Our Lady of the Assumption School

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Affording OLA

 Our Lady of the Assumption School

Financial Information and Obligations 2018-2019

 

Our Lady of the Assumption School is an educational ministry of Our Lady of the Assumption Church. We provide a Catholic education primarily for families who are members of the parish. Tuition is the principal source for funding and vital to the continuation and support of all programs and instruction. The school receives no direct funding from the parish, so our bookkeeping, maintenance, utilities and certain other day-to-day running costs are shared expenses. For those families who actively participate in and contribute weekly or monthly to the Our Lady of the Assumption Parish, we offer “supporting parishioner” tuition rates. A full explanation is available at the school office.

 

SUPPORTING PARISHIONERS / NON-PARISHIONERS

As an education ministry of Our Lady of Assumption community, our families are served by Our Lady of Assumption parish. All school families are expected to be contributing financially and participating regularly in community events and Mass at Our Lady of Assumption parish.

 

 

Total

10 months

12 months

One Child

$5,300.00

$533.00

$ 441.67

Two Children

$9,250.00

$925.00

$ 770.83

Three Children

$13,000.00

$1,300.00

$ 1,083.33

Four Children

$15,925.00

$1,592.50

$ 1,327.10

 

 

Financial Obligations per child

Registration Fee

Payment of the registration fee guarantees student(s)’s placement for the upcoming school year. Registration must be completed, including fee payment in full, by May 31 to guarantee student inclusion on the class lists for the upcoming academic year. Registration for both returning and new families begins in February each year.  Registration form and payment must be submitted by the following deadlines with the associated per-child registration fees:

 

REGISTRATION DEADLINE

FEE PER STUDENT

New Students

$350.00

Before February 28 – discounted “early bird” for returning families

$250.00

Before March 31 – returning families

$300.00

After April 1 –  returning families

$350.00

 

The following fees are to be remitted prior to the indicated due dates:  

Fee Description

Amount

Due Date

First Communion

(where applicable)

$50.00

 

2/28/19

Graduation

(8th Grade)

$180.00

does not include the end-of-year “day-away” field trip

5/4/19

 

ADDITIONAL FINANCIAL OBLIGATIONS PER FAMILY

Service Hours

25 hours per family or $500.00

($20 per hour for donation

 to school)

4/30/19

SCRIP

$300.00 in commission or

buyout of $300.00

5/31/19

10/30/18

A $50.00 penalty will apply if SCRIP commission is not met by 05/31/2019.

Raffle Tickets

$275.00

3/30/19

OLA school families are obliged to buy/sell $275.00 tickets (55 x $5.00 each).  These tickets will be included in the Fiesta raffle drawing to win $10,000.00, plus the chance for other Fiesta raffle prizes. Drawing will take place at OLA Fiesta on 05/12/19.

 

Returned Checks

Returned checks, including but not limited to those received for PFA events, field trips and sports fees, are subject to a $35.00 fee per check.  More than one returned check during the school year may void all check writing privileges at Our Lady of the Assumption school.

 

Per-Child Tuition “Gap”

For the 2018-19 academic year, the actual cost to provide education at Our Lady of the Assumption is projected at $5600 per child.  As this cost is not covered by tuition, each family is encouraged to examine their individual financial situation and identify their ability to supplement some or all of this gap for each enrolled student to help the school meet its financial requirements to continue to provide a quality education to all students.

 

Financial Assistance

OLA is committed to making Catholic education available and affordable.  Our SCRIP program is one of the significant sources of support for financial assistance.  Any family in need of tuition assistance must complete an application and submit supporting documentation. OLA uses the Archdiocese of Los Angeles Catholic Education Foundation applications to make the determination of need. If a family does not qualify or meet the criteria for a scholarship from the Catholic Education Foundation, the application may be considered for an in-house award.  These awards are determined by a sub-committee of the OLA finance council.  These forms are available in January each year for awards the following school year.  For more information please check their website www.cefdn.org.

 

TUITION COLLECTION, PAYMENT PLANS AND AUTOMATIC DEDUCTIONS

 

School tuition is collected through FACTS Tuition Management Company. All families are required to enroll with FACTS Tuition Management Company and select either the twelve-month schedule (July - June) or the ten-month schedule (July – April)

  • Automatic tuition payments can be initiated on either the fifth (5th) or twentieth (20th) calendar day of each month
  • If a bank account is used for tuition, automatic payments can be made using either a checking or savings account
  • Mastercard, American Express, and Discover may also be used for tuition payments; a 2.75% convenience fee will be assessed on the balance
  • Families may opt to make two payments per month though FACTS – on both the fifth (5th) and twentieth (20th). Under this arrangement, the twelve-month schedule will include twenty-four payments; the ten-month schedule would be twenty payments. A fee of $45.00 will be paid to set up this service.
  • Existing/Current families - If there are no changes in an existing account, the account enrollment will automatically renew each year; FACTS will send a confirmation/notification stating when payments will start.
  • New families are to remit the FACTS application form and a voided check to the school office immediately to start processing of the account. Form should indicate the preferred payment initiation date. For joint accounts, the responsible party and the person signing at the bottom of the form must be the same.
  • For credit card payments, please call the school office to obtain the school account number for FACTS to credit your payments.

 

Payments are debited to accounts on the 5th or 20th of the month, based on the selection made by the account holder. If payment debits to FACTS are declined on the due date, the account holder will be charged $30.00 for each missed payment. FACTS will reattempt the billing on the next billing date (either the 5th or 20th of the month, whichever is first). Each attempt will result in a $30.00 fee debited from the checking account; reminder notices will be mailed out. Following two unsuccessful billing attempts, student(s) will not be permitted to attend school until the account is brought current or arrangements have been made with the principal to clear the debt. It is the parents’ responsibility to contact the school office and make past-due payment arrangements in advance of possible student suspension as a result of delinquent tuition.