Contribution to SGO $10,000
50% Indiana state tax credit $ 5,000
Approximate Federal Tax Savings $ 3,100
Based on taxpayer’s bracket.
Net cost to donor $ 1,900
Donors should consult their tax advisors to determine tax consequences based on their particular situation. Tax credits can be carried over a nine year span. Stock is acceptable.
As a result of the 2011 Diocesan SGO awards, over 570 children (many receiving the funds) became eligible for choice scholarships the following years. SGO donations can be restricted for use by Bishop Luers High School. Donors cannot specify a particular student. There are no size limits on donations accepted, however, the total tax credit program has a per state fiscal year cap. The total amount of credits to be awarded July 1, 2017-June 30, 2018, is $12.5 million.
Below is an example of how an SGO donation makes a difference.
$25,000 Donation makes it possible for 50 students to receive a $500 SGO Scholarship
Full School Choice Scholarship (voucher) average $5,004
Future Benefits- if the family qualifies, they must apply each year for a School Choice Scholarship
3 year student $15,012 total for 3 years
x 50 students
$750,600 voucher funds
4 year student $20,016 total for 4 years
x 50 students
$1,000,800 voucher funds
Once a family has one child receive an SGO, the other members of the family are able to apply for the School Choice Scholarship.
Contact: Louise Jackson, Director of the Office of Mission Advancement (260) 456-1261 x3142