School Finance FAQs
At Maxxia our aim is to deliver the best possible service with complete transparency and clarity at every stage. With this in mind we have put together a list of the most frequently asked questions and answers surrounding the education sector, helping you to piece together school leasing options that will benefit your school.
In essence, it is a rental agreement whereby the leasing company retains ownership of the asset yet allows organisations to use it for the duration of the lease.
Our school funding solutions are 100% compliant with the rules of all the UK’s educational establishments: local authority run schools, central government run academies, private schools, colleges or universities.
We can arrange school finance for almost any item that helps with the smooth running of an educational establishment; from a school minibus lease to funding agreements for a portable modular building, as well as catering equipment and sports equipment. Most frequently we are asked for funding for ICT in schools.
Virtually any device, including: desktops / laptops / tablets (PC or Mac), monitors / flat screens, servers, networking equipment, thin clients, phone systems, smartphones, data projectors, photocopiers, printers, multi-function devices and interactive whiteboards.
Note: If you don’t see the item you are looking for, please don’t hesitate to contact us.
Advances in technology inevitably impact the school curriculum. With the addition of computer science, IT and digital technology, a higher importance has been placed on teaching and learning through technology; making the need to invest in and keep up with technological innovations even more pressing.
Education leasing delivers the very latest technology for schools at the lowest possible entry cost, enabling you to keep up with the changes and ultimately ensure your IT capability is always operating at peak performance.
It enables you to keep hold of existing funds which could perhaps be better spent elsewhere. Furthermore, in answer to growing ICT demands, leasing allows you to upgrade to the latest technology at less cost than if you were to purchase equipment outright.
BYOD is the acronym for Bring Your Own Device; a term which has been widely adopted to refer to people who bring their own devices (such as smartphones, laptops and tablet computers) to their place of work or study for use and connectivity to the organisation’s network.
The body which considers loan applications for capital purposes from local authorities and other prescribed public sector bodies.
The main difference revolves around ownership of the asset. With an operating lease the ownership remains with the leasing company which is responsible for the depreciation risk and disposal. All an educational establishment has to do is pay the rental. Read our in depth blog on the difference between a finance lease and operating lease for more details..
Broadly speaking, local authority run schools, central government run academies, private schools, colleges and universities can all run operating leases, but local authority run schools> are unable to use finance leases.
The phases of asset ownership from their acquisition and management, to their eventual sale or disposal.
The delivery of a comprehensive service which enables you manage all physical assets throughout their working life cycle.
Because a dedicated software package or online resource will enable you to keep track of all assets throughout their life cycle, making it easier to manage your school ICT equipment and to report on your school lease agreements. Good asset and lease management also greatly increases your control over budgets and enables you to better plan for future upgrades.
At the end of the primary lease term, it is often possible to extend the lease on the existing assets with a secondary lease term; often a 12 month extension on the primary lease.
When it is time to return the leased assets, the returns procedure can vary. Some leasing companies offer a logistics service which includes packing, collection and transportation, while others require the lessee to undertake the whole process.
Eight guidelines designed to make every school sustainable by 2020. Known as ‘the eight doorways’, these guidelines include: introducing energy efficient and renewable energy sources, creating sustainable procurement practices of resources and goods; and reusing, recycling and repairing as much as possible.
The European Waste from Electrical and Electronic Equipment Directive. It was introduced to reduce the amount of WEEE going to landfill. It requires that all manufacturers and producers take responsibility for what happens to their products at the end of their working lives.
