Dear Parishioners,
I write today to share an exciting opportunity for our parish and school community. You may be aware of a scholarship tax credit opportunity that is benefiting our school and its students. In a nutshell, Ohio taxpayers may receive a 100% tax credit against their Ohio income tax liability for donations to an approved Scholarship Granting Organization, up to a maximum of $750 ($1,500 for married couples filing jointly, when each spouse makes a donation). What a wonderful opportunity to support our students at no net cost to donors!
More good news- students from every Catholic school in the Diocese of Cleveland, including ours, are able to apply for tuition assistance in the form of a scholarship from the Angel Scholarship Fund (ASF), a Scholarship Granting Organization that supports all schools in our Diocese. This fund is being managed locally by our Diocesan Catholic Community Foundation, and they are accepting contributions that can be designated specifically for scholarships for students at our school (or those of another Catholic school in the diocese). Undesignated contributions are awarded as scholarships across a diocesan-wide pool of applicants from any Catholic school by prioritizing low-income status and need – comparable to the current diocesan tuition assistance program.
Even more good news- all told, more than 4,300 households donated $4.5 million to ASF in 2022! Included in this total is $22,095 that was designated for Immaculate Heart of Mary School students. I am happy to report that these designated donations are being awarded as Angel Scholarships to 80 of our students in the 2023/2024 school year. I am grateful to all those who supported ASF in 2022, and hope and pray that we will be able to meet and surpass last year’s total. Our goal for 2023 is to raise $50,000, which will be a stretch, but with more and more generous people like you learning about ASF, I believe we will be successful!
Enclosed in the bulletin, please find additional information about the Angel Scholarship Fund. I strongly encourage all members of our parish and school community (who pay state taxes) to participate in this program- your support will be a great service to Immaculate Heart of Mary School and students and will help bolster our efforts to ensure the viability of our school. The process is not complicated- just follow these 3 easy steps:
- If desired, review your tax liability from last year (2022 1040 IT, line 8c) to help estimate the amount of your tax liability for this year against which the credit can be taken.
- Use the enclosed contribution form to make a one-time or monthly gift to the Angel Scholarship Fund by December 31, 2023.
- Claim your tax credit on your 2023 Ohio tax form with the tax credit receipt that will be mailed to you from the Angel Scholarship Fund.
Thank you for all you do to support Immaculate Heart of Mary School Parish and School!
Many Blessings,
Father Jim
P.S. Please note that this letter does not constitute income tax advice. Please consult with a tax professional for information on the impact of any charitable donation. For more information about ASF, please visit www.catholiccommunity.org/angel or call 216-902-1312.