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Skills Development Act, 1998 (Act No. 97 of 1998)


Constitution of the Safety and Security Sector Education and Training Authority (SASSETA)

Chapter Seven : Finances and Fiduciary Responsibilities

39. 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.