• Home
• Beneficiaries & Sponsors
• News Media
• About
• Contact

What is CEFI?

Corporate Education Funding Initiative CEFI came about:

1. due to the Broad Based Black Economic Empowerment (BBBEE) Act, commonly referred to as the Black Economic Empowerment (BEE) Act being promulgated.
2. to cater for two main problem areas that exist:
   1) Many companies are reluctant to give money to charity, for a number of reasons:
   
   • Too little of the funds actually reach the needy (due to running/admin costs)
   • You never see the results of your efforts.......it is to impersonal.
   • At the end of the day it doesn't seem to help, the problem just gets bigger.
     
   2)  Children in children's homes (Eye Care & Durban Children’s Home )for example are forced to leave these secure institutions at age 18 with no secure future, no training, no trade.

With no tertiary education some are forced into a life of crime, some will secure jobs. So with these two problems in mind, CEFI was born:

1. CEFI is child specific, a trust fund is set up in the name of the child. 
2. CEFI will ensure that 100% of the cash donation reaches the child.      
   
3. Each child will have an opportunity - an opportunity, which would give them a lifetime of self-sufficiency and make them useful members of society.

CEFI will ensure that companies will benefit from the donations in terms of:

1. The donation will comply with the Social Development Contribution of the BEE scorecard.
   
2. Children of employees can be sponsored and this will enhance the companies scorecard as well as enhance Staff loyalty/retention.
   
3. The children being sponsored by the company could well become future employees of the company.

Bee Scorecard

• As you may be aware, the Department of Trade and Industry finalised the Broad Based Black Economic Empowerment Codes of Good Practice (BEE Codes) in December 2006. At the end of January 2007, the BEE Codes will be legislated by Parliament and will thereafter become law.

Bee Scorecard

• For the purposes of BEE Compliance, companies are put into 3 categories.
• Companies required to have a BBBEE Scorecard.
• The BEE Scorecard is simply a license to trade, and is made up of seven elements.
• CEFI will assist companies to administer this element and secure points for the scorecard.
• CEFI sets up a trust fund for individual children, the aim is to generate capital to provide for tertiary education/training, thus
  assisting the child to become a
  responsible member of society.

Responsibilty

• CEFI is concerned with the Social Development Contribution SDC element of the scorecard (Code 700 and 701), here we deal with Social Responsibility, specifically, Corporate Social Responsibility CSR, where companies are required to support disadvantaged children or communities. Code 700 and 701 of the Scorecard.
  

The information on this page is copyright under the Berne Convention. In terms of the Copyright Act, No98 of 1978, no part of the page may be reproduced or transmitted in any form or by any means, electronic or mechanical including photo-copying, recorded or by any information storage or retrieval system, without the permission in writing from the Author. Brian Eckley.

powered by