Administration of Project FundsSt David's Marist Old Boys' Association
The St David’s Marist Foundation (a registered Trust (IT4826/06) and PBO (No: 930023385) administers all funds and donations received towards the Maristonian Project and the Old Boys’ Bursary Fund. Donors to the Foundation receive a Section 18a Tax Certificate which qualifies them for a tax rebate from SARS of up to 10% of their taxable income per year.
Deductions of Donations
A taxpayer making a bona fide donation in cash or in kind to the St David’s Foundation (an organisation approved in terms section 18A of the Income Tax Act, 58 of 1962) is entitled to a deduction from his/her taxable income of the amount donated. The St David’s Marist Foundation will issue the donor with a receipt entitling him/her to claim the donated amount as a deduction.
Prior to 1 March 2014 the amount of the donation was limited to ten percent of the donor’s taxable income. However, with effect from 1 March 2014 donations in excess of 10 per cent will no longer be fully lost as a deduction. Instead, the excess will be rolled over and allowed as a deductible deduction in the subsequent year of assessment (subject to the 10 per cent rule). If any excess remains, the excess can be further rolled over again.
The St David’s Marist Foundation is a Trust (Reg No: IT4826/06) governed by a Board of Trustees and is a registered Public Benefit Organisation (PBO) (PBO No: 930023385). The Foundation enjoys the full support of the St David’s community and is structured in terms of good governance principles and practices:
Independent – The Foundation is a Trust governed by a Board of Trustees, independent of the College’s governing body, whose sole responsibility is to raise and manage donations for the good of the College.
The Foundation is appropriately staffed and, in consultation with the College, identifies, prioritises, selects and oversees the programmes and projects funded by it. The Foundation is geared to meet the needs of its donors and has many different programmes through which donors can contribute
The Foundation provides full and transparent reporting on all its activities.
The Foundation conforms with the requirements of both a Public Benefit Organisation and a Non-Profit Organisation which ensures that it is tax-friendly to donors and receives the lowest rate of taxation in terms of the concessions afforded to Public Benefit Organisations.