Scholarship Granting Organization
New tax rules mean your donation goes even further when giving to Cathedral through a Scholarship Granting Organization (SGO)!
Our Scholarship Granting Organization allows our donors to make gifts to Cathedral that directly benefit the scholarships awarded to our students who are most in need.
A School Scholarship Tax Credit is available to individuals or corporations who donate to SGOs for the purpose of supporting Cathedral students. Any donation made to an SGO designated for Cathedral will be applied directly to the cost of tuition for incoming or existing students who qualify. By designating your gift specifically for Cathedral High School you ensure that your gift will provide for a Christ-centered education.
All donations to SGOs are eligible for a 50% state tax credit (not a deduction) that allows donors to minimize state taxes paid for this year’s income. In addition, the balance of the donation is eligible for a federal tax deduction.
For example: a $5,000 donation would be eligible for a $2,500 state tax credit as well as a federal tax deduction at the applicable rate of approximately 30%. Therefore, the cost of the $5,000 donation may be as little as $1,750.
- There is no limit or minimum on the size of the contribution. However, the tax credit amount cannot exceed the state tax liability for the current year. (On July 1st of 2017 Indiana allocated $12.5 million in tax credits for SGOs to offer individuals or businesses as an incentive to help raise funds for scholarships. To see how many tax credits are still available click here!)
- Student recipients must meet certain family income levels to qualify for a SGO scholarship.
- Actual after tax cost will vary based on your individual income tax status.
- Donors can carryover unused tax credits for up to nine (9) years.
Please feel free to contact Ryan Sharpe if you are interested or have questions of any kind regarding this wonderful opportunity to continue to complete the mission of Cathedral High School!
*Cathedral's SGO partner is the Institute for Quality Education.
SGO gifts can be made by check (payable to the Institute for Quality Education), stock (see non-cash assets) or credit card (one time donation or monthly). Note, if you are donating stock via the SGO please contact Ryan Sharpe, Director of the Cathedral Fund, at 317.968.7397 or firstname.lastname@example.org to complete additional required documentation.