How does a debenture work

how does a debenture work

About Debentures

What is a corporate debenture and why do you prioritise like this?

Corporate debentures are deposits of money which were contributed by various companies and which funded the majority of the building of the JESS schools.

The companies who invested in this way receive no financial benefit or reward, only priority on the waiting list for their nominated employees.

How do I find out if my company has a corporate debenture? Can JESS give me a list?

Your HR department will be able to advise you if they have debentures at JESS and sorry 'No' we cannot provide you with this information as it confidential.

Is everyone that works for the company eligible to use their debentures?

Unfortunately no, upon receiving a corporate debentured application, the eligibility will be confirmed by JESS with the company HR department. If at this point we are informed that you are not eligible, parents will be contacted, the application will not be accepted and any registration fee paid will be refunded. If the waiting list for that year group is open at the time, parents will be given the option to change to a personal debentured application.

If my company has a corporate debenture at one branch of JESS can I receive priority also at the other branch?

One corporate debenture gives priority for only one child therefore the corporate debenture must be in place at the branch for which you are applying.

Can my company move the corporate debenture to the other branch?

Corporate debentures are not transferable between JESS schools as they are of a different value.

My company has a debenture and I am eligible. does this mean a 'seat' is reserved and my child can start immediately?

The reservation of a debenture (or eligibility to use a debenture) does not necessarily result in an immediate place or indeed, an application to the school. In order to be placed on the waiting list, parents must also complete the registration procedure, which can be found at How to Apply .

Once completed, your application will be accepted and placed on the relevant year group priority waiting list. All applications are held in 'date of application' order* regardless of which company you work for. They are held until a place becomes available and your child is next on the list, at this point parents will be contacted. If we have places available and no waiting list then yes your child would be able to join immediately. All children regardless of their debenture status are subject to our normal assessment criteria and to KHDA admission guidance and deadlines.

My company only purchased one debenture but I have two children is that OK?

If only one debenture is available this means we can only use it to prioritise one of your children, your other child would not enjoy this priority this could mean parents facing split schools for their children which is an important consideration when applying if you need both your children to attend the same school. The only exception to this, is that if one of your children is applying for Foundation One in the future. In this case, providing your older child has gained admission prior to the Foundation One places being offered, the younger child would join under sibling priority, therefore a corporate debenture would not be required and a personal debenture could be purchased. In this situation for the best advise please contact a member of the Parent Relations Team at JESS on registrations@jess.sch.ae

My company has many debentures but they are all allocated to other children, can I still apply?

Yes, providing you are eligible you can still apply, your application would be placed on the waiting list, however we will not prioritise until a debenture is available to be allocated to

your child. We would recommend that eligible families do apply as soon as possible as things can change within your company, people move on, children change schools all of which is difficult to predict. Once a debenture does become free your child would then enjoy the priority.

My child attends/is on the waiting list under a corporate debenture. what happens to my child if I leave the company?

If your child has already joined the school there are two options either parents purchase a personal debenture within 1 month of leaving their employment, (Personal debentures cost Dhs20,000 ). Alternatively if your new employer holds available corporate debentures they could utilise one of these, providing parents are eligible employees.

If your child is on the waiting list then their status would be changed to personal and no further corporate priority would be given, unless your new employer holds available corporate debentures and you are eligible to be allocated one.

Are all corporate debentures prioritised the same?

Yes, all corporate debentures are the same value, applications are prioritised as per date of application* not the company they work for. Some companies purchased only one debenture whilst some purchased many, hence we have more applications from these companies.

Can my company purchase a corporate debenture now?

As the corporate debenture funds were an initial investment only, the sale of corporate debentures is now closed.

Can I buy a personal debenture now in order to give my child priority on the waiting list?

Personal debentures are only requested when we offer your child a place at JESS and cannot be purchased in advance. Personal debentures offer no priority, are not transferable and are refunded back to parents when the child leaves the school, providing the school account is clear.

My child has been offered a personal debentured place. my employer is going to pay for it. is that OK?

Payment of a personal debenture is the responsibility of the parent but can be financed by anyone. If your company is paying this on your behalf this arrangement is strictly between you and them. The debenture will remain a personal one and the certificate will be issued in the parents name not the company's.

When the child leaves the school the debenture will be refunded into the bank account as nominated by the parent detailed on the certificate. Companies financing personal debentures must put means in place 'in house' to recoup their monies from employees. Personal debentures are always refunded when the child leaves, they can not be transferred to another child or held in place to offer priority to another child.

I have a personal debenture and my child is leaving. how do I get a refund?

When you buy a personal debenture you will be issued with a certificate, this will detail a debenture number, parents name and the name of your child. To obtain a refund you will need to return this original certificate together with details of the bank you would like the funds to be transferred to. We can refund by issuing an AED cheque made payable to the parent, however we are unable to refund in cash or by cheques made payable to cash. All refunds usually coincide with your child leaving JESS providing everything has been received to process your refund and your school fees account has been paid in full. Please note that for parents giving less than the required one terms notice your debenture refund may not take place until the end of the following term.

How can I obtain an application form?

If you are eligible to apply please download and complete the relevant application form:

*this is the date the registration fee is received and the application is submitted to the school together with all the required supporting documents.

Source: www.jess.sch.ae

Category: Bank

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