UYDF provides comprehensive financial support to all students
For rural students to succeed at university they need comprehensive financial support to cover their accommodation, food, books, and tuition expenses, as well as academic and social mentoring support to help them address the challenges they face and improve their chances of success.
For many years we bore the full cost of the comprehensive financial support provided to students. Fortunately, the National Student Financial Aid Scheme (NSFAS) now bears the majority of the student expenses and we provide top-up funding as well as cover the cost of the mentoring support. The top-up support covers any tuition shortfall, private student accommodation, a supplementary book allowance (NSFAS does provide an allowance), a monthly top-up food allowance (NSFAS pays the majority), payment for holiday work and any other incidental expenses such as equipment needed, transport costs, additional internet data etc.
In addition, all our students receive comprehensive academic and social mentoring support. The mentoring costs include the salaries of the Student Manager (currently vacant) and the Office Coordinator, as well as monthly stipends to the 12 local mentors, as well as the costs of the Lifeskills Workshops held during the year. As part of their mentoring support, all students are required to complete 4-weeks per annum of work exposure, at their local district hospital - we cover the costs thereof and pay them a stipend on completion of their work exposure. More recently costs of providing students with mental health support have been incurred. The mentoring support costs amount to 20% of the total organisational costs, and direct student expenses comprise 67% of the total budget. This is a relatively small cost since it increases the students chances of success from around 50% to over 90%!
The UYDF currently has three staff members - the Director, Financial Administrator and Student Coordinator. Organisational expenses for 2021 comprised 13% of the total expenditure.
A copy of the 2021/2 Audited Financial Statements can be be requested by email. The total budget for us to provide support to 172 students in 2022 is R10.4 million. This excludes what the National Student Financial Aid Scheme (NSFAS) will be covering.
Our finances are audited annually, currently by RI Kennedy & Associates. Both narrative and financial reports are submitted to all of our funders. Our annual financial reports are also submitted to the Department of Social Development in order for us to retain our Public Benefit and Non-Profit status. All donations made by South Africans and local companies are tax deductible through our 18A tax exemption status.
South African companies can claim BBBEE Socio-Economic Development or Skills Development points for the support of our work.
For more information on our donors, click here.