|25 May 2018|
|OD Union Info|
We've tried to answer as many questions as possible, that you might have about the IIOFF. Here's 50 to get you started. Feel free to email the OD Office with any other queries.
Q: Is the bursary for boys going into university, or any type of further education?
A: Any type of further education or potentially a business venture, which may need support.
Q: Is the bursary for South African further education institutions only or can the bursary be used for fees for an overseas institution?
A: As each case is treated on its merits, there is no reason why it cannot be used for an overseas institution. However, as the cost of overseas tuition is generally significantly more than local institutions, this will be taken into account as we would like to ensure that as many boys as possible can benefit.
Q: Is the bursary restricted to certain academic fields (e.g. STEM)?
Q: Are “long” courses such as medicine covered by the bursary?
A: Each application is treated on its merits, but there are no exclusions such as a ‘long’ course.
Q: Is the IIOFF a full or partial bursary?
A: Please refer to the Bursary Application Form as various bursary options are available.
Q: Will the bursary cover costs such as medical/chemistry equipment required by the course?
A: Yes, depending on the level of the bursary awarded. All applications are treated individually and on merit.
Q: Can the bursary be awarded for postgraduate education? (If yes, to what level?)
A: Yes, all education post-school will be considered. Courses such as a Ph.D. would be reviewed on merit.
Q: What is the maximum amount that will be awarded per applicant per year of study?
A: Each application is treated on its own merit and based on the financial assistance that has been requested on the Application Form.
Q: Can the bursary be in addition to any other financial assistance a boy may be receiving?
A: Yes, but any other financial support must be disclosed during the application process.
Q: If a boy receives an IIOFF bursary and a second bursary, will he be required to repay the IIOFF bursary?
A: Not necessarily, but any other financial support must be disclosed during the application process.
Q: Is the bursary on a year-by-year basis or for a whole degree?
A: Normally, it would be for the duration of the undergraduate degree, but could include Honours and/or post-graduate study, e.g. an MBA.
Q: Is the bursary repayable if a boy drops before graduating?
A: The Trustees, via the OD mentorship programme, will make every effort to ensure that a boy does not drop out. If this is unavoidable, then the Trustees will make a decision, taking into account the student’s financial situation.
Q: Is the bursary repayable if the boy fails a year? Or will the bursary cover an additional year (s) to make this up?
A: Once again, the Trustees will assess each case, but the overall objective is ‘success’ and ‘assistance’. Each case will be treated on its merits as there may be special circumstances.
Q: If a bursary student changes course mid-degree, will the original bursary still apply (even if the graduation date is pushed out)?A: The Trustees will assess each case, but the overall objective is ‘success’ and ‘assistance’. Each case will be treated on its merits.
Q: Does the bursary cover non-tuition costs?
A: During the application process, every endeavour will be made to grant a bursary to cover all costs, including subsistence and will depend on the applicant’s financial needs.
Q: Is the bursary a fixed amount for the duration of the course or will it increase in line with fee increases?
A: The bursary amount will increase with cost-of-living increases, dependent on the fee increases from the relevant educational institution.
Q: How are bursary grants calculated in terms of how much to award?
A: The Trustees together with the Bishops Support Unit will make these decisions.
Q: Is the bursary restricted to boys who are currently on school bursaries?
A: No, the IIOFF is open to all boys leaving the school.
Q: Do bursary applicants have to prove financial hardship or just be previously disadvantaged?
A: The IIOFF is open to all pupils at Bishops when they become ODs. Each case is treated on its merits.
Q: Is the bursary restricted to ODs?
Q: Is the bursary for black pupils only?
A: No, the IIOFF is open to all ODs.
Q: What obligations to Bishops/ODU, if any, are expected of bursary holders?
A: Each bursary holder is expected to uphold the OD values and will be working with a mentor who will assist him to achieve of his best.
Q: Who prepares the shortlist of potential bursary applicants?
A: The Trustees and the Bishops Support Unit will compile a shortlist and may get professional advice if needed.
Q: What are the minimum academic requirements?
A: The applicant must be in Matric and be expected to pass.
Q: What process is followed to decide whether a boy receives a bursary (written application only, interview, presentation, etc.)?
A: Applicants must complete the Application Form and submit all requested documents. Each application is submitted to the OD office and passed on to the Trustees and the Bishops Support Unit, who will assess all applications and compile a shortlist. There will also be a series of interviews and follow-up meetings with the applicant and his parents or guardians.
Q: Who is on the final selection panel?
A: Representatives of the Trustees, the Bishops Support Unit and any other professionals deemed necessary for the decision will be included in the process.
Q: Who is the bursary money paid to – the recipient, institution, parents/guardians, etc?
A: We anticipate that educational institutions will be paid directly with any subsistence funds paid directly to the applicant or parents/guardian. Each case will be treated on its own merits.
Q: Who is the bursary fund administered by?
A: The fund is administered by Citadel.
Q: Is there a cost to the bursary money administration?
Q: Who manages the investment of the bursary fund?
A: Investments are managed by Coronation as they are now through various Coronation funds. No change.
Q: Which asset management firm invests the money?
A: Citadel Investment Services will administer our investment off the Citadel platform, subject to a non-discretionary mandate. We shall take advice from the Bishops Investment Committee as we do now and Citadel will execute on their instructions.
Q: Is the IIOFF run independently of the Bishops Trust?
A: Yes, although the IIOFF and the Bishops Trust have a symbiotic relationship. The Trust looks after boys AT school and the IIOFF AFTER school. We collaborate with information-sharing, strategy and negotiations.
Q: How much money is Citadel putting into the IIOFF bursary fund? Is this repayable?
A: Citadel will donate a total of R1.2million over 5 years (or more, but at their discretion).
Q: Who are the Trustees of the IIOFF?
A: The current Trustees are listed on the OD website under the IIOFF section.
Q: How are Trustees elected?
A: The OD Union Committee elects the Trustees.
Q: How long are Trustees in office for?
A: The current Trustees have committed to a minimum of three years to ensure that the Fund is set up correctly.
Q: Are Trustees involved in the selection of the bursary student?
A: Yes, all the Trustees have a deep interest in education and are experienced and successful businessmen.
Q: Who else is involved in the selection of the bursary student?
A: The Bishops Support Unit and any other professionals the Trustees deem necessary.
Q: Who prepares the financial accounts and statutory reporting for the IIOFF?
A: A Citadel Group entity, Citadel Fiduciary (Pty) Ltd, will serve as a professional Trustee and bear responsibility for the accounts and preparation and submission of statutory reports of the IIOFF.
Q: Is there a charge to prepare and administer the returns of the IIOFF?
Q: How is the IIOFF registered?
A: The IIOFF will be registered as a Trust. Once that is complete, an application to the SARS TEU will be made for registration as a PBO. In the interim, we will use The Citadel Philanthropy Foundation as a conduit for all funds raised for the IIOFF on the same basis regarding administration and management as above.
Q: How is money to be raised for the IIOFF?
A: There is a comprehensive and ongoing fundraising programme developed by the ODU Steering committee and the Parents Associations. This programme will roll out in the months following the launch.
Q: What’s the three-year fundraising target?
A: Our year one target is R1.5 million with this amount increasing each year.
Q: Are donations to the IIOFF tax deductible?
A: All donations, as defined, will be tax deductible in terms of S18A of the Income Tax Act. We are also looking at ways to provide tax deductibility for donations made from countries outside RSA.
Q: What is the target number of boys on bursary the programme hopes to have at any one time?
A: There is no target. The number will be governed by the funds available.
Q: How many boys will benefit from the bursary in the first year?
A: There is no target. The number will be governed by the funds available. Citadel is providing R200,000 in 2021 as seed capital as well as R200,000 for a dedicated bursary each year for three years starting in 2021. This will be boosted by funds raised during our various fundraising initiatives.
Q: It is an accepted statistic that drop-out rates are the highest in the first year. Will an IIOFF bursary boy have a mentor/buddy at university? How will this be managed?
A: The OD mentor programme will be in close contact with all recipients during their studies. This process will be managed by the Trustees and the ODU mentorship programme.
Q: Can an OD who because of financial hardship was not able to study apply for a bursary once the programme has launched?
Q: Can an OD who because of financial hardship, took out a loan to complete his studies (and who may have graduated) apply for a bursary to help repay the loan?
A: Each case will be treated on its merits. The OD must make an application and follow the process.
Q: Will a bursary recipient who has graduated be required to remain in South Africa for at least the period of their bursary?
A: If a bursary recipient receives a bursary from a company, the company may require him to work for a stipulated period of time either in South Africa or overseas. These requirements will form part of the bursary ‘contract’ with the student.
Q: Who do I contact for more information or if one of my questions has not been covered here?
A: Please contact the OD office in Rondebosch, Cape Town or email [email protected]
All contact details are on odunion.com