The Refundable Family Bond and Student Deposit

Westmont Montessori School (Westmont) is committed to academic excellence and a caring learning environment. Westmont and its Board of Directors, the Western Communities Montessori Society (WCMS), recognizes that in order to offer a program based on these standards of excellence and to create the environment that maximizes the potential of its students, investment in the appropriate facilities and equipment is required. The ongoing purpose of the bond program is to support the capital plan used to fund the long-term capital needs of the School.

What is the price of the refundable Family Bond?

The purchase price of the refundable Family Bond is $5,000. The $5000 includes a $1,000 Student Deposit per child in the family. Only one bond is required per family.

How is the Family Bond related to the Withdrawal Policy?

The Family Bond is refundable at 100% of face value, less any outstanding arrears on account. The Family Bond refund is typically processed mid-July once the last student of a family completes their final school year and is no longer re-enrolled, however Westmont reserves the right to take up to 60 days to process the refund. The Family Bond is non-refundable should a family withdraw mid-year or after re-enrolment, as per the Withdrawal Policy. Exemptions from the forfeiture of the Family Bond will be given to the Early Years (3–4 year-olds) students.

When is payment due and what are the options for paying for the refundable Family Bond?

The Family Bond is a one-time only, refundable purchase. Payment of the Family Bond is made in two parts. The $1,000 Student Deposit per child is due upon acceptance into the program. The remaining balance of the Family Bond is due on July 1st. For families whose first child enrolls after July 1st, the full bond payment will be due upon the child’s acceptance into the program.

Is a separate Family Bond required for each student in the same family?

No, there is only one bond required per family, regardless of the number of students in the family.

May I donate the Family Bond to Westmont?

Yes, a Bond Owner may donate the Family Bond to Westmont and receive a charitable donation receipt, issued by WCMS (a registered charity). The donation may qualify for certain tax deductions so please consult your tax advisor.

Is the bond interest bearing?

No, the Family Bond is non-interest bearing, non-transferable and unsecured.