UYDF provides comprehensive financial support to all students
For rural students to succeed at university they need comprehensive financial support (accommodation, food, books, tuition) 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 data etc.
In addition, all our students receive comprehensive mentoring support, covering academic and social issues. These costs include the salaries of the Student Manager and Office Assistant, as well as paying monthly stipends to the 12 local mentors, as well as the costs of the Lifeskills Workshops held during the year. More recently costs of providing students with mental health support are being incurred. The mentoring support costs amount to approximately 10-12% of the annual student cost. This is a relatively small cost which increases the students chances of success from around 50% to over 90%!
The UYDF has four staff members - the Director, the Student Manager, Financial Administrator and an Office Assistant. Organisational expenses for 2019 comprised 22% of the total expenditure, including salaries, office rental, bookkeeping, audit fees, travel, and telephone and internet services.
A copy of the 2019 Audited Financial Statements can be accessed here. The total budget for 2020 is R11 million. The National Student Financial Aid Scheme (NSFAS) is providing the majority of the financial support for the 181 students.
Our finances are audited annually, currently by Victor Fernandes & Co. 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 Skills Development points for the support of our work.
For more information on our donors, click here.