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The TSiBA Trust has been created with the primary objective of building an endowment to secure the long term financial sustainability of TSiBA Education and its beneficiaries and to allow the higher education institution to continue to fulfill its vision of ‘Igniting Opportunity’. To achieve this goal, the Trust is focused on establishing a limited number of mutually beneficial strategic partnerships with both enterprises and individuals alike. It achieves this by:
1) positioning itself as a Broad-based BEE partner of choice for companies that are seeking empowerment partners in accordance with the Broad Based Economic Empowerment Act, no 53 of 2003
2) establishing a Legacy Endowment Fund, which offers donors a unique opportunity to transform a once off donation into a lifelong investment in the development of South Africa;
3) building a ‘Goldilocks’ Property Trust, which will warehouse the strategic property investments required for TSiBA to continue delivering its transformative tertiary education programmes;
4) seeding the TSiBA Entrepreneurship Fund, which supports entrepreneurs with business mentoring and finance through its Ignition Centres and therefore qualifies as a third party facilitator of Enterprise Development in accordance with Category A of the BEE Codes.
All economic benefits generated by the the Trust will be used for the benefit of the students of TSiBA Education.
The Trust was registered in January 2007 (no 210/2007) and granted PBO status in October 2007 (No 930025496).
The named beneficiary of the Trust is TSiBA Education, an association incorporated under section 21 of the Company’s Act (Reg. no 2004/005126/08). The Deed of Trust stipulates that all economic benefit derived in the entity shall be utilized solely for the benefit of the black students of the school, pursuant to the Codes on BBBEE. Accordingly, the Trust qualifies as a ‘black entity’ in terms of the codes.
The founder of the Trust, TSiBA Education, appoints the trustees, one of whom is a member of the student body. The deed requires that this student representative is replaced annually in consultation with TSiBA and the student body. Subject to certain specific requirements, there is no limit to the term of office of the other trustees. In terms of the BBBEE codes, a majority of trustees must be black and 30% must be female.
The current trustees are:
Zikhona Ngumbela (student representative trustee)
The TSiBA Trust is run by Gia Whitehead, Executive Director of Sustainability at TSiBA Education. TSiBA Finance Office assists with the coordination and administration of the Trust.
Activities of the Trust
The activities of the TSiBA Trust are governed by the terms of the Trust Deed. The Founder and Trustees may not derive any monetary advantage from the monies paid into or out of the trust.
The Trustees intend to achieve the objectives as defined by the Trust Deed by: 1) participating in BBBEE transactions, i.e. being an empowerment partner of choice to major South African corporates and acquiring meaningful equity stakes in SME’s that require empowerment credentials for sustainability; 2) building the Legacy Endowment Trust; 3) establishing a Goldilocks Property Fund; 4) growing the TSiBA Entrepreneurship Fund.
The primary advantage to any enterprise in which the Trust holds an equity share is that all income transferred into the Trust from that enterprise will fund the education of talented South Africans who would otherwise never afford such tertiary education as is offered by TSiBA Education.
Other benefits derived by such enterprises are the opportunities for real involvement in all the pillars of the BBBEE codes of February 2007. These include Skills, Enterprise and Socio-Economic Development, as well as the possibility of Preferential Procurement programmes. Furthermore, through the business school itself, enterprises have access to a source of young, enthusiastic individuals trained in business management and imbued with the core values promoted in the TSiBA experience.
Successes to Date
The TSiBA Trust has concluded several transactions to date. These include:
• An effective equity holding in JPMorgan Administrative Services, the administrative services division of JPMorgan Chase in South Africa. This exposure has been secured via a direct equity holding in the international listed entity of JPMorgan Chase, a leading global financial services firm.
• An equity holding in Thembeka Capital, a broad-based black owned and controlled investment management company that focuses on private equity and BEE transactions.
• An equity holding in Effective Intelligence (EI), a consumer data processing company
• An equity holding in SASOL’s Inzalo BEE Vehicle
• An equity holding in Brimstone
• An equity holding in Westside Trading, the developers company of Gugulethu Square
Investment partners enjoy an improved empowerment status as a result of the the Trust’s shareholding in their companies as well as the ability to embrace TSiBA students and graduates as an integral part of their workforce.
The TSiBA Trust has benefited from a most generous donation from British American Tobacco South Africa, and thus has access to a limited amount of unencumbered risk capital for empowerment investments.
The Trust has the capacity to partner with enterprises seeking a true empowerment partner and would be pleased to hear from any organization or individual that wishes to partner with TSIBA in order to ignite opportunity.
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