School District 73 has received a $100,000 dividend cheque from its business company that will be used to assist schools and parent advisory councils (PAC) with project fundraising.
Having accumulated $1.1 million in shareholder equity since its inception in 2006, the board of directors to SD73’s business company (SD73BC) recently approved the funds to it’s only shareholder — the Kamloops Thompson school district.
The company sells online education courses to students in foreign countries.
“The vision we had for starting the business company was always about being able to support students,” SD73BC director and former school district superintendent Terry Sullivan said in a press release.
“Giving $100,000 back to students and schools, knowing that we started with nothing 13 years ago is a tribute to the steady and prudent management of the company.”
The funds are being earmarked to help fund projects aimed at enhancing students’ experiences at school, SD73 board chair Kathleen Karpuk said in the release.
The board has struck a committee to determine criteria for the projects, but some examples that could qualify may include recreational equipment, social space, cultural enhancement or sustainability initiatives.
In addition to the dividend payment, SD73BC has also paid SD73 $486,000 in management fees.