Tax Credit Program

Giving through SGO reduces your state tax liability while providing the gift of education to children in need.

The Indiana legislature established the Tax Credit Scholarship Program, incentivizing private donations to fund educational choice for low-income families attending non-public schools. This tax savings opportunity is available to donors making a financial contribution to a qualified scholarship-granting organization (SGO).

The Independence Academy has partnered with the Scholarships for Education Choice program at Sagamore Institute as its state-approved SGO. By giving to IA’s scholarship fund through Sagamore, individuals and corporations can receive a 50% deduction against their state tax liability, and may also qualify for a federal deduction. Donors who take advantage of this tax savings opportunity—whereby Sagamore will designate the donation to The Independence Academy—may do so by giving by cash or donating stocks. Stock donations are a popular option, as donors can save even more on their taxes by eliminating capital gains on those donated assets.

 

Potential tax savings

 

  1. Based on a 35% income tax bracket. Actual after-tax “cost” will vary based on donor’s bracket.

  2. This chart is for example purposes only. Consult with a tax or financial advisor to learn your specific benefit.

 

  • The Tax Credit Scholarship Program is open to both individuals and corporations.

  • Donors can receive a 50% deduction against their state tax liability, and some SGO donations may also qualify for a federal tax deduction.

  • All donations received by Sagamore Institute designated for The Independence Academy will be used for needs-based tuition assistance scholarships. To be eligible for an SGO scholarship, a student must be an incoming or existing student at IA, and come from a household whose annual income is 200% or less of the eligibility guidelines for the Federal Free and Reduced Meal Program.

  • Download and complete this form, and mail it along with your check (made payable to “Sagamore Institute SGO”) to the address noted on the form.

    To donate non-cash assets, complete and submit this online form, at which time further instructions will be provided.

  • For tax benefit information and to calculate tax savings, visit the Sagamore Institute website. We also encourage all donors to consult with a tax or financial advisor.

    Additional questions about SGO scholarships at The Independence Academy may be directed to Marisa Gill at marisagill@iaindiana.org or 317.926.0043.