Scholarship Granting Organization
Scholarships are critical to Park Tudor's mission to prepare and motivate students to become balanced, confident and resourceful lifelong learners. Donating to Park Tudor's scholarship fund is a way to directly impact Park Tudor students and it provides significant tax benefits for Indiana donors.
Our partnership with the Institute for Quality Education, a scholarship granting organization (SGO), allows donors to make a gift to Park Tudor that directly benefits our scholarship fund. In addition to supporting students by giving them access to a high-quality education, Indiana donors receive a state tax credit of up to 50% of their donation amount. Donations also qualify as a charitable deduction on federal tax returns.
Here are some quick facts on Indiana’s Tax Credit Scholarship program:
- There is not a maximum or minimum contribution requirement. However, the tax credit amount cannot exceed the state tax liability for the current year. On July 1, 2020, Indiana allocated more than $16 million in tax credits for SGOs to offer individuals or businesses as an incentive to help raise funds for scholarships. The amount of tax credits still available is listed here.
- Students must meet certain family income levels to qualify for an SGO scholarship.
- Actual after-tax cost will vary based on your individual income tax status.
- Donors can carryover unused tax credits for up to nine years.
In order to receive a 2020 state tax credit equal to 50% of your gift, donations must be received by December 31, 2020, or before the available allotment of state tax credits run out -- whichever comes first. In the past, some donors who have waited until late December have missed out on the credit, so we strongly recommend donating today.
To make donating as easy as possible, IQE provides the following options:
- Donate online with your credit card.
- Download the donation form to mail a check. (Please note Park Tudor School in the memo line.)
- Make a donation of stock or securities. (Please notify Kelly Teller, email@example.com, at the Park Tudor Development office if you plan to make a gift of stock so that we may ensure your gift is credited correctly to the school’s fund.)
For more information on the Tax Credit Scholarship program and SGOs, visit the Institute for Quality Education’s website.