The Illinois Tax Credit Scholarship Program allows individuals and corporations to donate to a Scholarship Granting Organization (SGO) – whose primary aim is to give scholarships to qualifying CRSM students. For their generous donation, donors receive a 75% credit on their Illinois taxes. Donors receive a direct credit, not a deduction.
After just one year, 134 students have been able to attend CRSM who otherwise would not have had the opportunity. This year, more than 176 families have qualified and are on the waiting list for a scholarship.
Preston Kendall, CRSM president, talked about the impact.
“In many low-income communities, families who want a faith-based educational option for their children are shut-out due to unaffordable tuition. The Illinois Tax Credit Scholarship Program gives these students a chance at better options.”
Kendall added, “It evens the playing field, regardless of economic circumstances. The program’s success is completely dependent upon generous donors making the effort to designate funds to create options.”
The Illinois Tax Credit Scholarship Program has a cap of $100 million in donations, or $75 million in tax credits.
“Last year, in its first year, roughly $45 million was donated, leaving a lot of unused cap,” says John Moran, Patrons Program Senior Director for the Big Shoulders Fund in Chicago.
The Big Shoulders Fund and Empower Illinois are the two SGOs that the Archdiocese of Chicago recommends to donors.