Spencer, Iowa Sacred Heart School

Tuition Assistance
(based on need)
Via the Monsignor Lafferty Tuition Foundation

Recipients: All religious denominations are eligible and need to apply before the April 1 deadline, if they qualify. Call Sacred Heart School at 262-6428 for an application.

Tuition Assistance Criteria: There will be two levels of selection criteria that determine the amount of a tuition grant a child may receive from the Monsignor Lafferty Tuition Foundation:

No tuition grant would be larger than 75% of the established need for a child as determined by the Third Party Financial Review Provider (FAIR, Inc. out of Minnesota).
Tuition grants will not exceed $785 at Sacred Heart School in 2008-2009. A three tier approach will be used to determine the maximum grant that an individual student can receive.

Income Limits: Compare your income with the “maximum income” for your family size as shown below. If your household income is LESS THAN the amount shown, you meet the current financial eligibility requirement for the Monsignor Lafferty Tuition Foundation.

Based on your 2007 Total Income from line 22 on Form 1040 or line 15 on Form 1040A

Household Size Income Limit

2 $41,070

3 $51,510

4 $61,950

5 $72,390

6 $82,830

7 $93,270

8 $103,710

Add $10,440 for each additional dependent.

Donors

MSGR. LAFFERTY 65% TAX CREDIT OFFERED: In June 2006, Governor Vilsack signed the Educational Opportunities Act (an educational package that will help with funding of both public and private schools). The Sioux City Diocese established the Monsignor Lafferty Tuition Foundation as a result of this new legislation. This foundation assists the schools in the diocese in providing financial assistance for those families who are defined as having eligible students by the Iowa Code. It allows Iowa taxpayers (regardless of religious denomination) in all brackets who make a gift through this foundation to receive a 65% Iowa tax credit. The gifts to the Monsignor Lafferty Tuition Foundation will be accepted in the form of cash or stocks. The taxpayer can also deduct their gift on their federal tax return as well. Example: a $1000 donation could return $650 from an Iowa Tax Credit (a donor must have an Iowa tax liability of $650 to do so) and $250 on the federal return if the donor were in the 25% tax bracket. If a donor were in the 33% tax bracket, they could receive 98% ($650 + $330) of the donation back in tax savings!

Please call Ron Olberding at Sacred Heart School for a form. In 2008, Sacred Heart School is limited to $48,700.00 in donations to this foundation (the diocese is limited to $1.96 million) that will be eligible for the 65% Tax Credit, so this is on a first-come first-served basis!

A donor will not be assured of the 65% tax credit until the donation is recorded in the diocesan office and it is in the first $48,700.00 donated for Sacred Heart School (or $1.96 million for the diocese). There are NO limitations as to minimum or maximum gift sizes.

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