Michaelhouse-Impact Report-2023 (for Jan-Dec 2022)

The Legacy of the Bursary Endowment

What is the Endowment Trust?

Officially the Michaelhouse Bursary Endowment Trust (MBET) - we call it the BET - was established in 1980 to receive any funds donated, bequeathed or otherwise made to Michaelhouse for the awarding of bursaries (now called financial aid) to existing and prospective pupils of Michaelhouse.

The nature of an endowment trust is to be sustainable by conserving the capital and releasing the annual income for bursaries. This is encapsulated in the ‘MIT formula’ which the trustees presently follow.

How does the BET change lives? With over 121 boys having receiving some sort of financial aid from the BET, support has been and remains broad. In some cases it is modest to help parents make ends meet so their son can attend - or continue to attend - the school. In other cases it covers all the fees, uniform and extras for

Watch Bradley Ralfe (Tatham, 1993) talk about the impact the BET had on his life.

those from very extremely deprived backgrounds. The BET has changed lives for over four decades and countless recipients have grasped the opportunity given to them and gone on to become significant contributors to society. It is noteworthy that many bursary and scholarship holders have returned to give time to Michaelhouse, have become benefactors of the school, and some have even served as Chairman of the Board of Governors. As the cost of living increases and inevitably so do school fees, a healthy BET is critical to ensuring that Michaelhouse remains as accessible to as many South Africans as possible.

Scholarships: are awarded to boys of outstanding ability entering Michaelhouse in E Block (Grade 8). Scholarships are valid for the five year duration of a boy’s career at Michaelhouse, subject to an acceptable level of performance being maintained. Financial Aid: (once known as bursaries), are awarded privately to boys who need financial help in order to come to/or remain at Michaelhouse. All financial aid awards are rigorously means-tested , ensuring that our limited resource is allocated to where it is most needed and deserved. Interest free loans (IFL’s) are an important financial aid option in addition to financial aid grants. Bursaries? Scholarships? Financial Aid?

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