During the COVID crisis, 100% of funds received will be directed to our COVID-19 response projects. Once the crisis has abated, any residual funds will be used towards funding fellowships and seed funding to support innovations in South Africa. During this period, funds will be managed under the Wits Health Consortium (WHC) to ensure rapid scale-up and efficiencies. Donations requiring tax exemption will be received by the Wits Foundations
Once registered, all funding will be managed through our Foundational Trust, ensuring efficiency and transparency. Funds are distributed to appropriate, pre-vetted institutions for either scholarly, research or humanitarian projects in line with TEU guidelines. To ensure the longterm sustainability of the Foundation’s fellowship strategy, a portion of all donations are invested in an endowment fund, with strict parameters guiding the management and use thereof
All funds are received in Trust, 10% is retained towards our endowment fund and 5% towards the management of the Foundation itself. The remainder of your donation is directed towards recipient projects and or fellowships. In line with the TEU guidelines and our exemption, any funding not allocated to a specific project in a given year will remain in trust and be invested towards our endowment.
All financial reports will be published on our website to ensure full transparency for all donors, fundees and other interested stakeholders. Funded institutions will be required to undertake annual audits and provide the Foundation with a copy of findings. Tax mechanisms are in place for international donations.
All applications for funding will undergo a rigorous peer-review process to ensure a fair, equitable and transparent process is followed.
#BETHECHANGE #BEAHERO #AFRICANPOTENTIAL