MAXIMISING YOUR SOCIO-ECONOMIC DEVELOPMENT (SED) POINTS THIS “MANDELA MONTH”?

“Mandela Day is an important day in South Africa, but it’s not a national holiday. If anything, it’s a national ‘work harder’ day, where people are encouraged to take a burden from others and do something that stretches them away from their normal daily duties.

The idea of Mandela Day was inspired by Nelson Mandela at his 90th birthday celebrations in London’s Hyde Park in 2008 when he said: "It is time for new hands to lift the burdens. It is in your hands now." The United Nations officially declared 18 July as Nelson Mandela International Day in November 2009, recognising Mandela’s "values and his dedication to the service of humanity" and acknowledging his contribution "to the struggle for democracy internationally and the promotion of a culture of peace throughout the world".


No matter how small your action, MANDELA DAY is about changing the world for the better!


SO WHY NOT MAXIMISE YOUR SOCIO-ECONOMIC DEVELOPMENT (SED) POINTS THIS MONTH?


What is the goal of SED contributions?

The goal of SED contributions is to promote sustainable access to South Africa’s economy for those who have been disadvantaged. This is in terms of BEE Codes of Good Practice. Beneficiaries are the historically and currently economically marginalised. SED aims to rectify this. Not just with the short term in view, but into perpetuity.


“If you give a man a fish, you feed him for a day. If you teach a man to fish, you feed him for a lifetime.” Unknown


What type of contributions will count as SED?

SED contributions can be in the following forms:

· Grant Contributions

· Offering Discounts

· Covering overheads or direct costs

· Providing professional services at no cost

· Providing professional services at a discount rate


How does a Generic Entity or QSE claim its (SED) BEE points?

To claim points under this element the beneficiary must provide the entity with a letter acknowledging receipt of the contribution, declaring that the beneficiaries are at least 75% black as defined by the Codes of Good Practice and that the full contribution was allocated to these black beneficiaries. All contributions need to be proved by providing the proof of payment and an article 18A receipt.


Lastly, a competent third party must also provide confirmation of the percentage of black beneficiaries who benefited from the contribution. The third-party confirmation can be provided by, for instance, the auditor of the organisation.

17 views0 comments

Recent Posts

See All