PHILANTHROPY/CORPORATE SOCIAL RESPONSIBILITY AND INVESTMENT
Whether an individual or a corporate, in the words of Andrew Carnegie – “It’s more difficult to give money away intelligently than it is to earn it in the first place“.
Like any other investor, philanthropic donors want to see a “return on investment” . We want to assure you – the potential investor and partner – that your investment will be managed and used efficiently and effectively and overseen personally.
We are small and we are hands-on … we personally identify our candidates and beneficiaries, we personally visit the community centres and leaders. This is our life and our passion … your money does not disappear into the proverbial black hole – we actively manage every aspect of our endeavours and will report back to you regularly on the impact of your contribution.
The King IV Report on Corporate Governance highlights that organisations are an integral part of society – they have corporate citizenship status. This status confers rights, obligations and responsibilities on the organisation towards society and the natural environment on which society depends.
The Companies Act also envisages the company as having obligations to society. For example, it states in section 7 that the purposes of the Act include to “promote compliance with the Bill of Rights as provided for in the Constitution” and it “reaffirms the concept of the company as a means of achieving economic and social benefits”.
TAX DEDUCTIBLE DONATIONS
The South African government has recognised that certain organisations are dependent upon the generosity of the public and, to encourage that generosity, it has provided a tax deduction for certain donations made by taxpayers for certain public benefit endeavours.
A taxpayer making a bona fide donation to a section 18A-approved organisation, is entitled to a deduction from taxable income if the donation is supported by the necessary section 18A receipt issued by the organisation.
The ability to issue tax deductible receipts/certificates is dependent on section 18A approval granted by the Tax Exemption Unit and is restricted to approved organisations which use the donations to fund specific approved Public Benefit Activities.
The Weaver Foundation is approved to issue these certificates. Leverage off this incentive by making a positive impact while saving on your tax bill!!
BROAD-BASED BLACK ECONOMIC EMPOWERMENT:
South Africa is one of the most unequal countries in the world. We have one of the highest per-capita expenditure Gini coefficient in the world of 0,65 (measured in 2015).
The stated fundamental objective of the government’s BBBEE programme is to advance economic transformation and enhance the economic participation of black people in the South African economy.
The BBBEE Act and the Codes promulgated pursuant to it do not impose legal obligations on firms to comply with specific targets. The Codes merely provide a methodology for measuring a firm’s BBBEE rating. However, a firm’s BBBEE status is an important factor affecting its ability to successfully tender for government and public entity tenders and, sometimes, to obtain licences. Private sector clients also increasingly require their suppliers to have a minimum BBBEE rating in order to
boost their own BBBEE ratings. BBBEE is a crucial aspect for consideration by any entity conducting business in South Africa.
BBBEE is accordingly an important factor to be taken into account by any firm (whether foreign or local) conducting business in South Africa.
There are five primary elements to the BBBEE Scorecard – Ownership; Management Control; Skills Development; Enterprise and Supplier Development and Socio-economic Development.
The Weaver Foundation’s current focus incorporates the Socio-economic Development element of the generic scorecard allowing us to offer you a maximum of 5 points towards your score (for an investment of 1% of net profit after tax).
Our goal is to formulate true partnerships with you so that we can mutually achieve our philanthropic goals and promote real progress in our country!
