Mr. Tom McGrath, President
ANNUAL FINANCIAL & TUITION REVIEW 2015-2016
In keeping with past practice the President presents an Annual Financial and Tuition Review in the month of January.
REGISTRATION FOR THE SCHOOL YEAR 2016-2017
Registration information shall be sent home on Friday, January 15, 2016. You will be asked to return the form and your 2016-17 registration deposit**, which the Board of Governors has set at $1,000 ($100 deposit for those applying to the Bursary program). The deadline for the return of information and deposit is Friday, January 29, 2016.
**100% of your registration deposit will be applied against your 2016-17 tuition fees & is non-refundable.
Tuition Rates 2016 – 2017
1st Child – $8,400.00
2nd Child – $8,400.00
3rd Child – $4,200.00
4th Child – $4,200.00
5th Child – $0
International – $12,500
There is no increase in tuition for the next school year.
Here are some registration details for your information:
- Grades K-12: January 29th – $1,000 deposit due for each student. ($100 deposit per student for those applying to the Bursary Program)
- Students on waiting lists will be offered a spot if registration is not received by the January 29th.
- Students who register late will only be accepted if budgeted resources and space permit
- We can now accept e-mail money transfers. Please use firstname.lastname@example.org
- Tuition can NOT be paid by credit card
- Tuition payment options remain the same as follows:
Option 1 – Full payment due June 1st (post dated required at registration)
Option 2 – Two payments due June 1st and Oct 1st (post dated required at registration)
Option 3 – 10 monthly payments commencing June 1st through March 1st via direct deposit only. (Direct deposit information must be submitted at registration)
Final report cards will not be issued until full payment of outstanding tuition and fees or suitable arrangements for payment have been made with the President.
A $25 fee will be charged for any payment returned by the bank.
The tuition payment period is defined as the ten-month period between June 1st – March 1st.
Once tuition becomes payable it is considered non-refundable.
PLEASE NOTE: If a student leaves the school after registering, tuition is payable and due for the period from June 1st up to and including the month the school is notified, in writing, of the withdrawal of a student.
Most operations of the school are financed by tuition paid by parents/guardians. Operations include all the normal items one would expect – salaries, heat and oil, insurance, snow clearing, etc.
The Bursary Program is fundamental to the very essence of a Jesuit school. Families can apply on a confidential basis and are awarded support based on their particular financial situation. Every family pays some amount toward their tuition. This will vary depending on the specific situation. These families are struggling financially due to situations such as prolonged unemployment, serious illness and other family issues. The tuition paid by others does not subsidize the tuition of those on bursary assistance. The money for the bursary program is raised independently through donations, bequests, the Ignatius Society and the proceeds from the Ignatian Tribute Dinner. While we do receive contributions from many generous donors, it is worthy to note a significant amount of the funds ($50,000) comes from the Presentation Sisters and the Sisters of Mercy Education Fund. There is also a small, but growing, Endowment Fund that partially funds bursaries.
Major maintenance projects are funded through fundraising. The projects are undertaken following recommendation by the Director of Maintenance and the Facilities Committee and approved by the President based on need and the availability of funds. Life safety and health maintenance and repair are the top priority.
Each year in December, the Board of Governor’s ratifies the budget for the next school year. The budget is based on information available at that time and gathered through extensive consultation with many different stakeholders. Assumptions about the number of students and operating costs must be made at that time and then the tuition rate is determined to allow us to present a balanced budget. Registration then takes place later in January – the number of students for the fall is determined and then final planning for the next school year in terms of staffing, classroom facilities and other resources are determined. At that point we make any financial commitments for the next school year.
In September the budget is updated for final enrollments and staffing. Throughout the year actual expenditures are compared to budget on a quarterly basis to ensure we stay on target.
The audit for fiscal year (FY) 2014-15 is complete.
The 2014-15 fiscal year ended with a surplus of $35,030, which has been applied against the accumulated deficit that occurred after FY 2012-13, leaving a deficit in our retained earnings of ($18,665). On our balance sheet for the 2014-15 year end you will notice deferred revenues of $74,999 for operating expenses and $66,465 for capital expenditures set aside for projects that are currently underway. This position indicates we honoured our pledge to monitor our finances very carefully. We placed tight controls on all spending and capital works were completed based on urgency and the availability of funds.
A copy of the audited financial statements is located in the accounting office and is available for anyone to review. We are up to date with all our required statutory filings. The financial accounts are up-to-date and reviewed regularly to ensure accuracy and completeness.
A budget is a forecast which is made by making certain assumptions based on the best information currently available. The amount of revenue we have for operations is a function of the number of students and the tuition rate charged. In order to determine how much revenue is required, we need to know our costs. Our largest expense is for salaries and benefits for the faculty and staff. Based on the estimated number of students we can estimate our staffing costs. As you can see knowing the number of students we will have is crucial in determining our costs. For purposes of next year’s budget we have assumed we will have 365 students.
Currently our teachers are making approximately 75% of public school teachers’ salaries. For the 2016-17, there will be no increases to teaching salaries, with the exception of those completing higher certification or increasing their years of experience.
We have allowed for a 2% inflationary increase for all other expenses. As mentioned earlier we have not provided an allowance to fund any deficit that may result in the current year. If necessary any deficit will be funded through fundraising, cash management, fiscal prudence and increased enrollment.
The difference (the delta) between the 2014-2015 costs to operate and the total tuition charged was $301.67 per child or a total of $105,283. The actual cost to educate a child during the 2014-15 year at St. Bonaventure’s College was $8,702 per child. The delta is made up by fundraising and donations from benefactors.
Should you require additional information or have specific questions related to this update do not hesitate to contact me directly.