The Illinois Tax Credit Scholarship
You may have heard about Invest in Kids Tax Credit Scholarships. The program, which becomes effective in Illinois on January 2, 2018, will offer scholarships to students from low-income families who choose to attend private elementary and high schools in the state. In order to qualify for scholarship aid, student families must earn less than 300 percent of the federal poverty level; $73,800 for a family of four.
From a donor’s perspective, the program offers both individuals and corporations the opportunity to make donations to an independent Scholarship Granting Organization (SGO) in return for a tax credit on their Illinois income tax equal to 75% of their gift.
Empower Illinois is the preferred SGO of the Diocese of Joliet. (Note that if you apply for the Illinois tax credit, you will be unable to include the donation to the SGO as a deduction on your federal tax return.) Individual donors who participate in the Invest in Kids program should designate All Saints Catholic Academy as their school of choice when they make their donation to Empower Illinois. Funds directed to All Saints through this program can only be used to provide scholarship assistnace to student families that (a) have made application to the Empower Illinois SGO requesting assistance and (b) meet the household income eligibility requirements. The law gives initial priority to student families who are most in need or who reside in school districts with “Focus” public schools.
In order to apply for a tax credit under the program, donors must visit https://mytax.illinois.gov, create an account and request a Letter ID. Your Letter ID must be issued before you reserve your tax credits.
As the details for this program are just now coming together, we understand that obtaining your Letter ID can take 7-10 business days. Therefore, it is very important that you register and receive your Letter ID immediately so you are prepared to apply for your tax credits on January 2nd.
Please click here for detailed Illinois Tax Credit Scholarship donor instructions.
Interested donors will be able to apply for their Invest in Kids tax credits on the Illinois Department of Revenue’s website beginning on January 2, 2018. It is expected that the entire allotment of tax credits will be claimed within minutes of their becoming available. So please, visit https://mytax.illinois.gov and register today.
By making a gift to Empower Illinois in 2018 and designating All Saints as your school of choice, you will be offering students who otherwise couldn’t afford to attend our school the opportunity to do so. A great way to invest in a Saint!
Of course, you may always support our school directly by visiting: https://co.clickandpledge.com/sp/d1/default.aspx?wid=110623
Thank you for your participation!
Overview of 2019-2020 Family Fundraising Obligation (FFO) Options
Part of the tuition and fees structure at All Saints is the Family Fundraising Obligation, or FFO, a per-family rather than per-student fee set at $500 for families with one or more students in kindergarten through 8th grade, and $250 for families with one or more students only in pre-school.
In the Diocese of Joliet, each school is required to offer families some fundraising opportunities as a part of the cost-to-educate plan. All Saints Catholic Academy works hard to keep fundraising at a minimum, and does not foster the concept of children making solicitations for their school. We will offer each family an opportunity to meet their fundraising commitment in various ways, as outlined below. (Please be advised that there will be, from time to time, other fundraisers at the school that do not qualify for FFO credit, which benefit other areas such as operating budget, classroom initiatives and various charitable activities.)
For more information on the 2019-2020 Family Fundraising Obligation, as well as other fundraising activities at All Saints, please click here.