Upon entering the school, a 14-year relationship within the Bolivar Community begins for both you and your child. The ASOBOLIVAR Educational Fund is the Community’s solidary response, to ensuring our children’s education at Colegio Bolivar.
FIRST ARTICLE:
Establish an Educational Fund to cover the educational costs of students whose parents die of natural causes, accidental death or suicide, or who suffer a permanent disability, starting with the 96-97 school year enrollment.
SECOND ARTICLE:
As of May 2000, the Bondholders’ Meeting decided that this Educational Fund is the property of Colegio Bolivar, with all rights and obligations.
The program will be named ASOBOLIVAR EDUCATIONAL FUND and the rules will be as follows:
A. The Fund shall be constituted with the annual contributions made by the affiliated parents of theColegio Bolivar for each child enrolled in our School, which contributions, calculated actuarially based on the experience of the immediately preceding year, shall be determined by the ASOBOLIVAR Committee.
B. For the Fund’s administration, an interdisciplinary committee will be formed, hereinafter referred to as the “ASOBOLIVAR Committee”, composed of eight members: three appointed by the Board of Directors of Colegio Bolivar and five elected by the Executive Committee of the Parents’ Association of Colegio Bolivar.
C. The contributions to this Fund shall be paid on the dates established by Colegio Bolivar for the enrollment of students, after which they will be covered in accordance with the clauses expressed in the application for admission to the Fund, filled out by the parents, once the acceptance of the respective application is perfected.
D. At the time of completing the application form and making the contribution to the Fund, the parents determine their affiliation.
In the event of physical absence or permanent disability of both parents, the affiliation of the legal guardian will be accepted, after individual study and recommendation of the Asobolivar Committee.
PARAGRAPH 1. For all the purposes referred to in these regulations, the father, mother or the person who, under the conditions indicated, assumes the obligation of the educational costs of the student or students of Colegio Bolivar, will be called the GUARDIAN.
PARAGRAPH 2. In cases where both guardians are covered, the following procedure will be followed:
ASOBOLIVAR is obliged to pay the cost of the studies of the student or students of Colegio Bolivar whose guardian dies due to natural or accidental causes, or suicide, or suffers permanent disability, within the conditions indicated below:
A. Persons under 60 years of age and who remain in the Fund until they reach 70 years of age will be admitted as guardians.
B. In order to be able to automatically enter the Fund as a guardian, the person indicated as such shall declare to ASOBOLIVAR, only once, when applying for admission to the Fund, in accordance with the application form provided for such purpose, that he/she is in good health and that he/she does not suffer or has not suffered from the serious diseases described in the respective application for admission. A person who has or has had the conditions or illnesses indicated in the aforementioned application may not be automatically admitted as a guardian.
C. Regarding the risk of death or permanent disability, it is necessary to specify that COLEGIO BOLIVAR will contract, with a legally authorized Insurance Company, a Group Insurance to cover such events, under the School’s responsibility of the payment of the corresponding insurance premiums. Consequently, the obligation to pay for the students’ education, whose guardian dies or suffers permanent disability, will be subject to the limits of coverage established by the insurance policy in force at the time of death or loss of the guardian, who is obliged to designate COLEGIO BOLIVAR as beneficiary of the insurance policy.
D. In order to be entitled to the benefits established in these regulations, it is necessary to be a student of Colegio Bolivar at the time of the death of the guardian. Students who, having completed the academic year at Colegio Bolivar, and having satisfied the academic and disciplinary requirements, are on vacation and at the end of their vacation are entitled to return to study at the school, are also considered students of Colegio Bolivar.
E. In order to obtain the benefits of the Fund, it is also necessary that, prior to the incident, the contributions corresponding to the number of children who are students of Colegio Bolivar and who depend on the deceased guardian have been paid, and that the latter is in good standing with the School.
F. In order to obtain the benefits of the Fund, the following are understood as entry and permanence requirements: the effective annual contribution, medical examinations deemed necessary due to health declaration, age, accumulation of coverage and/or any requirement deemed necessary to complete the individual study, in accordance with the requirements established by the insurance policy in force. In the same way, any event that may increase the risk of coverage by an insurance company must be reported.
G. In the event of the death of a parent or guardian who is not covered by the Fund, no claim shall be made.
In order to comply with the Fund’s objective, any Colegio Bolivar student may be a beneficiary of the Fund and, therefore, have a guardian, except for the following exceptions that must be:
A. The guardian is over the age specified in paragraph a) of section 2 of this regulation.
B. That the student’s guardian of Colegio Bolivar, at the time of joining the fund for the first time, has suffered or suffers from the conditions mentioned in paragraph b) of numeral 2 of this regulation.
C. In the event that there is a consideration or impediment that causes the insurance company, which is in force, not to insure the attendant, the following shall be considered to be the case:
PARAGRAPH 1. If no guardian is appointed or a person is appointed as such who cannot have such status because he/she is in any of the hypotheses mentioned in paragraphs A), B) or C) of this paragraph, and who has not been approved as an exception by the ASOBOLIVAR Committee, and nevertheless COLEGIO BOLIVAR receives the corresponding contribution, such circumstance shall not entitle the future claimant to demand from the School the benefits provided for in these regulations. In such a case, the contribution or contributions received by the School on behalf of the Fund shall be refunded.
PARAGRAPH 2. In situations considered exceptional, the ASOBOLIVAR Committee shall make an individual study of each family. The family must fill out a form that will serve as a basis for this study; a medical evaluation or studies made by a risk management agency or any other that is considered convenient according to the specific case will be taken into account.
The educational costs at Colegio Bolivar are understood as the sum of tuition, room and board and transportation services during the school year. The cost of books, supplies, extracurricular activities, seminars, lunch and other costs different from those previously mentioned are not part of the educational costs.
The student of Colegio Bolivar who for any reason ceases to be a student of Colegio Bolivar and in whose favor the benefits of these regulations have been granted, shall have the right to demand from ASOBOLIVAR the payment of his studies in any other educational institution located in Colombia or abroad, until the completion of his high school studies, but only for the amount corresponding to the costs of tuition, board, transportation and technology of the educational institution where the student moves to. All this without exceeding the annual cost of studies referred to in paragraph 4 of this regulation.
Such educational expenses or costs may only be paid by COLEGIO BOLIVAR directly to the educational institution where the former student of Colegio Bolivar enters, a mandate that for all legal purposes will be irrevocable, and will continue to be governed by what is established in these regulations.
PARAGRAPH. Parents, contributors to the Fund, of students who withdraw from the School before the end of the school year, for different reasons, will receive a refund of the contribution, proportional to the pending lapse of the current school year.
In order to be able to demand compliance with the obligations arising from these regulations, the claimant must provide the information and documentation required by COLEGIO BOLIVAR in the event of the death or permanent incapacity of the guardian.
The ASOBOLIVAR Educational Fund shall be managed by the ASOBOLIVAR Committee and the monies that comprise it shall be invested in fixed income papers of ample solvency and economic security and sufficient liquidity, or deposited at term in banking or Savings and Housing institutions, supervised by the SUPERINTENDENCIA BANCARIA (Banking Superintendency). Said monies may not be used for purposes other than those for which the Fund has been created, within the above limitations and taking into account legal and tax regulations.
In the event that the ASOBOLIVAR Committee considers it convenient to make investments other than those mentioned above, this must be approved by the Board of Directors.
ASOBOLIVAR, within the conditions and limitations of these regulations, shall transfer funds of the Colegio Bolivar student whose guardian has died, the cost of pre-primary, primary and secondary studies exclusively, that is to say, the number of years covered shall not be extended if for any reason the student loses or must repeat any grade.
Consequently, if for example the student is in the sixth grade when his guardian dies, ASOBOLIVAR will only be obliged to pay the student’s education costs for 6 years, plus the time remaining to finish the sixth grade of high school. The foregoing means that if the beneficiary student loses one or more years of schooling for any reason, such circumstance shall not invalidate the benefits of the Fund, but neither shall it extend for another year the obligation contained in these regulations.
Once the Fund is strengthened, with the yields produced in excess of those required to meet the needs for which ASOBOLIVAR was created, it will be possible to study the extension of the coverage to cover the calamities that prevent parents from temporarily meeting the costs of the education of their children, students of Colegio Bolivar, and/or to cover the costs of studies after high school.
The Board of Directors and the Board of Trustees of Colegio Bolivar have the authority to determine what, in their opinion, should govern the proper management and operation of the Fund. For uses other than educational scholarships, a unanimous vote of the Board of Directors and the Board of Trustees of Colegio Bolivar will be required.
PARAGRAPH. The decisions made by the aforementioned bodies are subject to the existing decision-making structure at Colegio Bolivar, in accordance with the provisions of the Ministry of Education – Law 115 General Education and Decree 2253 of 1995.
The differences that occur between COLEGIO BOLIVAR and the claimant or claimants of the benefits established by these regulations, shall be submitted to the decision of an arbitration tribunal to be appointed by the Chamber of Commerce of Cali, in accordance with the rules in force for that purpose. The Arbitration Tribunal shall operate in Cali and, consequently, the Civil Judge of the Circuit of this city shall be responsible for hearing the requests for injunctions provided for in the Code of Civil Procedure. The respective decision shall be rendered by the Tribunal within 90 calendar days from the date of its installation.
If the Board of Directors and the Board of Trustees of Colegio Bolivar, unanimously, decide to suspend the ASOBOLIVAR Educational Fund Program and, therefore, terminate the benefits established in these regulations, the Fund shall be liquidated. If, after deducting the value of the obligations that ASOBOLIVAR assumes under these regulations, there is any money left over, it will belong to Colegio Bolivar.
These Regulations for the “ASOBOLIVAR EDUCATIONAL FUND” were approved by the Board of Directors and the Board of Trustees of Colegio Bolivar at their meetings held in April 1996.
Subsequently, updates were made and approved by the Board of Directors and the Board of Trustees of Colegio Bolivar at their meetings held in May 2014.
Cali, June 2014