Submitted by Graham
From The Sydney Morning Herald
Elite schools reap solid profits - with the help of public funding
By Andrew Stevenson
July 26, 2011
MANY of Sydney's most prestigious private schools posted multimillion-dollar profits last year, with their financial positions greatly enhanced by federal and state funding.
Profits ranged from $1.6 million at Kesser Torah (government funding $5.6 million) to $7.3 million at Cranbrook (government funding $5.3 million). None of the schools reporting results posted a loss.
Loreto Kirribilli had the biggest surplus, $12.9 million. The unusual result - last year's surplus was $1.2 million - resulted from the transfer of $11 million from the Loreto building and education trusts to buy a neighbouring property.
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Another school in the property market was Ascham, which recently bought a Darling Point mansion for $12.25 million and posted a surplus of $3 million.
Full Story: http://www.smh.com.au/national/education/elite-schools-reap-solid-profits--with-the-help-of-public-funding-20110725-1hx7f.html
