There is a common misperception amongst Old Greys, and the general public, that the Grey Schools and the Old Greys' Union are wealthy and not in need of funding. The magnificent school grounds and buildings foster a perception of Grey being a private school with private school funding. Running the operations of The Grey and maintaining the campuses in pristine condition requires significant funding, not to mention investment in bursaries, scholarships and specialised facilities and equipment for music and sporting activities.
The Department of Education's (DoE) funding contribution to the schools is hopelessly inadequate to sustain the high standards of excellence maintained by the schools. As a result there is a growing pressure to charge higher school fees. Less than half the academic and maintenance staff at the schools are funded by the DoE. The DoE's contribution to campus maintenance is about R100 000 per annum, which would hardly refurbish 2 classrooms per year. The Grey Schools are almost entirely reliant on school fees to fund the required operations. While the Grey Schools have an excellent fee paying culture, any significant fee increases could force parents to default, which would lead to a disastrous financial situation.
The establishment of The Grey Foundation provides professional fundraising, management, marketing and branding expertise to The Grey. Its goal is to build amongst others, a significant financial fund to generate annuity income to ensure that the ethos, values, traditions and infrastructure of The Grey remain intact for current and future generations of Grey boys. The Grey Foundation is committed to the efficient utilisation of all collected and distributed funds and applies strict governance and commercial management principles in all its activities.