SATIB Conservation Trust is a fully registered, tax-exempt, non-profit organisation registered with South African Revenue Services (SARS) as a Public Benefit Organisation (PBO), PBO Number 930039588. Registered Trust No. IT 18/2012PMB.
SATIB Conservation Trust carries a professional indemnity insurance of R100 million and fidelity guarantee fund insurance of R25 million for the protection of our business partners and/or our local and international donors.
Our Auditors/Accountants are BDO Spencer Steward of Durban and our legal advisors are Livingston Leandy Inc. Both our legal and accounting services are provided pro-bono by these companies.
A trust fund account is held at Absa Bank Limited for all donor funding in the name of “SATIB Trust – Trust Account”. This account is audited by our independent auditors. The Trust account requires two nominated signatures to transact any financial transfer of funds. No cheque book is held by the Trust. A full set of financial accounts has to be submitted by independent auditors to the South African Revenue Services (SARS) to retain our Public Benefit status.
SATIB Conservation Trust separately funds “core expenses” through donations from Ivory Group/SATIB Insurance Brokers and other generous supporters and therefore, 100% of donor funding is allocated to nominated research projects. Upon request, large donors can be provided with an audited statement showing how the donation/funds have been utilized on a specific project.
Where donations have not been nominated to a specific project, decisions on the allocation of funds are made by the Trustees of SATIB Conservation Trust. These decisions are recorded in the Minutes of Trustee Meetings. Financial statements are kept which detail funds received each month, where funds have been allocated according to donor requests, and how funds have been spent.
Please contact us for further information:
Email: info@satibtrust.com
