McGregor Waldorf School

Financial Situation

The McGregor Waldorf School is now in its 13th year. Due to the poverty in the area, most students are unable to pay full fees – yet the school has survived and flourished. Government sponsorship is small and so currently we are dependant on private sponsorships, donations and fundraising initiatives. However, we do have long-term plans to change this situation.

The annual cost of running the McGregor Waldorf School, excluding expansions in buildings, equipment, furniture and vehicles, is about R 2,6 million. These cost are covered in the following ways:

Projected 2007 Income Budget
School fees and hostel	R705 000
Government contribution	R435 000
Student Sponsorships by individuals	R475 000
Donations	R870 000
Fundraising	R45 000
Profit from businesses	R30 000
Other	R40 000
	=======
	R2 600 000

From the above it is clear that most students are not paying full school fees and that most of the difference is made up of sponsorships and donations. More than half of the income under “School fees” is from hostel contributions. Due to the poor financial situation of most families attending the school, we will never be able to ask the parents to pay full fees. We will therefore always be dependant on sponsorship of individual students and donations.

As a school we realize that we cannot just assume that these sponsorships will be forthcoming forever and we are in the process of setting up businesses and will reinvest the profits of these businesses in the school. (For more information go to ………..…… on the businesses)

Our Expenditure on Capital items such as Buildings, equipment/furniture and buses, fluctuate from year to year. At present we own the buildings housing the Kindergarten and Primary school. These properties are fully paid for and are valued between R 3 –5 million. We are in the process of raising money for the purchase of the High School buildings, which we are renting at present. The cost is R 5,5 million.

Our expenditures
Salaries and Wages	R 1 813 000
Other expenses	R 447 000
Rental of High school buildings(“Kampterrein”)	R 150 000
Hostel expenses	R 240 000
	========
	R 2 650 000

Our major expense is teacher salaries and although it is high, our teacher earn well below the salary earned by government teachers and teachers at other Private schools. They also have no medical aid or pension facilities. With the purchase of the High School buildings, through donations, we will save most of the R 150 000 rental amount. (There will still be maintenance, etc)

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McGregor Waldorf School

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Projected 2007 Income Budget

Our expenditures