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 awarding of bursaries 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.
Since 1980, the BET has given boys the opportunity to attend our School.
At any one time, around 40% of our boys are in receipt of some sort of financial need.
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 those from very extremely deprived backgrounds. While scholarships are separate from the BET, it is perfectly possible for a boy to receive both a scholarship and a bursary in order to give opportunity to those who are in financial need, but also gifted in the cultural, academic and sporting arenas.
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 given time to Michaelhouse, have become benefactors of the school, and more than just a handful have 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.
Help us grow the BET so we can keep Michaelhouse accessible to as many South Africans as possible.
One off donations are well received and you can be assured that your generosity will reach the boys that are deserving and in need. However, this is an ongoing need and so if you are able to, we would be so grateful if you could make a recurring donation.
Remember if you are a South African taxpayer, all donations are tax deductible. We will send you a Section 18a following receipt of your donation and confirmation of your details.
If you are a UK taxpayer and you would like to to benefit from Gift Aid, then you can support our boys through the UK Trust. Follow the link below:
Note the way the UK Trust is set up as a Charity, your donations can only go towards bursaries. Call us if you want to discuss this further.
If you are a US taxpayer and you would like to benefit from IRS tax relief, follow the link below: