MAKING A DIFFERENCE
Tomorrow Today Foundation
The TomorrowToday Foundation will be operating primarily in South Africa and supporting charities and initiatives in this country that are involved in improving the lot of its people. All South African taxpayers making donations to the TomorrowToday Foundation can claim a deduction of up to 10% from their taxable income.
The TomorrowToday Foundation
The TomorrowToday Foundation will be operating primarily in South Africa and supporting charities and initiatives in this country that are involved in improving the lot of its people. All South African taxpayers making donations to the TomorrowToday Foundation can claim a deduction of up to 10% from their taxable income. This effectively means that for those taxpayers in the highest tax bracket of 40%, every Rand donated will only cost 60 cents. Contributions by corporate South Africa will also be eligible to score BEE points. Formal receipts for donations will be issued and letters confirming use and destination of proceeds will be done for BEE purposes.
Currently, the Foundation works with Hope Farm, Iphutheng Primary School and the Lighthouse Mission – see details here. The list of beneficiaries will continue to grow as the support does. If you donate more than R 10,000 (once off, or over a period of time), you can add to our list of beneficiaries. Otherwise, we ask you to nominate one of our existing projects, or leave the choice to us.
The TomorrowToday Foundation is a trust structure authorised by the Masters office in South Africa (refer Letter of Authority IT630/2009) and given exemption from taxes and duties by the South African Revenue Service.
The trust began its life as the BJM Charitable Foundation and following the sale of BJM to a large corporate bank, the trust ceased to operate. TomorrowToday have taken over this Public Benefit Organisation (PBO Ref No: 930029986), changed its name to the Tomorrow Today Foundation and will be using this vehicle to help facilitate and enable some of tomorrow’s changes today.
The Foundation uses every cent it receives for the benefit of its beneficiaries. The costs of the Foundation are covered by TomorrowToday. A small percentage of all donations is held back in the Trust to build up an endowment fund.
Hope Farm – Cato Ridge, KZN
Andrew Wartnaby and his wife run Hope Farm, a home for black orphaned children near Cato Ridge in KZN, South Africa. This is Andrew’s story;
“We started Hope Farm about 8 years ago in response to the needs of black orphaned children in KZN and a strong calling from God. In the past 8 years we have cared for children that have been abandoned, abused or just have no one to care for them. We have fostered more than 60 children in that time. Most of the children have been successfully homed elsewhere. We have personally adopted five children and are in the process of adopting two more. We also facilitate adoptions both locally and internationally. We have between 10 and fifteen children living in our home at any one time. As the children grow, they need more personal space. In order to expand and care for more children, we need more bedrooms. With this in mind we have begun building two more bedrooms.”
The TomorrowToday Foundation became aware of this need and has been part of the project that has funded the building of an extra wing to Hope Farm.
iPutheng Primary School
Iputheng Primary School is a primary school situated in the township of Alexandra. It is a school that was built for 800 learners and now they have over 1400 enrolled learners. It is a no-fee paying school, catering for children of parents who aren’t able to afford to pay for their education. Learners are provided two meals a day at the school. Mike Thobejane was approached by the Department of Education to take over iPutheng and to try steer it out of the dire situation it was in.
Donate
In order to deposit funds into the account of the TomorrowToday Foundation please make your deposit according to the instructions below:
Client name: The Tomorrow Today Foundation
Client account number: 1100203578037
Electronic account number: 50013179387
Branch code: 580105
Account type: Current
Please use the client number as the reference
The TomorrowToday Foundation is a trust structure authorised by the Masters office in South Africa (refer Letter of Authority IT630/2009) and given exemption from taxes and duties by the South African Revenue Service.
The trust began its life as the BJM Charitable Foundation and following the sale of BJM to a large corporate bank, the trust ceased to operate. TomorrowToday have taken over this Public Benefit Organisation (PBO Ref No: 930029986), changed its name to the Tomorrow Today Foundation and will be using this vehicle to help facilitate and enable some of tomorrow’s changes today.
The TomorrowToday Foundation will be operating for now, primarily in South Africa and supporting charities and initiatives in this country that are involved in improving the lot of its people. All South African taxpayers making donations to the TomorrowToday Foundation can claim a deduction of up to 10% from their taxable income. This effectively means that for those taxpayers in the highest tax bracket of 40%, every Rand donated will only cost 60 cents. Contributions by corporate South Africa will also be eligible to score BEE points. Formal receipts for donations will be issued and letters confirming use and destination of proceeds will be done for BEE purposes
Do I get a tax break on my donations?
Yes, the TomorrowToday Foundation will issue donors with a receipt and South African taxpayers can claim a tax deduction of up to 10% of their taxable income. Donors from other parts of the world need to take advice as to whether or not they are eligible for similar tax breaks.
Is the TomorrowToday Foundation registered?
Yes, the TomorrowToday Foundation operates as trust structure and has a formal Letter of Authority issued by the Masters office. It is also a registered as a Public Benefit Organisation (PBO) with the South African Revenue Service and is exempt from the payment of taxes and duties.
Is it only for South Africans?
No, the TomorrowToday Foundation can accept donations from anywhere in the world.
Does it only support South African charities and activities?
No, the TomorrowToday Foundation is not restricted in terms of supporting only South African charities and activities. However, where the donor is getting a South African tax break at least 85% of the proceeds must be utilised in South Africa.
What organisations does the TomorrowToday Foundation support?
In order to maintain its tax exempt status the TomorrowToday Foundation is required is to channel its efforts and activities into a set criteria of activities. These are broadly along the lines of giving assistance to the poor, orphans, AIDS sufferers, homeless, education support and such like.
Can I designate a recipient charity for my donation?
Yes you can, however for practical purposes only donation above R100,000 will be open for pre-designated determination.
Other than the tax break, are there other advantages to contributing to the Foundation?
The answer to this question is an emphatic YES;
- Bequests to the TomorrowToday Foundation are free of South African estate duty of 20%.
- Corporate donors can also score BE points in terms of their donations.
- Assets bequeathed in kind to the TomorrowToday Foundation give the donor exemption from transfer duty and capital gains tax.
How much is the administrative cost of running the TomorrowToday Foundation?
- Administrative costs will be kept to the minimum.
- The Trustees and admin support staff are giving their services, time, skill and efforts free of charge.
- The TomorrowToday business is paying for all bank charges and related admin expenses.