Scrip
Program
In
order to assist families in keeping the direct cost of tuition to
a minimum, the idea of a Family Financial Obligation (FFO) was
instituted. This offers families the option of raising funds to
offset part of their tuition payment through the purchase of Scrip.
All scrip purchases are tracked and applied to a family’s
personal account. Families need to meet this obligation based on
the number of students enrolled per family (1 = $325, 2 = $350, 3+
= $375).
Families
have two options for meeting this obligation:
1) Paying an FFO Fee to the school (paid up front or in eleven
equal installments included with the monthly tuition payments)
or
2) Purchasing SCRIP to generate this amount between May 1 and
April 30 (paying any balance owed by May 31).
What
is Scrip?
Our program
utilizes " Scrip" (a Latin term that means
anything used instead of money). The program is simple. St.
Mary Magdalen School purchases gift cards and certificates, in
large quantities from National and Local Retailers. Our family
members order and purchase these gift cards and certificates from
our Scrip program paying face value for the scrip. Please
understand that these are the exact gift cards and certificates
that you or your members would purchase when you walk into your
favorite grocery store, restaurant, department, specialty or
general retailer and purchase gift cards to give to family
members, loved ones or friends.
How
Does that Help Our School Reach its Financial Goals?
St. Mary
Magdalen School purchases "Scrip" in large quantities.
Because St. Mary's meets the high corporate minimums, and pays for
the purchases before receiving them, a discount is received. St.
Mary's sells these gift cards to our families, retaining a
small percentage of this amount (1.2% average) and passing the
remaining discount on to the school. St. Mary's then allows our
family members to purchase Scrip at face value ...dollar for
dollar, to use for their everyday purchases. That means that St.
Mary's retains between 1% - 15% as profit for the school.
How
much can St. Mary's make?
How much do
our families spend weekly on gasoline, groceries, clothing, fast
food, toys, entertainment or home improvements, and birthday gifts
weekly? Think about your own monthly spending!
Our
goal is to turn those dollars into profit for St. Mary Magdalen
School.
St.
Mary Magdalen School becomes your one stop shopping center for
everyday purchases, allowing each family to make every purchase
profitable for our school with credit towards your family's
financial obligation.
It
is That Simple!
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