Michael & Eleonore Stoffel formed their Foundation in 1992. The Foundation is charitable; its purpose is the promotion of arts in the meaning of Section 52, Article 2 No. 5 of the Fiscal Code of Germany. This purpose has to be accomplished by the following means:
"The Foundation fulfills its purpose as charitable foundation through the acquisition of contemporary art objects and by making these art objects constantly accessible to the public e.g. by way of charitable loan of these art objects to public museums."
Michael Stoffel was the foundation's first executive; he passed away in 2005. He was succeeded by Eleonore Stoffel until her passing away in 2007. The founders' extensive art collection was inherited by the Foundation.
The founders intended to preserve their art collection for the benefit of the public. The Foundation makes it possible to fulfill the founders' wishes and to continue to collect art in accordance with the founders' wishes.
Michael & Eleonore Stoffel Foundation implements the founders' wishes by closely cooperating with museums and similar institutions, notably the "Bayerische Staatsgemäldesammlungen" (Bavarian State Painting Collections) and the "Stiftung Skulpturenpark Köln" (Foundation Sculpture Park Cologne).
In its "Pinakothek der Moderne", the Bavarian State Painting Collections has become the home of a very significant part of the Stoffel Collection which has been given to the museum as an "eternal" loan.
The Foundation also works with other museums and similar institutions – for instance by loaning artworks – in order to fulfill its purpose as charitable foundation.