SAAFoST

FOUNDATION(August 2014)

SAAFoST FOUNDATION

Two years ago SAAFoST announced the establishment of the SAAFoST Foundation which is a formally registered Trust regarded as a PBO by SARS.

The SAAFoST Foundation has several advantages in that clearer, more transparent accounting can be done of the support given to students studying food science & technology. Members of SAAFoST can see that all SAAFoST surpluses are being channelled to good causes. The selection of bursars is more transparent and donors (either individuals or companies) have a clearer picture of how their donation is being used.

OBJECTIVES OF THE FOUNDATION

1. The main objective is to administer all SAAFoST academic prizes, awards, scholarships and bursaries.

2. The Foundation must endeavour to optimise the invested capital in such a way as to generate maximum returns but still meet the cash flow requirements relating to all awards.

3. To increase the number of bursaries that can be accommodated every year.

4. The Foundation must market the services that it offers to the food industry at large in an effort to increase the donor base.

5. In liaison with SAAFoST, the Foundation will make recommendations on the selection criteria and the value of the various awards and bursaries.

BOARD OF TRUSTEES

Initially the Board of Trustees was made up as follows:

David Watson (Chairman) - MD Sunspray Food IngredientsCliff Sampson - MD FoodcorpLucia Anelich - Owner Anelich ConsultingJanusz Luterek - Snr Ptnr, Hahn & Hahn

Regrettably Cliff has tendered his resignation due to work commitments but extremely pleased that Francina Makhoane (Food Safety Initiative Head – CGCSA) has accepted the invitation to become a trustee.

Finally, Irene Burke, the SAAFoST Membership Development Officer, assists the Board with the administration of the bursaries, which includes the selection of suitable candidates, liaising with the tertiary institutions and the monitoring of student progress.

SAAFoST FOUNDATIONBURSARY SCHEME THUS FAR

Graduates since inception: 2010 1

2011 12012 42013 5TOTAL 11

Currently Studying & Anticipated Graduation:2014 42015 32016 22017 5TOTAL 14

SAAFoST FOUNDATIONFINANCES

CAPITAL BASE R4 million

2014 COMMITMENTS:

• 14 Bursaries @ R25,000 R350,000

• 1 Koeppen Award R 25,000

• 3 Aubrey Parsons Scholarships R 60,000

• 5 Academic Achievements R 5,000Total R440,000

SAAFoST FOUNDATIONBURSARY SCHEME & AWARDS

TARGETS & COSTS

1. Minimum 5 graduates p.a.20 Bursaries @ R30,000 R600,000

2. Two Koeppen AwardsOne for Masters R30,000One for PhD R30,000 R 60,000

3. Study Grants for each Institution8 Grants @ R20,000 R160,000

4. Academic Achievements Awards & Other8 Awards @ R2,000 R16,000Travel Grants R14,000 R 30,000

TOTAL R850,000

FOOD INDUSTRY COMPANIES CURRENTLY SPONSORING BURSARIES

VIA THE SAAFoST FOUNDATION

• Maccallum & Associates• Foodcorp• Hilltop Foods• DSM Nutritional Products• Sunspray Food Ingredients• Swift Silliker