• Voter paralysis

    With so much tilting voters against change, democratic reason is the loser, says Solly Moeng.

  • The power of perseverance

    True grit is a reliable predictor of who will achieve success in life, says Ian Mann.

  • It's the system

    The system sucks and it’s being used far too often as an excuse, says Mandi Smallhorne.

All data is delayed
Loading...
See More

ANC raises R1.5bn in 5 years

Dec 18 2012 16:11
Carien du Plessis, City Press
Mangaung - Over the past five years the ANC had a total revenue of R1.5bn, most of which came from fundraising and least of which came from membership fees.

The party’s financial report, presented by its treasurer-general Mathews Phosa on Sunday night, shows that between January 2008 and October 2012, 72%, or R1.1bn, came from fundraising, while 15%, or R218.6m, came from the party’s share of the Independent Electoral Commission grant, which parties receive in tax money in proportion to their size.

Its Progressive Business Forum netted the party R88.5m, or 6% of its income, while 4% (R55.7m) came in from levies and R44.9m, or 3%, came from membership fees.

R14.6m was “other income”.

In a table giving a breakdown of financial results from March 2008 to November 2012, the report shows that the party’s total revenue was R1.66bn and its total expenditure was R1.88bn.

The report shows that one month before the start of its elective congress in Mangaung this week, the ANC had, for the first time in five years a solid surplus of R34m.

It had R203m in the bank last month.

In the past five years the ANC’s revenue was the highest just before the 2009 elections, after which Jacob Zuma became president, when the party had R373.7m in the bank. The net loss was R111.9m in that same month.

From the report it appears the party spends most of its money in salaries. It had 352 employees in March, its most ever, and these cost the party R130.7m.

Phosa presented his financial report late last night. Delegates who attended the closed session said Phosa had a lukewarm reception on stage, mostly from delegates who want to see Zuma go. But shortly after he started presenting the report, Zuma walked onto the stage amid deafening cheers.

- City Press

Follow Fin24 on Twitter, Facebook, Google+ and Pinterest.

 
 
 

Read Fin24’s Comments Policy

24.com publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
26 comments
Comments have been closed for this article.
 

Company Snapshot

We're talking about:

THE DEBT ISSUE

Debt is one of the biggest financial issues facing South Africans today. Find out how you can avoid and manage your debt with Fin24 and Debt Rescue.
 

Money Clinic

Money Clinic
Do you have a question about your finances? We'll get an expert opinion.
Click here...

Voting Booth

Would you take out a payday loan?

Previous results · Suggest a vote

Loading...