STATE TAX CREDIT SCHOLARSHIPS AVAILABLE FOR FAMILIES WITH NEED
In the fall of 2017, the Illinois legislature passed the Invest in Kids Act which provides a 75% Illinois state tax credit for donors who contribute toward scholarships for students from Kindergarten through Senior year in high school. The scholarships cover tuition and certain applicable fees, paid directly to the private school of choice for an Illinois student/family, if the family qualifies and funding is available. Scholarships can potentially cover 50%, 75% or even 100% of tuition, depending on the adjusted gross income and size of the family.
WOULD YOU QUALIFY? Check the chart below.
HOW DOES IT WORK?
Contributions from donors will be made through qualified Scholarship Granting Organizations (Empower Illinois and Big Shoulders), and the scholarships will be awarded through the SGOs, as well.
The Archdiocese of Chicago Office of Catholic Schools has contracted with Empower Illinois to be the SGO of choice for all of our Catholic Schools. Big Shoulders Fund is also a qualified SGO and, as an applicant, you are asked to complete an application through BOTH SGOs.
Awards will be granted to qualified candidates on a first-come, first-served basis.
Applications for the 2019-20 school year have been open since January. You may still apply for a 2019-20 scholarship, but the applications are taken on a first come, first served basis. It is not likely that the scholarship will come through for you for this year if you have not already applied. Instead, please submit a FACTS Grant and Aid Application.
IMPORTANT INFORMATION FOR DONORS
Donations into our Empower Illinois Tax Credit Scholarship funding is ongoing and we do have many Pope Francis students who qualify, but have not yet been funded for a scholarship. If you are in a position to help with a donation, we would be happy to walk you through the process and we would be most appreciative.
While bigger donors gain a bigger tax benefit from contributing to these scholarships, even more humble contributions from individuals can really maximize the benefit to a specific school (ideally, Pope Francis Global Academy) by donating into this scholarship fund. Most of the funding at this point has been through smaller, individual donations.
75% of any donation made into this fund is allowable as a TAX CREDIT on your Illinois taxes. For example, if you were to donate $1,000 and ear mark it to Pope Francis Global Academy, $750 of that money would be eligible as a tax credit for your 2018-19 tax year. You still pay 25% of your tax burden to the state, but 75% of your tax bill is credited!
HERE is a good explanation of how it all works.
Talk to your tax preparer about the value of this type of contribution TODAY! While there is a state cap on how much can be donated into this fund, they haven't reached the cap, so it's worth looking into.
Jodi Thyen, our school’s Director of Admissions and Advancement, would be happy to sit down with you at the school to walk you through the donation process step-by-step if you would like help setting it up. Email her at email@example.com.