You can make a donation that benefits Christian Academy of Indiana (CAI) and you receive a 50% tax CREDIT (not just a deduction) on your gift that offsests your Indiana state tax liability through Indiana’s innovative Scholarships for Education Choice Program. Here’s how it works:
- You make a donation to the Sagamore Institute, a scholarship granting organization (SGO). The CAI Fund at Sagamore has been established to accept donations designated for Christian Academy of Indiana.
- Sagamore grants scholarships to eligible children at Christian Academy of Indiana, thereby allowing the school to receive tuition assistance for a student who otherwise might not have been able to afford the total cost.
- The state of Indiana gives YOU a tax CREDIT equal to half the amount of your donation. For example, if you paid $5,000 in state taxes but made a donation of $10,000 to Sagamore, you would owe NO state taxes. In addition, you may also qualify for a federal tax benefit if you itemize on your federal return. In effect, you can decide how the state will spend your tax dollars by directing them to Christian Academy of Indiana.
Do it now! If you are interested in cutting your tax bill and helping Christian Academy of Indiana at the same time, consider doing so now. The state has set aside $16.5 million in tax credits for this program this fiscal year (July 1, 2020 – June 30, 2021). When donors have claimed that amount in any particular fiscal year (July 1 – June 30), the credits are no longer available until the following year.
PLUS, the state allows any taxpayer to carry forward credits from one year to the next. That means that you do not have to wait until you know what your tax liability will be so that you avoid making too large a donation. You can make a donation of any size and use the tax credits over the course of nine subsequent years.
This program works for any size donation, there is no minimum amount.
Note: Christian Academy of Indiana is not engaged in the practice of providing tax advice and this information does not constitute and is not a substitute for tax advice. Christian Academy of Indiana recommends you secure the advice of competent tax advisor with respect to your personal tax situation.