Over the past five years the ANC had a total revenue of R1.5 billion, 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 last night, shows that between January 2008 and October 2012, 72%, or R1.1 billion, came from fundraising, while 15%, or R218.6 million, 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 R88.5 million, or 6% of its income, while 4% (R55.7 million) came in from levies and R44.9 million, or 3%, came from membership fees.
R14.6 million 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 R1.66 billion and its total expenditure was R1.88 billion.
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 R34 million.
It had R203 million 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 R373.7 million in the bank. The net loss was R111.9 million 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 R130.7 million.
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.