Organisations making bursaries to black Kearsney scholars or past scholars can benefit under two areas of the BEE Codes of Good Practice:
- Skills Development:
The first area is under the Skills Development pillar of the BEE Scorecard.
- Organisations can count spend on bursaries for Grade 10,11 and 12 black* (*black defined as ‘African, Indian or Coloured South African citizens’) students towards their target of spending 3.5% of their gross annual payroll on training for black people. There are 6 points available under this formula.
- They can also count spend on bursaries for tertiary institutions such as University/ Tech etc for black Kearsney matriculants towards their target of spending 2.5% of their gross annual payroll on Bursaries for black Students at Higher Education Institutions. There are 4 points available under this formula.
- Socio-Economic Development:
The second area is under the Socio-Economic Development pillar of the BEE Scorecard.
- Organisations can count spend made on bursaries for African, Indian or Coloured students in any grade towards their annual target of spending 1% of their Net Profit After Tax on Socio-Economic Initiatives. There are 5 points available under this formula.
Organisations can make contributions to all three initiatives detailed above with more than one bursary contribution but the contributions cannot be double counted- i.e. the same contribution can’t be counted under both Skills Development and Socio-Economic Development pillars.
In any of these initiatives, Kearsney will be able to provide a Section 18A Certificate which means that the contribution will be tax deductible.