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Scholarship Granting Organization


$12.5 MILLION IN 2017-2018 INDIANA TAX CREDITS HAVE BEEN RENEWED!

MAKE YOUR GIFT TODAY BY CLICKING HERE!

The SGO and St. Richard’s

Academic excellence is at the heart of the St. Richard’s experience. We believe that every academically qualified student, regardless of their socioeconomic background, deserves the opportunity to learn, grow, explore, and thrive at St. Richard’s. Because of the generous support of our donors, we are able to provide nearly $1 million in financial assistance each year. Your gifts to our SGO support our efforts to make the St. Richard’s experience available to more students, while providing you with an incredible Indiana tax incentive.

The Indiana Tax Credit Scholarship Program

Indiana's Tax Credit Scholarship program was created as a way to give families who meet income guidelines an opportunity to send their child to a participating non-public school, such as St. Richard’s Episcopal School. Donors to the program receive a 50% tax credit on the full value of their gifts and all applicable federal deductions. Students with financial need receive a scholarship to St. Richard’s.

The 50% Indiana Tax Credit

This tax savings opportunity is available to donors making a financial contribution to a qualified Scholarship Granting Organization (SGO). For St. Richard’s, this SGO is the Institute for Quality Education. A donor’s tax credit is equal to 50% of the donation amount.

The Indiana Department of Revenue has allocated $12.5 million in tax credits for 2017-2018 and $14 million in credits for 2018-2019. There are no limits to how much a donor can contribute, provided tax credits remain available. There is no limit to the number of tax credits a donor can secure to the extent they are available.

The table below illustrates the potential tax savings (at a 33% federal income tax bracket) for making a gift to St. Richard’s through the Institute for Quality Education.

Donation
Amount
Indiana Tax
Credit (50%)
Federal Tax
Savings
Total Tax
Savings
True Cost of
Donation
$1,000
$500$165$665$335
$5,000$2,500$825$3,325$1,675
$10,000$5,000$1,650$6,650$3,350
$25,000$12,500$4,125$16,625$8,375
$50,000$25,000$8,250$33,250$16,750
$100,000$50,000$16,500$66,500$33,500

* This information is for illustration only. Please contact your personal financial advisors for tax advice.

How to make your gift

Giving to our SGO is easy.

  1. Make your gift online today - the fastest and easiest way to do it!
  2. Download this form and send it with your check to St. Richard’s. We will process your gift with IQE.
  3. Please make all checks payable to Institute for Quality Education or IQE and write “St. Richard’s” in the memo line.
  4. Receive your 50% tax credit on your Indiana state taxes with the certificate from the Institute for Quality Education.

Making a Gift of Stock or Mutual Funds is Easy

If you own appreciated stock, the combination of receiving the 50% Indiana state tax credit while avoiding capital gains taxes is appealing to many donors.

The Institute for Quality Education (IQE) has partnered with the National Christian Foundation for the purposes of accepting stock and mutual fund donations. IQE will immediately liquidate the assets and state tax credits will be based upon the liquidation of the assets minus the transaction fees. Please contact John Mainella in the St. Richard’s Development Office at 317.926-0425 or jmainella@sresdragons.org to complete additional documents required for a stock or mutual fund donation via the National Christian Foundation.

Frequently Asked Questions

Does a gift to the SGO count as my annual fund gift?

Yes! Because gifts to the SGO and the Annual Fund both provide money for financial assistance, we consider your SGO donation to be your gift to the Annual Fund. The SGO is another vehicle for making your annual gift to St. Richard’s.

Will my employer match?

Many do match, but not all! Please check with your human resources department.

When will I receive my tax credit?

As long as you make your gift before the state credits expire, you will receive them. The Institute for Quality Education will send the certificate and necessary tax documents directly to you in 4-5 business days. St. Richard’s is notified immediately of all gifts.

Are there any limits to the amount of my donation?

There are no limits to how much a donor can contribute to a qualified SGO, however, the entire tax credit program cannot award more than the allocated credits. There is no cap on the number of tax credits a donor can secure to the extent they are available.

For more information, please contact John Mainella at 317-926-0425 or jmainella@sresdragons.org.

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