Alcuin College Enrolment Debenture

Abstract
The Alcuin College Enrolment Debenture (ACED) is a vital part of our school’s long term financing, and is an important opportunity to demonstrate parent and family support in a tangible manner. As part of the enrolment process, each family is required to deposit the sum of $10,000 per child enrolled, to a maximum of $15,000 per family, with the St Alcuin College for the Liberal Arts Society (the “Society”). The debenture will be treated by the Society as a non-interest bearing loan, and may be used by the Society for such purposes as it deems appropriate. The full amount of the debenture will be refunded when the family no longer has any children enrolled in Alcuin College (the “College”), subject to the right of the Society to off-set any amounts which are due and owing by the family to the College or the Society.

Promissory Note
As part of the Alcuin College enrolment process, it is incumbent on each family to ensure that they meet the debenture requirement to the College at the time of registration. Please note that the enrolment process is considered as incomplete if the debenture is not received.
Upon receipt of the debenture:
• The family will be issued a “Promissory Note” for the amount of the debenture.
• The family will be directed to verify the name of “the Parent” entered on the Promissory Note. If this is not the person who is intended to be the recipient of the funds upon repayment of the debenture, please cross it out and print the full correct name of the intended recipient, and initial the change.
• Once the family has reviewed, dated and signed the Promissory Note, it must be returned to the College.
• Upon receipt, we will sign the Promissory Note, make a copy for the family’s files, and place the original in our safe until the time comes for repayment.

Repayment
In order to have the debenture repaid, the family will need to forward a request in writing confirming that they no longer have any children enrolled in the College and are requesting repayment of the debenture amount. The Society will deliver a cheque to the person identified as the intended recipient of the funds in the Promissory Note within 30 days following receipt of the letter, upon confirmation that the family no longer has children at the College and there are no outstanding balances owed to the College or the Society.

Effective June 15, 2015