Tax Credit Scholarship Program
Academe of the Oaks grows from a core set of values that includes providing quality education to members of the community who would not otherwise be able to afford the Academe experience. Scholarship funding enables us to live by our goals and standards. Academe raises funds for scholarship through individual donations, targeted fundraising events, foundation grants and the Tax Credit Scholarship Program.
The Tax Credit Scholarship Program provides an opportunity for taxpayers to receive dollar-for-dollar state tax credits in exchange for contributions to a state-approved Student Scholarship Organization, or SSO. Academe partners with Apogee Scholarship Fund, an SSO, to allow those tax credits to be directed to the scholarship fund at our school. Since 2011, the Academe community has raised over $200,000 through this program.
Here’s how it works:
- As a taxpayer, you may elect to divert some or all of your state tax liability to Academe of the Oaks through the scholarship program (within the limits described below)
- The state of Georgia will issue you an income tax credit in the full amount of your contribution.
- The SSO (Apogee Scholarship Fund), a 501(c)(3) organization, qualifies as a charity for federal income tax purposes. Therefore, contributions made through this program generate a charitable deduction for taxpayers who itemize their federal returns.
The maximum amount you may contribute depends upon your tax filing status:
Married, Filing Jointly: $2,500
Individual Filer: $1,000
Married, Filing Separately: $1,250
Individuals who receive pass-through income (S-Corps, LLCs): $10,000
C-Corporations: 75% of Georgia tax liability
Applications for the 2019 tax year are being accepted from now until December 15 th . Apogee will submit these applications to the state for processing on January 1, 2019 and your payment will be due 60 days from approval (typically early March).
We encourage you to forward this information to others—grandparents, family, friends, colleagues—who anticipate a Georgia tax liability and who might be interested in diverting a portion of their tax payments to Academe of the Oaks.