The Theodore Puskas Foundation (PTA) was established in December 1992. The Founders were the Government of Hungary and several respectful institutions of science and business. The co-founders defined the following prime objectives for the non-profit organization: introduction and dissemination of advanced technology, vigorous development of activities related to technology transfer, and the introduction of the best Hungarian technologies on the international market. In December 2003 as stipulated by Section 74/G (3) of the Civil Code the Government of the Republic of Hungary, in cooperation with the co-founders, brought about the Theodore Puskas Foundation became a “public foundation” by Hungarian law. (A public foundation is entitled to carry out significant government financed projects under stringent regulations regarding transparency and strictly controlled finances.) The Government is represented by the Prime Minister's Office whose tasks involve the assessment of the annual reports of the Foundation and its reports on public use.
In line with Act CLVI of 1997 the Foundation functions as a public benefit organization. Its scope of activity includes: scientific activity; research; education and instruction; skills development; dissemination of knowledge; preservation of the cultural heritage, more specifically the preservation and maintenance of the prestige of Hungarian technical, scientific and cultural values; fostering Euro-Atlantic integration.
The law stipulates that a public foundation may engage in business activity exclusively with the purpose of furthering its objectives serving the interests of the public, furthermore, the public foundation shall not pay out the profits from its economic ventures but redirects these resources to facilitate the accomplishment of the aims defined in its Deed of Foundation.
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