Honorable President

Honorable Speaker
Executive of Parliament
Student Representative Council
Faculty Council
Oppidani Council
Residence Council
George Council
Sports Council
Society Leaders
All Honorable Members of Parliament
Students of NMMU, Guests and Visitors that have joined us via the Livestream
Broadcast

I hereby extend my revolutionary greetings, as we meet today to account on the finances
of the Students' Representative Council. Finances and good financial principles are the
backbone of any organisation. Financial discipline in this regard becomes of paramount
importance in order to enhance the credibility of the SRC. A culture of financial
accountability as required by the constitution can never be compromised and should be
imposed throughout to ensure that the SRC not only sustains but continually grows in
stature at all organisational, political, social and economic levels. Effective financial
administration restores confidence and trust in the SRC by it's members, stakeholders
and other interested parties.

Let me start by stating how fortunate I was to be deployed into the office of Treasurer
General, it is indeed a very humbling experience that I will utilise in order to ensure that
all is well in the SRC, financially.

Colleagues, I stand before you today to account on how the SRC of 2014 has so far
spent the budget that was allocated to them at the beginning of this year, in improving
student services and championing student interests. The main purpose of this financial
report is for the SRC of 2014 to make an analytical review of the financial affairs of the
council from the time this SRC was elected into office until now. Firstly the report will
discuss the SRC budget and the factors that directly or indirectly impacted on the
finances of the council. Secondly, the funding allocation of SRC Affiliates will be
discussed. Thirdly, the report will focus on a diagnosis of the merits and demerits. Lastly,
to review recommendations that will be made in order to facilitate a process whereby
ideas are requested from all affiliates of the council.

I must mention as well, the level of disappointment amongst SRC members for having
to pay debt which was incurred by the previous years SRC. I am particularly
disappointed because the financial reports of last year's SRC where blatantly and
completely wasteful; this then defeats the purpose of having a transparent
Representative Council. Honorable Speaker, I must expose the wasteful financial
expenditure of students' money of which I struggle to find appropriate words to
condemn. Wasteful expenditure cases include an amount of R 300 000.00 that was
wasted on an Intervarsity event that never obtained its strategic objective and should
therefore be regarded as nothing but a waste of students' money.



Members of Parliament, my report consists of the following:

I. FINCOM Report
II. Detailed financial statements and annexure



FINCOM Report:

The Student Representative Council of NMMU receives an annual budget which it is
mandated to spend responsibly on behalf of the students. With consultation to its POA,
the SRC then distributes the budget accordingly. The FINCOM is vested with powers to
make all the financial decisions of the SRC and must report to the SRC and its executive
at prescribed standing meetings.
The budget that is granted for 2014 is R3 491 117.00. This is a levy derived from NMMU
students and is broken into Student development R 2 768 851.86 and various stipends of
R483 140.00. After some meetings and consultations, the FINCOM together with SGD office
have split the budget according to the SRCs POA. We are using a system where a certain
amount of money is put aside (budgeted) for a certain event, outreach or purpose. The SGD
have offered to help in this regard due to the cooperative relationship we have over the
budget. Please note that we account to students for the expenditure of these funds and SGD
accounts to the Dean of students.
Honorable Speaker in closing, the FINCOM as well as the SRC at large is satisfied of its
management of student funds. We always try to cut costs where we can and ensure that we
adhere to the mandate of utilising students money responsibly, with transparency, efficiently
and effectively. The 2014 SRC holds transparency, accountability in the highest regard and is
here to serve the interests of the students tirelessly and selflessly.
Unlike the previous SRC, we as the SRC of 2014 have also assisted needy students, both
local and international through the Bailout fund. The criteria we are using for sponsorships
this year is as follows:
1. The event you want sponsored, must have been in your POA (societies)
2. You must have supporting documents for your request.
3. You must show that you have tried fundraising or have made other means to get the
specific sponsorship you seek.


Honorable Speaker in closing, the FINCOM as well as the SRC at large is satisfied of its
management of student funds. We always try to cut costs where we can and ensure that we
adhere to the mandate of utilising students money responsibly, with transparency, efficiently
and effectively. The 2013 SRC holds transparency, accountability in the highest regard and is
here to serve the interests of the students tirelessly and selflessly.














SRC Budgeted Amounts for Events
Date Activity
Operational Programmes
Jan-14 Right to learn Campaign R 150,000.00
08-Feb-14 City Bus Tour R 30,000.00
08-Feb-14 1st Years' Picnic R 70,000.00
14-Feb-14 SRC Valentines Ball R 15,000.00
21-Feb-14 1st Years' Talent Show R 10,000.00
22-Feb-14 Campus Life R 100,000.00
07-Mar-14 Student Parliament R 50,000.00
14-Mar-14 Policy Summit R 150,000.00
22-Mar-14 Mr & Mrs Freshette R 150,000.00
April 2nd week after Recess Sport (Continuous) R 50,000.00
12-Apr-14 Gala Dinner and awards with Government R 50,000.00
23-Apr-14 Asikhulume Programme R 2,000.00
May Pride R 10,000.00
May Cancer Awareness Programme R 5,000.00
June Operation Sangena R 100,000.00
July Asikhulume Programme R 5,000.00
July Charity Fun Run R 10,000.00
August Intervarsity R 200,000.00
September Mr & Miss NMMU R 300,000.00
September Student Parliament R 20,000.00
October Elections 2014/2015 SGD Programme
October AGM R 20,000.00
December SRC Training 2015 SGD Programme
Total R 1,347,000.00
SRC Sponsorships and Discretion Funds
Sponsorship & Traveling R 271,851.86
Gospel (Churches will make own programmes) R 150,000.00
Bailout Funding R 350,000.00
Societies & Arts and Culture Grant 2014 R 400,000.00
NMMU George Campus R 250,000.00
Total R 1,421,851.86
Grand Total R 2,768,851.86