Financial Policies 2012-13
Definition of Terms
“Financial Obligation” is defined as:
- Annual tuition and fees for the specific program less the amount of Financial Assistance and less the amount of Prepayment Discount applied.
- For late start students, the Financial Obligation is calculated as the pro rata annual tuition and fees for the specific program less the amount of Financial Assistance applied. The pro rata amounts will be based on a ten month schedule corresponding to IMS’ academic year. The family may choose to pay the entire Financial Obligation up front, but no Prepayment Discount applies to late start students.
NOTE: Regardless of when a student starts, the family is subject to the same Financial Obligation of the Tuition Deposit, Enrollment Fee and Refund Policy.
“Application Fee” is defined as:
- The fee that covers processing the admission and enrollment of a student. Families are requested to submit an application prior to scheduling an individual interview with the Head of School. However, they are welcome to attend the Information Session and do all other visits to the campus and observations prior to submitting an application.
“Enrollment Fee” is defined as:
- A one-time non-refundable fee to secure the place for a student once the Enrollment Contract is signed and submitted. The funds generated from this fee go towards capital expense for running quality Montessori educational programs. The Enrollment Fee is reduced for any additional sibling applicant.
“Financial Assistance” is defined as:
- A direct reduction in the Financial Obligation based on the financial needs of the student and family. Financial Assistance is granted at the sole discretion of the Financial Assistance Committee, which is comprised of members of the Board and Head of School. Financial Assistance forms and documents must be submitted by February 15th for enrollment in the following academic year. A family that receives Financial Assistance may choose to pay the entire Financial Obligation up front, but no Prepayment Discount applies to families receiving Financial Assistance.
“Tuition Deposit” is defined as:
- The Tuition Deposit is 10% of the total Financial Obligation and is used to secure a place for the student in the following academic year. For returning students, the Tuition Deposit is due by March 5th to secure re-enrollment. After this date, we cannot guarantee that a place will be available for a currently enrolled student. The Tuition Deposit is applied toward the Financial Obligation and is credited against the Financial Obligation. For families joining the school for the first time, the Tuition Deposit may be before, on, or after March 5th depending on the timing of being admitted into the school. For example, a family who moves to Durham in May and is admitted to our school in early June will owe the Application Fee, the Enrollment Fee, and the Tuition Deposit upon acceptance and then, one month later, will owe Payment #1. See below for the refund terms of the Tuition Deposit.
All families at IMS are required to sign a one year Enrollment Contract which clearly states the Financial Obligation, any additional Financial Obligations for the academic year and the individual Payment Plan option the family has chosen. If the family receives Financial Assistance as part of the Financial Obligation to the school, this amount will be noted in the Enrollment Contract. The current academic year’s Financial Policies are applicable to all contracts of the same academic year regardless of the Payment Plan or Financial Obligation. The IMS Board of Directors sets the tuition annually for ½, ¾ and Full Day programs based on the cost to run quality educational programs in our area.
There are two payment plans designed to meet the Financial Obligation to the school. If neither of these options is suitable to the family, then we encourage families to set up a meeting with the Business Manager to discuss another option.
Overview of Financial Obligations to IMS
Annual Tuition Rates
Half day tuition $7,500
¾ day Tuition $10,250
Full Day Tuition $12,750
Application Fee $75
Enrollment Fee $800 $650 – sibling
Tuition Deposit 10% of annual Financial Obligation
Other Fees (some of these are approximate amounts- see below for detail explanation of each fee)
Mini Camp $35 – Half Day, $55 – ¾ Day, $65- Full Day
Early drop off $45 – per month
Day Extension $15 or $25
Lunch Bunch approximately $5.00 per day
Late Fee (Tuition) $25
Returned Check Fee $25
Late Fee (Pick Up) $1 per minute
Payment Schedule for Plan A: 10 Monthly Installments
There are 10 monthly installments and each installment is due by the 5th of the month. These payments do not necessarily reflect the monthly school calendar.
Payment Due Date
1* March 5th (*Tuition Deposit)
2 July 5th
3 August 5th
4 September 5th
5 October 5th
6 November 5th
7 December 5th
8 January 5th
9 February 5th
10 April 5th
Plan A: Monthly Payment Information
Primary Half Day $ 7,500 10 payments of $ 750
Primary & Elementary 3/4 Day $ 10,250 10 payments of $ 1,025
Primary & Elementary Full Day $ 12,750 10 payments of $ 1,275
Payment Schedule for Plan B: Annual Payment Information
The Annual Payment saves 3% on the total tuition bill. The balance is due in full on March 5th. This is referred to as a “Prepayment Discount.”
½ Day Tuition $ 7, 275
¾ Day Tuition $9, 942
Full Day Tuition $12, 367
- Plan B is not available for Students receiving Financial Assistance from IMS
- Plan B is only available until March 5, 2012
- In the case of a withdrawal of a family on Plan B, the entire Financial Obligation applies in accordance with the Withdrawal Policies (see Section I).
General Payment Policies:
- All tuition checks are payable to the International Montessori School or IMS
2. All returned checks are charged a $25 fee
3. When using an online service, please notify them of the check due date and allow 1-2 extra days for delivery.
4. We do not accept cash or credit card payments at this time.
Tuition Payment Policies:
- There are two tuition payment plans offered: 10 monthly installments or 1 annual payment.
- Invoices are emailed by the 25th of each month. (Please let the Office know if you need a paper copy mailed to your home.)
- If neither of these plans meets your needs, then make an appointment with the Business Manager to discuss other options.
Late Payment Policy
- If a payment is received after the 5th of each month, a $25 late payment fee will be assessed.
- If the payment is still not received 30 days after the first late payment fee, a 10% increase will be added to the individual’s outstanding tuition.
- If 2 or more payments re missed without explanation, the student may be subject to suspension until the balance is paid.
-If the student starts after August 31, 2012, the first tuition payment is due the 5th of the previous month before the start date.
(Example: A start date of November 1st means that the Tuition Deposit is due
-Students who have pro-rata tuition amounts may be subject to the 2 payments in March: the regular monthly tuition payment and their Tuition Deposit for the following academic year.
Age Requirements to Attend School
- A child must be at least 3 years old to be in La Casa or La Maison.
- A child must be 5 years old on or within a few weeks of 8/31 to enter 3rd year Primary.*
- A child must be 6 years old on or within a few months of 8/31 to enter 1st grade*
* Eligibility for Kindergarten and 1st grade are primarily driven by academic and emotional readiness, not necessarily age.
- Enrollment Fees are $800 and $650 for siblings.
- Enrollment Fees are not reimbursed under any circumstances.
Tuition Deposit Refund:
- Fully refundable until May 31st
- Non-refundable after June 1st
- Tuition Deposit credited towards Financial Obligation after June 1st.
Refund Policy in the case of Withdrawal and Financial Obligations there in:
All withdrawals from IMS require written notice to:
International Montessori School
3001 Academy Road, Bldg. 300
Durham, NC 27707
- If withdrawing from IMS for any reason, the following Refund Policies will apply:
i. If a student withdraws between June 1st and July 31st, they are responsible for 20% of their Financial Obligation.
ii. If student withdraws between August 1st and October 31st , they are responsible for 60% of their Financial Obligation
iii. If student withdraws between November 1st and November 30th , they are responsible for 70% of their Financial Obligation
iv. If student cancels between December 1st and December 31st , they are responsible for 80% of their Financial Obligation
v. If student cancels after January 1st, they are responsible for 100% of their Financial Obligation.
vi. Note: The amount refunded is based on the Financial Obligation as calculated in Section I above.
HOS has the ability to waive these parameters under special circumstances. For example, a family medical emergency that requires withdrawing the child from school for treatment.
Schedule Changes :
- All increases or decreases in a child’s schedule must be preapproved. An email or written notice must be given to the Business Manager at least 30 days prior to starting a new schedule.
- A new contract will be issued reflecting this change, which should be signed and returned to the office before beginning the new schedule.
- Changes will only be made at the beginning of each month and are dependent on availability.
- If you elect to decrease in the student’s schedule, your tuition will remain at the level indicated in your contract for one additional month.
- If there is an opening, an increase in the student’s schedule may be granted. IMS at its sole discretion may allow amendments to this policy.
Contract Renewals :
- Accounts must be current before a re-enrollment contract will be issued.
- Recipient of Financial Assistance must be re-apply annually and re-submit all supporting documents annually.
- Re-enrollment eligibility for the upcoming academic year may be subject to review. Notification will be given to the family well in advance if IMS recommends another program or school for the student.
- Early Drop-Off :
Early Drop-Off is considered to be any drop-off between 7:45 am and 8:15 am.
These fees directly reflect the month that the student is in school:
Daily charge $5.00
August, December, and June: $15.75 per week
September-November and January-May: $45 per month
Any requests for drop-off prior to7:45 a.m. need to be made in writing and approved by the Office.
- Emergency or Special Request to extend the student’s day
i. If a student needs to extend the length of day for an emergency or another family related urgency, please email or call the Office. Upon on approval, the family’s account will be charged $15 for extensions: ½ to ¾ and ¾ to Full day. The account will be charged $25 for an extension from ½ to Full day.
- Lunch Bunch (Optional Fundraiser)
i. Children may subscribe or unsubscribe to Lunch Bunch on a semester basis only.
ii. Each Friday of regular school, the children will be served pizza and fruit or veggies.
iii. The charge for this service is approximately $5/week and is billed on a semester basis. This fee will appear on the monthly invoice at the beginning of each semester.
- Mini-Day Camps
i. Mini-Day Camp is a child care service that follows the usual school day schedule (½, ¾, and Full day) and students may only sign up for the same length of day as their normal schedule.
ii. Early Sign up is encouraged because space is limited to 20-25 students per day depending on which classroom is being used. There are approximately 13 Mini Camp days including Winter and Spring breaks and Teacher Work Days.
- $35 half-day
- $55 three-quarter-day
- $65 full-day
i. If you choose to attend a fundraising event for which we charge a fee, you will be notified beforehand and charged on the next invoice.
ii. Community Building Fundraising Event fees generally range from $10-$25 per family (not per child).