Socio Economic Development - Definitions
Socio-Economic Development requires the capture of specific individual Socio-Economic Development beneficiaries, either manually- individually or via a spreadsheet (the template for the spreadsheet is made available for download when clicking on the “From a Spreadsheet” button. Please note that the system has been designed to reject any upload where changes have been made to the structure of the template).
- Socio-Economic Development Contribution Types – This needs to be selected from the drop down options as there are certain weightings attached to each contribution type as is illustrated in the table below.
- Date of Transaction – The date in which the contribution was paid to the beneficiary within the measurement period.
- % of Spend Benefiting Black Individuals- The black beneficiary % is confirmed by an independent party such as an auditor. The full value of the Socio Economic Development contributions is recognisable if at least 75% of the value of the contribution directly benefits black people. If less than 75% of the value of the Socio Economic contributions directly benefits black people, the value of the contribution made is multiplied by the percentage that benefits black people.
Contribution Benefit Factor Table:
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