Accounting and tax terms, registration and processes can be confusing for many non-profit organisations (NPOs) – yet being informed and up to date can make the difference between a healthy organisation and one that is struggling to survive.
To address this need, Inyathelo (The South African Institute for Advancement) regularly holds a popular financial reporting and tax workshop, and complementary advisory sessions, to develop understanding of financial and donor reporting, audits and taxes.
The workshops are offered in collaboration with Managing Partner Ridhwaan Khan, Partner Reza Amra and Director Farida Lavangee of Turning Point Chartered Accountants, a multi-disciplinary consultancy geared at NPOs country-wide.
Over 30 people attended the workshop in Woodstock, Cape Town, on Tuesday 12 November, with one-on-one advisory sessions the following day.
Said Inyathelo Finance Director Soraya Joonas: “I personally have found this course to be very valuable as it gives a window into key aspects of reporting, auditing, and ‒ critically ‒ the tax legislation as it pertains to non-profit companies, trusts and voluntary associations, both as public benefit organisations and within the NPO tax environment generally.
“The various aspects of tax can get very complicated to understand if you are not an expert in various tax disciplines and, sometimes, one can’t find the expertise in these various tax laws i.e. VAT, income tax, employee tax and others, in one individual. This workshop really aids in understanding the overall environment and tax applications and provides valuable advice for generating income and savings.”
Turning Point Managing Partner Ridhwaan Khan said: “With significant reductions in donor funding and a lack of skilled resources, financial and tax compliance has provided considerable challenges for many NPOs in South Africa. A significant number of organisations are also still unaware of the specific benefits available to them by Government and there are common misconceptions that the tax rules which apply to profit-making companies also apply to the NPO sector.
“We are therefore privileged to work with Inyathelo in assisting the sector to understand their compliance and tax requirements, and how to effectively utilise tax benefits available to them, so that these tax savings could be seen as an additional income stream for an organisation.”
Workshop participant Anna Luies, responsible for sustainability and special projects at Project Playground, an NPO working with vulnerable children and youth, said the course was “very helpful and provided tons of valuable nuggets.”
Inyathelo, established in 2002, is an NPO in Woodstock, Cape Town that works to sustain and strengthen civil society organisations and grow local philanthropy in support of a vibrant democracy in South Africa. It is considered to be the local leader in these areas of work, providing valuable resources, publications, advice, training and support on how to give and use funds effectively for the greatest social impact.
First published on Social-TV website: https://social-tv.co.za/inyathelo-supports-npo-financial-literacy-in-cape-town/