Illinois Tax Credit Scholarship Program Success
While the long-term financial strength of the school remains a primary goal, our focus never strays far from present budget requirements. More than $2 million in financial assistance has been determined as necessary for school families for the upcoming school year -- which is generated largely through investments in the Men of Carmel and related scholarship funds. The advent of the Illinois Tax Scholarship Program has created the potential to unlock much-needed relief for our families -- in turn creating a positive effect on our operating budget. Grants received through this program will reduce the short-term liability of financial aid --allowing us to push forward in other efforts to enhance the Mount Carmel educational experience.
In August 2017, with bipartisan support, the House and Senate passed a comprehensive education funding bill that was signed into law by the governor. The law includes a provision for tax credit scholarships, which provide strong incentives for donors to support non-public school scholarships for low-income students in the state. Illinois students from low-income families may use these new scholarships to attend a non-public school of their choice.
20% of Mount Carmel families fall into the parameters which qualify them for this program, with the majority of that group eligible for a grant which would cover 100% of their tuition costs. Earlier this year, Mount Carmel hosted information sessions for our families and partnered with scholarship granting organizations (SGOs) HighSight, Big Shoulders, and Empower Illinois in the application process. As of this writing, twenty-one of our students will be recipients of the Illinois Tax Scholarship for the 2018-2019 school year for a total of $230,100 in assistance. As the SGOs continue to review applications and donations, we hope to see additional scholarship grants for the upcoming school year.
The benefits don’t end there…Donors to the fund receive a 75% state tax credit for every dollar donated up to $1,000,000 and have the option of designating their contribution specifically to Mount Carmel. We are grateful to those who have partnered in our mission by investing in our students through the Illinois Tax Credit Scholarship Program. Together, we work to sustain 6410 South Dante as a place of excellence, tradition, and leadership.Click here to learn more about the tax credit scholarship program.