Skills Development Act, 1998 (Act No. 97 of 1998)ConstitutionsConstitution of the Safety and Security Sector Education and Training Authority (SASSETA)Chapter Seven : Finances and Fiduciary Responsibilities39. Finances |
| 39.1 | SASSETA is financed from: |
| 39.1.1 | 80 per cent of the skills development levies, interest and penalties collected in respect of SETA, as allocated in terms of sections 8(3)(b) and 9 (b) of the Skills Development Levies Act; |
| 39.1.2 | the moneys paid to it from the National Skills Fund; |
| 39.1.3 | grants, donations and bequests made to it; |
| 39.1.4 | income earned on surplus moneys deposited or invested; |
| 39.1.5 | income earned on services rendered in the prescribed manner; and |
| 39.1.6 | money received from any other source. |
| 39.2 | The money received by SASSETA must be paid into a banking account at any registered bank and may be invested only in: |
| 39.2.1 | savings accounts, or fixed deposits in any registered bank or other financial institution; |
| 39.2.2 | internal registered stock contemplated in section 21(1) of the Exchequer Act 66 of 1975; |
| 39.2.3 | in any other manner approved by the Minister or authorised in terms of treasury regulations. |
| 39.3 | The moneys received by SASSETA may be used only in the prescribed manner and in accordance with any prescribed standards or criteria to: |
| 39.3.1 | fund the performance of its functions; and |
| 39.3.2 | pay for its administration within the prescribed limit. |
| 39.4 | SASSETA must be managed in accordance with the Public Finance Management Act. |
| 39.5 | SASSETA must |
| 39.5.1 | prepare annual budgets, annual reports and financial statements in accordance with Chapter 6 of the Public Finance Management Act; and |
| 39.5.2 | furnish the Director-General with copies of all budgets, reports and statements contemplated in clause 39.5.1 any other information that it is required to submit in terms of the Public Finance Management Act. |