Australia’s richest schools generate enough surplus cash to invest heavily in the stockmarket, with dividends and franking credits bolstering the bottom lines of schools that between them also receive substantial government funding.
The portfolio paid out $6.6 million in distributions in 2019 and received $1.8 million in franking credits, contributing to an overall surplus for the school of $30.9 million – the largest for an Australian private school in that year. Scotch said its operating surplus was $8 million – not the $30 million it reported to regulators – as returns from its foundation “cannot be considered for general use by the school”.
“Scholarships are offered to families of boys who would otherwise be unable to afford fees to attend Scotch College,” the spokeswoman said. The annual fees at Scotch College for Year 12 are almost $36,000. MySchool data shows 2 per cent of Scotch’s students come from families from the bottom half of socio-educational disadvantage.The foundation’s rules also allow it to support a range of activities including buying land and building programs and to provide financial assistance to the school.
Other high-fee private schools have tens of millions of financial investments, typically a mix of listed equities, unit trusts and bonds. These include Melbourne Grammar and Geelong Grammar in Victoria and Shore School and King’s School in Sydney. Shore, King’s School and Geelong Grammar declined to comment.
“As the school is a not-for-profit entity, any surplus is reinvested back into the school to provide further means-tested scholarship support for students, buildings and facilities,” he said. The level of government funding to private schools is not affected by the financial assets or resources of a school, which has been the case since the Howard government replaced the earlier approach which took into account of a school’s income and investments when determining funding. This part of the legislation is not affected by Morrison government funding reforms.
benschneiders MillarRoyce So ? This is good investing and because of this I want to send my children there, sets a good example
benschneiders MillarRoyce …kudos to them, smart people.
benschneiders MillarRoyce Yes So what Good for them
benschneiders MillarRoyce What?!?!?!?!
benschneiders MillarRoyce Unfair and selfish benefits and still cry
ViscusGaming benschneiders MillarRoyce While georgiecrozier et al if the get elected will close TAFEs,Tech schools and plenty of other schools
benschneiders MillarRoyce Class Warfare 1:01
benschneiders MillarRoyce Second story today about private school funding
benschneiders MillarRoyce This rag will continue to publish these kinds of stories, but come election time, you'll still do your best to undermine opposition leadership so Costello' s mates can continue rorting the tax payer system.
benschneiders MillarRoyce That's smart management.
benschneiders MillarRoyce 35% of all students go to an independent school.
benschneiders MillarRoyce But the amount they receive is only five times as much paid to the LNP in donations. Seems like a reasonable return on investment, what’s the problem?
benschneiders MillarRoyce And most likely receiving enormous Franking Credit refunds considering they don't pay tax.
benschneiders MillarRoyce Just goes t show how little faith we have in all children of our country. We don't believe in them when we allow such an unjust system to exist. What other countries in the world do this to their children?
benschneiders MillarRoyce Meanwhile my school was falling apart and was utter rubbish. I can’t believe what private schools have to play with. I’m so fucking over it.
benschneiders MillarRoyce Tell 9NewsAUS . Uhlmann and co have their eyes painted on.
benschneiders MillarRoyce Fuckin great.
benschneiders MillarRoyce This needs to be fixed JoshFrydenberg - a fairer Australia for ALL students. fairaustralia
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