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National Student Financial Aid Scheme Act, 1999 (Act No. 56 of 1999)

Chapter 2 : Establishment, Composition, Governance and Functions of NSFAS

14. Funds of NSFAS

 

1) The funds of the NSFAS consist of–
a) money appropriated by Parliament;
b) donations or contributions;
c) interest;
d) money repaid or repayable by borrowers; and
e) any other income received by the NSFAS.

 

2) The board –
a) must keep a record of all funds received and spent and of all assets, liabilities and financial transactions;
b) must in each financial year, at such time and in such manner as the Minister may determine, submit a statement of its estimated income and expenditure for the ensuing financial year to the Minister for his or her approval granted with the concurrence of the Minister of Finance;
c) may in any financial year submit adjusted statements of its estimated income and expenditure to the Minister for his or her approval, granted with the concurrence of the Minister of Finance; and
d) may not incur any expenditure which exceeds the total amount approved in terms of paragraphs (b) and (c).

 

3) If the Minister does not approve the board’s statement of its estimated income and expenditure, the Minister must require the board to provide a revised statement to him or her within a specified period.

 

4) The money contemplated in subsection (1) must be used by the NSFAS in accordance with the approved statement referred to in subsection (2), and any unexpended balance must be carried forward as a credit to the following financial year.

 

5) Subject to subsection (4), the board may invest any portion of its funds in such manner as the Minister, with the concurrence of the Minister of Finance, may approve.