The Refundable Family Bond

Westmont School is a school that is committed to academic excellence and a caring learning environment. West-Mont 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.

In September 1998, the WCMS Board located, purchased and moved West-Mont School to its current wonderful site in Metchosin. In order to provide the necessary capital for this investment, the refundable Student Bond Program was established. (The Student Bond was replaced by the “Family Bond” in April 2009.) The on-going purpose of the bond program is to support the capital plan used to fund the long term capital needs of the School.

New Features to the Family Bond

Families new to the school after February 6, 2012, will no longer be required to pay an additional $400 Student Deposit per child upon enrollment. Instead, as per the Withdrawal Policy, they will sign an irrevocable Letter of Authorization which assigns a portion of the Family Bond, $1,000 per student, to act as the Student Deposit. In much the same way as the previous Student Deposit, this allows the school to retain $1,000 per student, plus any outstanding arrears, in the event that a student is withdrawn before the end of the school year.

The purchase price of the refundable Family Bond for the 2012-13 school year is $5,000. Only one bond is required per family.
The Family Bond is a one -time only, refundable purchase. Payment of the bond is due in two parts: $1,000 upon the student’s acceptance and $4,000 on or before July 1st. For families whose first student enrolls after July 1st, the $5,000 bond payment will be due upon the student’s acceptance into the program. Families needing to finance the bond may choose to apply for a Line of Credit at the school’s financial institution, Vancity, or arrange financing at another financial institution of their choice.
Yes the Bond is refundable at 100% of face value, less any outstanding arrears on account when the last student of the 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.
Yes, a Bondholder may donate the bond to Westmont School and receive a charitable donation receipt issued by WCMS, at the time when the last student of the family leaves the school. The donation may qualify for certain tax deductions so please consult your tax advisor.
No, the bond is non-interest bearing, non transferable and unsecured.