Cougar Pause: Sagamore Helps With Tuition
July 28, 2016 at 4:25 p.m.
By Scott Wiley-
We live in an area of the country in which we have extremes in household income. While some people are living week to week and just trying to put food on the table, others are looking for ways to protect and maximize their investments.
What does this have to do with Lakeland Christian Academy? Let me explain.
There are many local families that wish that their children could experience the benefits of a private education, but without help, they cannot afford the tuition. However, in 2015, 7,073 Kosciusko County-area students qualified for the “Free or Reduced Lunch” programs at their local public school, thus meeting the guidelines for the Indiana State School Choice Scholarship/Voucher program. Depending on their school district, the state will pay over $5,000 toward tuition at a qualifying private school such as LCA. In fact, 30.5 percent of our students are already taking advantage of this program.
Another fantastic opportunity that is lesser known is the State School Scholarship Tax Credit program. It offers huge benefits to both the affluent and the financially challenged.
What this tax program does is create a huge tax credit (an actual credit, not just a gross income reduction) for donors and provides scholarships to private schools for those in need.
Sagamore Institute is one of six Scholarship Granting Organizations that has been approved to participate in the State School Scholarship Tax Credit Program. This program allows participating organizations to raise money and award scholarships for low-income families seeking alternatives to public education for their children through tuition-based schools. Sagamore Institute’s Scholarships for Education Choice was formed to give more children the opportunity of private education.
In 2009, during his confirmation hearing before Congress, Secretary of the U.S. Department of Education Arne Duncan said that education was “the most pressing issue facing America.”
Education is the lynchpin to breaking the cycle of poverty and creating opportunity for future generations to become valuable contributors to a healthy society. As Duncan said, “Preparing young people for success in life is not just a moral obligation of society” but also an “economic imperative.”
Scholarships for Education Choice is excited to give families and children burdened by financial constraints opportunities to pursue an education that prepares them to become prosperous adults and engaged citizens.
Besides funding quality choice education for families, Sagamore’s Scholarship for Education Choice offers incentives to donors. The state sets aside funding for tax credits for individuals and businesses that wish to support school scholarships. Donors receive a state tax credit equal to 50 percent of the amount donated. Also, because Sagamore Institute is a 501(c)(3) charitable organization, the donation is also eligible for a federal deduction. There is no limit on the amount of tax credits an individual or business can receive. CapinCrouse, nonprofit accountants, put together the following example to illustrate the true cost of a donation (federal deductions vary).
Here is an example of how you can donate $10,000 and only cost you $1,500!
If you are in the highest tax bracket (35 percent) and you donate $10,000.
$10,000 SGO donation
– $3,500 Fed Tax Savings
– $5,000 Indiana Tax Credit
= $1,500 True Cost for a $10,000 donation
This is a fantastic win-win situation for both the donor and the scholarship recipient. Since the average tax credit scholarship amount given by Lakeland Christian Academy is $500, a $10,000 donation toward LCA’s SGO funds 20 student scholarships.
Lakeland Christian accepts students at any time, even though the school year has already started. For more information on receiving a scholarship or taking advantage of the SGO tax credit, call Director of Development Scott Wiley at 574-267-7265 or email [email protected].[[In-content Ad]]
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We live in an area of the country in which we have extremes in household income. While some people are living week to week and just trying to put food on the table, others are looking for ways to protect and maximize their investments.
What does this have to do with Lakeland Christian Academy? Let me explain.
There are many local families that wish that their children could experience the benefits of a private education, but without help, they cannot afford the tuition. However, in 2015, 7,073 Kosciusko County-area students qualified for the “Free or Reduced Lunch” programs at their local public school, thus meeting the guidelines for the Indiana State School Choice Scholarship/Voucher program. Depending on their school district, the state will pay over $5,000 toward tuition at a qualifying private school such as LCA. In fact, 30.5 percent of our students are already taking advantage of this program.
Another fantastic opportunity that is lesser known is the State School Scholarship Tax Credit program. It offers huge benefits to both the affluent and the financially challenged.
What this tax program does is create a huge tax credit (an actual credit, not just a gross income reduction) for donors and provides scholarships to private schools for those in need.
Sagamore Institute is one of six Scholarship Granting Organizations that has been approved to participate in the State School Scholarship Tax Credit Program. This program allows participating organizations to raise money and award scholarships for low-income families seeking alternatives to public education for their children through tuition-based schools. Sagamore Institute’s Scholarships for Education Choice was formed to give more children the opportunity of private education.
In 2009, during his confirmation hearing before Congress, Secretary of the U.S. Department of Education Arne Duncan said that education was “the most pressing issue facing America.”
Education is the lynchpin to breaking the cycle of poverty and creating opportunity for future generations to become valuable contributors to a healthy society. As Duncan said, “Preparing young people for success in life is not just a moral obligation of society” but also an “economic imperative.”
Scholarships for Education Choice is excited to give families and children burdened by financial constraints opportunities to pursue an education that prepares them to become prosperous adults and engaged citizens.
Besides funding quality choice education for families, Sagamore’s Scholarship for Education Choice offers incentives to donors. The state sets aside funding for tax credits for individuals and businesses that wish to support school scholarships. Donors receive a state tax credit equal to 50 percent of the amount donated. Also, because Sagamore Institute is a 501(c)(3) charitable organization, the donation is also eligible for a federal deduction. There is no limit on the amount of tax credits an individual or business can receive. CapinCrouse, nonprofit accountants, put together the following example to illustrate the true cost of a donation (federal deductions vary).
Here is an example of how you can donate $10,000 and only cost you $1,500!
If you are in the highest tax bracket (35 percent) and you donate $10,000.
$10,000 SGO donation
– $3,500 Fed Tax Savings
– $5,000 Indiana Tax Credit
= $1,500 True Cost for a $10,000 donation
This is a fantastic win-win situation for both the donor and the scholarship recipient. Since the average tax credit scholarship amount given by Lakeland Christian Academy is $500, a $10,000 donation toward LCA’s SGO funds 20 student scholarships.
Lakeland Christian accepts students at any time, even though the school year has already started. For more information on receiving a scholarship or taking advantage of the SGO tax credit, call Director of Development Scott Wiley at 574-267-7265 or email [email protected].[[In-content Ad]]
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