Legal entities set up to raise funds for Wits
In order to comply with the different laws in each country, separate legal entities have been set up in SA, in the US and the UK, to help raise funds on behalf of Wits University.
The University of the Witwatersrand Foundation was established by a Deed of Trust in 1978 as a registered Public Benefit Organisation (PBO) to collect and manage donations for the benefit of the University. A Board of Governors and Trustees appointed by the University Council manage the Wits Foundation, which is recognised as a PBO in terms of Section 30 of the Income Tax Act No 58 of 1962, as amended, and operates exclusively for charitable and educational purposes. All donations to the Wits Foundation are tax-deductible in accordance with Act 58 of 1962. Tax certificates are issued in accordance with the legislation for all donations received.
The Wits Foundation UK is a charitable organisation for the advancement of education, in particular at the University of the Witwatersrand in South Africa. The Foundation is able to reclaim tax on the donations of UK-resident taxpayers provided Gift Aid requirements are met, and higher-rate UK taxpayers may reclaim tax of their own via their annual UK tax returns.
The University of the Witwatersrand Fund, Inc., is an independent, non-profit corporation chartered under the laws of New York State, and recognised by the U.S. Internal Revenue Service as a 501(c)(3) tax-exempt corporation. In compliance with the IRS regulations, the Board of Directors of Wits Fund maintains complete discretion over allocation of donations to Wits University. Donations to Wits Fund qualify for income tax deductions in the United States to the limits covered by the law.