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 as 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 $5,000 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 and Student Deposit?
As per the Withdrawal Policy, new families sign an irrevocable Letter of Authorization which assigns a portion of the Family Bond, $1000 per child, to act as the Student Deposit. This will allow the school to retain $1000 per child, plus any outstanding arrears, if they withdraw before the end of the school year, or after re-enrollment.
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 bond is made in two parts. The $1000 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 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.
Is the Bond refundable?
Yes, the bond is refundable at 100% of face value, less any outstanding arrears on account, when the last student of a family leaves the school, subject to the Withdrawal Policy. The refund is payable within 60 days from the date the last student of the family ceases to be enrolled at Westmont.
May I donate the bond to Westmont?
Yes, a Bondholder may donate the 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 bond is non-interest bearing, non-transferable and unsecured.