The above graphic says it all.
The COVID 19 pandemic has created even greater economic challenges for CRSM and our families. Before the pandemic, the average CRSM family income was under $40,000, and we estimate over 40% of CRSM families have lost one or both incomes since March. The uncertainty of business partners’ return to work plans has increased the uncertainty of work study revenue, which covers over 50% of CRSM operating costs. CRSM families historically pay an average of $1,500 in tuition, covering 10% of CRSM operating costs, and recent economic damage will affect our families’ ability to afford tuition in the coming school year. The Tax Credit Scholarship (TCS) covers 100% of a student’s CRSM tuition and costs. Due to the low average CRSM family income, 100% of the 350+ CRSM families are eligible for the TCS. The TCS is the most powerful, cost-effective way to help CRSM and CRSM families. Donors can quadruple the impact of their gift because each TCS gift qualifies for a 75% IL State income tax credit. NOT a deduction, A CREDIT! A $10,000 TCS gift has a $2,500 net cash cost to the donor, and CRSM and CRSM families receive $10,000 in benefit.
The first step in making an ITCS gift is to apply for a state tax credit account and ID with the IL Department of Revenue at mytax.illinois.gov. After you apply and designate your credits to CRSM, you may make your donation to one of two Scholarship Granting Organizations (SGOs): Empower Illinois or the Big Shoulders Fund. Empower and Big Shoulders then pay CRSM directly.
You can learn more about the Invest in Kids TCS Program here.
Step by step TCS donation instructions are posted here on the CRSM website.
Please invest in our students through a Scholarship and quadruple the impact for CRSM.