Light bulb moment #3: SARS returns and penalties – serious business!!
SARS returns and penalties – serious business!! Why must a public benefit organisation (“PBO”) approved for income tax exemption submit an annual income tax return (IT12EI) if it has no tax liability? The SARS response to this question is that “[t]he income tax return enables the Commissioner to assess whether the organisation approved as a […]
Light bulb moment #2: Risks related to electronic banking
Light bulb moment #2: Risks related to electronic banking This month we want to shine some light on the risks related to electronic banking. While not a new topic for us, we feel compelled to return to it as we are still reading reports and hearing news stories of non-profits that have lost hundreds of […]
Light bulb moment #1: The need for an Accounting Officer
Light bulb moment #1: What is the role of an Accounting Officer and should every NPO have one? Under the provisions of the Non-profit Organisations Act of 1997 (“NPO Act”), NPO’s that are registered with the Department of Social Development’s NPO Directorate are required to draw up annual financial statements which must include the written […]
Section18A Audit Certificate
Section18A Audit Certificate You will know that section 18A of the Income Tax Act (“the Act”) enables South African taxpayers to deduct, from their taxable income, donations made to an approved public benefit organisation (“approved PBO”), if that donation is supported by a receipt containing the details required by section 18A. You also know that […]
Funding – top 10 deadly sins!
Funding – the top ten deadly sins! In 30 years of working with donor-funded organisations, we have been witness to many practices and shortcomings in relation to funding that have had a negative effect on the organisation concerned. Based on these, we have compiled this list of the top ten “sins” that could shoot your […]
Important Changes & Reminder: UIF, Business Travel and COIDA Submission.
IMPORTANT CHANGES & REMINDER: UIF, BUSINESS TRAVEL REIMBURSEMENTS & COIDA SUBMISSION Foreign Nationals and UIF Does your organisation employ a foreign national? Our experience is that many nonprofit organisations do employ the services of foreign nationals, whether on fixed terms contracts, learnerships or for the duration of projects. Prior to March 2018, foreign nationals were […]
“Myths of financial management: We only need to fund the direct project costs…”
At Ziyo, we are delighted that Cathy and Paul have co-authored the book Practical Financial Management for Nonprofits, edited by Nicole Copley and published by Juta & Company (Pty) Ltd. It summarises many of Ziyo’ recommended practices, and even a quick dip into the book provides gems of insight. Over the next few weeks, we […]
The NPO regulatory framework in SA
Choppy Waters or Plain Sailing? For those embarking on their maiden voyage in the non-profit sector, and for seasoned sailors, the regulatory framework for nonprofit organisations can be intimidating and confusing. Our message, as consultants to the sector, is that there is no need to batten the hatches and put on life-vests. Yes, it can […]
NPO regulatory system
On Wednesday 11 May, the DPME shared the findings of an implementation evaluation of the NPO regulatory system at a dialogue meeting with a small group of NPO leaders in Cape Town. One of the striking findings was the multiple requirements for registrations and compliance particularly for NPO’s providing the social services to the most […]