Il finanziamento degli enti del terzo settore

This article examines the financing system of Third Sector Entities (Enti del Terzo Settore, ETS) in Italy, highlighting the challenges and opportunities associated with both public support and private finance. The analysis focuses on the persistent tension between the need for public funding and institutional distrust toward non-profit actors, despite the recognition of their role in pursuing activities of general interest. The study explores the regulatory framework introduced by the Italian Third Sector Code, which establishes a structured system of incentives, public funding instruments, and tax benefits aimed at supporting ETS activities, while also revealing ongoing critical issues related to administrative complexity and conflicts of competence between the State and the Regions. Particular attention is devoted to the case of Fondazione Italia Sociale, conceived as an innovative financial intermediary for social entrepreneurship but ultimately dissolved due to structural weaknesses, limited private participation, and the impact of the COVID-19 pandemic. The article further analyzes the growing relevance of private financing channels, such as social bonds and solidarity-based financial instruments, assessing their potential to foster social impact and improve access to credit for third sector organizations. In conclusion, the paper argues that the current financing system, despite its shortcomings, marks a shift away from a concessional approach and strengthens the autonomy of the third sector. Overcoming regulatory rigidities and institutional prejudices toward public funding for ETS is essential to fully unlock the transformative potential of socially oriented private initiatives.