If the party, which claims to have 230 000 members, doesn’t find donations it could run out of cash and not meet its objectives.
This is according to a damning financial report presented at its special national congress underway at the University of Johannesburg’s Soweto campus yesterday.
The SACP’s salaries and contributions, legal fees and telephone bills were among the factors affecting the party’s financial stability.
According to the report, seen by The Citizen, the SACP had a deficit of R5 million at the end of December 2014. Most of its money was used to bankroll the ANC’s election campaign.
It spent R12 million in 2014 on salaries and contributions and in 2013, R10 million was spent on salaries and contributions.
The party, which is the vanguard of the working class, spent R2 632 506 on advertising for the year.
On legal fees it spent R1 million. Travel and accommodation cost the party R3 million.
The report further shows that grants, donations, fundraising and membership levies are the party’s main sources of income.
However, the party’s income jumped to R10 million from January to June this year and it generated R2 million in membership fees.
Party spokesperson Alex Mashilo told The Citizen the SACP sustained itself through membership fees and levies.
“The SACP also raises funds through fundraising,” Mashilo said.
He added the report would not be made public.