Avenor Foundation is a non-profit organization dedicated to the Mission and Vision of the Nursery and School – institutions which have become, since September 2013, Avenor College.
The duty of the Foundation is to make sure that the Avenor College objectives are fulfilled in accordance with the Vision and Mission of the School and founders thereof, and that all conditions are met for a quality education under conditions that are appropriate for a Romanian reference school.
What is the current project of Avenor Foundation?
The foundation ensured the establishment of the schooling institutions grouped under the name of Avenor College. Misiunea fundației este să ofere o educație preuniversitară completă (de la 2 la 18 ani).
What are the main sources of income?
The income results from the student tuition fees or sponsorship having as purpose the development of the schooling institutions established under the patronage of the Foundation.
What are the key costs?
- 55% of the annual budget represents personnel costs – as in most international schools, between 50% and 60% is allocated to salaries;
- 18% rent and/or buildings administration and utilities;
- 15% outsourced professional services (catering, transport, security, lawn and roads maintenance, etc.);
- 11% educational materials, stationery and office supplies, IT consumables;
- 1% marketing & communication.
Is there a profit share set for the founders of the Avenor Foundation?
No. The Avenor Foundation is a non-profit entity and does not generate profit for the founding members. Any surplus arising in the future will be used solely in the interest of Avenor College.
Who provides the funding?
Funding of 2010, of approximately EUR 300,000, was provided by the founding members of the Foundation. The funding (up to 4 million Euros) for the extension of the campus has been provided by the company A2Z Effective Management (98% Florin Segarceanu), who handled the construction of the new buildings and the administration thereof.
Could Avenor College have additional sources of income? In what form?
- Sponsorships from individuals or companies;
- 2% of the annual income tax of individuals can be directed to a non-profit entity info: http://doilasuta.ro/;
- 20% of the corporate income tax can be directed to a non-profit organization;
- Approximately lei 2,500/student/year – if the provision of Education Law No. 1 of 2011 were enforced: “the financing follows the student”. The state undertakes to cover the cost/student similarly to the cost assigned in the state education system: lei 2,500/year.
What will Avenor College do with the supplementary income obtained in addition to the tuition fees?
Depending on the supplementary source of income, the Board of Administration of the School together with the sponsor will determine the projects to be funded. E.g.: Example:
- Scholarships, including scholarships for model students with less financial possibilities to attract them to Avenor College;
- Additional IT, Library, Science, Arts, Sport equipment;
- Additional facilities for outdoor spaces (parking, landscaping, leisure places);
- Purchase of minibuses;
- Funding for experience exchanges with teachers from the UK.