Non refundable deposit

[louised]

For those who require a non-refundable deposit to hold a vacancy, what documentation do you use other than the contract, do you get parents to sign anything else?

[funfunfun]

No just in the contract !!

I write it in there as a non refundable . they sign the bottom of the contract in doncaster !

[grindal]

When parents give me the deposit I give them a receipt. I write on it clearly that it is a non refundable deposit. When they sign the contracts I again state the deposit is non refundable and does not count towards fees.

[louised]

When they sign the contracts I again state the deposit is non refundable and does not count towards fees.

So you dont take the deposit off the first weeks fees? I was thinking of asking for the first weeks fees as the deposit

[grindal]

So you dont take the deposit off the first weeks fees? I was thinking of asking for the first weeks fees as the deposit

I use the deposit for settling in sessions, price of contracts, the time I spend on interviews and paperwork before a mindee starts, printing off policies, and to cover part of my ofsted and NCMA fees.

I would be reluctant to offset the first weeks fees as if a parent leaves without notice you will be out of pocket!

[Millenium]

My deposits are non refundable and that is made clear in the confirmation letter/receipt the parents receives from me. I retain the deposit not to offset the first months fees but instead to offset the last months fees. I hold the money "on account" until the child leaves me which might be 2,3 or more years. By doing this, it gives me a buffer of one full month's money in the unlikely event of non payment.

I understood that a deposit can only be used a part payment for a service and if the money is to cover non-recurring items it should be called something like "an administration fee".