To investigate the interdependencies existing among deontic positions (like powers and obligations) and the ontology defined by an institution, we have proposed to model institutions in terms of status functions imposed on agents and defined as aggregates of deontic positions. In this paper we present a metamodel of institutional reality which introduces a set of concepts necessary to describe an institution and their intended meaning. A main advantage of our approach resides in the fact that institutions modelled in terms of such concepts can be verified by applying model checking techniques. In particular, in our framework it is possible to state and verify a set of properties stemming from our metamodel to enhance the development of sound institutions.