Thuthuka Education Upliftment
Last Updated Wednesday, August 30, 2017 01:16:47 PM
The effective achievement of the overall transformation objectives for the profession can only be achieved through the consolidated efforts of all stakeholders, from firms to higher education institutes, to the students themselves and to SAICA.
To create a sufficient and sustainable base of appropriate and representative skills will take an enormous effort from all. While not exclusively the solution, large scale skills development initiatives are required to tackle the challenges at each level and between the levels of a candidate's progress. In order to drive this process and to manage and account for the external funding needed to initiate such large scale skills development programmes effectively, SAICA established two separate entities:
- The first is the controlled entity Thuthuka Education Upliftment Fund, established in 2002. In 2005, this company was granted Public Benefit Organisation status with a Section 18(A) tax exemption. TEUF is a non-profit company in terms of companies act 2008, regulated by a separate Board of Directors who oversees the governance of the donated funds and the running of this organisation. The board of the group assessed whether the Group has control over TEUF based on whether the Group has a practical ability to direct the relevant activities of TEUF unilaterally. In making it’s judgement , the Board considered the TEUF’s memorandum of Incorporation , the fact that SAICA appoints five of the eight members who serve on the TEUF Board and the fact that the project manager is a SAICA representative. Based on the contractual arrangements between the Group and TEUF, the Group has the power to appoint and remove the majority of the TEUF Board members.
- The second controlled entity is the Thuthuka Bursary Fund, a trust emanating out of the CAs Eden Trust, also registered with a Section 18(A) tax exemption and its own Board of Trustees. The Thuthuka Bursary fund is a controlled controlled entity event though it is a Trust regulated by its own Board. The Board of the Group has based its assessment of whether or not the Group has control over the TBF on whether the Group has the practical ability to direct the relevant activities of the TBF unilaterally. In making the judgement, the Board considered the Group’s dispersion of trustees and management by SAICA.