this masterpiece by architect Carlo Scarpa, which is one of
the most important examples of 20th-century architecture in Italy.
The Negozio Olivetti is one of just a few works by my father to which I contributed during
the design and construction phases. I saw it come to life, I saw the original plans, I saw the
importance it gradually acquired, like all of Dad’s works, which always generated a great deal
of interest. When I saw it again after the restoration, the most striking thing for me was that I
was seeing a “new” building. I remember well when the Showroom had just been completed
first time around: it was new, glossy, all the parts were perfectly finished, everything was
perfect. Now everything is once again in its rightful place, and thanks to the restoration – which
is quite incredible in terms of everything being exactly as it should be – the original colours
have been reinstated. It really is a very important intervention if you look at it critically, it’s all
about safeguarding and conserving the objects that we love, which represent us and which
we want to remain very much alive. Visiting the Showroom today, we can experience once
more the extraordinary way in which my father managed to bring together the past and the
present, retaining a real sense of harmony in the process. Violence had no place in his works,
and he jettisoned certain aspects of the heritage of modernity in the elegance of the passages
– aspects that the ancients, in contrast, always respected. He was used to staging major
exhibitions in Venice, each one more extraordinary than the last. But they were temporary
works, destined to remain no more than memories. The Showroom, however, was a “solid”
work, one that would last through the years and that was, at the same time, very much a oneoff.
This is the great value that visitors today can discover by coming to visit it.
A WONDERFUL TESTAMENT TO GREAT CIVIL ARCHITECTURE
In June 2011, FAI re-opened the Villa dei Vescovi in Luvigliano (near Padua) to
the public. This delightful villa was built on an embankment of the Euganean
Hills and was donated to the Trust by Maria Teresa Olcese Valoti and by her
son Pierpaolo Olcese as a gesture of love towards Vittorio Olcese (Maria
Teresa’s husband and Pier Paolo’s father). After a prolonged restoration
process, another prestigious example of great Italian civil architecture was
thus given a new lease of life, allowing visitors to admire once again the
dignified geometric enclosure, the frescoes depicting Roman heroes and
idealised landscapes set against backdrops of green volcanic hillsides, and the
loggias caressed by gentle breezes.
The Villa dei Vescovi was purchased by my father, Vittorio Olcese, in response to a proposal by
Neri Pozza and the Ente Ville Venete, in order to save a building of tremendous importance in
terms of the architectural history of the region, which had by then been abandoned for many
years. The Villa, owned by the Curia of Padua, had served variously as a barracks, an asylum
and a nursing home; its loggias had been closed over and its frescoes covered up. Vittorio
restored it with the idea that, one day, it could become a public property. The donation of the
Villa to FAI by my mother, Maria Teresa, and I was nothing more than the follow through of
a project that began in the 1960s and was completed with another rebirth, and it is also an
homage to two of the great names of Italian culture – friends Vittorio Olcese and Giulia Maria
Mozzoni Crespi, FAI’s Honorary President – who shared in a great deal of the recent history of
the Villa.
The son of Vittorio
Olcese, a prominent
figure in the
Milanese industrial
and political worlds,
Pierpaolo chose
together with his
mother Maria Teresa
Olcese Valoti to
donate the Villa
dei Vescovi to FAI
in memory of his
father, who passed
away in 1999, thus
turning this fine
example of Italian
civil architecture
into a public
property.
18 Annual Report 2011 Annual Report 2011 19

The Bosco di San Francesco in Assisi
Michelangelo Pistoletto
© A. Angelucci
© A. Angelucci
© A. Angelucci
FAI - Bosco di San Francesco, Assisi (Perugia)
Born in Biella in
1933, Michelangelo
Pistoletto is an
internationally
renowned artist,
painter and sculptor,
and is considered to
have been one of the
founders of the Arte
Povera movement
in the 1960s and
a precursor of
the participative
practices that have
become widespread
since the mid-1990s.
A SYMBOL OF PEACE, BETWEEN PAST AND FUTURE
After a long, challenging operation to overhaul the landscape, in November
2011 FAI opened up the Bosco di San Francesco to the public.
This breathtaking, 64-hectare piece of the Italian rural landscape –
encapsulating more than 800 years of history – offers the new pilgrims of the
Third Millennium the opportunity to go on a voyage of discovery through the
landscapes from which Francis launched his message of harmony between
Man and Nature. Against this backdrop, at the invitation of FAI, artist
Michelangelo Pistoletto decided to create in the clearing of the woodland a
new version of his exceptional work of land art, the “Terzo Paradiso” (Third
Paradise).
The sign that symbolises the Third Paradise was first created in 2002 and has been deployed in
various places using an array of different materials. It finds its expression par excellence here,
in the clearing of the woodland in Assisi, due to the historical resonance of the thought of Saint
Francis. Francis was, of course, responsible for the message that unites Man and Nature –
which flows into the current necessity to experience nature anew. At Assisi, visitors are invited
to undertake a ritual trek around the entire work. The symbol of the Terzo Paradiso winds its
way along a path flanked by 121 olive trees and traces out three circles that compose the “New
Infinity Symbol”. The two opposing circles symbolise the two preceding paradises. The first
paradise is that in which human beings were totally integrated with nature; the second is the
artificial paradise, developed by human intelligence, which together with the exponential growth
of scientific and technological development is generating irreversible processes of degradation
across the planet. The risk of a tragic collision between the natural and artificial spheres is now
heralded in every way. Only in the integration between nature and artifice can the possibility
of avoiding this catastrophe be envisaged. The central ring, then, represents the link between
the two preceding paradises and stands for the generative womb of the Third Paradise. The
opportunity afforded by FAI for the creation of this work is crucial, and all those who support
the Trust become a creative part of the work itself. As such, the work conserves the memory of
the woodland while also projecting the past towards the future.
Bosco di San Francesco, Assisi (Perugia). The church of Santa Croce.
20 Annual Report 2011 Annual Report 2011 21

Our
threefold
mission
© A. Angelucci
THREE POINTS, A SINGLE OBJECTIVE
Since 1975, we have been pursuing a single objective: to protect Italy’s heritage of art,
nature and landscapes. Every day, in line with the three points of our mission, we work to
restore and give back to the public monuments and natural places that are unique to Italy,
which are either donated to us or leased to us on a concessionary basis; to educate and raise
the awareness of the wider community about the importance of getting to know, respecting
and taking care of art and the natural world; and to serve as the spokesperson for the interests
and expectations of the populace by supervising and intervening pro-actively across the
country.
Accordingly, when describing our 2011 activities, we have respected the aforementioned subdivision
into the three different areas: “Protecting and Enhancing”, “Educating and Raising
Awareness” and “Supervising and Intervening”, with a view to demonstrating how all of our
actions are geared towards the concrete realisation of our mission.
The final part of this section is dedicated both to the raising of funds, an activity that –
thanks to the generosity of individuals, companies and public-sector bodies – makes our work
possible, and to the support operations, without which everything would be far more
difficult.
FAI – Bosco di San Francesco, Assisi (Perugia). The “Terzo Paradiso” (Third Paradise) by Michelangelo Pistoletto.
22 Annual Report 2011 Annual Report 2011 23

1. Protecting and enhancing
Acquisition
In 2011, we acquired
six properties: the
Negozio Olivetti in
Piazza San Marco
in Venice, the
Velarca houseboat
and the Torre di
Ossuccio in the
province of Como,
the woodland/
pastureland of the
Alpeggi Tirinzoni in
the Orobian Alps,
the Art Nouveau
Pensilina in Velate
and the Collezione
Enrico at Villa
Flecchia in Magnano
(in the province of
Biella).
LANDMARKS TO BE UNCOVERED AND CAPITALISED ON
Getting visitors to discover the main types of assets (culture, nature and
landscapes) that make Italy’s heritage unique is one of the most important objectives of
our operations. It is for this reason that we take care of castles, monastic complexes, gardens,
natural areas, important residences and homes-cum-art-galleries, as well as little jewels
nestling in the landscape. The majority of these properties are donated by individuals, whereas
others are granted to us on a concessionary basis.
In choosing the assets to take under our wing, so to speak, we apply precise criteria
that range from the level of excellence of the property and the context in which it is sited to
the risk of loss or damage, its capacity to be financially self-sufficient during the management
phase and its potential to attract funding. Another factor that exerts an influence is its location
in relation to those regions of Italy where our presence is more limited and in terms of the
possibility to create synergies with the surrounding area.
Alongside the concession by Assicurazioni Generali of the Negozio Olivetti in Venice, in
2011 we acquired another five very different properties (from an entire natural area to
a small, abandoned tram shelter dating from the early 20th century) that are, however, united
by a common thread – each stands, in its own way, as an important testament both to the
history of Italy and to the identity of the Italian people.
Their historical/artistic value and the opportunity they afforded to create synergies gave
us the impetus to acquire the Velarca (donated by Aldo Norsa and his wife Maria Luisa),
a houseboat anchored on the western shore of Lake Como and designed in 1961 by the
legendary Milanese studio BBPR, and the Torre di Ossuccio (bequest by Rita Bernasconi), which
is a mediaeval monument immersed in an exceptionally important landscape 400 metres above
Lake Como. Together with the nearby Villa del Balbianello, the two assets will go on to form a
high-quality tourism circuit.
Also of considerable value are the Alpeggi Tirinzoni in the Orobian Alps (donated by
Stefano Tirinzoni); these hillsides encompass more than 200 hectares, with 50 hectares of
woodland and 80 of pastureland at risk of disappearing due to natural reforestation. The area
will be preserved and enhanced forever in a way that respects the agricultural, environmental
and pastoral traditions of this part of the world. Other, very different, assets acquired in
2011 included the Art Nouveau Pensilina in Velate, which was built in the early 1900s
during the period when Varese was a centre for international tourism and which beautifully
encapsulates a moment in Italian history; and the Collezione Enrico at Villa Flecchia in
Magnano, in the province of Biella (bequest by Piero Enrico), which is composed of a full
sixty-two 19th-century Piedmontese paintings, precious rugs and furniture.
THE PROPERTIES
FOR WHICH WE ARE
RESPONSIBLE
25
regularly open
to the public
13
safeguarded
9
undergoing
restoration
© T. Libis
FAI - La Velarca, Ossuccio (Como)
Trekking to the Alpe Pedroria in the Orobian Alps, bequested by Stefano Tirinzoni
24 Annual Report 2011 Annual Report 2011 25

1. Protecting and enhancing
Restoration
1. Protecting and enhancing
Restoration
© M. Chiesa
To celebrate
together with the
Italians the 150th
anniversary of
Italian Unification,
we have restored
and given back
to the wider
community
three wonderful
properties: the
Negozio Olivetti in
Venice, the Villa
dei Vescovi in
Luvigliano
di Torreglia (Padua)
and the Bosco di
Above: Restoration
work at the Negozio
Olivetti, Venice
THREE PRECIOUS GIFTS GIVEN BACK TO ITALY
In the year that saw the celebrations for the 150th anniversary of Italian Unification,
a significant part of our restoration efforts were focused on those operations geared towards
the three important openings of the year: the Negozio Olivetti in Venice, the Villa dei
Vescovi in Luvigliano di Torreglia (Padua) and the Bosco di San Francesco in Assisi.
These were three completely different projects that allowed us to give back to the community
at large three unique embodiments of Italian history and of the Italian national identity. These
were three “gifts” that we wanted to donate to the Italian people in order to make a tangible
contribution to the recovery of a country that finds itself in the middle of an economic and civil
crisis.
ITALY REDISCOVERS A 20TH-CENTURY ICON
The restoration of the Negozio Olivetti – the first property to be inaugurated during the
year – was carried out by the Assicurazioni Generali insurance group, which owns the
Procuratie Vecchie building in Piazza San Marco in Venice. Having completed the restoration
work over the course of a year, Assicurazioni Generali entrusted us with the running of
this masterpiece created by architect Carlo Scarpa in 1957-58, leading up to the re-opening
of the Showroom on April 20, 2011.
Our task was to fit out the interiors. It was a very difficult challenge in that the objective
was to give a bona fide icon of 20th-century Italian architecture its original beauty
back, respecting the original vision of the Venetian artist. Assisted by the architect’s son,
Tobia Scarpa, we sited within the Showroom not only the original furnishings but also
a collection of vintage Olivetti typewriters; moreover, we carved out the space for a
bookshop/ticket desk and a staff office. A custom marketing campaign was created for
the opening, with multimedia workstations being put in place to provide historical information
on the architecture of the Showroom and on the entire oeuvre of Carlo Scarpa.
© P. Roggero
THE VILLA DEI VESCOVI, A WONDERFUL EXAMPLE OF GRAND CIVIL
ARCHITECTURE
The second “gift” was the opening of the Villa dei Vescovi, a significant exemplar of
grand Italian civil architecture, immersed in the beautiful scenery of the Euganean
Hills. In this instance, the challenge we faced was to reinstate the Villa’s role as the hub for an
intellectual circle that it had originally acquired from the mid-16th-century onwards, making
the most of that relationship of perfect harmony between manmade architecture
and nature that has always been its exclusive preserve. Having begun in 2007, the long,
laborious restoration process was completed in June 2011, just prior to the Villa being opened
up to the public. In the months leading up to the inauguration, the works focused mainly on
overhauling the landscaped areas and on the interior design elements, including
the creation of a special technical lighting solution geared towards making the visit all
the more involving. The courtyard space in front of the Villa was restored in such a way as
to retain the original Renaissance design, whereas the outbuilding became the new home
for the shop and the ticket office. To tell the story of the property in the most engaging
way possible, taking in its specific artistic and architectural features and illustrating the main
restoration operations carried out, we decided to use part of the terrace floor of the Villa for the
information rooms, whereas the piano nobile – its Venetian-style flooring now beautifully
restored – plays host to the historical furnishings. Last of all, with a view to transforming
the Villa dei Vescovi into a frame of reference for high-quality tourism throughout the area,
we used the attic floor to create two large guest apartments that are ready to provide a warm
welcome to visitors from around the world.
© G. Majno
2,569
m 2 Venetian-style
and cotto-tile flooring
AT THE VILLA DEI VESCOVI, WE RESTORED
Restoration works at
the Villa dei Vescovi,
Luvigliano di Torreglia
(Padua)
1,390 1,627
m 2 of plasterwork m 2 of frescoes
26 Annual Report 2011 Annual Report 2011 27

1. Protecting and enhancing
Restoration
Tutelare e valorizzare
Restauro
© A. Angelucci
© A. Angelucci
THE BOSCO DI SAN FRANCESCO, A JOURNEY OF DISCOVERY THROUGH THE
LANDSCAPES OF ST FRANCIS
On 11 November 2011, after more than a year of work, the Bosco di San Francesco was
officially opened to the public . The objective of the restoration and re-landscaping
project was to offer visitors the possibility of undertaking a real interior journey to discover
the message of perfect harmony between Man and Nature that Saint Francis sent
out to the world, starting from right here. In the first phase, we reinstated and made safe
the paths and dealt with the overhaul of the landscape in the areas at the edges of the
paths, followed by the bedding out of 200 new olive trees, high-trunked trees and
around a thousand shrubs. The most challenging aspect, however, concerned the Santa
Croce Complex, a microcosm – inhabited in the late 13th/early 14th century by Benedictine
monks – that encompasses a church, a mill, the remains of a hospice and of a monastery, and
further away, an ancient tower-cum-manufactory. Thanks to a complicated array of operations,
which involved a plethora of different professionals, we managed to complete a conservative
restoration of the buildings – an operation that has seen them become functional
once again. The rooms of the presbytery have been refurbished as a reception and
information point for visitors, complete with a bookshop and an educational exhibition,
whereas the Mill has been renovated to provide catering facilities for visitors to the Bosco
di San Francesco. In the Hospice area, figs, walnuts and other fruit trees have been
used to redesign the internal terraces to evoke the lost garden of the Benedictine monks,
whereas the ancient Annamaria Tower has had its masonry consolidated and has
been fitted with a new iron staircase to allow access to the roof, in order to afford visitors a
panoramic view over the clearing of the Terzo Paradiso (Third Paradise).
THE RESTORATION AND
ENHANCEMENT OF THE BOSCO
DI SAN FRANCESCO
50,000
m² of woodland overhauled
1,000
shrubs
140
abandoned olive trees
given a new lease of life
200
new olive trees planted
3.5
km of paths upgraded
1,720
m 2 of rebuilding using
recovered stone
THE RESTORATION OF THE BENEDICTINE COMPLEX OF SANTA CROCE
15,000
pieces of stone used
for the reconstruction
of the dry-stone walls
of the olive groves
21,000
man-hours of work devoted
to the restoration of the
Santa Croce complex
520 430
man-hours of work on the man-hours dedicated to the
archaeological excavations restoration of the fresco in
for the hospice and the the Church of Santa Croce
Annamaria tower
30
tonnes of waste and
362
tyres removed
28 Annual Report 2011 Annual Report 2011 29

1. Protecting and enhancing
Restoration
1. Protecting and enhancing
Restoration
To offer visitors
an increasingly
comfortable
and engaging
experience,
we carried out
restoration
operations
at numerous
properties: from the
resurfacing of the
access route to the
Villa del Balbianello
to the new visitor
routes at Villa Della
Porta Bozzolo and
the Castello di
Masino.
ENHANCING THE VISITOR EXPERIENCE
Every single aspect of our endeavours to safeguard and make the most of the wonderful
embodiments of Italy’s artistic heritage, nature and landscape is geared towards the
objective of re-opening the properties to the public so that they can be used
and enjoyed by everyone, forever. As such, for us it is fundamental to offer a visitor
experience that is increasingly comfortable, engaging and exciting. For this reason,
in 2011 as in previous years we put a great deal of effort into the restoration works intended
to make a visit to a number of our properties all the richer and more unique. At the
Villa del Balbianello, in July we completed the resurfacing of the access road, which –
once it has taken on a more natural appearance with the passage of time – will be perfectly
integrated into the colours of the surrounding environment. The forestry works on the Dosso
di Lavedo lasted until August 2012. These wide-ranging operations encompassed not only the
regeneration of the woodland but also the hydrogeological and infrastructural aspects, as well
as the upgrading of site accessibility, along with the creation of picnic areas. At Villa Della
Porta Bozzolo, we worked hard to improve the visitor experience by making major alterations
to the visitor route: to allow access to the recently restored areas of the Library and the Study,
while preserving the tempera decoration of the narrow corridor opposite, we renovated a small
room that had previously been off-limits to the public and we changed the adjacent room into
a service space for use by visitors. In addition, to make the 17,000m² of woodland surrounding
the Villa more accessible, we reconditioned the avenue of cypresses, which rises up to the top
of the hill that overlooks the property, and we also re-ordered the promenade of aedicules. Last
but not least, we renovated the visitor parking area, increasing and rationalising the available
car-parking spaces and installing a system of LED lighting. A new visitor route was also laid
out at the Castello di Masino: the restoration of the stucco room (Gabinetto degli stucchi)
and the arrangement of the winter dining room (Sala da Pranzo Invernale), originally designed
for Princess Cristina Trivulzio Belgiojoso, now enable visitors to discover a new chapter in the
history of this extraordinary figure of the movement for the unification and independence of
Italy. In the Torrazza, we completed the restoration of the Round Library (Biblioteca Rotonda)
and the adjacent Viceroy’s Workshop (Laboratorio Vicerè), which were equipped with a new
lighting system.
THE MAIN INVESTMENTS IN RESTORATION OF THE PROPERTIES IN 2011 (IN EUROS)
BOSCO DI SAN FRANCESCO 2,873,448
VILLA DEI VESCOVI 1,946,561
CASTELLO DI MASINO 530,637
VILLA DEL BALBIANELLO 442,488
VILLA DELLA PORTA BOZZOLO 434,841
ABBAZIA DI SAN FRUTTUOSO 208,719
VILLA E COLLEZIONE PANZA 232,775
MONASTERO DI TORBA 180,404
CASTELLO DELLA MANTA 167,546
VILLA NECCHI CAMPIGLIO 124,289
CASTELLO DI AVIO 23,090
© Istockphoto
ALL-ENCOMPASSING PROTECTION
Taking responsibility for a property means taking care of every single aspect of it: from
the frescoes that embellish the walls of villas and castles to the door and window frames, the
boundary walls, the flower beds and the security systems.
At the Castello di Masino, we completed the restoration of the decorated walls of the
Library (Biblioteca), reclaimed the beautiful original marble floor of the adjacent room and
restored the large wardrobe that takes up an entire wall. To allow visitors to admire the
decorations that have emerged, the bookcases of the library in the so-called “Red Rooms”
(Stanze Rosse) have been repositioned.
At Villa Panza, we started work on the conservative restoration of the boundary wall, which
- in accordance with the relevant government planning department – has required the setting
out of precise methods for the filling in of the gaps and the harmonisation of the contrasting
colours of the various types of plaster. In contrast, the conservative restoration and alteration
to new uses of the Palazzo e Torre Campatelli is very much based on the deployment of
latest-generation technology; the project involved an in-depth study of the buildings’ structures
conducted by the Archaeology Laboratory of the University of Siena. Thanks to a very highresolution
survey of the facade of the Palazzo, carried out using cutting-edge Zscan technology,
it proved possible to reconstruct its architectural evolution and to identify the various
construction phases.
And at Villa Necchi Campiglio we carried out various upgrades of the fire-prevention
systems and installed burglar alarms throughout the complex, as well as creating new
flowerbeds in the garden.
GLOBAL RECOGNITION
Since June 25, 2011, the Monastero di Torba and the Castelseprio archaeological area
have featured on the list of UNESCO World Heritage Sites as part of the group called “The
Longobards in Italy. Places of Power (568-774 AD)”. In June 2011, we completed the works to
overhaul the section of the path falling within our property that linked the Monastero di Torba
to the Castelseprio archaeological park, as well as the conservative restoration of the existing
archaeological structures.
From the restoration
of frescoes and
boundary walls
to changing the
intended use
of spaces and
landscaping
operations – day
after day, we deal
with every single
aspect of the
protection of our
properties, and
our efforts were
rewarded in 2011
with the adding
of the Castello di
Torba to the list
of UNESCO World
Heritage Sites.
Above:
San Gimignano (Siena).
30 Annual Report 2011 Annual Report 2011 31

over 36 years, we have
raised and subsequently invested
€ 67milion
in restoration projects
safeguarded
5,283,000
m² of countryside
A view of Orobian Alps from the Boschi Tirinzoni – Talamona (Sondrio), bequested by Stefano Tirinzoni
protected 482,000
m² of productive agricultural land
32 Annual Report 2011 Annual Report 2011 33

1. Protecting and enhancing
Conservation
1. Protecting and enhancing
Day-to-day management
© A. Totaro
© M. Govino
© M. Maniscalco
Our properties are
treasure troves that
house more than
15,000 pieces of
furniture and objets
d’art, in excess
of 25,000 books
and 15,000 m2 of
frescoed surfaces
that we work hard
to protect and keep
in the best possible
condition.
Above, from left:
“Il Dormiente” (The Sleeper),
a statue sited in the garden
of Villa Necchi Campiglio
in Milan.
Right: The Canaletto from
the Gian Ferrari Collection.
A STATE OF THE ART INTERVENTION
The properties for which we are responsible often house large, important art collections
that require constant care and maintenance so that the visitors of both today and
tomorrow can admire them in all their splendour. As in previous years, in 2011 we continued
with the property protection operations that have thus far seen us restore more than one
thousand works of art.
The leading light of the year was undoubtedly the artist Arturo Martini, whose work Il
dormiente (The Sleeper) – a marble copy of the plaster cast donated to us by Claudia
Gian Ferrari – was sited in the garden of Villa Necchi Campiglio, precisely where
the Milanese art dealer and collector wanted it to be located. Another work by the Trevisan
artist, 1921’s Busto di fanciulla (Bust of a Girl), located in the Library and forming
part of the Claudia Gian Ferrari Collection, was cleaned up to make it all the more attractive.
Equally important was the prolonged restoration of the cycle of frescoes by the
Flemish artist Lambert Sustris that embellish the Villa dei Vescovi. Thanks to the
opening of the Villa, visitors can once again admire the painted landscapes and faux arcades
that, together with the delightful seascapes and rural scenes in the distance, merge into the
views of the surrounding (real) countryside. To make it possible for an ever-higher number of
people to savour the works of art conserved within the properties, we do not stop at simply
restoring them – rather, we allow them to be shown within a limited number of important
exhibitions staged in Italy and overseas. In 2011, this practice of ours became a
high-profile part of the celebrations marking the 150th anniversary of Italian Unification:
Canaletto’s painting The Entrance to the Grand Canal with Santa Maria della Salute, which
belongs to the Alighiero and Emilietta de’ Micheli Collection at Villa Necchi Campiglio, was
displayed within the touring exhibition “La bella Italia. Arte e identità delle città
capitali” (Beautiful Italy: Art and Identity in the Capital Cities), held at the Palace of Venaria
in Turin and Palazzo Pitti in Florence. The Portrait of Cristina Trivulzio di Belgiojoso by Henri
Lehmann and Vincent Vidal’s work with the same title, which are usually on display at the
Castello di Masino, were loaned out for the major exhibition entitled “I giovani ribelli del
’48. Memorie del risorgimento lombardo” (The Young Rebels of ‘48. Memories of the
Lombard Risorgimento) at the Palazzo Reale in Milan. Lastly, the display case containing the
red shirt of Garibaldi supporter Camillo Bozzolo conserved in Casalzuigno town hall was,
as a one-off, displayed at Villa Della Porta Bozzolo until the end of 2011.
EXCELLENCE LIES IN THE DETAILS
Every day, the managers of the twenty-five properties open to the public, together
with their staff, work hard to take care of even the smallest details with a view to
ensuring that the visitor experience is always highly enjoyable and engaging. Opening the
hundreds of windows in a villa or a castle, acting promptly to fix a creaking shutter or to repair
a tiny leak that risks damaging a fresco: the care that these wonderful but delicate properties
require is truly infinite. All of our work, which is carried out with dedication, passion and
a sense of responsibility, is informed by a commitment to excellence that guarantees
constant monitoring against neglect and decay.
As in previous years, again in 2011 we sub-divided the budget intended for the maintenance
of the properties into various cost items that set aside, on the basis of the specific
requirements of the buildings and gardens, funds for the (preventative, scheduled and
enhancement-focused) maintenance operations, as well as funds with which to
carry out emergency repairs.
This approach has allowed us both to schedule our operations more effectively, with
a resultant optimisation of costs, and to achieve more accurate monitoring of the state of
conservation of the properties, as well as better control over the preventative actions being
implemented. The negotiation of existing contracts and the creation of a network linking
up the properties have together allowed for an economy of scale that has resulted in a
reduction of the total maintenance bill.
In the Castello di
Masino alone, it
takes us three hours
every day to open,
close and check
the condition of the
100+ shutters and
windows, amounting
to a total of 1,095
man-hours per year.
Above, from left:
Pruning at the Giardino della
Kolymbetra, in the Valley of
the Temples (Agrigento).
Right: Villa Necchi
Campiglio, Milan
34 Annual Report 2011 Annual Report 2011 35

1. Protecting and enhancing
Opening up to the public
Tutelare e valorizzare
Apertura al pubblico
© F. Pagani
© A. Angelucci
FAI - Castello di Masino, Caravino (TO)
2007 2008 2009 2010 2011
409,000
TOTAL VISITOR
NUMBERS OVER
RECENT YEARS
336,800
381,000
370,000
358,000
WONDERFUL PROPERTIES TO BE FULLY EXPERIENCED
The ultimate aim of our work is, having restored our properties, to open them up to the public,
allowing everyone who is interested to experience all that they have to offer first-hand. For this
reason, each of the properties for which we are responsible can be visited every day
from spring through to autumn and in certain cases – such as Villa Necchi Campiglio in
Milan – for almost 365 days a year. This has allowed us to welcome, over the course of the 36
years for which we have been operating, a total of around five million visitors.
In 2011, the most popular of our properties with the general public turned out to
be the Castello di Masino, which was visited by a total of 67,000 people. Not far behind
came the Villa del Balbianello, which – with more than 50,000 visitors – knocked
the Parco Villa Gregoriana (with a still very respectable figure of 47,700 visitors) into
third place this year. Overall visitor numbers to all of our properties were 3% up on 2010,
thanks in part to the increasing attractiveness of the events and initiatives staged there. As
a result, revenues at the ticket desks were 13.3% up on the year before, thanks also
to the increased demand for services relating to school trips. The gross turnover of the
bookshops fell very slightly – by 1%, net of sales made at special events. This decrease, albeit
minimal, was most likely a result of the challenging economic backdrop.
These figures do not take into account the three new properties that we opened up to the
public in 2011: in 9 months, the Negozio Olivetti attracted more than 11,000 visitors
(including tourists, residents keen to rediscover this little treasure, and connoisseurs of
architecture); the loggias, the magnificent frescoes and the superb grounds that invite you to
indulge in the “leisure pursuits” afforded by the Villa dei Vescovi have proved so attractive
that in just 6 months they have managed to pull in more than 22,500 visitors, who have
been unanimously delighted by the maniacal attention to detail and warm welcome on offer
there; last of all, the Bosco di San Francesco, to which entry is free of charge, has been
transformed in next-to-no-time into one of the favoured destinations for travellers and pilgrims
in search of an extraordinary mystical/spiritual path that allows them to feel at one with nature.
© E. Volpato
36 Annual Report 2011 Annual Report 2011 37

1. Protecting and enhancing
Opening up to the public
Tutelare e valorizzare
Apertura al pubblico
2007 2008 2009 2010 2011
125
© F. Pagani
© A. Angelucci
EVENTS OVER
RECENT YEARS
85 88
51
55
© G. Rossetti
In 2011, we
organised around
120 different events
at our properties,
adding up to a total
of more than 1,000
days dedicated to
young people, adults
and – above all –
families.
Above, from left:
Villa Della Porta Bozzolo,
Casalzuigno (Varese)
Right: signage at the Bosco
di San Francesco, Assisi
(Perugia)
UNMISSABLE OPPORTUNITIES TO ENRICH THE SOUL WITH CULTURE
Discovering the tricks to create the most beautiful and original garden, savouring the most
authentic local products, travelling back in time to take on ancient challenges, listening to
music and poetry immersed in nature, uncovering the secrets of the stars surrounded by the
fragrance of oranges – at the events that we organise every year within our properties,
there really is no limit to the excitement on offer for visitors, who can play their part in
helping to make the most of the main aspects of traditional Italian culture and the
culture of the local area in which the property is located.
Like previous years, 2011 saw numerous events being staged in FAI properties, of
which four in particular were very well received indeed by the public. The year began with “B
for FAI”, the extraordinary fund-raising event held at Villa Necchi Campiglio that offered up
for sale a wealth of clothes that belonged to Bettina Gabetti, a woman of renowned elegance.
The event, directed by designer Stéphan Janson, was organised on the initiative of Bettina’s
children, who generously donated their mother’s wardrobe.
The Milanese villa also provided the setting for the celebration of the final part in the trilogy
of “The hand of...” books with a major exhibition of designs for “The Hand of the Graphic
Designer”, edited by Pietro Corraini. The exhibition was followed by a fund-raising auction
presided over by Sotheby’s, whereas the entire collection of 367 designs was showcased in an
exceptionally stylish catalogue created by the timeless Moleskine company, which is on sale
around the world.
The Trust’s only Milanese property could not fail to pay homage to the great artist Mario Sironi
on the 50th anniversary of his death, dedicating to him the exhibition “Sironi: war, victory,
drama”, curated by Elena Pontiggia and based around the works in the collection of the noted
Milanese lawyer Lodovico Isolabella. Also on display was an anthology of Sironi’s works on the
same theme, including some from the Gian Ferrari collection: a way to remember, a year after
her death, Claudia Gian Ferrari, the well-known Milanese gallery owner, who donated part of her
important 20th-century art collection to be put on display at Villa Necchi.
Last of all, the Castello di Masino played host to the twentieth “Tre Giorni per il Giardino”
(Three Days for the Garden), the major flower show curated by architect Paolo Pejrone,
which – despite the adverse weather conditions – attracted more than 18,000 visitors.
38 Annual Report 2011 Annual Report 2011 39

2. Educating and raising awareness
Major projects
Educare e sensibilizzare
Apertura al pubblico
© S. Camagni
I TAKE PART, THEREFORE I AM…RESPONSIBLE
As states Article 2 of our Statute, FAI has the exclusive purpose of educating the public on
the defence of the environment and the artistic and monumental heritage. This is
an objective that we pursue by organising a series of activities that range from raising the
awareness of youngsters to the promotion of culture and art through the involvement of citizens
in major local and national events, art courses, cultural trips and concerts.
As before, again in 2011 the most important national event was the 19th “Giornata FAI di
Primavera” (FAI Spring Day), held on 24 and 25 March, and this year all the stops were pulled
out in order to celebrate the 150th anniversary of Italian Unification. To mark the occasion,
alongside the special opening of 660 properties across every Italian region – which saw
the participation of more than 500,000 people and benefited from the support of 7,000
volunteers – we also came up with special routes dedicated to the Risorgimento
(the movement for Italian unification and independence); these events, too, were attended by
large numbers of participants. In first place, appropriately enough, was Turin, with 11,000
visitors in total, while 4,000 FAI members visited the Palazzo del Quirinale in Rome
(the official residence of the Italian President). Of equal importance was the success of the
initiative entitled “Art: a bridge between cultures”, which was staged across 36 Italian
towns and cities and allowed thousands of visitors from outside Italy to be taken on guided
tours in their own languages. 2011 also saw the second staging of the national fund-raising
campaign, called “Ricordati di salvare l’Italia” (Remember to save Italy), which enabled
us to raise awareness on the importance of protecting and safeguarding Italy’s heritage of art
and nature. The “FAI Festa alla Piazza” (FAI Piazza Party) event was staged throughout Italy
thanks to the Delegations and to our volunteers, with whom we celebrated Italy’s most beautiful
squares. Since the FAI biennial “I Luoghi del Cuore” (“Italian Places I Love” survey) was
not staged in 2011, we were able to concentrate our efforts in order to ensure that we could
make the most of the nearly 500,000 votes cast, and we selected 11 sites for direct
intervention. In addition, the third short-film competition was held in 2011 – called “FAI
il tuo film” (Make Your Own FAI Film) and focusing on the “Places I Love”, three short films
by talented young directors were commissioned as a result of the competition. The films were
shown during the Milan Film Festival (9-18 September).
“GIORNATA FAI DI PRIMAVERA”
(FAI SPRING DAY)
A SCUOLA DI VALORI
L’educazione e la sensibilizzazione della collettività alla conoscenza, al rispetto e alla cura
dell’arte FACTS e della natura AND deve partire FIGURES
necessariamente dalle generazioni più giovani.
Per questo il nostro Settore Scuola Educazione è costantemente impegnato nella
formazione e sensibilizzazione dei docenti e degli studenti di tutte le età a difesa
del paesaggio italiano. Nel 2011 abbiamo rinnovato il protocollo d’intesa triennale con
2007 2008 2009 2010 2011
il Ministero dell’Istruzione, dell’Università e della Ricerca e abbiamo attivato un
accordo con l’Associazione Nazionale Presidi.
110
Per consentire ai ragazzi di scoprire la storia, l’arte, le tradizioni, e i modi di abitare di un
DELEGATIONS
103
tempo, abbiamo organizzato visite scolastiche in 19 Beni e messo a punto percorsi di
99 99 99
visita dedicati con animazioni in costume, schede didattiche di osservazione e scoperta e
laboratori creativi per i tre nuovi Beni aperti. Per incrementare il flusso di scolaresche inoltre
sono state istituite le gite di inizio anno e le 10feste di fine anno. Nonostante la forte crisi
9
del turismo scolastico, siamo riusciti a mantenere costante il numero di studenti in visita grazie
FAI GROUPS
8
anche all’attivazione di accordi con tour operator e abbiamo riproposto i campi estivi di
7
volontariato ambientale per la salvaguardia 6 della tartaruga Caretta Caretta lungo la costa
ionica calabrese.
Conclusi con successo i progetti nazionali 2010/11 “Fratelli d’Italia” e 660 il “Torneo del
paesaggio”, in autunno sono stati lanciati due nuovi progetti che 590 hanno coinvolto circa 40mila
PROPERTIES
580
studenti: “Io Museo, e tu” e la II edizione del “Torneo del paesaggio” gara di cultura
OPEN
550
sul Patrimonio Immateriale UNESCO. Alle scuole elementari e medie di Lombardia, Emilia
500
Romagna, Molise e Sardegna è stato proposto il progetto di educazione ambientale “Viva
la Terra! Fai anche tu: fai la differenza”. Inoltre, in collaborazione con il Ministero
dell’Ambiente e della Tutela del Territorio e del Mare, abbiamo 500,000 lanciato il 500,000 progetto di educazione
VISITORS
450,000 450,000
ambientale per la scuola dell’infanzia “R come Ricerco, Rifletto, Riduco, Riciclo e…
350,000
guarda come mi diverto!”.
A tutti gli oltre 45mila studenti iscritti al FAI abbiamo inviato il kit Adesione Scuola
contenente i due nuovi numeri delle collane didattiche “I Quaderni FAI Scuola” dedicata
all’esplorazione del territorio e i Cd 7,000 “Art-Stories” 7,000che hanno 7,000 approfondito 7,000 7,000 il tema dell’acqua
VOLUNTEERS
“APPRENDISTI
CICERONI ® ”
(YOUNG
APPRENTICE
TOUR GUIDES)
MEMBERSHIPS
10,000
6,025
11,000
6,715
12,000
7,806
12,000
9,368
13,000
12,743
Un totale di 49.165
studenti hanno
partecipato alle visite
scolastiche organizzate
in 19 Beni, e 40mila
sono stati coinvolti nei
due progetti nazionali
“Io Museo, e tu” e la
II edizione del “Torneo
del paesaggio”.
INFOGRAFICA
Gli studenti iscritti al
FAI negli anni
2007 24.025
2008 34.450
2009 45.225
2010 38.600
2011 46.175
© F. Pagani
40 Annual Report 2011 Annual Report 2011 41

FAI - Giardino della Kolymbetra, Valley of the Temples (Agrigento)
Educare e sensibilizzare
Grandi progetti
2. Educating and raising awareness
School
EDUCATING SCHOOL CHILDREN TO OUR VALUES
Educating and raising the awareness of the public on understanding, respecting and taking care
of art and nature must necessarily start with younger generations.
For this reason, our Schools Education Department is constantly engaged on training
and raising the awareness of teachers and pupils of all ages on how to defend the
Italian landscape. In 2011, we renewed the three-year memorandum of understanding
with the Ministry of Education, Universities and Research and we signed an
agreement with the National Headmasters’ Association. To allow children to discover
more about history, art, traditions and the lifestyles of the past, we organised school trips
to 19 properties and we developed special visitor experiences with entertainers in costume,
observation-and-discovery sheets and creative workshops for the three new properties opened
in 2011. To increase the flow of school children, we also established start-of-year trips and
end-of-year parties. Despite the major crisis in school tourism, we managed to maintain the
number of students visiting thanks to the implementation of agreements with tour operators,
and we have started once again to hold the volunteer-run summer camps geared towards
safeguarding the Caretta Caretta loggerhead sea turtle along the Ionian coast of Calabria.
A total of
49,165 students
participated in
school visits to
19 properties in all,
and 40,000 were
involved in the two
national projects:
“Io Museo, e tu”
(I visit museums,
what about
you) and the
second “Torneo
del paesaggio”
(Countryside
Tournament).
SCHOOL-STUDENT
MEMBERS OF FAI
OVER RECENT YEARS
2007 2008 2009 2010 2011
Following the successful conclusion of the 2010-11 national projects, entitled “Fratelli d’Italia”
(Brothers and Sisters of Italy) and “Torneo del paesaggio” (Countryside Tournament), in
the autumn we launched two new projects that involved around 40,000 school students:
“Io Museo, e tu” (I visit museums, what about you) and the second “Torneo
del paesaggio”, a culture-based contest focusing on the UNESCO Intangible Cultural
Heritage. Primary and middle schools in Lombardy, Emilia Romagna, Molise and Sardinia got
involved in the environmental education project called “Viva la Terra! Fai anche tu: fai
la differenza” (Long Live Planet Earth! Do your bit to make the difference).
In addition, in partnership with the Italian Ministry of the Environment, we launched an
environmental education project aimed at nursery school children, entitled “R come Ricerco,
Rifletto, Riduco, Riciclo e…guarda come mi diverto!” (R as in “I Research, I Reflect, I
Reduce, I Recycle”...and look how much fun it is!). To all of the 45,000+ school
students who are FAI members we sent out the School Membership kit, containing the two
most recent issues of “I Quaderni FAI Scuola” (The FAI School Notebooks), which
deal with exploring the local area, and the “Art Stories” CDs, which concentrate on the theme
of water in art. The www.faiscuola.it site received more than one million hits.
45,225
46,176
38,600
34,450
24,025
42 Annual Report 2011 Annual Report 2011 43

2. Educating and raising awareness
Delegations
Educare e sensibilizzare
Apertura al pubblico
© S. Camagni
© E. Volpato
In 2011, we had
a total of 112
Delegations across
the 20 regions of
Italy. In addition,
there were 27 FAI
Groups and 31
FAI Youth Groups.
109 Delegations
and 7 FAI Groups
participated proactively
in the
“Giornata FAI
di Primavera”
(FAI Spring Day),
assisted by 7,000
volunteers and
13,000 student tour
guides.
OUR VOICE ACROSS THE COUNTRY
Our ability to highlight our core values on a nationwide basis also depends very much
on having an extensive presence across the country. This is an objective that we are
able to pursue thanks to the support of our network of local Delegations, which – as of
late 2011 – had reached a full 112 across the 20 Italian regions. The local Delegations are
complemented by the 27 FAI Groups – groups of volunteers operating in the corresponding
areas of the various Delegations. New groups have sprung up in North-East Milan, South-East
Milan in the Milanese hinterland, Alessandria in the Casale Monferrato area, Gaeta in the
province of Latina, and Alto Novarese, Monte Regio and Valsesia in the Novara area. Equally
important is the work of the 31 FAI Youth Groups to which we entrust the task of spreading
the values and mission of FAI amongst young people both locally and regionally, and via the
internet and social networks.
In 2011, the events that benefited from the direct input of our Delegates included, as always,
the “Giornata FAI di Primavera” (FAI Spring Day), which in March saw the participation
of 110 Delegations and 7 FAI Groups, ably assisted by 7,000 volunteers and 13,000
students serving as Apprentice Tour Guides (or “Apprendisti Ciceroni” as
they are called in Italian). Thanks to the help of our volunteers, we organised the “Festa
alla Piazza” (Piazza Party) in 60 Italian towns and cities; this event was staged in support
of the “Ricordati di salvare l’Italia” (Remember to save Italy) campaign. The venues for the
parties were provided by Italy’s piazzas, the much-used meeting places where the Delegations
orchestrated guided tours and special itineraries, initiatives for children, photo exhibitions,
tastings, historical re-enactments and performances by dancers and street artists. Alongside
the major events, the support of the Delegations is also fundamental for the organisation
of conferences that address issues pertinent to us. 2011 was the year of the national
conference entitled “Sotto la cenere. Ruolo e storie di un Paese che resiste”
(Under the ashes: role and stories of a country that resists), which was held in
Naples and during which a number of high-profile speakers from Italy and beyond debated the
role of Italy in relation to the development of western culture. The 2011 FAI Golf Cup circuit,
organised by the Delegations, was very well received by the public: with 56 competitions and
more than 5,000 players, this year as before it involved many of the most prestigious golf clubs
throughout Italy. The contributions received during the competitions were set aside for the
restoration work on the Bosco di San Francesco in Assisi.
© E. Volpato
OUR
DELEGATIONS
THROUGHOUT
ITALY
2007 2008 2009 2010 2011
103
105
109
112 112
44 Annual Report 2011 Annual Report 2011 45

2. Educating and raising awareness
Culture, research and special events
2. Educating and raising awareness
Cultural Trips
© G. Majno
To mark the 150th
anniversary of
Italian Unification,
we used images
and information
panels to highlight
the most important
episodes of
resistance and
heroism that
involved those
associated with
the properties for
which we are now
responsible.
A FOCUS ON RAISING AWARENESS
FAI – Villa Fogazzaro Roi, Oria Valsolda (Lugano Lake, Como)
Teaching and describing the history of Italian art and of the Italian identity is a special
way to raise the awareness of the general public about the importance of protecting
Italy’s cultural heritage. For this reason, every year we organise art courses targeted at all
culture vultures. In 2011, it was the turn of the Milanese cycle entitled “Maestri d’Italia.
La nascita di un linguaggio figurativo nazionale” (Italian Masters: the birth of
a national figurative language), which looked in detail at the 16th and 17th centuries
in order to identify the key figures of Italian art – from Caravaggio to Bernini and Borromini
– who left an indelible mark on the entire country. Other history lessons were given in 2011 to
accompany the exhibition on Sironi at Villa Necchi Campiglio, focusing on the work of the
great Sassari-born maestro and on art and culture in Milan during the Great War.
To celebrate the 150th anniversary of Italian Unification, we came up with an ad hoc study
campaign on those events of the Risorgimento (the movement for the unification
and independence of Italy, achieved in 1870) that involved our properties: from
Villa del Balbianello to the Abbazia di San Fruttuoso, from Villa Panza to the Castello di Masino,
episodes of resistance and heroism were investigated and highlighted within the properties
using appropriate illustrative panels. To mark the centenary of the death of Antonio
Fogazzaro ¬– under the supervision of Francesco Spera, a lecturer in Italian Literature at the
University of Milan – we dedicated an entire day to the great writer, with the presentation of
a new edition of the book “Vita di Antonio Fogazzaro”, written by his devoted friend and
biographer, Tommaso Gallarati Scotti.
In terms of publications, we issued guides on the Negozio Olivetti and on the Villa dei
Vescovi, as well as the black-and-white book on the Bosco di San Francesco, and the
complete guide to the Castello di Masino.
Last but by no means least, 2011 included two very significant musical events: the solo
piano concert by Claudio Baglioni at the Teatro Comunale in Bologna, and the concert
held at La Scala in Milan by the Münchner Philharmoniker conducted by Christoph
Eschenbach, featuring violinist Vadim Repin.
A COMMITMENT TO HIGH-QUALITY TOURISM
The commitment towards increasing the public’s understanding and love of beauty also
involves the promotion of high-quality tourism – the sort that makes it possible to
discover the uniqueness of Italy and its extraordinary, world-class artistic and natural heritage.
Accordingly, every year we offer our members a rich calendar of cultural trips both in
Italy and further afield, characterised by all-new routes, specifically designed itineraries
and exclusive visits to places that are difficult to access or are normally closed to the public.
The trips are always made in the company of highly engaging expert guides. In 2011, we
had to face the challenge of the so-called “Arab Spring”; the turmoil in North Africa and the
Middle East forced us to review numerous trips that we had already scheduled. Nevertheless,
we did not reduce the number of trips that we organised – 27 in total. The trips to
at-risk destinations were substituted by new destinations such as Uzbekistan, Athens, Vienna
and London, and with return trips to other destinations such as Israel. In the year of the
celebrations marking the 150th anniversary of Italian Unification, it was highly
appropriate that the voyages of discovery within the Bel Paese itself were so well-received:
these “domestic” trips included the itinerary dedicated to modern-day Rome, the trip to
central-southern Sardinia, the visit to the Calabria region, the food-and-wine trail in the
Langhe area, the visit to Venice and the end-of-year trip to Sicily. 2011 was also the year
of the first “FAI & GO” trip, with a target audience of the under 40s; the destination
for this New Year voyage was northern India, from, Rajasthan to Varanasi. The response
was also very enthusiastic to the eleven short trips associated with musical events,
from Nabucco conducted by Riccardo Muti at the Teatro dell’Opera in Rome, the Beethoven
festival in Cologne and the New Year trip to Berlin and Dresden; also very popular were
the trips reserved for the “I 200 del FAI” such as the visit to Basle to admire some of the
extraordinary private collections of contemporary art to be found there, and the trip to Umbria
to appreciate some of the most extraordinary Renaissance pictorial cycles and a number of
gardens during the rose-blossoming season. Last of all, another very popular trip was the
one that the “I 200 del FAI” made to London to visit the Leonardo da Vinci exhibition at the
National Gallery.
TRIPS
TRAVELERS
27 cultural trips
were organised
during the course of
the year. The “FAI &
GO” trips were also
inaugurated in 2011
– aimed at the under
40s, the destination
for the first trip was
northern India.
2007 2008 2009 2010 2011
24
26 26
Tullio Pericoli, Untitled, 1992, watercolour and Indian ink on paper, 38x57 cm (detail)
572
479
579
30
628
27
540
46 Annual Report 2011 Annual Report 2011 47

3. Supervising and intervening
“SOS Paesaggio”
3. Supervising and intervening
“I Luoghi del Cuore” and “Puntiamo i Riflettori”
THE BEATING HEART OF ITALY, REALISING WHAT IT STANDS TO LOSE
2011 was an “off” year for the biennial survey, but we were nevertheless highly involved in
monitoring more than 40 of the places that received the most votes in 2010, selected
on the basis of their historical/artistic/natural value and of their importance for
their respective local areas and for the country as a whole. In the end, with the help of
celebrated art historian Carlo Bertelli, we chose eleven places on which to intervene directly
by making a “Places I Love” contribution. In July, thanks to the survey, we inaugurated the first
restoration of a property voted for in 2010: the Piè di Marmo in Roma, the marble foot
sporting a crepida (a typical Greek sandal), so beloved of the citizens of the capital. Situated in
Via Santo Stefano del Cacco, in the heart of Rome’s historical centre, this monument received
more votes than any other in the Lazio region in 2010 during the fifth survey.
In 2011 we selected
11 sites on which to
intervene directly
with a contribution
from the “I Luoghi
del Cuore” (“Italian
Places I Love”
survey), and
our Delegations
“Puntiamo i
Riflettori” (Casting
the Spotlights) on
44 local properties.
Every month, we
evaluate forty
recommendations
and requests for
help that come
from the public,
local associations,
administrators
and public bodies
concerning cultural
assets that are
being neglected or
are at risk of being
transformed
in ways that will
have a major
environmental
impact.
GUARDIANS OF THE LAND
As the third part of our mission statement puts it, every day FAI supervises and
intervenes pro-actively across the country to defend Italy’s landscape and
cultural assets, serving as the spokesperson for the interests and expectations
of civil society. FAI performs the role of a sort of ever-present “guardian” of Italy’s natural
heritage – a role that sees us take tangible action whenever necessary, whether directly or
in the guise of an Environmental Protection Agency officially recognised by the Italian
Ministry of the Environment. It is a laborious job that is managed by our Environment and
Landscape Department in close partnership with all of the Trust’s other departments and
with the active contribution of our local network, very much in synergy with the “I Luoghi del
Cuore” (“Italian Places I Love” national survey) and with the “Puntiamo I Riflettori” (“Casting
the Spotlights” project) being run by the FAI Delegations. In 2011, the “SOS Paesaggio”
(SOS Countryside Emergency) section first appeared on the Fondoambiente.it
website; in this section you can find out in real time about FAI’s rock-solid commitment to
defending the Italian landscape. During 2011, 84 cases were published complete with
technical profiles and information sheets, enclosed with all of the applications made by FAI,
initiatives implemented by other associations/committees, links to informative material and
photographic documentation. Out of the cases published, around 20% were positively
“resolved”. Also in the course of 2011 we compiled, with the WWF, the dossier entitled
“Terra rubata. Viaggio nell’Italia che scompare. Le analisi e le proposte di
FAI e WWF sul consumo di suolo” (Stolen land – a journey through disappearing Italy.
The analyses and proposals of FAI and the WWF on soil consumption) . Once we submitted
the dossier, we were asked to attend a hearing by the Italian Senate’s Environmental
Commission. In terms of awareness-raising projects, in 2011 we came up with “Via Lattea”
(Milky Way), an event designed to promote agriculture for the home market; “Il Paesaggio
con gusto” (The Countryside with Taste), geared towards educating the public on the
importance of sustainability; and the conference entitled “Terre del Parco del Ticino. Un
nuovo modello di sviluppo territoriale” (Parco del Ticino. A new model of territorial
development). In relation to legislative activities, in 2011 we proposed amendments
to 12 pieces of legislation on both regional and national scales, and we submitted
appeals to the TAR (regional administrative court of law) on various cases including those
known as Mediapolis, Carceri Trento, Trivellazioni in Adriatico, Discariche e Commissariamento
rifiuti Regione Lazio and Provvedimento Area C.
THE INCREASING 2003 24,200
NUMBER OF
VOTES CAST IN 2004 92,468
THE “I LUOGHI
DEL CUORE”
2006 120,960
(“ITALIAN PLACES 2008 115,138
I LOVE” SURVEY)
2010 464,649
FOCUSING ATTENTION ON LOCAL JEWELS
Created in 2010, the “Puntiamo i Riflettori” (Casting the Spotlights) project has the
objective of focusing attention and energy on those local assets that have special
historical, cultural or emotional importance for the general public. To this end, each of our
Delegations concentrates on selecting a local property that is representative of the collective
identity and that has been abandoned or has become a victim of neglect but that deserves
to have its original dignity restored. As such, the Delegations endeavour to raise the funds
required to restore the property and to give it back to the wider community.
In 2011, the project extended its reach considerably to cover a total of 44 local properties;
perhaps even more importantly, it generated a great deal of enthusiasm on the part of our
Delegates, who understood the potential of this initiative to meet the expectations of those
in their local area. The total number of projects being implemented has increased at a
tremendous pace, and we have continued to work on the already active projects, in certain
cases in synergy with the “Places I Love” survey. Thanks also to the input of the Delegations, at
the end of the year we were able to announce numerous new interventions, including seven on
properties shared by the two projects.
48 Annual Report 2011 Annual Report 2011 49

Our mission
is a major
team effort
© F.Pagani
FROM PRINCIPLES TO REALITY
For 37 years, our commitment towards protecting and enhancing Italy’s heritage of art and
nature has been being translated into reality thanks not only to our passion but also, above all,
to the generosity of concerned individuals and responsible companies.
Together with a plethora of virtuous foundations and agencies, they stand side-by-side
with us as members of a strong team that has but one overarching objective: to preserve
the Italy that we would all like to see. Indeed, it is thanks to ongoing, highly transparent
fund-raising operations that we are in a position to ensure the continuity and tangibility
of our projects – projects that could not carry on were it not for the support provided by our
marketing and communications operations. This section deals with all of those support
activities that make it possible for us to pursue our mission, day in, day out.
50 Annual Report 2011 Annual Report 2011 51

Raising and managing funds
The support of companies, public-sector bodies and banking foundations
Raising and managing funds
The support of companies, public-sector bodies and banking foundations
After years on
the slide due to
the challenging
economic
circumstances,
2011 saw a
marked increase
in the number
of companies
signing up for the
Corporate Golden
Donor programme,
as well as the
establishment
of numerous
partnerships with
some of Italy’s
leading businesses.
Since 1975, we have been engaged every single day on protecting and enhancing Italy’s
artistic and natural heritage. It is a task that does not allow for breaks, and one that we could
not even attempt to perform without the valuable support of numerous far-sighted
companies, sensitive public bodies and banking foundations with a sense of
responsibility.
SOCIAL RESPONSIBILITY: A VERY WORTHWHILE ENDEAVOUR
From day one, we have been working in partnership with leading companies based in
Italy and overseas, which – as part of their own corporate marketing and communications
strategies – have undertaken long-term corporate social responsibility projects and
targeted promotional campaigns, leveraging the myriad benefits offered by the Trust in
terms of image and positioning.
After years of downturn or stasis due to the challenging economic backdrop, 2011 saw a
marked increase in the number of companies signing up for the Corporate Golden Donor
programme, and many existing member companies deciding to renew their memberships.
The Trust also worked hard to develop new partnerships with some of the most highprofile
Italian businesses in the context of projects for the sponsorship of our major national
campaigns – first and foremost, the “Giornata FAI di Primavera” (FAI Spring Day).
The fund-raising campaign named “Ricordati di salvare l’Italia” (Remember to save Italy)
has now become a fixture in the calendar. In 2011, it was staged for the third time. Leading
names in the world of large-scale distribution, specialist retailers and hotel chains
were by our side in 2011, raising the awareness of their customers and offering them various
ways to participate in the campaign (purchasing of products, offering the FAI Donor Card and
the pre-paid credit card). With the help of these companies, we managed in 2011 to increase
the level of donations we received with respect to previous years.
Equally important were the sponsorships we received for specific projects,
which in 2011 were concerned in the main with: property restorations, events staged in the
properties themselves, schools projects, the FAI Golf Cup and corporate events at Christmas.
In 2011, our recapitalisation fund increased by €748,000 thanks to the “I 200
del FAI” group, which – in addition to signing up new members ¬– ensured that its existing
members continued to contribute annually. Numerous members of the “I 200 del FAI” also
helped to fund various restoration projects on our properties, and to stage musical
events in Italy’s most prestigious concert halls.
Also greatly appreciated were the benefits deriving from our partnerships with
corporate social responsibility programmes. Specifically, the corporate volunteer
projects held in the properties were met with wide-ranging approval and high levels of
participation; these projects saw the companies’ employees making a very valid first-hand
contribution to the task of protecting and enhancing the country’s heritage.
PROJECTS THAT CAPTURE THE ATTENTION OF THE PUBLIC
Despite the cuts made by the Italian government to all agencies across the board in order to
comply with the Stability and Growth Pact, which inevitably had negative repercussions for
the publicly funded culture sector, in 2011 we still managed to implement several projects
with the financial support of many of the local government bodies with which we
have been working for quite some time. The projects encompassed everything from largescale
exhibitions to teaching activities and environmental education initiatives. In particular,
the “Giornata FAI di Primavera” (FAI Spring Day) was once again the cultural event that
generated the highest levels of consent and support.In terms of the public-sector contributions
received by the Trust in 2011, a real difference was able to be made as a result of State funding,
which assumed various forms: the funding provided by the Italian Ministry of Culture to
support FAI’s institutional operations; the special contribution made by the Italian Prime
Minister for the celebrations marking the 150th anniversary of Italian Unification; and the
concession on the so-called 8-per-1000 scheme directly managed by the State, granted to
the Castello di Avio for extraordinary restoration and structural consolidation works. Thanks
to regional, national and European public-sector funding, we inaugurated and/or concluded a
number of important restoration and conservation projects at the properties for which
we are responsible. Last but not least, the support from, and partnerships with, banking
foundations and corporate foundations proved to be crucial in 2011. In the main, these
foundations supported – through targeted funding – the operations to restore and enhance the
properties. In total, we received €2,212,000.
The cuts imposed
by the Italian
Government to all
public sector bodies
in order to comply
with the Stability
and Growth Pact
did not stop us
from implementing
numerous projects
with the financial
support of many
local government
bodies. This support
was bolstered by
the funding received
from the Italian
Ministry of Culture
and from the Italian
Prime Minister for
the celebrations
marking the 150th
anniversary of
Italian Unification.
THE
CONTRIBUTIONS
MADE BY
“CORPORATE
GOLDEN
DONORS” OVER
RECENT YEARS
(IN EUROS)
2007 2008 2009 2010 2011
913,500
858,400
725,000
646,700 655,400
FROM
INDIVIDUALS
SOURCES OF FUNDING 2011
42.11%
17.31%
15.76%
24.82%
FROM
PUBLIC
BODIES AND
FOUNDATIONS
FROM
COMPANIES
GENERAL
SERVICES
FUNDRAISING
AND
COMMUNICATION
USE OF FUNDS 2011
12.35%
14.21%
73.44%
INSTITUTIONAL
OPERATIONS
BREAKDOWN OF INSTITUTIONAL
OPERATIONS
CONSERVATION
AND
RESTORATION
39.03%
PROJECTS
42.67%
18.30%
CULTURAL
AND
EDUCATIONAL
INITIATIVES
FROM PROPERTY
MANAGEMENT
PROPERTY
MANAGEMENT
52 Annual Report 2011 Annual Report 2011 53

Raising and managing funds
The support of individuals
Raising and managing funds
The support of individuals
Taking account
of memberships,
one-off gifts
and targeted
contributions, we
raised more than
€4,800,000 – 7.2%
up on 2010. In total,
we had 39,680 new
donors, including
30,904 new
Members and 8,776
new Friends.
CRUCIAL HELP FROM DONORS AND FRIENDS
In 2011, the international economic crisis had an even more significant impact in Italy
than it had done in 2010, with a further reduction in GDP, stagnation in consumption and an
increase in unemployment. Despite this, the Italian people clearly demonstrated their belief
in our vision, and rewarded us accordingly with their support both in terms of donations
and in terms of participation in our activities. Taking account of memberships, one-off gifts and
targeted contributions, we received a total of more than €4,800,000 from individuals –
7.2% up on 2010.
In total, we had 39,680 new donors, including 30,904 new Members and 8,776
new Friends, who swelled the ranks of our existing donors, thereby allowing us to reach
an overall total for the year of 89,636 people. Amongst the most positive figures,
there were the 8,000 donors who decided to support the Trust by making an additional
contribution over and above their membership fee, and the 70% renewal rate. All of the
members were able to take advantage of cultural benefits reserved exclusively for
them, including 450 concessions at museums, theatres, bookshops, historic houses and parks
throughout Italy, with discounts of up to 50%.
The most important fund-raising event of the year was the campaign called “Ricordati di
salvare l’Italia” (Remember to save Italy), which was staged during the month of October
and was geared towards defending Italy’s landscape. Around 150,000 Italians donated by
SMS or landline call to support the campaign, enabling us to raise €419,219. This figure was
bolstered by the income generated thanks to the related marketing and fund-raising
activities, making an overall total of €690,569.
After various vicissitudes, in 2011 we finally received the funds relating to the so-called
5x1000 campaign from 2009: €599,103 resulting from 9,701 preferences expressed
by citizens; these funds were set aside to support our institutional activities.
APPEALS, ADOPTIONS AND WEB CAMPAIGNS
Alongside the high-profile campaigns, our fund-raising operations also involve the use of
various channels, ranging from specific appeals on individual projects to adoptions, web
campaigns and memorial bequests.
In terms of specific appeals, in 2011 we launched two appeals to support the restoration of
the landscape of the Bosco di San Francesco and the artistic restoration of the Villa dei
Vescovi through direct mailing and dedicated messages in the FAI Newsletter, which together
allowed us to raise a total of €160,686.
The campaigns for the adoption of properties, trees, benches, rooms and
restoration projects continued apace, allowing us to raise €867,000. The most frequent
adoption requests concerned restoration projects, with a 45% increase on 2010.
Online fund-raising operations proved increasingly effective, allowing us to
generate over the course of the year a total of €286,306. This figure includes both funds
raised from subscriptions and those generated by appeals or special projects.
The campaigns to
adopt properties,
trees, benches,
rooms and
restoration projects
allowed us to raise
€867,000 – an
increase of 45%
on 2010 – and we
received a total
of €1,595,400 in
financial bequests
and memorial
donations.
BEQUESTS AND MEMORIAL DONATIONS
An image used for the
national fund-raising
campaign “Ricordati
di salvare l’Italia”
(Remember to save
Italy).
An extremely generous decision, within everyone’s reach. By leaving even a small part of
their inheritance to FAI, anyone can contribute towards recovering, protecting and
making accessible the jewels large and small of Italy’s artistic and natural heritage. On an
ever-increasing basis, not only Members but also all those who simply share our mission are
choosing to make bequests in their wills and memorial donations to support our work.
There were a great many examples during 2011. Some of the most noteworthy bequests
included those by Rita Bernasconi, who wanted to bring the Torre di Ossuccio under the FAI
umbrella so that it could be opened up to the public; by Stefano Tirinzoni, who donated a
tract of land encompassing 200 hectares of woodland, pastureland and three summits in the
Orobian Alps of the Valtellina; and by Luciana Marzia Corcos, who left us her apartment in
Rome.
We received a total of €1,595,400 in bequests and memorial donations. The most important
of these was the donation of Villa Flecchia in Magnano (Biella) by architect Piero Enrico
of Turin, who also gave us an important collection of 62 nineteenth-century Piedmontese
paintings, precious rugs, furniture and an extremely generous endowment. And then, there
were numerous financial legacies, such as those left by Luisa Pacchioni Viterbi for the
Bosco di San Francesco, by Beniamino Belluz for the Castello di Masino, by Anna Zuffa
Cassoli for Villa Necchi Campiglio and by Anna Pistolesi for the Parco Villa Gregoriana.
ACTIVE FAI MEMBERS
AND DONORS OVER
RECENT YEARS*
2010 2011
89,636
73,975
*Only 2010 and 2011 were taken
into consideration because
in previous years different
accounting criteria were used
and, as a result, the figures are
not comparable.
54 Annual Report 2011 Annual Report 2011 55

I “200 del FAI”
Honorary President
Gioia Marchi Falck
President
Antonio Puri Purini
Vice President (Operations)
and Manager of the
“I 200 del FAI” project
Giovanna Loredan Bonetti
The “I 200 del FAI”, a group
composed of both individuals
and companies, constitutes
one of the cornerstones of
FAI. Since 1987, they have
been helping to increase FAI’s
recapitalisation fund and
have also funded important
restorations of the Trust’s
properties and musical
events.
Their moral and financial
support of FAI’s mission
is crucial and we are very
grateful to them.
A special vote of thanks goes
to all those who in 2011
made a contribution to FAI in
order to increase the Trust’s
recapitalisation fund.
Accenture
Agnelli Marella
Agrati Luigi
Alberti De Mazzeri Stefano
Albertini Isidoro
Alfa Wassermann
Alleanza Toro
Allianz
Aloisi Ladislao
Ambasz Emilio
Araldi Guinetti Giuseppina
Archetti Conte Maria Giuseppina
Artsana
Assicurazioni Generali
Astaldi
Banca Carige
Banca CR Firenze
Banca d’Italia
Banca Imi
Banca Mediolanum
Banca Passadore
Banca Popolare di Verona
Banca Popolare di Vicenza
Baratta Paolo
Basf Italia
Bedeschi Guglielmo
Belloni Massimo
Benetton Teresa
Bernasconi Silvio
Bianchi Giuliano
BMW Italia
BNL Gruppo BNP Paribas
Boccanelli Renata
Böhm Sandra
Bollati di Saint Pierre Romilda
Borghesi Arnaldo
Borletti Buitoni Ilaria
Boroli Chiara
Borra Campisi Lucia
Borsa Italiana
Borsetti Zegna Gianna
Bosio Giaele
BPM Banca Popolare di Milano
Bracco De Silva Diana
Brenninkmeijer Sigrid
Brenta Andrea
Bresi
BSI SA
Buccellati Gianmaria
Bulgari Paolo
BVM
Canepa Michele
Caovilla Paola
Caprotti Albera Giuliana
Carnevali Nicola
Cassa Lombarda
Castellini Baldissera Letizia
Ceccato Gigliola
Centrobanca
Cerutti Monina Serena
Ceschina Nagae Yoko
Chiarotto Romeo
CIR
Coeclerici
Coin Piergiorgio e Franca
Colnaghi Calissoni Laura
Costa Crociere
D’Amico Società di Navigazione
Dardanelli Paolo
De Agostini
De Stefani Vincenzo
Del Drago Laudomia
Della Valle Diego
Deutsche Bank
Dreika Ag
Du Chéne De Vére Villa Margherita
Edison
Eni
Epson Italia
Ermolli Bruno
Etro Girolamo
Falck Collalto Giustiniani Recanati Cecilia
Fiat
Finco Criscuolo Gabriella
Fininvest
Finiper
Foglia Giacomo
Folci Acquadro Emilia
Fondazione Antonveneta
Fondazione Avvocato Fernando Bussolera
Fondazione Berti per l’Arte e la Scienza
Fondazione CAB Istituto di Cultura Giovanni
Folonari
Fondazione Carla Fendi
Fondazione Cattaneo
Fondazione Fiera di Milano
Fondazione Nicoletta Fiorucci
Fondazione Zegna
Fresco Paolo
G.D
Gambazzi Marco
Gandini Susy
Garavoglia Luca
Giubergia Paola
Grande Stevens Franzo
Gruppo De Nora
Gruppo Pam
Habermann Hans Christian
Haggiag Petteni Mirella
IDB Holding
Illy Riccardo
Immobiliare Ferrero
Ina Assitalia
Intesa Sanpaolo
Italcementi
Kefi
Krizia
L’Unione Sarda
Laurent Josi Jean Pierre
Lavazza Luigi
Levoni
Lodi Vittorio
Longobardi Bruno
Loro Piana
Maire Tecnimont
Mantegazza Herandez Aristela
Mantero Cristian
Mantua Surgelati
Manuli Rubber Industries
Marchi Falck Gioia
Marchini Stefana
Marocco Antonio Maria
Marzotto Marta
Marzotto Paolo
Marzotto Pietro
Mediaset
Mediobanca
Melchioni
Micheli Francesco
Missoni Ottavio e Rosita
Monaci Vincenzo
Müller Rivolta Manuela
Nestlè Italiana
Noseda Droulers Roberta
Origoni della Croce Giovanni
Pallavicini Maria Camilla
Pandini Giorgio
Paneroni Edoardo
Parodi Delfino Meroni Isabella
Parodi Taggia Beatrice
Pastificio Rana
Pederzani Pascale
Piaggio
Piaggio Croce Maria Cristina
Pininfarina Giorgia
Pirelli
Plattner Norbert
Poli e Associati
Porta Corradini Anna
Prada Miuccia
Quentin Gianluigi e Claudia
Radici Zanessi Fernanda
RCS Media Group
Recchi Acuto Marida
Recordati Fontana Anna
Riccadonna Ottavio
Ristori Roberto
Ritter Barbara
Rodriguez Boccanelli Antonella
S.E.C.I. Società Esercizi Commerciali
Sabbadini Alberto
Sacchi Zei Rossana
Same Deutz-Fahr
Saras Raffinerie Sarde
Sassoli de Bianchi Lorenzo
Schiavi Alberto
Scibetta Giuseppe e Luciana
Segrè Claudio
Sigurani Giovanbattista
Smeg
Smeralda Holding
SNAM Rete Gas
Sodi Sylvia
Statuto Giuseppe
Stefani Malaguti Deanna
Tabacchi Tatiana
Tarchini Silvio
Tazartes Alberto
Telecom Italia
Tettamanti Gianni
Tombolini Falciola Rosanna
Trussardi Gavazzeni Marialuisa
Trw Automotive Italia
UBI Unione Banche Italiane
Unicredit Banca
Vallarino Gancia Emanuela
Versace
Violati Massimo
Vitale Guido Roberto
Zanotto Moccetti Nadia
Zingarini Giovanni
56 Annual Report 2011 Annual Report 2011 57

Corporate Golden Donor
Companies that sign up for
the Corporate Golden Donor
programme become part of
a network that is founded
on a shared commitment
to Italy’s landscape, art and
nature, creating an alliance
based on corporate social
responsibility.
In 2011, as in previous years,
the business world made an
essential contribution towards
the development of the Trust.
2M Decori
A.G.F. Agenzia Generale Fiumicino
A.I.S. Inox
A-27
Abafoods
Accor Hospitality Italia
Adige
AFV Acciaierie Beltrame
Agenzia Ansa - Agenzia Nazionale Stampa
Associata
Air Liquide Italia
Albertini Syz Gruppo - Banca Albertini Syz & C.
Alenia Aermacchi
Ales Groupe Italia
Alpiq Energia Italia
Altavia Italia
Althea
Andreas Stihl
Antonio Citterio Patricia Viel and Partners
Aptalis Pharma
Archigen
Ariston Thermo
Artemide
Assolombarda
Astellas Pharma
Augustea Holding
Autodesk
Autoimport
Azienda Foderami Dragoni
Aziende Alberghiere Bettoja
Banca Akros
Banca Carige
Banco Di Desio e Della Brianza
Bandini Casamenti
Bartolini
B&B Italia
Beiersdorf
Blm
Boat
Bombardier Transportation Italy
Brembo
Brianza Plastica
Bridgestone Italia
Bticino
Bureau Veritas Italia
Buzzi Unicem
C.L.N. Coils Lamiere Nastri
C.T.E.
Cae
Calzificio Prisco
Carbofin
Carlson Wagonlit Italia
CartaSi
Carvico
Casa Di Cura Citta’ Di Parma
Casa di Cura privata Villa Serena del Dott.
Leonardo Petruzzi
Cellografica Gerosa
Central Frigor Marconi
Chambre Française de Commerce et d’industrie
en Italie
Chemprod
Cisco Systems Italy
Cobir
Coeclerici
Co.Ge.Di. International
Cofimp
Comieco
Confezioni Garda
Confindustria Ancma
Consorzio Venezia Nuova
Continuus Properzi
Corapack
Coswell
Credit Agricole Corporate Investment Bank
Cts Compagnia Trasporti Servizi
D’Andrea
Davide Campari - Milano
Deutsche Bank
Diamed Italiana
Dla Piper Studio Legale Tributario Associato
Donnafugata
Dox-Al Italia
Editoriale Domus
Elettrotec
EMS Italia
Endura
Engeco
Enoplastic
Enzo Degli Angiuoni
Eredi Caimi
Ermenegildo Zegna
Esso Italiana
Ethimo Whitessence
Etro
Eurochemicals
Euroricambi
Eurosyn
EuroTLX SIM
Executive Interim Management Italia
F.lli Pisa
F.lli Sacla’
Fabbrica d’Armi Pietro Beretta
Felsina Societa’ Agricola
Ferrando Luca Autotrasporti
Ferrocart Snc di Amadei R.e P.
FerreroLegno
Ferroli
Fluid-o-Tech
Fondazione Gruppo Credito Valtellinese
Franco Cosimo Panini Editore
Fratelli Fila
Freedot
Frigoscandia
Fugazza F.lli & C.
Fugro Oceansismica
G6 Rete Gas
Gestim
Gfk Eurisko
Ghella
Gicar
Giuseppe Citterio
Global Selection Sgr
Grand Hotel Et De Milan - Straf Hotel
Graphimedia
Groupama Assicurazioni
Gruppo Banca Leonardo
Gruppo Benetton
Gruppo Mascia Brunelli - Biolife Italiana
Hdi-Gerling Industrie Versicherung Ag
Heidenhain Italiana
Herno
Hsbc Bank Plc - Milano Branch
Ic Bellagio Unipersonale
ICMQ
Iemme
Ikea Italia Retail
I.M.E. Industria Maglieria Europea
Infracom Italia
Intecs Informatica e Tecnologia Del
Software
Ipack Ima
Ipsen
Isoil Industria
Istituto Ricerche Biomediche “Antoine
Marxer” RBM
Italcementi
Italgelatine
Jcb
Jones Lang Lasalle
Kairos Partners Sgr
Key2People
Knauf di Lothar Knauf s.a.s.
Konica Minolta Business Solutions Italia
L.I.S.A.
Lamp San Prospero
La Prairie
Larus Re
Le Sirenuse
Leo France
L’Erbolario
Linea Verde Giachino
Lundquist
Luxoro
M. Casale Bauer
Madama Oliva
Manfredini e Schianchi
Manitalidea
Mapei
Mario Nava
Martifer Solar
Masterpack
Mecania Informatica
Megas Sas
Menghi Shoes
Messaggerie Italiane di Giornali Riviste e
Libri
Mitsubishi Electric Europe B.V.
Mobil Project
Molinari Italia
Molino Parri
Mondial
Montblanc Italia
Montello
MWH
Natixis S.A. - Milan Branch
Noberasco
Notartel
Novo Nordisk Farmaceutici
Nuncas Italia
Oberrauch Zitt
Officine Maccaferri
Oleificio Zucchi
Olimpia Splendid
OneExpress Italia
P.M. Chemicals
Palazzo Giordano Bruno Hotel
Paresa
Parigi Industry
Pastorfrigor
Pellegrini
Pentagas
Pernod Ricard Italia
Petraco
Pierrel Research Italy
Polifix
Presma
Pricewaterhousecoopers
Prima Comunicazione
Prisma Impianti
Project Automation
Publitalia ‘80
Rai Way
Reckitt Benckiser Holdings Italia
Renzo Piano Building Workshop
Ricoh Italia
Rimini Fiera
Rimorchiatori Riuniti Spezzini Imprese
Marittime e Salvataggi
Rivolta
Robert Bosch
Robilant & Associati
Rolex Italia
Rossini
Roten
Rottapharm
S.A.C. Societa’ Appalti Costruzioni
S.I.A.D.
S.I.T.A.F.
Sabaf
Salini Costruttori
Salvatore Ferragamo
Sanpellegrino
Sant’Elia
Sca Hygiene Products
Scala
SDA Bocconi School of Management
Sebach
Seco Tools Italia
See Italia & Contact
Seli Manutenzioni Generali
Sensitron
Siirtec Nigi
Silhouette Italia
Simonazzi
Sinter
Sir James Henderson British School of
Milan
Sistemi
Ska
Solar Brain
Sorgente Group
Sol Melià Italia
Sorma
Stannah Montascale
Start People
Streparava
Taf Abrasivi
Technital
Tecnofer Ecoimpianti
The Family
Thetis
Thor Specialties
Tucano Urbano
Ugolini Petroli
Ulisse Tecnologie
Unicalce
Unitransports
Uretek
Utet
Valli
Venini
Viabizzuno
Villa D’Este
Vimar
Vimo Elettronica Snc di Cavalleri R.L.e C.
Vitale & Associati
W.P. Lavori in Corso
Weleda Italia
Whirlpool Europe
Wind Telecomunicazioni
Yuasa Italy
Zambaiti Parati
Zobele Holding
Zoli Dino & C.
58 Annual Report 2011 Annual Report 2011 59

Friends of FAI
© A. Mesiano
Honorary Chairwoman
Marella Agnelli
International Chairwoman
Bona de’ Frescobaldi*
Chairwoman of Advisory
Trustees
Lynn de Rothschild
Chairwoman of the
Balbianello Circle
Maria Manetti Shrem
Board of Advisory Trustees
Giorgio Armani
Anna Bulgari
Laura Casalis
Giulia Maria Mozzoni Crespi*
Chiara Ferragamo
Audrey Gruss
Gail Hilson
Maria Manetti Shrem
Ann Nitze
Paolo and Henrietta Pellegrini
Marilyn Perry*
Giorgio Poggiani*
Roberta Ritter*
Nancy Rubin
Mariuccia Zerilli Marimò
Board of Directors
President
James M. Carolan
Vice President
Giancarla Berti
Treasurer
Susan Bender
2011 – A VERY FULL YEAR FOR THE FRIENDS OF FAI
For the Friends of FAI, 2011 was an extremely busy year that resulted in a great deal of success.
The Balbianello Circle’s annual trip saw them visit the Veneto, where they discovered the
breathtaking architecture of Andrea Palladio and were given a sneak preview of the
Villa dei Vescovi, which was restored thanks – at least in part – to the generosity of the Friends
of FAI. Thus far, “Venice & the Palladian Villas” has been the most successful of the Balbianello
Circle’s trips, with 30 people taking part, including a large number of new Friends.
The Trust has decided to put the 2012 donation towards the restoration of the Palazzo e
Torre Campatelli in San Gimignano. In the autumn, the Friends of FAI organised two
events to benefit this project: a shopping evening at the Ferragamo store in Beverly Hills,
and a conference on the artistic and civic history of San Gimignano at the Casa Italiana of New
York University. In September, the President of the Friends of FAI, James Carolan,
participated in a round-table session at the Italian Institute of Culture in New York, together
with journalist Gian Antonio Stella, to discuss the administrative challenges involved in
managing Italy’s cultural heritage.
2011 was, however, marked by some very sad news for all those who have followed the
development of the Friends of FAI: the passing of Luigi Moscheri, the unforgettable
first President of the Friends of FAI and a member of the Board of Directors of FAI in Italy.
The Friends of FAI remember him warmly as someone who showed quite extraordinary
dedication to the FAI cause, and who did so with great creativity, commitment and
generosity.
Giovanna Loredan Bonetti
Ilaria Borletti Buitoni
Sharleen Cooper Cohen
Vannozza Guicciardini
Alessandra Pellegrini
* Founders
Internationally, FAI benefits
from the input of the “Friends
of FAI”, a group of supporters
based in New York. Its remit
is to organise events and
invite American citizens to
visit Italy and contribute to
safeguarding the country’s
priceless artistic and cultural
heritage.
FAI - Villa del Balbianello, Lenno (Como)
60 Annual Report 2011 Annual Report 2011 61

Communication
Getting the substance of FAI’s message across
La Comunicazione
Comunicare la concretezza
In 2011, newspapers,
magazines and
websites wrote
a total of almost
10,000 articles on
our activities, while
there were more
than 838 items on
TV and radio.
Right:
The longstanding
image used to promote
the “Giornata FAI di
Primavera” (FAI Spring
Day).
In 2011, the efforts of the communications department were geared towards amplifying the
resonance of the strategic guidelines set out by the Trust in order to boost yet further the
visibility of its work and of the events staged throughout the year in all fields. Thanks to an
increasingly high-profile presence across the Italian media (press, radio and television)
and to a bolstering of our presence on multimedia channels (the internet, social networks,
etc...), in 2011 we recorded a notable rise in the awareness of FAI amongst the general public.
ADVERTISING AND PROMOTION
For FAI’s Advertising and Promotion department, 2011 was a year full of major initiatives,
including the inaugurations of the three new properties, which required the planning
and implementation of customised communication tools, both physical and virtual.
In addition, we celebrated the 150th anniversary of Italian Unification through the
creation of a dedicated logo, which was used on all of the Trust’s communications and was
given excellent media exposure and promotion at the FAI National Conference in Naples,
at which, amongst other activities, we unveiled the new “FAI Giovani” (FAI Youth) sector.
During 2011, the department was also involved in conducting qualitative/quantitative
research in partnership with IPSOS, which was targeted at scientifically analysing the
perception of the Italian public vis-à-vis FAI and its activities.
A great deal of attention was focused on marketing our major national events such as the
“Giornata FAI di Primavera” (FAI Spring Day), the SMS support campaign and the “I
Luoghi del Cuore” (“Italian Places I Love” survey). Last of all, it is worth noting that 2011
also saw the establishment of a specific department for the conservation and promotion of
FAI’s extensive video and photo archive.
PRESS OFFICE
In 2011, the Press Office supported the work of the Trust through almost daily contact with the
media. Moreover, it bolstered its role as the FAI spokesperson on issues concerning the environment
and cultural assets, collaborating with a number of national associations.
The input of the Press Office was geared above all towards the inauguration of the three
new properties opened up to the public to mark the 150th anniversary of Italian Unification,
which received a great deal of exposure in the local and national media. A large amount
of coverage was also achieved across the various media channels – press, radio, TV and
the internet – for national events such as the “Giornata FAI di Primavera” (FAI Spring
Day), for the results of the fifth “I Luoghi del Cuore” (“Italian Places I Love” survey), for the
conference held in Naples entitled “Under the ashes: role and stories of a country
that resists”, which featured several heavyweight Italian and international speakers, and for
2011’s SMS fund-raising campaign, called “Ricordati di salvare l’Italia” (Remember to
save Italy).
In 2011, attention was also focused on the traditional concert at Milan’s La Scala and on
numerous FAI exhibitions such as “The Hand of the Graphic Designer” and “Sironi: war,
victory, drama. Works from the Isolabella and Gianferrari Collections” at Villa Necchi Campiglio
and “Photos – Souvenirs au carré Daniel Buren” at the Villa e Collezione Panza.
FARE RETE… IN RETE
Sempre più punto di riferimento per l’informazione e l’interazione con iscritti e simpatizzanti, il
sito Fondoambiente.it ha proseguito la strategia finalizzata al coinvolgimento di sempre più
donatori e all’ulteriore sviluppo di strumenti di comunicazione in chiave Web 2.0.
Forte di un numero di visitatori in continua crescita (+ 19,2% rispetto al 2010), come
abbiamo visto il sito ha raccolto complessivamente 286.882 euro, facendo registrare un
incremento dell’81% rispetto all’anno precedente. Per la prima volta abbiamo lanciato
online due nuove tipologie di donazioni: l’iscrizione ai corsi di storia dell’arte e
le microdonazioni da 2, 5 o 10 euro inaugurate durante la campagna nazionale di raccolta
fondi di ottobre, in occasione della quale abbiamo lanciato anche la promozione per
l’Iscrizione speciale al FAI a 29 euro che ha dato ottimi risultati. Gli iscritti alla nostra
Newsletter sono arrivati a quota 178mila, grazie soprattutto al successo delle segnalazioni
online del Censimento “I Luoghi del Cuore”, per una crescita del 60% rispetto al 2010.
In totale abbiamo inviato 125 newsletter e DEM con un incremento del 71% rispetto all’anno
precedente.
Per quanto riguarda il mondo dei social network, a fine 2011 abbiamo sfiorato il tetto dei
50mila fan della nostra pagina Facebook, in aumento del 69,34% rispetto al 2010,
per un totale di 21.275.173 visualizzazioni dei post (174,18%). La pagina Twitter invece ha
raggiunto 1.469 follower e un totale di 3.362 tweet.
Fra i progetti online più importanti realizzati, figura senza dubbio l’apertura di nuove
sezioni del sito, come quelle di “SOS Emergenza paesaggio”, “Calendario Eventi”
e il Mediacenter in home page, e di nuove pagine su Facebook (Intro istituzionale,
Sostienici, Beni, Campagna del momento). L’area editoriale è stata rivista completamente
attraverso la creazione di nuove categorie per articoli e news, mentre 7mila Iscritti hanno
accolto l’invito a ricevere il Notiziario del FAI in versione digitale, contribuendo così al
risparmio di carta.
La nostra “GIORNATA “galassia” FAI si è poi arricchita di nuovi ingressi: i siti dedicati al 5xmille, al mondo
DI PRIMAVERA”
delle aziende,
(FAI SPRING
al Negozio
DAY)
Olivetti e a Villa dei Vescovi, all’evento “La Mano del
Grafico” e al concorso di cortometraggi radio legati ai “Luoghi del Cuore”.
Infine, abbiamo lanciato “FAICLUB”, la prima Intranet della Fondazione nata come strumento di
“RICORDATI DI
tv
comunicazione istituzionale interna finalizzata alla condivisione di regole e strumenti di lavoro.
Nel 2011 abbiamo
aperto nuove sezioni
di Fondoambiente.it
come “SOS Emergenza
paesaggio”,
“Calendario Eventi”
e il Mediacenter,
rivisto completamente
l’area editoriale
e inviato a 7mila
Iscritti il Notiziario
del FAI in versione
digitale. Inoltre la
nostra “galassia” di
siti si è ulteriormente
arricchita di nuovi
ingressi.
INFOGRAFICA
I numeri di
Fondoambiente.it
1.812.883 visitatori
6.505.042 pagine viste
178.000 iscritti alla
Newsletter
49.068 fan della
pagina Facebook
286.662 euro raccolti
via Web
LOCAL AND NATIONAL TELEVISION, RADIO AND
WEB COVERAGE FOR THE MAIN EVENTS
SALVARE L’ITALIA”
(REMEMBER TO
SAVE ITALY)
“I LUOGHI DEL
CUORE”
(ITALIAN PLACES
I LOVE)
tv
radio
tv
radio
19 hours, 17 minutes
4 hours, 31 minutes
9 hours, 12 minutes
3 hours, 7 minutes
5 hours, 47 minutes
3 hours, 39 minutes
62 Annual Report 2011 Annual Report 2011 63

Communication
Getting the substance of FAI’s message across
La Comunicazione
Comunicare la concretezza
© G. Majno
In 2011 we opened
up new sections on
the Fondoambiente.
it site, such as the
“SOS Paesaggio”
(SOS Countryside
Emergency) and
“Event Calendar”
sections and the
Media Centre. We
also overhauled
the editorial side
completely and
started sending a
full 7,000 Members
the FAI Newsletter
in digital format.
Moreover, our
“galaxy” of sites was
further enriched
with a number of
new additions.
MAKING THE MOST OF THE WEB
In 2011, the Fondoambiente.it site became an increasingly important source of information
and interaction with members and sympathisers. The site continued to implement its strategy
of engaging more and more effectively with donors, and further work was done to develop web
2.0 online marketing tools.
With an ever-increasing number of visitors (19.2% up on 2010), the site generated a total
of €286,882 - an increase of 81% with respect to the previous year. For the first time,
we launched two new types of donations online: the sign-up process for the art
history courses and the micro-donations of €2, €5 or €10, which were brought in during
the national fund-raising campaign in October, when we also launched the promotion for
special FAI membership at a cost of €29, which generated very positive results. The
number of subscribers to our Newsletter reached 178,000 – thanks, above all, to the
success of the online voting for the “I Luoghi del Cuore” (“Italian Places I Love” survey) – an
increase of 60% on 2010. In total, we sent out 125 newsletters and DEM communications,
which represented an increase of 71% compared to the previous year.
In terms of social networks, in late 2011 we reached the milestone of 50,000 fans on our
Facebook page. This represented an increase of 69.34% on 2010. In total, our posts
were viewed 21,275,173 times (174.18% up on 2010). For its part, our Twitter page has
reached 1,469 followers and we have clocked up a total of 3,362 tweets.
Ranking among the most important online projects implemented in 2011 was the creation of
new sections of the site, such as the “SOS Paesaggio” (SOS Countryside Emergency)
and “Event Calendar” sections, and the Media Centre on the homepage, as well as
new pages on Facebook (Introduction, Support Us, Properties, Current Campaigns). The
editorial side was completely overhauled through the insertion of new categories for articles
and news, while 7,000 Members accepted the invitation to receive the digital version of the
FAI Newsletter, thus helping to save paper.
Our “galaxy” of sites was enriched with new additions: the sites dedicated to the “5xmille”
initiative, the corporate world, the Negozio Olivetti, the Villa dei Vescovi, the event
for “The Hand of the Graphic Designer” and the short-film competition associated
with the “I Luoghi del Cuore” (“Italian Places I Love” initiative).
FARE RETE… IN RETE
Sempre più punto di riferimento per l’informazione e l’interazione con iscritti e simpatizzanti, il
sito Fondoambiente.it ha proseguito la strategia finalizzata al coinvolgimento di sempre più
donatori e all’ulteriore sviluppo di strumenti di comunicazione in chiave Web 2.0.
Forte di un numero di visitatori in continua crescita (+ 19,2% rispetto al 2010), come
abbiamo visto il sito ha raccolto complessivamente 286.882 euro, facendo registrare un
incremento dell’81% rispetto all’anno precedente. Per la prima volta abbiamo lanciato
online due nuove tipologie di donazioni: l’iscrizione ai corsi di storia dell’arte e
le microdonazioni da 2, 5 o 10 euro inaugurate durante la campagna nazionale di raccolta
fondi di ottobre, in occasione della quale abbiamo lanciato anche la promozione per
l’Iscrizione speciale al FAI a 29 euro che ha dato ottimi risultati. Gli iscritti alla nostra
Newsletter sono arrivati a quota 178mila, grazie soprattutto al successo delle segnalazioni
online del Censimento “I Luoghi del Cuore”, per una crescita del 60% rispetto al 2010.
In totale abbiamo inviato 125 newsletter e DEM con un incremento del 71% rispetto all’anno
precedente.
Per quanto riguarda il mondo dei social network, a fine 2011 abbiamo sfiorato il tetto dei
50mila fan della nostra pagina Facebook, in aumento del 69,34% rispetto al 2010,
per un totale di 21.275.173 visualizzazioni dei post (174,18%). La pagina Twitter invece ha
raggiunto 1.469 follower e un totale di 3.362 tweet.
Fra i progetti online più importanti realizzati, figura senza dubbio l’apertura di nuove
sezioni del sito, come quelle di “SOS Emergenza paesaggio”, “Calendario Eventi”
e il Mediacenter in home page, e di nuove pagine su Facebook (Intro istituzionale,
Sostienici, Beni, Campagna del momento). L’area editoriale è stata rivista completamente
facts and figures
attraverso la creazione di nuove categorie per articoli e news, mentre 7mila Iscritti hanno
accolto l’invito a ricevere il Notiziario del FAI in versione digitale, contribuendo così al
risparmio
1,812,883
di carta.
50,000
La nostra “galassia” si è poi arricchita di nuovi ingressi: i siti dedicati al 5xmille, al mondo
delle aziende, al Negozio Olivetti e a Villa dei Vescovi, all’evento “La Mano del
Grafico” e al concorso di cortometraggi legati visitors ai “Luoghi del Cuore”.
6,505,042
Webpages visited
fondoambiente.it
Infine, abbiamo lanciato “FAICLUB”, la prima Intranet della Fondazione nata come strumento di
comunicazione istituzionale interna finalizzata alla condivisione di regole e strumenti di lavoro.
Nel 2011 abbiamo
aperto nuove sezioni
di Fondoambiente.it
come “SOS Emergenza
paesaggio”,
“Calendario Eventi”
e il Mediacenter,
rivisto completamente
l’area editoriale
e inviato a 7mila
Iscritti il Notiziario
del FAI in versione
digitale. Inoltre la
nostra “galassia” di
siti si è ulteriormente
arricchita di nuovi
ingressi.
INFOGRAFICA
I numeri di
Fondoambiente.it
1.812.883 visitatori
6.505.042 pagine viste
178.000 iscritti alla
Newsletter
49.068 fan della
pagina Facebook
286.662 euro raccolti
via Web
fans of the Facebook page
1,469
Twitter followers
Right:
FAI - Villa Panza
(Varese)
178,000
Newsletter subscribers
286,662
euros raised via the web
64 Annual Report 2011 Annual Report 2011 65

People
The role played by personal passion
© G. Majno
© P. Ioudioux
The strategic
development of our
human resources
concentrated on
three fundamental
areas: staff training,
the introduction
of a system of
performance
evaluation and
the strengthening
of internal
communications.
FAI is a Trust constituted by people who work and interact together, guided by the
passion and values that represent the heart and soul of our operations. For this reason,
as far as we are concerned our personnel are a priceless resource that we should do
everything we can to utilise more fully and to make more professionally competent.
In this regard, in 2011 the strategic development of our human resources
concentrated on three fundamental areas: staff training, the introduction of a system of
performance evaluation and the strengthening of internal communications.
In terms of staff training, we organised Professional Training courses in order to enhance
the technical skills deployed on a daily basis, such as: Photoshop, PowerPoint and Englishlanguage
courses; Role-based Training targeted at enriching management skills (e.g.
Project Management courses); and Strategic Training with a view to setting innovative
mid-term objectives. A total of 11 initiatives were organised – at a cost of €25,000, set aside
thanks to participation in a joint fund at 0.30% of total earnings – which involved 272 people
and accounted for a total of 412 hours of training.
To make the management of those who work for FAI all the more transparent and effective, we
also introduced the Performance Evaluation System for all staff, including managers;
the system is based on classifying the extent to which the individual has reached his or her
objectives. Last, in order to share the strategies and objectives for the year with all of the
FAI staff, in early 2011 we staged the first Convention for all personnel, during which the
Intranet FAICLUB was officially launched.
All of these tools are crucial for managing the human resources of a Trust that is continually
growing in terms of the number of properties it manages and, therefore, also in terms of staff
numbers. In 2011, FAI’s total headcount amounted to 191, two-thirds employed directly and
one-third employed on a freelance basis. In 2011, staff numbers increased by 26 with respect
to 2010 – a rise due to the opening of the three new properties and to the recruiting of a
number of key people to deal with strategic development and the streamlining of the overheads
of the Trust (i.e. Property Development Manager, Purchasing Manager).
THE FAI STAFF
28%
MEN
72%
WOMEN
42%
HIGHER
QUALIFI-
CATIONS
Above:
The first convention
of FAI
personnel at Villa
Panza (Varese)
FAI - Villa Necchi Campiglio, Milan
68%
GRADUATES
66 Annual Report 2011 Annual Report 2011 67

Future projects
The objectives and strategies of FAI for the next four-year
plan 2012–2015
OUR MISSION
For the benefit of all lovers of Italy, FAI serves as a spokesperson for civil society,
supervising and intervening in defence of the Italian countryside and Italy’s cultural assets.
The places that we restore and manage are the embodiment of our mission. Through
the safeguarding and enhancement of these extraordinary places, we want to raise the
awareness of people in Italy and further afield of the importance of respecting and taking care
of art and nature, which are elements that very much characterise the Italian national identity.
The new proposal that will be made to the people of Italy (and, indeed, to everyone) to
support and participate in FAI’s initiatives envisages the Trust as a partner for change,
with a view to placing mankind in a more balanced relationship with the environment through
the recovery and enhancement of the “environmental” heritage, composed of nature and
culture. The FAI of tomorrow will work to promote a new “environmental humanism” in
order to live well in a more beautiful country – a significant commitment to Italian society, and
one that is sustainable only if supported by the contributions of large numbers of people.
OUR STRATEGIC OBJECTIVES
On the basis of the new mission proposal, we have identified five areas for development:
■ Engaging with people and companies
■ Engaging with public bodies and “institutional” backers
■ Developing strategies of planning and organisation
■ Opening new properties up to the public
■ Developing new opportunities
PROJECTS
Within these development areas, we have defined the strategic objectives and the main
projects:
Memberships: FAI today has around 90,000 members and donors, and by the end of 2015 it
should be able to reach 160,000, identifying new targets and new contact mechanisms (project
to double the numbers of members and donors).
Visitors and property management: around 400,000 people visit FAI’s properties; by the
end of 2015, it should be possible to increase visitors by around 25%, to at least 500,000. The
new approach to the management of FAI properties will be geared towards achieving breakeven
in terms of the total management budget. With this objective we will draft an overall plan
for the properties (with the general guidelines and the objectives).
New sources of funding: FAI must explore new veins of funding from Italian and overseas
organisations in addition to the traditional areas. The following themes are provided for
illustrative purposes: nature, environmental sustainability, the elderly, youngsters and non-
Italians.
Organisation: we want to develop our organisational infrastructure, introducing the best
models of organisation, management and fund-raising currently available for non-profit bodies.
Training: FAI’s staff will be supported by a substantial annual training programme targeted at
optimising and developing the existing skill sets within the Trust.
© F. Oppes
Volunteers: we will undertake a project geared towards markedly increasing the number
of volunteers who work with FAI. There are multiple, highly diversified objectives: from
the improvement of the financial management of the properties (through significant cost
containment) to the harnessing of the pro-active approach of volunteers in providing support to
the Trust.
Planning of restorations: we intend to guarantee the sustainability of our growth and
to maintain the integrity of the funds that have been set aside to achieve that growth. The
restoration activities will be implemented only on the basis of detailed financial plans approved
by the Executive Committee and the Board of Directors.
New property openings: we want to increase the number of properties for which we
become responsible and can then open up to the public. To ensure the sustainability of that
growth, the acquisition of properties will follow clear strategic guidelines: those properties for
which FAI accepts responsibility will be selected if they demonstrate aspects of excellence and
uniqueness in historical, artistic and/or landscape terms. Location will also be considered a
highly strategic factor: priority will be given to properties situated in areas where we do not
currently have a presence and/or areas of particularly high visibility and usability.
International projects: we will launch the pilot project FAI - UK at break-even by the end of
2013. In the meantime, we will evaluate the possibility to open new FAI offices in
other countries.
68 Annual Report 2011 Annual Report 2011 69

Financial Statements - Balance Sheet
ASSETS 31.12.2011 31.12.2010
LIABILITIES 31.12.2011 31.12.2010
FIXED ASSETS
INTANGIBLE
Costs with long-term utility 190,708 197,342
Assets on loan or licensed 2,882,557 3,073,265 3,453,135 3,650,477
EQUITY FUNDS
INITIAL EQUITY AND RESERVES
ENDOWMENT FUND 258,228 258,228
RESERVE FOR OPERATING ACTIVITIES 14,648,920 13,673,769
SURPLUS/(DEFICIT) FOR THE YEAR -442,871 14,464,277 -993,892 12,938,105
TANGIBLE
Land and Buildings
- Institutional 73,136,681 65,572,754
- Non - Institutional 3,480,224 3,225,273
Total, Land and Buildings 76,616,905 68,798,027
Tangible Assets subject to Depreciation
Plant and Machinery 142,562 171,016
Equipment 70,713 74.626
Photo Library 1,301 263
Motor vehicles 338 1,014
Office Furniture and Furnishings 123,236 93,782
Office Equipment 172,882 140,320
Total, Tangible Assets subject to Depreciation 511,032 77,127,937 481,021 69,279,048
FINANCIAL
Participations in Subsidiaries - 1
Receivables from Subsidiaries - - 181,842 181,843
TOTAL FIXED ASSETS 80,201,202 73,111,368
CURRENT ASSETS
CLOSING BALANCE 158,488 149,783
RECEIVABLES – short-term
Receivable from customers 1,057,321 831,307
Receivable from bodies corporate (approved contributions) 5,003,462 5,362,503
Other Receivables 881,603 6,942,386 837,519 7,031,329
OTHER EQUITY FUNDS
RECAPITALISATION RESERVE 13,624,272 12,876,584
PROVISION FOR SPECIFIC CONTRIBUTIONS 50,928,160 64,552,432 46,945,027 59,821,611
EQUITY 79,016,709 72,759,716
PROVISIONS FOR
CONTINGENCIES AND
OTHER LIABILITIES
PROVISION FOR LOSSES FROM SUBSIDIARIES - 181,842
PROVISION FOR SPECIFIC CONTRIBUTIONS
2,814,814 3,284,140
FOR ASSETS ON LOAN OR LICENSED
PROVISION FOR CONTRIBUTIONS SPECIFIC
118,968 157,879
TO TANGIBLE ASSETS
RESTRICTED RESERVES 3,443,959 6,377,741 5,769,599 9,393,460
SEVERANCE INDEMNITY FUND
FOR EMPLOYEES
875,629 935,449
LIABILITIES – short-term
to Suppliers 4,595,272 3,197,094
to Social Security Institutions 402,590 265,121
to the Italian Revenue 354,462 218,651
to Employees 513,732 414,868
Sundry 142,969 385,279
Deposits Received 50,764 84,964
Bank and postal deposits 4,584,207 2,039,687
Short-term payments, FRISL and other loans 72,351 10,716,347 160,881 6,766,545
SECURITIES
Available 6,534,574 6,106,604
Inalienable – serving as security 4,734,805 11,269,379 4,696,183 10,802,787
CASH AND CASH EQUIVALENTS
Bank and postal deposits 222,224 449,744
Cash 65,487 287,711 78,584 528,328
LIABILITIES – long-term 974,568 923,131
ACCRUED LIABILITIES AND
DEFERRED INCOME
1,145,316 1,029,309
TOTAL LIABILITIES 99.106.310 91.807.610
TOTAL CURRENT ASSETS 18,657,964 18,512,227
MEMORANDUM ACCOUNTS
Guarantees provided by third parties 1.164.750 1.788.022
PREPAYMENTS AND ACCRUED INCOME 247,144 184,015
TOTAL ASSETS 99,106,310 91,807,610
70 Annual Report 2011 Annual Report 2011 71

Financial Statements - Operating Section
OPERATIONS 31.12.2011 31.12.2010
FINANCIAL OPERATIONS 31.12.2011 31.12.2010
OPERATING INCOME
MEMBERSHIP FEES 2,381,846 2,144,531
CONTRIBUTIONS AND SPONSORSHIPS 7,084,428 6,778,543
ELECTIVE CONTRIBUTIONS OUT OF INCOME TAXES
(cinque per mille)
599,103 609,314
ADMISSION TICKETS 2,061,516 1,820,082
LEASES FOR USE 937,095 840,123
RENTAL INCOME 410,359 412,174
SUNDRY 69,214 117,465
INTERIOR WORK 120,193 154,279
MISCELLANEOUS APPEALS 791,634 14,455,388 500,193 13,376,704
OPERATING EXPENSES
MAINTENANCE, BUILDINGS, PLANT AND GARDE -464,856 -517,465
WATER, HEATING, ELECTRICITY -404,869 -398,429
TELEPHONE EXPENSES -181,626 -205,947
POSTAL AND DELIVERY -541,669 -532,012
MARKETING AND ADVERTISING -1,190,074 -1,239,343
EXTERNAL ADVISORS -1,113,499 -871,010
THIRD-PARTY SERVICES AND EVENTS -1,449,094 -2,119,517
RENTAL OUTGOINGS, LICENCES AND EXPENSES -333,840 -324,269
STATIONERY AND PRINTING -142,593 -210,453
OTHER OPERATING EXPENSES -1,268,131 -1,146,880
PERSONNEL -7,669,150 -6,825,739
AMORTISATION AND ALLOWANCES -251,784 -15,011,185 -276,764 -14,667,828
SECURITIES MANAGEMENT
INTEREST ON SECURITIES 150,717 159,551
DIVIDENDS ON SHARES 103,892 40,764
GAINS ON SECURITIES 26,286 69,641
LOSSES ON SECURITIESI 0 -19,091
WRITEDOWNS OF SECURITIES -29,958 250,937 -90,639 160,226
OTHER FINANCIAL CHARGES
INTEREST ON BANK ACCOUNTS -128,002 -45,221
OTHER INTEREST -566 204
DISCOUNTS AND ALLOWANCES 90 -128,478 87 -44,930
RESULT FROM FINANCIAL OPERATIONS 122,459 115,296
EXTRAORDINARY OPERATIONS
EXTRAORDINARY INCOME AND EXPENSES
GAINS ON DISPOSALS OF ASSETS 119,940 43,840
LOSSES ON DISPOSALS OF ASSETS 0 0
CONTINGENT ASSETS 117,511 131,281
CONTINGENT LIABILITIES -186,457 50,994 -147,816 27,305
OTHER EXTRAORDINARY INCOME AND EXPENSES
EXTRAORDINARY WRITEDOWNS OF RECEIVABLES -22,803
RELEASE OF COMMITMENTS - -22,803 144,709 144,709
RESULT FROM OPERATIONS -555,797 -1,291,124
INVENTORIES
INCOME FROM SALES
SALES TO THIRD PARTIES 431,297 445,251
CHANGE IN INVENTORIES 8,705 -7,516
ALLOWANCES FOR INVENTORY OBSOLESCENCE 0 440,002 0 437,735
RESULT FROM EXTRAORDINARY
OPERATIONS
28,191 172,014
PURCHASING COSTS
PURCHASES FROM THIRD PARTIES -285,132 -252,647
RESULT FROM INVENTORIES 154,870 185,088
RESULT FROM OPERATIONS -400,927 -1,106,036
72 Annual Report 2011 Annual Report 2011 73

Financial Statements - Operating Section
MANAGEMENT OF ASSETS 31.12.2011 31.12.2010
Report of the Auditing Company
ORDINARY COSTS OF ASSETS
RESTORATIONS OF FOUNDATION-OWNED PROPERTIES -5,173,495 -4,478,555
PURCHASES OF FIXED ASSETS -1,124,348
IMPROVEMENTS ON FOUNDATION-OWNED PROPERTIES -2,287,900
RESTORATIONS OF PROPERTIES NOT OWNED BY THE
FOUNDATION
-68,813 -8,654,556 -593,341 -5,071,896
ORDINARY INCOME FROM ASSETS
COVERAGE FOR RESTORATION OF FOUNDATION-OWNED
PROPERTIES
COVERING OF FIXED ASSETS 1,124,348
COVERAGE OF IMPROVEMENTS 1,351,311
COVERAGE OF RESTORATION WORK ON PROPERTY NOT
OWNED BY THE FOUNDATION
2,730,074 1,980,291
68,813 5,274,546 593,341 2,573,632
RESULT FROM ASSETS -3,380,010 -2,498,264
EQUITY INCOME AND EXPENSE
PROPERTY VALUE ADJUSTMENTS 7,461,395 4,478,555
RESERVES FOR SPECIFIC CONTRIBUTIONS -4,081,385 3,380,010 -1,980,291 2,498,264
OTHER INCOME FROM THE PROPERTIES
RECAPITALISATION CONTRIBUTIONS 747,688 713.910
GIFTS TO EQUITY 1,500,000 2,247,688 713,910
CHARGES TO EQUITY
ALLOCATION TO RECAPITALISATION FUND -747,688 -713,910
PROVISION FOR GIFTS TO EQUITY -1,500,000 -2,247,688 -713,910
RESULT FROM MANAGEMENT
OF ASSETS
0 0
SURPLUS/(DEFICIT)
BEFORE TAXES -250,277 -818,726
To the Board of Directors
FONDO AMBIENTE ITALIANO
1. We have audited the financial statements of Fondo Ambiente Italiano - FAI (the “Trust”) as at 31 December 2011, represented
by the Statement of Assets and Liabilities, the Profit & Loss Account and the Explanatory Notes. The responsibility for preparing
these financial statements lies with the Directors of the Trust. Our responsibility is to express an opinion on the Statement of
Assets and Liabilities based on our audit.
The format of the financial statements, the accounting principles and the criteria of evaluation adopted by the Directors are
those illustrated in the appropriate paragraph in the explanatory notes.
This report is not being issued for reasons of legal compliance, since Fondo Ambiente Italiano is not required to carry out a
statutory audit.
2. We conducted our audit in accordance with the standards of auditing issued by the Consiglio Nazionale dei Dottori
Commercialisti e degli Esperti Contabili (Italian National Council of Chartered Accountants) and recommended by CONSOB
(Regulatory Body for the Italian Stock Exchange). Those standards require that we plan and perform the audit to obtain
the necessary assurance about whether the financial statements are free of material misstatement and, taken as a whole,
are presented fairly. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the
Statement of Assets and Liabilities. An audit also includes assessing the accounting principles used and significant estimates
made by the Directors. We believe that our audit provides a reasonable basis for our opinion.
For our opinion on the financial statements of the prior accounting period, which are presented for comparative purposes,
please refer to the report we issued on 16 May 2011.
3. In our opinion, the financial statements of Fondo Ambiente Italiano as at 31 December 2011 have been prepared, in all of
their main aspects, in compliance with the auditing criteria set out in the explanatory notes.
DELOITTE & TOUCHE S.p.A.
Riccardo Motta
Partner
Milan, 13 June 2012
TAXES FOR THE YEAR -192,594 -175,166
SURPLUS/(DEFICIT)
FOR THE YEAR -442,871 -993,892
This report has been translated into English from the original, which was issued in Italian, solely for the convenience of international
readers.
74 Annual Report 2011 Annual Report 2011 75

Notes to the financial statements
Structure and content
These financial statements have been prepared in accordance
with current statutory requirements. In particular, they have
been prepared with consideration to, inter alia, the provisions
of Legislative Decree 127/1991, which implemented the terms
of the EU Directives on companies’ financial statements, as
supplemented and interpreted by the accounting standards
issued by the National Boards of Certified Accountants, to the
extent applicable to a non-profit-making foundation. These
principles, which are consistent with those adopted in the
previous year, have been agreed with the Board of Auditors.
MEASUREMENT
The most significant accounting policies adopted in the
preparation of the financial statements as at and for the year
ended 31 December 2011, in compliance with article 2426 of
the Civil Code, were as follows:
FIXED ASSETS
INTANGIBLE ASSETS
Charges with long-term utility
These are recorded at cost, and amortized systematically
over their estimated useful lives. The amortization period has
been agreed with the Board of Auditors.
Assets on loan or licensed to the Foundation
The costs for renovations and restorations of assets loaned
or licensed to the Foundation for its use is amortized over the
term of the relevant contracts. For assets in respect of which
contributions had been received, the contributions are
recognised in a Provision for Risks called the “Provision for
Contributions to Specific Assets on Loan or Licensed”, and
the amortisation not recognised in the Income Statement, as
the relevant amounts are taken directly from the Provision for
Risks.
TANGIBLE ASSETS
Institutional Land, Buildings and Furnishings
These are recorded at cost, which included restorations,
improvements and additions, whether carried out by the
Foundation or by third parties, in accordance with the tests
indicated by article 2426 of the Civil Code. Specific
contributions received are recognized in the Provision for
Specific Contributions, an item under Equity. Land, buildings
and furnishings received by way of donation are recognised
at the time of the donation’s acceptance at the nominal sum
of € 1, for which there is an offsetting item in the Reserve for
Operating Activities. Maintenance and repair expenses that
do not entail increases in equity are recognised directly in the
Financial Statements –Operating Section for the year.
Non-Institutional Land and Buildings
This item included non-institutional land and buildings
received by way of donation, which are recognised at
their cadastral value, plus any expenditure incurred
for improvements. Their measurement is in any event
prudentially held below the appraised value. Since these are
civil land and buildings, they are not subject to depreciation.
Plant and Machinery, Equipment, Photo Library,
Motor Vehicles, Furniture and Office Equipment
These assets are recorded at their purchase cost, in
accordance with the tests indicated in article 2426 of the
Civil Code.
These assets are depreciated on a straight-line basis, at rates
considered representative of their useful lives. Where assets
are covered by the Provision for Specific Contributions for
Tangible Assets, their depreciation is not charged to the
Income Statement, but deducted from the
Provision and passed to Accumulated Depreciation, as a
reduction to the asset’s residual value. Donations in kind
have no impact upon the Financial Statements – Operating
Section, nor do they increase the assets, but are instead
recognised as Equity in the Financial Statements – Operating
Section.
FINANCIAL INVESTMENTS
Participations in Subsidiaries
These are [initially] recognised at their purchase cost. That
cost is adjusted for impairment losses, if the subsidiaries
have incurred losses and future profits are not expected to
be sufficient to absorb the losses incurred; and the original
value is reinstated in subsequent years if the grounds of the
writedown no longer applies.
CURRENT ASSETS
CLOSING INVENTORIES
Inventories are valued at the lower of their cost and their
market value.
The cost determination is made at the most recent purchase
cost, since, inter alia, stock is made up of many items of low
unit value, with reorders taking place when stock levels are
close to depleted. That cost is adjusted by an obsolescence
provision which reflects impairment losses on slow-moving
inventory codes.
RECEIVABLES
Receivables are measured at their estimated realizable
value. The nominal value of the receivables is adjusted to
their estimated realizable value by a provision, the amount of
which is recognized in the Financial Statements – Operating
Section, under the Provision for Losses on Receivables.
SECURITIES
These are measured at the lower of their purchase cost and
their market value, determined on the basis of their official
average prices for the week prior to the balance sheet date.
The purchase cost, in the case of securities received by way
of donation, corresponds to the market value on the day on
which the Foundation becomes the owner.
CASH AND CASH EQUIVALENTS
This item includes the value of bank and postal deposits and
cash on hand at the end of the year.
DEFERRED INCOME AND CHARGES
Deferred income and charges were recognised by agreement
with the Board of Auditors, and are established on an accrual
basis.
CAPITAL FUNDS
ENDOWMENT FUND
This represents the initial equity contributed by the founders
and for use in pursuing the objects of the Foundation by
the Board of Directors. The equity also provides assurance
to third parties who enter into a relationship with the
Foundation. For these reasons, the equity is strictly bound to
the institutional purposes of the Foundation, and may not be
disposed with in any way except with the prior authorisation
of the Board of Directors.
RESERVE FOR OPERATING ACTIVITIES
This reserve represents the amount allocated as a reserve
that may be used to meet any deficits in any particular year
without drawing upon the Endowment Fund. This provision
increases and decreases with the surplus or deficit in each
financial year.
RECAPITALISATION RESERVE
Within this reserve are recognized contributions paid by the
“I 200 del FAI”, for the recapitalization of the Foundation’s
Endowment Fund and for use in financial investments for
the achievement of the objects set out in the Foundation’s
by-laws.
RESERVE FOR SPECIFIC CONTRIBUTIONS
This represents all of the specific contributions received for
renovations and investments, which, once made, are
recognized among the Fixed Assets.
PROVISIONS FOR CONTINGENCIES
AND OTHER LIABILITIES
Provisions for contingencies and other liabilities are set
aside to cover losses or liabilities that are either certain or
probable, but whose amount or date cannot be determined
as at the balance sheet date. Provisions reflect the best
estimate based on the
information available. The Reserve for Specific Contributions
for Assets on Loan or Licensed also includes contributions
received in return for action we have undertaken, but
which cannot be included in Equity as they relate to assets
not owned by the Foundation. The Reserve for Specific
Contributions for Tangible Assets includes contributions
received to cover the purchase of assets subject to
depreciation. Both reserves will decrease in direct proportion
with the depreciation of the assets in question. Restricted
Reserves include contributions received or receivable in
respect of action we have yet to undertake, which are then
released to the income statement gradually as the work takes
place.
EMPLOYMENT SEVERANCE INDEMNITY FUND
The severance indemnity fund covers sums due in respect of
commitments accrued at the end of the year to employees,
pursuant to relevant statute, employment contracts and any
business-wide agreements. This liability is subject to indexed
revaluation. It should be noted that following the entry into
force of Law 296 of 27 December 2006, and of the later
regulatory and implementing decrees, which have together
reformed the current system of severance pay, employees
were asked to make a decision as to how the severance
pay accruing on or after 1 January 2007 would be applied.
Consequently, the severance pay accrued up to 31 December
2006 has been set aside within the company, and amounts
accruing thereafter is paid periodically into the INPS treasury
fund, or to complementary pension funds.
Accordingly, the fund corresponds to the total indemnities
due to employees at the date of the balance sheet, net of:
• liquidations in the year, following termination of
employment relationships;
• advance payments;
• the INPS Guarantee Fund (0.50 per cent. of taxable
monthly pay), a statutory requirement borne by
employees’ severance funds; and
• such amounts as are paid to the INPS treasury fund or to
complementary pension funds.
It consequently comprises the amount that would have been
payable to employees in the event that their employment
relationships ended on that date.
LIABILITIES
These are recognised at their nominal value.
MEMORANDUM ACCOUNTS
Commitments are recognised at their contract value, while
guarantees are indicated on the basis of the risk outstanding
as at the balance sheet date.
INCOME AND EXPENSE
These are recognized and accounted on an accruals basis.
Beginning with the 2010 financial statements, it was thought
clearer for the Financial Statements – Operating Section
to break operations into different areas, distinguishing:
Operating Activities, which represents core operations;
Financial Operations, in which income and expenses arising
from the management of securities and bank deposits are
76 Annual Report 2011 Annual Report 2011 77

Notes to the financial statements
Structure and content
recognized; Extraordinary Items; and Management of the
Foundation’s Properties.
In particular, the latter includes:
• charges relating to the restoration of properties that at
year-end are recognised as increasing fixed assets;
• contributions made for specific purposes such as
purchases, renovations and investments, which at
year-end are recognised as increasing the various
Reserves for Specific
• Contributions; and contributions to recapitalisation,
which at year-end are recognised as increasing its
Recapitalization Reserve.
Since such items are thus recognised among appropriate
items on the balance sheet, the impact upon the operating
result is nil.
TAXES
Taxes are allocated on the basis of a forecast of the tax
charge for the year, with reference to the legislation in force
and any applicable exemptions.
OTHER INFORMATION
Adjustment of items related to prior years
To ensure consistency of classification and greater
transparency, some changes have been made to the
classification of items previously used in the financial
statements as at and for the year ended 31 December
2010, but those reclassifications have not altered the
amounts of Equity, or the result for that financial year. These
reclassifications involved the items, Rent Payments, and
Miscellaneous Operating Charges and Expenses, with the
finance lease rentals (in the amount of € 47,983) for the
purchase of the kitchens of Villa Panza reclassified from
inclusion among the latter, to inclusion among the former.
COMMENTARY ON THE PRINCIPAL
ITEMS OF THE FINANCIAL
STATEMENTS AS AT AND FOR THE
YEAR ENDED 31 DECEMBER 2011
The financial statements as at and for the year ended 31
December 2011 showed a deficit for the year of
€ 442,871, after depreciation, amortisation and the making
of appropriate provisions.
BALANCE SHEET
ASSETS
INTANGIBLE ASSETS
Charges with long-term utility
This item decreased in 2011 by € 6,634. That net decrease
was the result in part of increases resulting from:
Work on FAI website 37,560
Membership database 3,600
Software licences 8,136
Software inventories 17,570
Network applications 7,910
New FAI branding 10,618
Total 85,394
and in part of reductions for amortisation of € 92,028, of
which € 66,828 in the financial year. The total value is net of
amortisation, as follows:
Implementation of Extranet 8,045
Direct Channel 1,440
Connection Software Inventory/Accts. 1,753
Software for Management Committees 1,901
Operations of FAI Regional Offices 3,888
Membership database 3,368
Work on FAI website 41,593
Attendance Management Software 3,516
Inventory software 14,056
Network applications 8,992
Software licences 83,313
FAI branding 18,843
Balance as at 31 December 2011 190,708
Charges with long-term utility are amortised at 20% with the
exception of the membership database, order management
software, the FAI website, to which a rate of 33.33 per cent.
is applied.
Assets on loan or licensed
Increases in 2011 amounted to € 5,850, and related to:
Giardino della Kolymbetra, Agrigento 1,911
Negozio Olivetti, Venice 3,939
Total 5,850
Amortisation for the year amounted to € 576,428, and has
been recognised in the Financial Statements – Operating
Section, in the amount of € 8,850, and to Use of Specific
Contributions, in the amount of € 567,578.
The assets on loan or licensed are as follows:
CHURCH OF MANTA – expires 30 December 2033
Gross value of investments
as at 31 December 2011 796,201
Gross value, Amortisation Reserve (253,091)
Balance (net amount) to 31 December 2011 543,110
PARCO VILLA GREGORIANA – expires 30 April 2029
Gross value of investments
as at 31 December 2011 4,778,958
Gross value, Amortisation Reserve (3,268,440)
Balance (net amount) at 31 December 2011 1,510,518
GIARDINO DELLA KOLYMBETRA, Agrigento – expires 11 October 2024
Gross value of investments
as at 31 December 2011 458,735
Gross value, Amortisation Reserve (182,998)
Balance (net amount) at 31 December 2011 275,737
BATTERIE TALMONE – expires 30/6/2027
Gross value of investments,
as at 31 December 2010 717,183
Eliminations, by way of completed amortisation (52,455)
Gross value, Amortisation Reserve (113,506)
Balance (net amount) at 31 December 2011 551,222
NEGOZIO OLIVETTI – expires annually (automatic renewal)
Gross value of investments,
at 31 December 2011 3,940
Gross value, Amortisation Reserve (1,969)
Balance (net amount) at 31 December 2011 1,970
CASTEL GRUMELLO – expires 2011
Gross value of investments,
at 31 December 2010 61,913
Eliminations, by way of completed amortisation (61,913)
Gross value, Amortisation Reserve (0)
Balance (net amount) at 31 December 2011 0
The specific contributions received were recognised in
a special Provision for Risks, the Reserve for Specific
Contributions for Assets on Loan or Licensed. That reserve
decreases in relation to the amortization amounts as they
accrue, and is matched by an adjustment on the liabilities side,
Use of Specific Contributions.
The final net value thus amounted to € 2,882,557.
Improvements are amortized over the term of the contract.
TANGIBLE ASSETS
Institutional land and buildings - (Schedule A)
The value of land and buildings amounted to € 73,136,681
as at the balance sheet reference date, an increase over the
previous year of € 7,563,927.
Of these increases for renovation and capital expenditure,
work to a value of € 169,042 was carried out from donations,
€ 3,313,501 out of the Foundation’s own resources, and €
4,081,384, from deployment of the relevant contributions.
The increases related to the following assets:
Castello di Avio 23,090
Villa Balbianello 442,488
Villa Panza 232,775
Casa Carbone 3,189
Casa Pirovano 149,316
Villa Della Porta Bozzolo 434,841
Castello della Manta 167,546
Castello di Masino 530,637
San Fruttuoso 208,719
Bosco di San Francesco 2,873,448
Teatrino di Vetriano 5,542
Ospedaletti 580
Monastero di Torba 180,404
Palazzo e Torre Campatelli 53,332
Villa Necchi Campiglio 124,289
Villa dei Vescovi 1,946,561
Total 7,376,757
Additionally, land was acquired, and work carried out, in
locations in:
Levanto 18,128
Total 18,128
Donations of new assets:
Villa Fogazzaro Roi – Oria (Como) 1
Torre di Ossuccio – Ossuccio (Como) 70,070
Alpeggio Alpi Orobie – Sondrio 98,970
Barca Velarca 1
Total 169,042
As already reported in the discussion on accounting
policies, land, buildings and furnishings were measured at
cost. Since, in most cases, these are assets with particular
characteristics, for practical purposes it was not possible to
determine their market value.
Non-institutional land and buildings
This item amounted to € 3,480,224, with a net increase of €
254,951 compared to 2010, due to the following increases in
the form of donations and works performed:
Villa Flecchia – Magnano 300,485
Total 300,485
increases in the form of works performed:
Bassano del Grappa 64,000
Cà Mocenigo 2,025
Total 66,025
There was also a decrease as a result of the sale of the
apartment in Lavagna, for € 66,822.
As at the balance sheet’s reference date, this item comprised
the following:
Cremona – Galli 265,388
Corvara 937
Rome 152,273
Vasto 32,448
Monte Carlo 253,627
Paris 763,595
Venice 77,025
Lavagna/Chiavari 206,608
Sanremo 587,738
Bassano del Grappa 723,018
Borgosesia 114,124
Villa Flecchia 300,485
Terreno Deiva Marina 2,958
Total 3,480,224
Plant and machinery
There were acquisitions of € 9,198 in total in 2011, for the
following assets:
Castello di Avio 1,320
Casa Carbone 3,570
78 Annual Report 2011 Annual Report 2011 79

Notes to the financial statements
Structure and content
Villa Della Porta Bozzolo 1,403
Villa Balbianello 2,497
Villa Panza 408
Total 9,198
There were decreases and/or disposals of € 2,989 during
the year, and thus at the balance sheet reference date, net of
depreciation, this item amounted to € 142,562. Depreciation
for the year amounted to € 37,651, and has been charged to
the Financial Statements – Operating Section in the amount
of € 32,722, and to the Reserve for Contributions to Specific
Tangible Assets, in the amount of € 4,929.
Equipment
There were acquisitions of € 32,576 in total in 2011, for the
following assets:
Castello della Manta 325
Abbazia di San Fruttuoso 1,255
Villa Balbianello 780
Castello di Masino 4,817
Villa Panza 180
Giardino della Kolymbetra, Agrigento 6,000
Villa Necchi Campiglio 6,552
Villa dei Vescovi 8,645
Negozio Olivetti 1,830
Cà Mocenigo 1,848
Offices in Milan 344
Total 32,576
There were decreases and/or disposals of € 15,554 during
the year, and thus at the balance sheet reference date, net of
depreciation, this item amounted to € 70,713.
Depreciation for the year amounted to € 36,490, and has
been charged to the Financial Statements – Operating
Section in the amount of € 28,568, and to the Reserve for
Contributions to Specific Tangible Assets, in the amount of €
7,922.
Photo library and photographic equipment
Acquisitions amounted to € 1,198 in 2011.
After charging depreciation for the year of € 160 to the
Financial Statements – Operating Section, this item
amounted to € 1,301 as at the balance sheet reference date.
Motor vehicles
The depreciation charge of € 676 was charged entirely to the
Financial Statements – Operating Section, in its full amount.
Accordingly this item amounted to € 338 as at the balance
sheet reference date.
Furniture and office furnishings
There were acquisitions of € 47,670 in total in 2011, for the
following assets:
Castello di Masino 2,904
Castello della Manta 452
Cà Mocenigo 10,918
Villa Della Porta Bozzolo 2,511
Negozo Olivetti 19,003
Villa Panza 653
Bosco di San Francesco 191
Villa dei Vescovi 10,480
Offices in Milan 558
Total 47,670
There were decreases and/or disposals of € 8,072 over the
course of the year, and thus at the balance sheet reference
date, net of depreciation, this item amounted to € 123,236.
Depreciation for the year amounted to € 18,215, of which
€ 18,205 was charged to the Financial Statements –
Operating Section and € 10 to the Reserve for Contributions
to Specific Tangible Assets.
Office equipment
There were acquisitions of € 93,860 in total in 2011, for the
following acquisitions:
Offices in Milan 53,432
Regional Offices 1,041
Villa Panza di Biumo 457
Castello di Avio 996
Castello della Manta 212
Abbazia di San Fruttuoso 1,810
Villa Della Porta Bozzolo 1,464
Giardino della Kolymbetra, Agrigento 251
Villa Necchi Campiglio 1,110
Villa dei Vescovi 16,833
Bosco di San Francesco 11,932
Negozio Olivetti 4,322
Total 93,860
There were decreases and/or disposals of € 52,569 over the
course of the year, and thus at the balance sheet reference
date, net of depreciation, this item amounted to € 172,882.
Depreciation for the year amounted to € 61,298, and has
been charged to the Financial Statements – Operating
Section in the amount of € 60,448, and to the Reserve for
Specific Contributions, in the amount of € 850.
All assets that are fully depreciated are measured at a value
of € 1. Depreciation is calculated on the basis of rates
considered representative of the possibility of further useful
life. The rates applied are as follows:
Plant and machinery 12%
Equipment 25%
Photo library and camera equipment 18%
Motor vehicles 20%
Furniture and office furnishings 10%
Office equipment 18%
FINANCIAL INVESTMENTS
Equity participations
The investment in the property firm La Fonte (in liquidation),
in an amount of € 1, was reduced to zero during 2011,
following the company’s liquidation.
Amounts receivable from subsidiaries
The amount of € 181,842 has been netted against the
appropriate liability reserve following liquidation of the
property firm La Fonte.
CURRENT ASSETS
CLOSING BALANCE
This mainly relates to various books and other items at the
shops within the Foundation’s Properties. As at the balance
sheet reference date, they amounted to € 158,488, an
increase of € 8,705 compared to the same date in 2010.
The book value is in any event less than the estimated
realizable value, and takes into consideration a partial
writedown, to € 35,676, of those inventory items identified as
slow-moving.
RECEIVABLES
The amount of receivables as at the balance sheet
reference date was lower than on the same date in 2010,
by € 88,943.
The most significant changes comprised:
Receivables from customers 226,014
Sundry receivables 43,574
Specific contributions (resolved upon) (380,912)
This item amounted to € 6,942,386, and comprised:
Amounts due from customers 1,101,161
Reserve for writedowns of receivables (85,000)
Non-performing receivables 41,160
Prepaid expenses 17,236
Tax receivables 46,971
Guarantee deposits 38,698
Reserve for writedowns Guarantee deposits (22,803)
Receivables from tenants 91,211
Receivables from credit cards and postal accounts 68,603
Operating contributions (resolved upon) 716,022
Specific contributions (resolved upon) 4,287,440
Sundry receivables 641,687
Total 6,942,386
The allowance for doubtful accounts decreased as follows:
As at 1 January 2011 118,612
Use in current year (68,938)
Provision made in current year 35,326
Total 85,000
The decision was made in the preparation of these financial
statements to write off the deposit made in relation to the
rent of the Milan office, because, as stated in the Report on
Operations, the Board has decided to transfer the operational
headquarters from Viale Coni Zugna 5/a to Via Carlo Foldi 2,
and instructed the General Manager to reach an arrangement
with the offices’ owners. Operating and specific contributions
(resolved) regard certain payments that are to be received in
subsequent years. That part of receivables that do not relate
to the current year is matched in part by entries among the
liabilities, under the Restricted Reserves. The item Sundry
receivables comprised the following:
Advances to Suppliers 64,509
Concert tickets awaiting receipt of funds 29,410
Recharges to be made 1,424
Contributions to be received 491,234
Sundry receivables 6,365
Insurance payments receivable 48,745
Total 641,687
The item Contributions to be received comprised € 238,063
receivable from the mobile and fixed telephony operators,
in relation to the SMS fundraising campaign carried out
in October; and € 12,471 receivable from private firms
and individuals in relation to that same campaign; and
the remaining € 105,515 consisted of various accrued
contributions that were received in early 2011.
SECURITIES
These amounted to € 11,269,379, a net increase over the
previous year, with € 466,592 arising out of the investment
of the donation that accompanied Villa Flecchia, of €
1,500,000; and divestments to meet liquidity needs. They
comprised € 6,534,574 from alienable and € 1,047,630 from
inalienable assets, the latter being bonds serving as collateral
for bank guarantees, and additionally Generali shares to
a value of € 3,687,185, part of the Boso Roi gift restricted
by testamentary provisions and currently the subject of
negotiations with the executor, with the Foundation seeking
to convert the shares into bonds or similar securities.
Securities were measured at the lower of their purchase price
and their market price as at the balance sheet reference
date, with the exception of inalienable securities serving as
collateral, whose value corresponded to that at which they
were previously measured.
CASH AND CASH EQUIVALENTS
These amounts decreased by € 240,617 from the previous
year. This item comprised as follows:
Bank and postal deposits 222,224
Cash on hand 65,487
The Cash Flow Statement (Schedule B) summarizes the cash
flow in the year (both in relation to the securities concerned,
and their alienability).
PREPAYMENTS AND ACCRUED INCOME
The amount of € 247,144 comprised:
Interest on securities, 2011 70,076
2011 membership fees, for receipt in 2012 20,000
Cost of goods and services, accruing in 2012 157,068
Total 247,144
BALANCE SHEET – LIABILITIES
Equity - (Schedule C)
Equity increased by € 6,256,993, as follows:
Recapitalisation contributions 747,688
Specific contributions 4,081,384
Donations 1,969,043
80 Annual Report 2011 Annual Report 2011 81

Notes to the financial statements
Structure and content
Transfers to other reserves (98,251)
Loss for the year (442,871)
Total 6,256,993
Equity, amounting to € 79,016,709, comprised the following
items:
EQUITY FUNDS
INITIAL EQUITY AND RESERVES
ENDOWMENT FUND
This amounted to € 258,228, being the amount of the
founders’ initial contributions.
RESERVE FOR OPERATING ACTIVITIES
This amounted to € 14,648,920, an increase of € 975,151
compared to the same date in 2010, as a result of the net
effect of the deficit for the previous year of € 993,892, and of
donations of both assets and money of € 1,969,043.
DEFICIT FOR THE YEAR
This amounted to € 442,871.
OTHER EQUITY FUNDS
RECAPITALISATION RESERVE
This amounted to € 13,624,272, with an increase in the
contributions collected in 2011 that amounted to € 747,688.
RESERVE FOR SPECIFIC CONTRIBUTIONS
The Fund increased by € 4,081,385 due to the release of
funds used to cover restorations carried out in the course
of the year, and decreased by € 98,251 as a result of a
reclassification of an item to the Provisions for Contributions
Specific to Assets on Loan or Licensed, and as at the
reference date, amounted to € 50,928,160. Details may be
found in Schedule A of the Financial Statements.
PROVISIONS FOR CONTINGENCIES AND
OTHER LIABILITIES
ALLOWANCES FOR LOSSES ON SUBSIDIARIES
The amount of € 181,842 was applied to write off receivables
no longer recoverable, following liquidation of the property
firm La Fonte.
RESERVE FOR SPECIFIC CONTRIBUTIONS FOR ASSETS
UNDER LOAN OR CONCESSION
This reserve increased by € 98,251 as a result of the
reclassification of the Reserve for Specific Contributions,
and decreased by € 567,578 as a result of amortisation not
charged to the Financial Statements – Operating Section. The
total amount was thus € 2,814,814, comprised as follows:
CHURCH OF MANTA – expires 30 December 2033
Gross value, Reserve at 31 December 2011 721,013
Released from fund, as at 31 December 2011 (227,605)
Balance (net amount) at 31 December 2011 493,408
PARCO VILLA GREGORIANA – expires 30 April 2029
Gross value, Reserve at 31 December 2011 4,756,755
Released from fund, as at 31 December 2011 (3,259,559)
Balance (net amount) at 31 December 2011 1,497,196
GIARDINO DELLA KOLYMBETRA – expires 11 October 2024
Gross value, Reserve at 31 December 2011 456,823
Released from fund, as at 31 December 2011 (182,862)
Balance (net amount) at 31 December 2011 273,961
BATTERIE TALMONE – expires 30/6/2027
Gross value, Reserve at 31 December 2010 716,120
Eliminations, by way of completed
amortisation (52,454)
Released from reserve,
as at 31 December 2011 (113,407)
Balance (net amount) at 31 December 2011 550,249
CASTEL GRUMELLO – expires 2011
Gross value, Investments,
at 31 December 2010 59,273
Eliminations, by way of completed
amortisation (59,273)
Gross value, Amortisation Reserve (0)
Balance (net amount) at 31 December 2011 0
RESERVE FOR CONTRIBUTIONS SPECIFIC TO TANGIBLE
ASSETS
This fund decreased as a result of depreciation not charged
to the Financial Statements – Operating Section in the
amount of € 38,911, thus reaching a total of € 118,968,
comprised as follows:
Castello di Avio 868
Castello della Manta 1,105
Villa Della Porta Bozzolo 3,349
Villa Balbianello 888
Castello di Masino 4,478
Villa Panza 2,108
Teatrino di Vetriano 4,435
Villa Necchi Campiglio 4,386
Parco Villa Gregoriana 761
Bosco di San Francesco 20,989
Offices in Milan 75,600
Total 118,968
RESTRICTED RESERVES
This fund has increased as a result of contributions received
or pledged, in the amount of € 2,021,118, and decreased
by € 4,346,757 following release to the income statement.
Accordingly, as at 31 December 2011, the reserve had a total
value of € 3,443,959, comprised as follows:
Restorations, as set out in Schedule A,
Financial Statements 1,758,525
Kolymbetra Gardens 5,500
Malvezzi legacy 25,000
Future initiatives 437,500
Recipients, Luoghi del Cuore 1,217,434
Total 3,443,959
EMPLOYMENT SEVERANCE INDEMNITY FUND
As at 31 December 2011, this amounted to € 875,629, a
decrease compared to the previous year of € 59,820, derived
primarily from the allocation of the adjustment for the year,
of € 36,172, net of sums paid pursuant to terminations and
advances, of € 95,992.
LIABILITIES – SHORT-TERM
The amount of liabilities as at the balance sheet reference
date increased over the same date in 2011, by € 3,949,802.
The most significant changes comprised:
Increase in payables to suppliers 1,398,178
Decrease in sundry payables (242,310)
Increase in payables to banks 2,544,520
This item amounted to € 10,716,347, and comprised:
Amounts payable to banks 4,584,207
Amounts payable to suppliers 4,595,272
Amounts payable to social security institutions 402,590
Tax liabilities 354,462
Guarantee deposits 50,764
Amounts payable to employees 513,732
Sundry liabilities 142,969
Short-term instalments on loans 72,351
Total 10,716,347
The item, liabilities to employees, comprises the 14th
instalment of pay, and liabilities for bonuses, holidays, leave
and former public holidays, accrued as at 31 December 2011
and not yet enjoyed.
The item Sundry payables comprised the following:
Banking charges on securities management 49,810
FAI Committees 17,589
Liabilities to third parties for employee withholdings 3,059
Fourth quarter payment to pension funds 26,271
Out-of-pocket expenses pending payment 17,110
Refuse collection charges outstanding 14,367
Other sundry payables 14,763
Total 142,969
LIABILITIES – LONG-TERM
This item represented the debts owed to the Region of
Lombardy under ten and twenty-year interest-free loans
obtained for the restoration of Villa Panza and Villa
Necchi Campiglio, and to Finlombarda for work to Villa del
Balbianello, comprised as follows:
Lombardy Social Infrastructure Fund, Villa Della Porta
Bozzolo – matures 30 June 2011 885,310
Balance as at 31 December 2010 88,531
Repayments 2011 (88,531)
Balance as at 31 December 2011 0
Lombardy Social Infrastructure Fund,
Villa Panza di Biumo – matures 30 June 2023 1,172,357
Balance as at 31 December 2010 762,032
Repayments 2011 (58,617)
Balance as at 31 December 2011 703,415
Lombardy Social Infrastructure Fund,
Villa Necchi Campiglio – matures 30/6/2027 274,646
Balance as at 31 December 2010 233,449
Repayments 2011 (13,732)
Balance as at 31 December 2011 219,717
Finlombarda loan 123,788
Balance as at 31 December 2010 0
Repayments 2011 0
Balance as at 31 December 2011 123,788
Reclassification of short-term debt (72,351)
Total 974,568
ACCRUED LIABILITIES AND DEFERRED
INCOME
Insurance policies 10,553
Prepaid membership fees 1,064,462
Contributions, 2012 accruals 59,000
Rentals 2011 5,801
2011 items, sundry clients 5,500
Total 1,145,316
MEMORANDUM ACCOUNTS
Guarantees provided by third parties:
Unicredit Banca – Finlombarda 165,000
Unicredit Banca – Region of Lombardy
(Lombardy Social Infrastructure Fund II) 703,416
Unicredit Banca – Region of Lombardy
Lombardy Social Infrastructure Fund, Villa Necchi) 260,914
Banca Pop. Bergamo, Cred. Varesino – Poste Italiane 2,324
Unicredit Bank – Aspem (gas Biumo) 7,127
Unicredit Bank – Aspem (gas Biumo) 11,568
Unicredit Banca – Ministry of Environment 14,400
Total Guarantees 1,164,750
FINANCIAL STATEMENTS
OPERATING SECTION
OPERATING INCOME
MEMBERSHIP FEES
Membership fees accrued over the year amounted to €
2,381,846, an increase of € 237,215 compared to 2010.
Fees from renewals amounted to € 1,615,265, and from new
members, € 766,581.
82 Annual Report 2011 Annual Report 2011 83

Notes to the financial statements
Structure and content
CONTRIBUTIONS AND SPONSORSHIPS
These amounted to € 7,084,428, an increase of 305,885 over
2010, and regarded the following activities:
State contribution pursuant to Law 400/2000 118,573
Cultural events, the “I 200 del FAI” and FAI Viaggi
346,605 History of Art courses 171,201
FAI Spring Open Day 972,730
Other national events 99,988
Luoghi del Cuore 267,001
Corporate Golden Donor Project 775,200
Support – Concerts 456,512
Support – Properties 483,592
FAI Golf Cup 80,857
SMS Campaign 613,887
Emeritus members and Supporters 299,725
Education and School Visits 153,889
Congress of Delegates 102,902
Donations and Bequests 95,036
Other private donations 54,632
Events at Properties 655,102
General Institutional Activities 1,336,996
Total 7,084,428
ELECTIVE CONTRIBUTIONS OUT OF INCOME TAXES
(CINQUE PER MILLE)
These amounted to € 599,103 and were applied as follows:
Financial Year 2009
Amount received € 599,103
1. Human resources 0
2. Operating costs
Maintenance of buildings, furnishings, plant and
vehicles € 329,956
Water, heating, electricity € 267,839
3. Purchases of goods and services
Stationery and printing € 1,308
4. Disbursements for institutional purposes 0
5. Other items of expenditure related to the achievement
of the Foundation’s objectives 0
Total expenditure € 599,103
ADMISSION TICKETS
Receipts from admission tickets amounted to € 2,061,516,
an increase compared to 2010 of € 241,434, and were as
follows:
Property Total Diff. prev.year
Castello di Avio 80,329 10,702
Villa Balbianello 361,660 76,138
Villa Panza 148,492 (15,445)
Casa Carbone 7,421 979
Villa Della Porta Bozzolo 86,901 (336)
Giardino della Kolymbetra 66,735 (1,188)
Baia di Ieranto 500 252
Castello della Manta 118,939 (3,410)
Castello di Masino 374,367 26,669
Abbazia di San Fruttuoso 211,383 44,347
Monastero di Torba 52,842 5,923
Teatrino di Vetriano 1,130 130
Parco Villa Gregoriana 172,391 1,215
Villa Necchi Campiglio 182,014 (10,473)
Corporate ticket sales 22,002 (67,080)
Other initiatives 1,096 (304)
Villa dei Vescovi 134,269 134,269
Negozio Olivetti 39,045 39,045
Total 2,061,516 241,434
LEASES FOR USE
These amounted to € 937,095, an increase of € 96,972 over
the previous year. They relate to income received for use
of Properties open to the public, and of exhibition areas at
events, divided on the following goods:
Monastero di Torba 656
Castello della Manta 5,598
Abbazia di San Fruttuoso 8,200
Casa Carbone 250
Villa Della Porta Bozzolo 22,220
Villa Balbianello 239,946
Castello di Masino 99,492
Villa Panza 56,300
Giardino della Kolymbetra 1,445
Villa Necchi Campiglio 488,555
Parco Villa Gregoriana 3,283
Villa dei Vescovi 10,150
Barberia, Genoa 1,000
Total 937,095
RENTAL INCOME
This regarded leases of apartments and shops of noninstitutional
properties, and amounted to amounted to
€ 410,359, a decrease compared to 2010 of € 1,815.
MISCELLANEOUS
Miscellaneous items of income amounted to € 69,214,
and related primarily to:
Insurance payments 20,275
Recovery of sundry expenses 6,468
Recovery of consumption 29,778
Reimbursement of conference expenses 12,693
Total 69,214
INTERIOR WORK
This amounted to € 120,193, a decrease of € 34,086 compared
to 2010. It represented the cost of personnel employed in
restoration work that is capitalized among the fixed assets.
MISCELLANEOUS APPEALS
These amounted to € 791,634, an increase of € 291,441
compared to 2010, and was the result of targeted fundraising
campaigns, as follows:
Property adoptions 193,664
Room adoptions 320,774
Terra di Francesco 119,161
FAI Friends 14,757
Wedding gifts to guests 17,561
Terzo Paradiso 39,000
Villa dei Vescovi 22,616
Cinque per mille income tax appeal 17,587
SMS appeal 40,574
Other initiatives 5,940
Total 791,634
OPERATING EXPENSES
ROUTINE MAINTENANCE
These expenses amounted to € 464,856, a decrease of
€ 52,609 [compared to 2010], and comprised:
Motor vehicles 12,547
Gardens 135,573
Plant and machinery 159,772
Office equipment 9,031
Premises 75,009
Mechanical transport and equipment 8,274
Purchase of smaller items of equipment
and consumables 64,650
Total 464,856
The most significant decrease was in maintenance to
Premises, which returned to normal after the extraordinary
costs incurred in the previous year.
WATER, HEATING, ELECTRICITY
This item amounted to € 404,869, an increase of € 6,440,
and comprised:
Water 15,137
Heating 126,622
Electricity 263,110
Total 404,869
The most significant increase was in Electricity, with the
opening of new properties.
TELEPHONY
This item amounted to € 181,626, a decrease of € 24,321
that was mainly due to changes in the charges related to
mobile telephony.
POSTAL AND DELIVERY
These expenses amounted to € 541,669, an increase of €
9,657 compared to 2010.
MARKETING AND ADVERTISING
This amounted to € 1,190,074, a decrease of € 49,269
compared to 2010 and regarded the following areas:
Concerts and Special Events 25,186
Corporate Golden Donor 22,253
Institutional communications 105,271
Openings 56,913
Giornata FAI di Primavera 147,566
Events at Properties 114,714
Education and School Visits 27,152
Management of Properties 74,128
Private Fundraising 435,827
FAI Golf Cup 17,008
Congress of Delegates 23,894
Other initiatives 140,167
Total 1,190,074
EXTERNAL ADVISORS
These costs amounted to € 1,113,499, an increase of €
242,489 over 2010, of which increase only € 137,077 related
to plans and maps within the Properties. Overall, the costs
comprised the following:
Software consulting 189,802
Recruitment and personnel management 57,491
Administrative and tax 53,587
Legal and notaries 112,801
Plans and maps at Properties 451,252
Other occasional assistance 102,148
Technical 41,541
Other professional advisors 104,877
Total 1,113,499
THIRD-PARTY SERVICES AND EVENTS
These expenses amounted to € 1,449,094, and related to:
Return of contributions to Committees 70,388
Events at Properties 287,830
Third-party management of Properties 197,765
Concerts and Special Events 404,664
Education and School Visits 9,334
Giornata FAI di Primavera 15,367
Luoghi del Cuore and national initiatives 58,122
Cultural events and trips 23,240
Congress of Delegates 137,463
Research department initiatives 53,852
HR department initiatives 30,293
Openings 46,215
Various initiatives, other departments 114,561
Total 1,449,094
RENTAL OUTGOINGS, LICENCES, AND EXPENSES
These amounted to € 333,840, and comprised the following:
Milan office 222,117
Rome office 3,837
Regional Offices 22,396
Minor properties 8,764
Total rentals and expenses 257,114
Licences, Park, Villa Gregoriana 6,748
Total, Concession fees 6,748
Printers, Milan office 16,768
Kitchens, Villa Panza 53,209
Total, finance lease payments 69,977
In particular, with reference to the finance lease regarding
Villa Panza, note that finance leases are represented in
the accounts in accordance with the equity method, which
means only those fees that are contractually established
as costs for the year are recognised. Pursuant to part 22 of
84 Annual Report 2011 Annual Report 2011 85

Notes to the financial statements
Structure and content
Article 2427 of the Civil Code, the following information is
provided:
Historical cost of assets subject to finance
leases, at end of period 236,791
Accumulated depreciation at end of period (42,622)
Liabilities to other lenders (148,344)
Reversal of deferred amounts of lump-sum
payment (18,066)
Total gross effect on equity 27,759
Financial expenses for the year (5,6565)
Theoretical amortisation (28,415)
Finance lease payments deducted in the year 53,209
Gross effect on income for the year 19,138
Tax effect (6,009)
Net effect on result for the year 13,129
In order to hedge the risk of fluctuations in the interest rate
applicable to the finance lease, an interest rate cap was
entered into as a hedge, with the intention of holding such
fluctuations within a ceiling at 3 per cent.
STATIONERY AND PRINTING
These expenses amounted to € 142,593, a decrease of €
67,860.
OTHER OPERATING EXPENSES
Other operating expenses amounted to € 1,268,131, an
increase of € 121,251 [over 2010], and comprised the
following:
Administrative operating costs 364,215
Ordinary operating expenses 833,796
Charges for taxes and other duties 88,120
Total 1,268,131
Administrative Operating costs primarily comprised Insurance
Premiums, of € 186,439; bank charges on our bank accounts
of € 79,248; and € 48,571 for participation in courses.
Ordinary operating expenses primarily comprised personnel
and advisors’ travel expenses, of € 435,667; cleaning
expenses, of € 109,008; security services of € 125,277; and
the costs of audioguides, entertainment expenses, and fuel
costs. Charges for taxes and other duties regarded stamp
duty, registration duty, council taxes, securities taxes, and
other local taxes.
PERSONNEL
In 2011, personnel costs amounted to € 7,669,150, inclusive
of entitlements accrued as at 31 December 2011, an increase
of € 843,411 compared to 2010, including € 129,953 for
individual settlements with employees.
Beginning in 2011, this item includes the staff employed
under other types of contract, as follows:
Employees 5,947,050
Associates 1,156,501
Professional advisors 565,599
Total 7,669,150
The following table shows the average number of employees
during the year, by location and contractual classification.
Milan and Rome offices At Properties, and regional offices Total
2010 2011 2010 2011 2010 2011
Executive employees 4 4 4 4
Office staff 58 60 56 51 114 111
Temporary staff 0 6 15 20 15 26
Total 62 70 71 71 133 141
DEPRECIATION AND AMORTISATION
Depreciation and amortization amounted to € 216,459, and
comprised the following:
Intangible assets:
Costs with long-term utility 66,829
Assets on loan or under licence 8,850
Tangible fixed assets
Plant and machinery 32,722
Sundry equipment 28,568
Photo library and camera equipment 160
Motor vehicles 676
Furniture and office furnishings 18,206
Office equipment 60,448
Total 216,459
RESERVES FOR LOSSES ON RECEIVABLES
The provision of € 35,326 was made in order to adjust the
reserve to reflect receivables that at present are considered
difficult to collect.
INVENTORIES
INCOME AND CONSUMPTION BY WAY OF SALES
In 2011, there was a profit on sales of € 154,870, a decrease
of € 30,218 compared with the previous year. Detail is
provided in the following table. Sales to third parties of:
Books and sundry items 431,297
Purchases from third parties (285,132)
Change in inventories 8,705
Inventory obsolescence 0
Consumption of stock (276,427)
Margin 154,870
FINANCIAL OPERATIONS
2011 showed an operating profit of € 122,459, an increase of
€ 7,163 compared with the previous year. The Generali shares
paid higher dividends than in 2010, offsetting an increased
use of bank lending.
SECURITIES
• Interest on [debt] securities 150,717
• Dividends on shares 103,892
• Gains on sales of securities in the year,
as a result of sales made at prices higher
than book prices 26,286
• Losses on sales of securities in the year,
as a result of sales made at prices lower
than book prices (0)
• Adjustment to allowance for excess of
cost for marketable securities (69,077)
Total 250,937
INTEREST AND ALLOWANCES
Interest on bank accounts (128,002)
Other interest (566)
Discounts and allowances 90
Total (128,478)
EXTRAORDINARY OPERATIONS
EXTRAORDINARY INCOME (EXPENSES)
These amounted to a net positive balance of € 28,191, and
comprised:
Sale of property in Lavagna 113,178
Sale of land and building in Borgosesia 5,262
Sale of depreciated assets 1,500
Winding-up of la Fonte S.a.s. 16,628
Clients, prior years 10,875
Sums previously set aside for suppliers’ invoices
not received 33,043
Holiday periods for previous years, recovered 38,966
Insurance payments, prior years 10,279
Suppliers’ invoices, prior years (79,963)
Incorrect provision for rental fees (21,424)
Incorrect provision for receivables (30,000)
Revocation of contributions (15,000)
Writedown of Milan guarantee (22,803)
Refuse, council tax, registration taxes, prior years (9,264)
Other extraordinary income and expenses (28,086)
Total 28,191
MANAGEMENT OF THE PROPERTIES
ORDINARY COSTS OF THE PROPERTIES
RESTORATION AND RENOVATION WORK RECOGNISED
AMONG FIXED ASSETS
This amounted to € 8,654,556 and related to the value
of restoration and renovation work, and extraordinary
maintenance, performed on Foundation-owned property and
on property owned by others, as follows:
Restoration of Foundation-owned properties 5,173,495
Extraordinary maintenance on
Foundation-owned properties 2,287,900
Total, Works recognised as assets 7,461,395
Purchase of fixed assets 1,124,348
Work on third-party property 68,813
Total, work fully covered 1,193,161
ORDINARY INCOME OF THE PROPERTIES
Specific contributions
These amounted to € 5,274,546, and covered work that
accrued in the year, on the following:
Restoration of Foundation-owned properties 2,730,074
Extraordinary maintenance on
Foundation-owned properties 1,351,311
Total, Provisions for Specific Contributions 4,081,385
Covering fixed assets 1,124,348
Covering work on third-party property 68,813
Total covering works 1,193,161
It should be noted that accordingly € 3,380,010 was borne
by FAI.
EQUITY INCOME AND EXPENSE
These represent the income and expense for which there is
largely a balancing item among the items of Equity to offset
the result of Core Operations, as follows:
PROPERTY VALUE ADJUSTMENTS
These amounted to € 7,461,395 and increased the value of
property.
ALLOCATIONS TO SPECIFIC CONTRIBUTIONS
These amounted to € 4,081,385, and increased the Provision
for Specific Contributions which is included among the
Foundation’s Equity.
OTHER INCOME RECOGNISED IN EQUITY
RECAPITALISATION CONTRIBUTIONS
These amounted to € 747,688, an increase over the previous
year.
RESTRICTED GIFTS
These amounted to € 1,500,000, and regarded the donation
that accompanied the non-institutional asset, Villa Flecchia in
Magnano.
ALLOCATION TO RECAPITALISATION FUND
This amounted to € 747,688, a figure that increased the
Recapitalization Fund included in Equity.
ALLOCATIONS, RESTRICTED DONATIONS
This amounted to € 1,500,000, a figure that increased the
Reserve for Operating Activities that is included in Equity.
TAXES FOR THE YEAR
Taxes for the year amounted to € 192,594, and related to
accrued corporation tax in an amount of € 32,764, and
accrued production tax (IRAP) in an amount of € 159,830.
DEFICIT FOR THE YEAR
The deficit for the year amounted to € (442,871).
on behalf of the Board of Directors - Chair
Ilaria Carla Anna Borletti Dell’Acqua
86 Annual Report 2011 Annual Report 2011 87

Schedule A
Work carried out on properties owned by the Foundation
Provisions for specific contributions – As at 31 December 2011
TITLE TYPE DATE OF ACQUISITION LAND BUILDINGS AND FURNISHINGS TOTAL, INVESTMENTS
MADE
PROVISION FOR
SPECIFIC
CONTRIBUTIONS
TOTAL REMAINING BORNE
BY FAI
Castello di Avio, Sabbionara d’Avio, TN Ist. 27/01/88 2,336,064 2,336,064 1,500,805 835,259 259,889
Villa del Balbianello, Lenno, CO Ist. 31/10/88 14,073 3,007,592 3,021,665 2,668,622 353,043 33,528
Villa Panza, Varese Ist. 05/12/99 7,918,498 7,918,498 4,870,331 3,048,167 104,675
Villa Della Porta Bozzolo, Casalzuigno, VA Ist. 12/09/89 7,099,678 7,099,678 3,799,412 3,300,266 43,131
Castel Grumello, Montagna, SO Ist. 09/10/90 710,265 710,265 701,023 9,242
Baia di Ieranto, Massa Lubrense, NA Ist. 13/03/87 866,873 866,873 650,075 216,798
Castello della Manta, Manta, CN Ist. 12/11/85 4,705,874 4,705,874 3,003,423 1,702,451 178,039
Castello di Masino, Caravino, TO Ist. 27/09/88 15,499,219 15,499,219 12,421,103 3,078,116 145,326
Abbazia di San Fruttuoso, Camogli, GE Ist. 15/11/89 4,824,829 4,824,829 3,561,526 1,263,303 103,446
Monastero di Torba, Gornate Olona, VA Ist. 18/01/77 1,352,732 1,352,732 964,962 387,770
Casa Carbone, Lavagna, GE Ist. 1,046,315 1,046,315 242,394 803,921 4,000
Teatrino di Vetriano, Vetriano di Pescaglia, LU Ist. 06/03/00 462,460 462,460 384,523 77,937
Villa Necchi Campiglio, Milano Ist. 28/12/01 8,995,786 8,995,786 6,910,048 2,085,738
Villa dei Vescovi, Luvigliano, PD Ist. 8,342,175 8,342,175 5,432,154 2,910,021
Torre S.Michele di Punta Pagana, Rapallo, GE Ist. 155,750 155,750 131,936 23,814
Edicola storica, Mantova Ist. 10,869 10,869 9,976 893
Negozio storico di barbiere, Genova Ist. 07/02/92 57,136 57,136 52,429 4,707
Torre di Velate, Varese Ist. 173,865 173,865 172,031 1,834
Palazzo Noha, Matera Ist. 23/06/04 23,347 23,347 12,000 11,347 252,000
Mulino di Baresi, Roncobello, BG Ist. 14/07/05 220,033 220,033 188,000 32,033
Bosco di San Francesco - Assisi (PG) Ist. 4,170,519 4,170,519 3,139,409 1,031,110
Palazzo Campatelli, San Gimignano, SI Ist. 14/07/05 180,128 180,128 85,728 94,400 614,491
Torre Ossuccio, Ossuccio (CO) Ist. 70,070 70,070 70,070 20,000
Velarca, (CO) Ist. 1 1 1
Alpeggio Alpi Orobie (SO) Ist. 98,970 98,970 98,970
Villa Fogazzaro, Valsolda, CO Ist. 04/02/10 1 1 1
Villa San Luca, Ospedaletti, IM (bare ownership) Ist. 32.547 32,547 32,547
Villa S. Francesco, Varese (bare ownership) Ist. 18/04/01 5.142 5,142 5,142
Villa Pirovano, Como Ist. 09/04/01 474.782 474,782 474,782
Building, Gubbio, PG Ist. 12/07/00 182,889 182,889 182,889
Terrains, Island of Capraia, LI Ist. 15/03/78 594 594 594
Maso Fratton-Valaia, Spormaggiore, TN Ist. 06/05/93 27,411 27,411 25,823 1,588
Terrains Brignola, Camogli, GE Ist. 28/02/86 13,336 13,336 13,336
Terrains Casana, Camogli, GE Ist. 05/04/04 2,262 2,262 2,262
Terrains Oliva, Camogli, GE Ist. 03/10/01 1,837 1,837 1,837
Terrains Salvucci, Camogli, GE Ist. 10/07/89 1,230 1,230 427 803
Terrain, Island of Levanzo, TP Ist. 1 1 1
Terrain, Isola di Panarea, ME Ist. 1,375 1,375 1,375
Terrain, Island of Ponza, LT Ist. 1 1 1
Terrain, S.Giovanni a Piro, SA Ist. 1,168 1,168 1,168
Terrain, Levanto, SP Ist. 26/03/09 48,984 48,984 48,984
112,272 73,024,409 73,136,681 50,928,160 22,039,479 1,758,525
RESTRICTED FUNDS
(AVAILABLE FOR FURTHER WORK)
88 Annual Report 2011 Annual Report 2011 89

Schedule A
Work carried out on properties owned by the Foundation
Provisions for specific contributions – As at 31 December 2011
TITLE TYPE DATE OF ACQUISITION LAND BUILDINGS AND FURNISHINGS TOTAL, INVESTMENTS
MADE
PROVISION FOR
SPECIFIC
CONTRIBUTIONS
Apartment, Pars (bare ownership) Non Ist. 763,595 763,595 763,595
Apartment, Montecarlo (bare ownership) Non Ist. 253,627 253,627 253,627
Cà Mocenigo, Venice (bare ownership) Non Ist. 77,026 77,026 77,026
Apartment, Rome Non Ist. 152,272 152,272 152,272
Villa Flecchia, Magnano (BI) Non Ist. 300,485 300,485 300,485
Timeshare, Corvara, BZ Non Ist. 937 937 937
5 Apartments, Cremona Non Ist. 265,388 265,388 265,388
2 Apartments, Chiavari, GE Non Ist. 206,608 206,608 206,608
Terrain, Deiva Marina, GE Ist. 26/03/09 2,958 2,958 2,958
Building Dal Fabbro, Bassano del Grappa, VI Non Ist. 20/05/05 723,018 723,018 723,018
3 Cottages, Borgosesia, VC Non Ist. 15/09/05 114,124 114,124 114,124
Historical room, Vasto, CH Non Ist. 32,448 32,448 32,448
6 Apartments, Sanremo, IM Non Ist. 15/10/97 587,738 587,738 587,738
2,958 3,477,266 3,480,224 0 3,480,224
TOTAL REMAINING
BORNE BY FAI
115,230 76,501,675 76,616,905 50,928,160 25,519,703 1,758,525
RESTRICTED FUNDS
(AVAILABLE FOR FURTHER WORK)
90 Annual Report 2011 Annual Report 2011 91

Schedule B
Statement of Cash Flows
Schedule C
Statement of Changes in Equity in 2011
CASH FLOW 2011 2010
A. LIQUIDITY GENERATED (ABSORBED) BY OPERATING ACTIVITIES
- Operating deficit (401) (1,106)
- Changes in working capital (698) 269
- Recapitalisation contributions 748 714
- Legacies 1,969 0
- Taxes (193) (175)
- Change in employee severance fund (59) (100)
NET CASH FLOW FROM OPERATING ACTIVITIES 1,366 (398)
B. LIQUIDITY GENERATED (ABSORBED) BY INVESTMENT ACTIVITIES
Institutional assets
- Restorations of foundation-owned properties (7,564) (4,434)
- Contributions specific to foundation-owned properties 3,983 2,754
Non-Institutional assets
- Restorations of foundation-owned properties (255) (10)
- Contributions specific to foundation-owned properties 0 0
Intangible assets
- Increases (85) (189)
- Depreciation and amortisation 92 79
- Contributions specific to intangible assets 126
- Amortisation of contributions specific to intangible assets (25) (25)
Assets on loan or licensed
- Increases (6) (23)
- Depreciation and amortisation 576 580
- Contributions specific to assets on loan 99 (5)
- Amortisation of contributions specific to assets on loan (568) (573)
Capital equipment
- Increases (184) (184)
- Depreciation and amortisation 154 142
- Contributions specific to capital equipment 74
- Depreciation of contributions to capital equipment (15) (17)
NET CASH FLOW FROM INVESTMENT ACTIVITIES (3,798) (1,705)
C. LIQUIDITY GENERATED (ABSORBED) BY FINANCIAL ACTIVITIES
- Financial income 123 115
- Repayments of frisl loans (37) (162)
NET CASH FLOW FROM FINANCIAL ACTIVITIES 86 (47)
D. LIQUIDITY GENERATED (ABSORBED) BY NONRECURRING EVENTS
- Provisions for risks
- Reallocated to income statement 0 145
- Other extraordinary charges 28 27
NET CASH FLOW FROM NON-RECURRING EVENTS 28 172
TOTAL NET CASH FLOW (2,318) (1,978)
Securities and cash, opening balance 9,292 11,270
Securities and cash, closining balance 6,974 9,292
Liquidity generated (absorbed) (2,318) (1,978)
Changes Operating profit and reserves Inalienable amounts Total
Endowment Fund
Reserve for
Operating Activities
Recapitalisation
Reserve
Contributions by
Constituents
Reserves
Surplus /
Deficit for the
year
Conferiment
“I 200 del FAI”
Provision for
Specific
Contributions
Sums collected
and/or promised
Used to meet costs of Restorations
carried out
Balance as at 1 January 258,228 13,673,769 (993,892) 12,876,584 46,945,027 72,759,716
2011
Allocation of deficit from
(993,892) 993,892 -
2010
Deficit for 2011 (442,871) (442,871)
Change for the year 1,969,043 (98,251) 1,870,792
Contributions accrued 747,688 4,081,384 4,829,072
Balances as at
31 December 2011
258,228 14,648,920 (442,871) 13,624,272 50,928,160 79,016,709
Data-processing policy – updated pursuant to Article 45 of the Italian Legislative Decree issued on February 9, 2012
(which revoked Point 26 of Appendix B of Italian Legislative Decree 196/2003).
Notice is hereby given that the Data Controller, also in relation to the tax year to which this balance sheet applies, has drafted the updated version of the Data
Security Policy (hereafter DSP) and has therefore verified the updated compliance with the requirements prescribed by the aforementioned legislation.
In this regard, please note that, – although the current regulation (following the entry into force of Article 45 of Italian Legislative Decree No. 5 of 9 February 2012)
has formally abrogated the obligation to maintain and update the DSP and the reference to it in the report accompanying the balance sheet – the Data Controller
considered it in any case appropriate to update the DSP for 2011 by the deadline of 31 March 2012, identifying the data-processing operations conducted, the
resources who are required to comply with the security measures, the risks and the prescriptions (security-related organisational measures, physical measures,
system measures). The updated version of the DSP is filed at the Data Controller’s office
92 Annual Report 2011 Annual Report 2011 93

A heartfelt thanks to all those who supported our work in 2011
“I 200 del FAI”
Friends of FAI
Corporate Golden Donors
Supporters
FAI Members
FAI Supporter Schools
FAI Delegations
FAI Volunteers
“Amici del FAI” Association
And also
A2A
Aboca
Accor Hospitality Italia
Agema Corporation
Agriventure
Ales Groupe Italia
Alleanza Toro
Allianz
Andreas Stihl
Professor Avvocato Franco Anelli
Arcus
Arjowiggins
Artemide
Assicurazioni Generali
Associazione delle Fondazioni delle Casse
di Risparmio Piemontesi
Associazione Industriali di Reggio Emilia
Astaldi
Banca Carige
Banca d’Italia
Banca Mediolanum
Banca Popolare dell’Emilia Romagna
BPM - Banca Popolare di Milano
Banca Popolare di Verona, S. Geminiano e
S. Prospero
Banca Popolare di Vicenza
Banca Popolare Verona
Banco Popolare
Notaio Sergio Barenghi
Bartolini BRT Corriere Espresso
Beniamino Belluz
BMW Italia
BNL - Gruppo BNP Paribas
Borsa Italiana
Roberto Borsetti
Bridgestone Italia
C.C.I.A.A. di Padova
C.C.I.A.A. di Torino
Cassa di Risparmio di Lucca Pisa Livorno
Cassa di Risparmio di Venezia
Giovanni Cataldi
Centro Servizi Culturali S. Chiara
Famiglia Colizzi
Avvocato Sergio Colombo
Compagnia di San Paolo
Comune di Camogli
Comune di Cuneo
Comune di Grosio
Comune di Imperia
Comune di Milano, Settore Sport
e Tempo Libero
Comune di Padova
Comune di Rovereto
Comune di Tivoli
Comune di Trento
Comune di Varese
Comunità Montana dei Monti Martani,
Serano e Subasio
Consorzio Grana Padano
Consulenza D’arte Milano
Sharleen Cooper Cohen
Costa Crociere
Danese
De Agostini
Deutsche Bank
DOVE
Emerson Network Power
Enel
Energia Plus Roma
Eni
Ente Cassa di Risparmio di Firenze
Expo 2015
Ferrarelle
Ferrero
Fiat
Marcella Fichera
Fininvest
Finiper
Fiordaliso - Marco Brunelli e Gruppo
Rinascente
Fnac Italia
Fondation Segré
Fondazione Antonveneta
Fondazione ASM
Fondazione Berti per l’Arte e la Scienza
Fondazione CAB
Fondazione CARIPLO
Fondazione Cariverona
Fondazione Cassa di Riparmio in Bologna
Fondazione Cassa di Risparmio di
Alessandria
Fondazione Cassa di Risparmio di Asti
Fondazione Cassa di Risparmio di Biella
Fondazione Cassa di Risparmio di Bolzano
Fondazione Cassa di Risparmio di Bra
Fondazione Cassa di Risparmio di Carpi
Fondazione Cassa di Risparmio di Cuneo
Fondazione Cassa di Risparmio di
Fossano
Fondazione Cassa di Risparmio di Gorizia
Fondazione Cassa di Risparmio di Imola
Fondazione Cassa di Risparmio di Padova
e Rovigo
Fondazione Cassa di Risparmio di Perugia
Fondazione Cassa di Risparmio di Prato
Fondazione Cassa di Risparmio di Saluzzo
Fondazione Cassa di Risparmio di
Savigliano
Fondazione Cassa di Risparmio di Terni e
Narni
Fondazione Cassa di Risparmio di Tortona
Fondazione Cassa di Risparmio di Trento
Fondazione Cassa di Risparmio di Trento
e Rovereto
Fondazione Cassa di Risparmio di Vercelli
Fondazione Cassa di Risparmio di Verona,
Vicenza Belluno e Ancona
Fondazione Cassa di Risparmio di Reggio
Emilia Pietro Manodori
Fondazione CRT
Fondazione Rocca
Fondazione Telecom Italia
Fondazione Zegna
Franco Cosimo Panini Editore
Franca Fustinoni
Famiglia di Bettina Gabetti
Galassia
Gant
Andreina e Tommaso Giulini
Granarolo
Gruppo Gabrielli
Sam Havadtoy
Hermès
I.C. Bellagio
Ikea Italia
Il Ponte Casa d’Aste
Intesa Sanpaolo
IULM
JT International Italia
Kit Kat
Krizia
La Sicilia
Laboratorio Morseletto
Laboratorio Museotecnico Goppion
Notaio Enrico Lainati
Leroy Merlin Italia
Levocell
Lisa
L’Oréal
L’Unione Sarda
Maire Tecnimont
Maria Manetti Farrow
Mantua Surgelati
Mapei
Martini Costruzioni
Avvocato Stefano Mazzi
Mediaset
Mediobanca
Ministero dell’Ambiente e della Tutela del
Territorio e del Mare
Ministero delle Politiche Agricole e
Forestali
Ministero dell’Economia e delle Finanze
Ministero per i Beni e le Attività Culturali
Ministero per i Beni e le attività culturali -
Direzione Regionale per i Beni Culturali e
Paesaggistici del Lazio
Ottavio e Rosita Missoni
Moncada Energy Group
Mondadori Electa
Peter e Merle Mullin
NCTM Studio Legale Associato
Anthony e Ruthann Niosi
Olivetti
Luisa Pacchioni Viterbi
Paolonia Immobiliare
Pastificio Rana
Lee Pearce
Paolo Pejrone
Filippo Perego di Cremnago
Pernod Ricard
Piaggio
Cristiano Pieri
Pirelli & C.
Michelangelo Pistoletto
Pomara Scibetta & Partners
Poste Italiane
Prelios
Presidenza del Consiglio dei Ministri -
Unità Tecnica di Missione
Provincia Autonoma di Bolzano
Provincia Autonoma di Trento
Provincia di Bari
Provincia di Brescia
Provincia di Como
Provincia di Padova
Provincia di Prato
Provincia di Roma
Provincia di Sondrio
Provincia di Terni
Provincia di Torino
Provincia di Varese
Gianluigi e Claudia Quentin
Alex Quentin
Sergio Quentin
Reale Mutua Assicurazione
Regione Basilicata
Regione Campania
Regione del Veneto - Lavori Pubblici
Regione del Veneto - Territorio, Cultura e
Affari Generali
Regione Emilia Romagna
Regione Lazio - Cultura Spettacolo Sport
Regione Liguria
Regione Lombardia - Cultura
Regione Lombardia - Industria,
Artigianato, Edilizia e Cooperazione
Regione Marche
Regione Molise
Regione Piemonte - Cultura, Patrimonio
Linguistico e Politiche Giovanili
Regione Umbria
Rehau
Robert Bosch
Roomor
Vittorio Pardo Roques
Royal Canin
Rubelli
Salvatore Ferragamo
Same Deutz Fahr
Sanbittèr Emozioni di Frutta
Clara Vittoria Schiavina
Rockwell e Marna Schnabel
SDA Bocconi School of Management
Serate Musicali
Skira Editore
SM.MA.Q.G. di Magionami A. & C.
SMEG
SNAM Rete Gas
Mario Spada
Start People
Studio Legale DLA Piper
Tecnothon
Tellus
Tigros
Toffoletto Studio Legale
Twin Set
UBI Banca
Unes
Unione Europea - PORL FESR 2007/2013
Regione Umbria
Università degli Studi di Milano
Utet
Viabizzuno
Vimar
Webert
Wind Telecomunicazioni
World Monuments Fund
Anna Zuffa Cassoli
94 Annual Report 2011 Annual Report 2011 95

Supplement to No. 125 of “Il Notiziario del FAI” (The FAI Newsletter) – December 2012
Periodical of FAI/Registered Headquarters: Via Carlo Foldi n. 2 - 20135 Milan, Italy
Management and Operations: La Cavallerizza - Via Carlo Foldi, 2 - 20135 Milan, Italy - tel. 0039 02 4676151
Registered at the Court of Milan on 9.8.1980 No. 314
Printed by C&P Adver Effigi snc
Director: Simonetta Biagioni
96 Annual Report 2011

Cover: FAI - Bosco di San Francesco, Assisi (Perugia). Photo: A. Angelucci
www.fondoambiente.it
Supplement to No. 125 of “Il Notiziario del FAI” (The FAI Newsletter) – December 2012