How the fund works

OUR OBJECTIVES

On a practical level, the fund seeks to provide full tuition and boarding for students who have been selected through an exhaustive interview process that involves meetings with multiple trustees and a thorough assessment of ability for leadership. Through donations and contribution, the fund seeks to fully fund a student from the time that they become a bursar through until completion of their high school education. Whilst the fund does seek to ensure that students are well looked after, through the provision of essential additional implements, as a fund, our mandate is to ensure that the cost of education and board are completely covered, such that a student’s schooling can be done in a manner that is well supported and undisturbed.

HOW THE FUND IS MANAGED

As it stands, all alumni that serve on the fund’s board contribute a set amount. This amount is deposited into an account that is managed by the fund, and used exclusively to service the educational needs of the students. Running costs for the administration of the fund are collected separately, thus all contributions are used solely for the learnership of current fund students.

The funds’ current monetary capital resides in a passively managed, interest bearing account. It is the intention of the fund to increase the accessible capital base to the point that there is a large enough amount of seed capital, that the fund, and thus the students it funds, are not susceptible to instability, in the case of fluctuating donation and contribution. 

In compliance with Section 18A of the Income Tax Act, as a Non Profit Company, the fund is managed by an elected board of directors, a portion of whom are responsible for the active management and administration of funds on a day to day basis. Again, in the interest of compliance and transparency, all information about the contributions made to the fund as well as how funds have been spent are readily available to potential donors.

SUPPLEMENTARY SPONSORSHIP

Over and above the base cost of student tuition and board, bursars occasionally require financial assistance for the additional costs that are attached to their ongoing education. This can include school uniforms, sporting implements, transportation costs, textbooks and learning implements amongst other things. Whilst the fund seeks to fund the tuition of students, by providing these implements, the barriers to learnership for students is lowered. The fund seeks to fundraise separately for these additional implements, with funds collected for supplementary sponsorship being actively demarcated for such, and are used for the sole purpose of the provision of these over-and-above implements on a needs-basis.