How OLH is registered – is it an NPO?
OLH is registered as a non-profit company (NPC). Our application to be registered as a public benefit organisation, however, is still progress, therefore we still operate within the shell of HVT which is registered as a PBO and can issue section 18a tax receipts.
Are books of account being kept?
We use quickbooks for our main accounting system.
Are audits being done on the financials?
Annual financial statements are audited.
What governance is in place?
Governance is informed by risk management. The asset register is updated regularly and tight expense control is applied. Donor funding is strictly ring fenced for its intended purpose. An annual budget is approved by the board and monthly budget reports are submitted to the seed funder and the management team.
Major funders – are they private, corporate, trust or state?
Our biggest challenge is fund raising. Presently most of our day-to-day expenses are funded by the seed funder, Johan Visser, while Theo Krynauw has brought in a number of local donors to finance student financial aid.
What is the OLH financial aid philosophy?
OLH bases student financial aid on potential, financial means, performance and participation. A unique feature of the model is regular monitoring throughout the year, and mid-year revision of the amounts allocated based on a performance and participation review.
How is the money spent?