Who We Are: Corporate Social Investment
WE TOOK THE SAYING "CHARITY BEGINS AT HOME" TO HEART AND THIS SPIRIT LIVES ON
At the Prescient Foundation, we took the saying ‘charity begins at home’ to heart. The Prescient Foundation originally started as an initiative to assist staff working for the Prescient Group to access housing. A decade later, support has expanded to include bursaries, school infrastructure and improving educational outcomes at school level. The Foundation is funded by the Prescient Group subsidiaries who donate a percentage of their profits each year and through Foundation fundraising activities.
The Foundation is the vehicle through which the Prescient Group directs its commitment to sustainable development. All programmes supported by the Foundation reinforce the Prescient Group’s corporate philosophy of embracing the mutually reinforcing values of commercial success and empowerment.
We contribute time, funds and expertise to improving the circumstances of those we support. Ultimately we want to contribute to creating a better society for all.
Our legal status
The Foundation, established in 2005, is incorporated as an approved Non-Profit Company (Reg. number 2004/034082/08) as defined in the Companies Act [no 71 of 2008]. The Foundation is registered as a Public Benefit Organisation (PBO) (PBO no 930022417) in terms of the Income Tax Act [no 58 of 1962] and is, therefore, tax exempt.
The Foundation complies with the requirements of a Broad-Based Ownership Scheme (B-BOS) as set out in Code 100 of the Department of Trade and Industry’s Broad Based Black Economic Empowerment (B-BBEE) Codes of Good Practice under the Broad-Based Black Economic Empowerment Act [53/2003].
The Foundation is audited each year for the purpose of issuing an Independent Competent Person’s Report as required in terms of the Broad-Based Black Economic Empowerment (B-BBEE) legislation.
The subsidiaries of the Prescient Group are our main sources of funding
How we are financed
Prescient subsidiaries donate a percentage of their profits to the Foundation each year. In addition, the Foundation’s sustainability and grant-making ability is bolstered by its ability to own shares in new business initiatives and companies. The shareholding pays dividends to the Foundation which supplements income and enhances the Foundations sustainability and ability to support projects.
The Foundation has an annual golf day from which all proceeds are dedicated to the Foundation's education initiatives.
Staff economic wellbeing
The Foundation is committed to ensuring that all Prescient Group staff live in decent housing. Staff members who do not qualify for home loans from banks are supported to access these via the housing assistance programme.
School support programme
Focusses on providing support for structural improvements, maintenance to physical buildings and the well-being of learners.
Bursaries and individual support
A programme aimed at supporting promising learners who live in communities where the quality of education is severely compromised due to various social factors.
A programme aimed at equipping learners with skills and knowledge to effectively deal with and manage challenges that will be experienced once they leave primary school.