Moriah appeal brings in $11m
MORIAH College is significantly closer to paying off the mortgage on its new property after raising more than $11 million in a recent capital appeal.
MORIAH College is significantly closer to paying off the mortgage on its new property after raising more than $11 million in a recent capital appeal.
“We’ve exceeded our expectations,” said Giora Friede, who co-chaired the appeal with Judy Lowy.
“The generosity of all donors has been exceptional, and it has been incredibly heart-warming to see so many donations coming in from every corner of our widespread community. [It] will go towards paying off the balance of the cost of the land.”
This year, Moriah bought the Queens Park property for $27 million. The purchase came after the college spent more than 20 years paying rent on the land, which had increased tenfold to $1.4 million a year.
The recent injection of funds — coupled with the school’s initial $6.7 million deposit — now means Moriah owes about $9 million on the land.
“The main message is, people realised the need of our buying the land and paying off the mortgage will go a long way in making Moriah more sustainable and therefore more affordable,” Friede told The AJN.
“In paying off the land, it relieves the burden on our parents in having to pay interest. We were also able to make our fee increase [for next year] the smallest increase we’ve ever had.”
Outgoing principal/CEO Kim Fillingham said: “It was my first and only capital appeal, but I was astounded by the level of support from the community. The community understands the importance of securing the future of the school and the symbolic meaning of land ownership is certainly not lost.”
Friede, meanwhile, said the school would probably have another capital appeal in six years to pay off the property in full.
CHANTAL ABITBOL
Moriah’s Queens Park campus
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