VIMSIA Board of Trustees Financial Update 9.16.20

SUBJECT: Request for payment of outstanding tuition fees

Dear VIMSIA Families:

Thank you for all your support to help us kick off our 2020-2021 school year during these challenging times. Our amazing staff worked incredibly hard to safely open campus in the weeks leading up to the start of school. We know virtual learning is an extra burden on teachers, parents and students that does not effectively replace classroom learning, especially for our younger students. We are thrilled that we are being given the opportunity to open our campus to on-campus learning.

Unfortunately, the delayed on-campus opening of our school for the 2020-2021 school year is going to take a significant toll on the school’s financial situation. For this reason, we are providing a summary on our school’s finances so that everyone understands the challenges ahead and the importance of paying all outstanding tuition payments in the coming two weeks. For those who are current on tuition payments, THANK YOU! This letter is informational for you as we attempt to be transparent to all parents.

At typical enrollment rates, VIMSIA takes in approximately $3,100,000 in tuition fees per year. The cost to operate the school is approximately $3,800,000, most of which (roughly $3,200,000) is teacher salaries, with the remaining $600,000 spread modestly across repairs, maintenance, insurance, supplies, dues & subscriptions, and many other things. Normally, the school makes up the $700,000 deficit between tuition revenue and expenses through fundraising events such as Las Vegas Night, grants from governmental agencies and private foundations, and donations from generous supporters.

VIMSIA is proud to provide quality education at an affordable price, but the cost of educating each student is more than the price of full tuition. Full tuition paying families are receiving about a 20% subsidy on the actual cost of educating their child. On top of that general subsidy, nearly 70% of our students receive some portion of financial aid against the price of full tuition. Since the time our campus closed due to COVID, many families have withheld paying tuition. Others have been unable to pay due to economic hardships from COVID. In light of this drop in tuition payments, our current operating cash balance will support teacher and staff payroll for approximately six (6) more weeks, at which time we will be faced with the tough decision of teacher furloughs and layoffs or curtailing educational opportunities for your child. This will be a huge hit to our beloved school, staff and students, not just in the short term, but resulting in years of recovery and rebuilding.

VIMSIA did not spring up overnight. It took generations of hard-working teachers, staff, students, community leaders, volunteers, donors, and board members to slowly grow and develop to what it is today. This institution is a vital part of this community and a necessity for families who live and raise their children in the Virgin Islands. While your tuition and contributions are valuable in each year they are made, they are also building blocks to grow and maintain this institution so that it is here for your child throughout his or her entire youth. We implore all you stakeholders to think of yourselves not only as customers of VIMSIA’s education but as stewards of this essential institution to our community.

With this understanding, we respectfully request that parents (who are financially able) with any outstanding tuition fees from the 2019-2020 school year settle these payments by September 30, 2020; and for all parents (who are financially able) to remain committed and current on tuition payments for the remaining 2020-2021 year.

Please remember, this crisis will pass in the near future, and we would very much like to be in a position to restart our school from the same position it was in prior to COVID-19, and continue working towards creating the best and brightest lifetime learners and community minded world leaders of tomorrow.

We look forward to seeing everyone in the many town hall meetings scheduled in the coming weeks and hope this letter finds you healthy and well.

VIMSIA Board of Trustees