Funding plans and Finance Strategy
The school will be funded through a variety of sources:
- Community donations are currently the main source of funding. It will continue to be a substantial source for a facility of this size and magnitude
- Tuition fees, facilities hire, services and sales
- Corporate and other sponsorships, naming and other rights will also provide funding
- Funds will also be borrowed to speed up the creation of facilities
- State and Commonwealth Governments will be approached to provide funding for this community owned project where all of the facilities will be available for community use
- Every dollar raised by the school, including from Gurdwara activities, will be invested for the benefit of our future generations.
A. Current financial position
- Land purchase, DA and associated costs: The land was purchased at a cost of about $4 million. Expenses related to the purchase of this land, exploring other land options, selling and previous DA attempts , completion of SSDA (State Significant Development Application) on this land, expert and specialist reports, professional and technical advice, fundraising and promotional activities amounted to more than $2 million. Some funds have also been spent on maintenance of facilities, council and other expenses, marketing and promotional activities.
- We currently have a loan facility of $2million fully utilised.
B. Generation of income
- The Australian Commonwealth or State Governments do not provide any funding to non-government schools. These governments do provide yearly funding to run non-government schools once they are established. Therefore, our community is expected to raise enough funds to purchase land and build initial buildings for our school.
- School fees will remain as low as possible to encourage enrolments and provide an opportunity to access quality education. We will maintain a good balance of fair fee costs while retaining our ability to engage high-quality educators and professionals to maintain high educational standards.
- The NSW State Government reimburses some costs incurred by schools on per-student basis each year. The Sikh Grammar School should receive this funding.
- The Commonwealth Government provides lump-sum grants to private schools on a project-by-project basis. All efforts will be made to secure these funds for this project.
- Donations will be sought from the community, businesses and local, national and international charitable organisations, businesses and families.
- School facilities will be made available for hire to generate funds.
- Donations made to the on-site Gurdwara will be re-invested for the betterment of our future generations with this school.