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Change to Fees Payment Schedule and Resource Fee

 

Dear Parents,

As mentioned during our Relocation Meeting three months ago, we are changing our Fees Payment Schedule, with effect from the new school year (beginning with your statements being issued this week). To comply with Council for Private Education (CPE) requirements, we will now collect school fees on a bi-monthly basis instead of term by term.

As stipulated under the Fee Protection Scheme (part of the Private Education Regulations legislated by the CPE), since we do not presently qualify to provide fee protection insurance, VLCS will collect fees in equal instalments every two months in advance (calculated as follows: School Fee per term, times four terms per year, divided by twelve months per year, times two months). LSP fees (where applicable) will follow a similar pattern. For example:

School Fee
= $1800/term
x 4 terms/year
= $7200/year
/ 12 months/year
= $600/month
x 2 months
= $1200 bi-monthly instalment

At the same time, the previous Annual Fee/Resource Fee is being replaced by a fixed-rate Resource Fee, also to be paid in bi-monthly instalments of $120 (i.e. $60 per month, $720 per year). As this is a fixed fee, there will be no more topping up or refunding. This new fee covers all curriculum PACEs, computer programmes, three field trips per year (excluding admission fees), and classroom learning aids. It is intended to benefit all of us by simplifying our accounting procedures as well as making your budgeting easier.

Your current Resource Fee will be placed as credit in your favour for the deduction of the bi-monthly Resource Fee.

These amendments are further described in an Addendum to the VLCS–Student Contract, which will be given to you to sign when school resumes on Monday 25 June 2012.

In His service,

Josephine P.J.S.
Finance Director