DONATE - Tax Credit Scholarship (TCS)

For questions or more information please contact Lisa Schwabe at lschwabe@frassaticatholicacademy.org
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Apply for a 2021 tax credit and donate to a Scholarship Granting Organization. See the information below to learn how to get started today. 

Double Your Impact Opportunity
To help donations have even more impact in 2021/2022, an anonymous donor will offer a 1-for-1 match on any donations made by
May 31, 2021, through Empower Illinois in support of Frassati Catholic Academy.  This means for every dollar designated to Frassati Catholic Academy through the Empower Illinois scholarship-granting organization between now and May 31, 2021, Frassati Catholic Academy will receive an additional dollar in matching funds. The donations are capped at $20,000.

General Information

What are tax credit scholarships?

The Illinois Tax Credit Scholarship Program, “Invest in Kids,” provides a 75 percent Illinois state income tax credit to individuals and corporations that contribute money to a non-profit Scholarship Granting Organization (SGO). The SGOs award scholarships to eligible students from low-income families. Donors will use money already owed to the state (taxes) and donate it to a needs-based scholarship instead, all while receiving a 75 percent state tax credit.

 

Through this program:

  • An individual or corporation will receive a 75 percent credit on donations to an SGO. For example, if a person donates $10,000, they will receive a state tax credit of $7,500.

  • Only individual donors (not businesses) can designate their donations to Frassati Catholic. Academy

  • The credit can be rolled over for five years.

  • Donors are prohibited from receiving a federal tax deduction for these donations.

  • The program is capped at $100 million in donations, resulting in $75 million in total tax credits issued.

 

What is the process for donating?

New individual and corporate donors can reserve tax credits through mytax.illinois.gov by following these steps (renewal donors skip step 1):

 

  1. Create a MyTax Illinois account on mytax.illinois.gov. Anyone applying for a scholarship tax credit is required to have an account. If you do not have one, the first step is requesting a Letter ID from the Illinois Department of Revenue. 

    • CLICK HERE for step-by-step instructions on how to request a Letter ID.

    • CLICK HERE for step-by-step instructions on how to activate your tax account. 

  2. Apply for a tax credit on mytax.illinois.gov. Donors will need to provide the following information: 

    • Region to which he/she plans to donate. Frassati Catholic Academy is located in Region 2 - Northern Counties

    • Name of SGO to which he/she plans to donate (the Archdiocese is partnering with Empower Illinois)

    • The amount he/she plans to donate

    • CLICK HERE for step-by-step instructions on how to apply for the credit

  3. Donate to Empower Illinois within 60 days of receiving your application approval and the Contribution Authorization Certificate. 

  4. Provide a certificate from the SGO to use tax credit when filing a 2020 return in 2021 or your 2021 return in 2022.

 

Interested in donating, but still have some questions?

We are here to guide you through the process. Please contact Lisa Schwabe at lschwabe@frassaticatholicacademy.org for further assistance.

WAUCONDA CAMPUS (School & Business Office)

316 W. Mill St., Wauconda, IL 60084

Phone: (847) 526-6311 

CAREER OPPORTUNITIES 

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