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Financial Policies
Tuition and Fees: Parental Financial Obligations
Grace-St. Luke’s Episcopal School is wholly supported and operated from the income derived from tuitions, fees, and gifts. Payment of these fees is set up on a quarterly basis with annual and monthly schedules available for those families who prefer other methods of payment. Complete information regarding tuition and fee schedules is available from the school’s business office in the administration building.
Tuition payments must be made on the date due and announced on the financial contract signed by parents each year. The business office will contact any parents whose payments are not received on time. The school does not accept partial payment unless a written waiver of this policy is given by the headmaster. Any extenuating circumstances regarding late payment must be made known to the headmaster. All tuition accounts must be current by spring break or students may not be able to return to school.
When a student’s account is not current, the student may be prohibited from involvement in other school activities such as After School Care, Enrichment, or other extra-curricular activities that require a fee. Middle school students will not be permitted to take exams unless all financial obligations (including fees, fines, or other charges beyond tuition) are met. No records of any kind, including report cards and test scores, will be released on behalf of any student whose account is in arrears. The headmaster, after conferring with parents whose accounts are in arrears, may prohibit the student from attending classes until the accounts are made current. If the account needs to be turned over to a collection agency the parents are responsible for all associated costs for collection. The headmaster has the final jurisdiction in the enforcement of these policies as established by the Board of Trustees. Every effort is made to be responsive to the needs of GSL families and to ensure fairness in the implementation of the financial policies. An unsatisfactory record of tuition and fees payment, however, is considered a factor in the decision to offer a student a reenrollment contract for the next year. No family whose financial accounts are not current will be extended a reenrollment contract until the accounts are made current.
Returned Checks and Late Payments
A fee of $25.00 will be charged for each returned check. A penalty of
$50.00 will be charged for payments not received within ten (10) days of the due date.
Tuition Refund Plan - Broad Form Coverage
The School has many expenses of a continuing nature, such as faculty salaries and plant maintenance; therefore, it is essential that the annual income be assured. Students are enrolled for the entire school year. No reduction or remission of fees can be allowed by the School for absence, withdrawal, or dismissal. The fact that the fees are paid in two or more installments does not constitute a fractional contract.
Because of this necessary regulation, the School makes available the
Tuition Refund Plan that offers parents the opportunity to guard themselves at a small cost against possible loss of tuition in the event of absence, withdrawal, or dismissal according to the terms of the policy.
Financial Aid Policy
It is hoped that each student qualified and desiring to attend Grace-St.
Luke’s Episcopal School will have that opportunity. Financial aid is available for students in five year-old kindergarten (SK) through grade eight. While there is no obligation to repay the grant, it is hoped that the recipient or his family will contribute to the scholarship fund at a future date. Financial aid must be applied for on an annual basis and it is awarded on that annual basis alone. Applicants must apply to the school Office of Admissions and to the School Scholarship Service. The applicants must also submit a signed copy of their current federal income tax reporting forms. No request for financial aid will be considered until the school has received written request, the School Scholarship Report, and the Federal Income Tax forms. The awarding of financial aid begins in early March.
Families are notified of the Financial Aid Committee’s decision in late spring. The committee cannot offer financial aid to students whose enrollment contracts for the next school year have not been received by the school. Normally financial aid will meet only a portion of the family’s financial obligations to the school.
Grace-St. Luke’s School’s financial aid is based on need and students of any race, color, creed, ethnic origin, or sex may apply.
Charitable Gifts Made to Grace-St. Luke’s School
Like most independent schools, Grace-St. Luke’s cannot meet its total financial needs from tuition alone. Charitable gifts are an important-necessary part of the school’s fiscal management.
Grace-St. Luke’s Episcopal School is most appreciative of the generosity of parents, grandparents, faculty, staff, alumni/ae, former parents, parishioners, corporations, and friends whose faithful support through gift giving has helped the school continue to provide the best possible learning environment for the students at
GSL.
Annual Giving Campaign
Each year the Board of Trustees conducts an Annual Giving Campaign to raise money for special, supplemental purchases and to meet financial needs not met by tuition income. The Annual Fund is the single most important avenue of giving and it is hoped each and every parent will want to be part of this important endeavor.
Payment schedules for pledges to the Annual Giving Program may be designed to suit your needs within the school’s fiscal year.
Endowment
Gifts to the school’s endowment are added to the school’s investment portfolio. Because the Endowment is a priority of the Board of Trustees, a policy was adopted, effective May 20, 1998 that states: Five (5%) of all profits generated through formal fund-raising activities by the school or organizations sanctioned by the school will automatically be directed to the Endowment Funds. Specifically excluded are capital campaign funds. Activities such as eighth grade fund-raisers, may be excluded after review by the Board of Trustees.
One hundred percent (100%) of all undesignated gifts to the school will be directed to the Endowment Funds.
With regards to annual giving, a minimum of five percent (5%) of annual gift income will be directed to the Endowment Funds each year. If the annual giving goal is exceeded, twenty percent (20%) of the excess will go to the Endowment Funds. The remaining eighty percent (80%) will be allocated upon approval of the Board’s Executive Committee.
Scholarships
The Paula Rainey Langschmidt Memorial Scholarship is given each year to an outstanding seventh grade student whose leadership in academics, athletics, service, and character is worthy of recognition.
Memorials and Honoraria
Throughout each school year gifts are received to honor a special person, memorialize a loved one, or celebrate special events such as birthdays and graduations. The Development Office notifies the individual or family of these thoughtful gifts upon receipt.
Gifts-in-Kind
These gifts are of tangible property or professional services designated by the individual donor for a special one-time project or purpose not included in the operating budget of the school.
Fund-Raising and Special Events
The Parents’ Association and other school groups hold occasional fund-raising events. Every effort is made to keep these to a minimum.
Money raised from these events is used for items and projects according to the Board of Trustees’ funding priorities in keeping with the school’s strategic plan. Five percent (5%) of profits is directed to the school’s Endowment Funds.
All school-related groups and individuals must obtain from the
Grace-St. Luke’s Episcopal School Board of Trustees written approval for any event or activity conducted for the benefit of Grace-St. Luke’s Episcopal School and/or Church. The Board may delegate this approval to the Development Committee of the Board.
The following fund-raisers have been approved for the current school year:
Booster Club concessions, Annual Giving Campaign, Birthday Book
Club, General Mills Proof of Purchase Collection, Student Council
Concessions, Target School Benefit Card, Parents’ Association sale of GSL Spiritwear, Gift Wrap Sales, Davis Kidd Book Sale, Book Swap, Eighth Grade Italian Dinner and the Parents’ Association Annual Anchor Auction. In addition, the school may organize one event to help an outside organization.
Students, faculty members, administrators, and Board members may not use any school mailing or the classroom to distribute material to solicit funds, advertise, or promote any outside organization or its activities in the name of Grace-St. Luke’s Episcopal School or Church.
No event or activity may include the door-to-door fund-raising by students in which students would be selling items or soliciting contributions, pledges, or orders from people unless they know them such as neighbors, relatives, teachers or friends.
No solicitation for contributions, pledges or orders on behalf of any organization outside of Grace-St. Luke’s Episcopal School, with the exception of Grace-St. Luke’s Church sponsored activities, will be permitted on campus.
Fund-raising of any kind in the name of Grace-St. Luke’s or of any school group is subject to approval by the Board of Trustees and may not take place without prior written approval of the Board or Headmaster.
Annual Report
Grace-St. Luke’s Annual Report is published in the fall of each year. It contains a history of annual giving, capital and major gift contributions.
General Information
In addition to the gift opportunities mentioned above, the Headmaster and Director of Development are always ready to speak with persons who may wish to provide financial support to the school through planned and deferred giving such as gifts of insurance and bequests.
Grace-St. Luke’s Episcopal School is a legally charitable institution that complies with all appropriate federal and state laws. All cash gifts to the school for which the donor receives no goods or services are tax deductible. Certain donations (such as ticket purchases), auction donations, gifts of stock, and gifts-in-kind are deductible to the manner and extent provided by law in accordance with IRS regulations. The Development Office automatically furnishes gift substantiation summaries to donors for tax purposes.
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