AGIFTFORFUTUREGENERATIONS
A charitable bequest is simply a distribution from your estate to a charitable organization through your last will and testament.
By including a charitable bequest in your Will, you could make a significant contribution to Wits and in many cases such a gift could possibly reduce the amount of estate duty and Capital Gains Tax payable on your death.
WHAT IS A BEQUEST?
A gift for future generations
LEAVING A LEGACY
Specific sum of money
This is the simplest form of bequest, but makes no allowance for the effects of inflation or changes in the value of your estate. If you choose this option, you need to review your will regularly to ensure the bequest remains relevant.
A percentage of your estate
This ensures a fair distribution among all your beneficiaries, regardless of any changes in the value of your estate.
The residue of your estate
Whatever is left over after all taxes, liabilities and other bequests have been paid is known as the residue. You can bequeath the whole of the residue, or a percentage of it.
A Life Assurance policy
An existing policy, taken out years ago to safeguard a young family and no longer relevant, can be ceded to the Wits Foundation. Or you can take out a new policy with the Wits Foundation as the beneficiary.
Specific items
Valuable items such as real estate, motor vehicles, antiques, art works, jewellery, etc. may be bequeathed to an institution such as Wits University in your will.
Setting up a charitable trust
This can be an option in certain circumstances when considerable sums are involved.
HOW CAN I MAKE A GIFT TO THE UNIVERSITY IN MY WILL?
There are many different ways of making a bequest. As a guide, you may wish to consider these options:
Whatever you choose to leave and whatever the value, it will make a difference.
LEGACYGIVING
Version 1 | May 2017
The University of the Witwatersrand Fund, Inc. (USA)
The University of the Witwatersrand Fund, Inc., is an independent, non-profit corporation chartered under the laws of New York State, and recognised by the U.S. Internal Revenue Service as a 501(c)(3) tax-exempt corporation. In compliance with the IRS regulations, the Board of Directors of Wits Fund maintains complete discretion over allocation of donations to Wits University. Donations to Wits Fund qualify for income tax deductions in the United States to the limits covered by the law.
BOARD OF WITS FUND
Mr Stanley Bergman (Chairman), Mr David Schneider (Vice-Chairman), Mr John Teeger (President), Mr John Chalsty, Mr Bruce Hubbard,
Ms Jane Levy, Mr Cliff McMillan, Dr Teboho Moja
Wits Foundation
The University of the Witwatersrand Foundation was established by a Deed of Trust in 1978 as a registered Public Benefit Organisation (PBO) to collect and manage donations for the benefit of the University. A Board of Governors and Trustees appointed by the University Council manage the Wits Foundation, which is recognised as a PBO in terms of Section 30 of the Income Tax Act No 58 of 1962, as amended, and operates exclusively for charitable and educational purposes.
All donations to the Wits Foundation are tax deductible in accordance with Act 58 of 1962. Tax certificates are issued in accordance with the legislation for all donations received.
GOVERNORS AND TRUSTEESChairman: David Brink
(Director, Steinhoff)
Mike Bashe (MD, Eskom Finance)
Arnold Basserabie (Strategic Business Consultant)
Adrian Gore (CEO, Discovery Holdings)
Professor Adam Habib (Vice-Chancellor and Principal)
Brian Joffe (CEO, Bidvest Group)
Professor Tawana Kupe (Deputy Vice-Chancellor)
Dr Theunis Lategan (Deputy Chairman,
Barclays Africa Corporate)
Professor Jonathan Klaaren (WISER)
Suliman Mahomed (Chairman and CEO, The Solly’s Group)
Bonang Mohale (Chairman, Shell South Africa)
Christine Ramon (CFO, Anglo Gold Ashanti)
Alan Romanis (Director of Companies)
Tokyo Sexwale (Non-Executive Chair,
Mvelaphanda Holdings)
Isaac Shongwe (Chairman, Letsema Holdings)
Professor Bruce Sparks (Former Head: Department of
Family Medicine)
Advocate Anthony Stein (Johannesburg Bar)
Wits Foundation UK
The Wits Foundation UK is a charitable organisation for the advancement of education, in particular at the University of the Witwatersrand in South Africa. The Foundation is able to reclaim tax on the donations of UK-resident taxpayers provided Gift Aid requirements are met, and higher-rate UK taxpayers may reclaim tax of their own via their annual UK tax returns.
PATRON AND TRUSTEESPatron: Sir Sydney Kentridge QC
Chairman: William Frankel OBE
Professor Colin Bundy (Former Wits Vice-Chancellor)
Professor Sir David King (Special Representative for Climate
Change for the UK Government)
Professor Adam Habib (Wits Vice-Chancellor and Principal)
Over the years, legacy gifts have been
crucial in contributing to the growth of the
University. The Wartenweiler Library and
the Richard Ward building are two such
examples. These buildings came about
as result of people leaving a bequest to
Wits. A legacy gift enables the University
to maintain and enhance its position as a
leading university in South Africa, in Africa,
and in the world by sustaining globally
competitive standards of excellence in
learning, teaching and research.
• Funding bursaries and scholarships
• Supporting teaching and research
• New buildings
• Equipping laboratories
• Enhancing library collections
• New programmes
Gifts can also be made with a designated purpose. The University will always respect the wishes of the person leaving the bequest.
A LEGACY GIFT TO THE UNIVERSITY CAN BE USED FOR MANY THINGS INCUDING:
If you would like more information on Leaving a Legacy to Wits please contact: The Development and Fundraising Office | T +27 (0) 11 717 9713 | E [email protected]
OVERCOMING OBSTACLES TO LIVE YOUR DREAMDr Harry Allan Broekman personifies the determination of the human spirit. It was his dream as a young boy to become a doctor, but he soon found out that it was not easy. In pursuit of his dream, he three times repeated his matric in order to achieve a first class matric to get into Wits.
His next hurdle was money, which his parents simply did not have, and he worked for several years as a bank teller in order to save for his studies. He finally got into Wits, and graduated with his medical degree in 1969. He was registered as a medical practitioner the following year and worked at Coronation Hospital and South Rand Hospital.
Dr Broekman passed away on 4 July 2013 and left R7 million to the Wits Medical School so that young people with a burning desire to enter the medical world, who do not have the means to do so, can be helped to fulfil their dream. For he understood and appreciated the obstacles that many people have to overcome.