No money spent on admin costs, Solidarity Fund chair tells MPs
The Solidarity Fund has received donations from more than 2,700 companies and foundations locally and abroad as well as from more than 300,000 ordinary South Africans.
CAPE TOWN - Solidarity Fund chairperson Gloria Serobe on Tuesday told Parliament that not one cent of the more than R3 billion donated to the fund had been used for administration costs.
Set up in March as a rapid response vehicle to help the government deal with the COVID-19 crisis, the Solidarity Fund has received donations from more than 2,700 companies and foundations locally and abroad as well as from more than 300,000 ordinary South Africans.
Officials of the fund briefed Parliament’s Standing Committee on Finance on its performance to date.
The Solidarity Fund said that it had spent around R2.7 billion of the R3.2 billion it had raised so far, all of which had gone to help efforts to combat the COVID-19 pandemic and deal with its social and economic impact.
Serobe said that none of the funds raised had been used to cover overheads.
“No money of the fund is spent on administration. What you have here is over 200 people coming from different entities, who have made it work. No salaries are carried by the fund,” Serobe said.
The fund’s deputy chairperson, Adi Enthoven, said that they started in March with a bank account and a website and mobilised pro bono resources from between 30 and 40 companies.
“The projects here that we committed to totalling around R2.7 billion, include around 40 projects and sub-projects involving over 200 legal agreements with counterparties. This has just been a monumental effort,” Enthoven said.