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Q. What is GOAL?
A – The program was created by the State of Georgia in 2008 and allows Georgia Taxpayers to make a contribution to a private school Scholarship Fund (GOAL, in our case) that results in a 100% TAX CREDIT to the contributor. Basically, it’s a diversion of your funds FROM the tax coffers of the state TO individuals seeking a Christ-centered education at Sherwood Christian Academy.
Q. How much tax credit can I gain by participating in the GOAL scholarship program?
A – Individuals filing as “single” can redirect $1000 to GOAL scholarships. Couples filing a joint return need to have a minimum GA state tax liability of $2500 and can redirect a maximum of $2500 to GOAL scholarships.
Q. What is the difference in a “Tax Credit” and a “Tax Deduction”?
A – Basically, a “tax credit” will give you credit against the tax that you owe. A “tax deduction” simply lowers your adjusted gross income (AGI). Tax credit is far better than a tax deduction because they are used to offset dollar for dollar any taxes you may owe. For the GOAL contribution, you will receive a tax credit with the state of Georgia and as an added benefit you will receive a charitable tax deduction on your Federal return.
Q. I have a company that is classified as a “C Corporation”. Can I make a contribution?
A – Absolutely. Entities classified as “C Corporations” can redirect a maximum of 75% of its GA state tax liability to GOAL scholarships and use the redirection of funds as a 100% tax credit on your return. The redirection of funds is also used as a charitable tax deduction on your Federal return, just as it is with singles or couples. Aside from making a contribution as a “C Corporation”, you may also choose to participate as an individual or a couple, thus increasing scholarship support at SCA and providing needy students with the blessing of a Christ-centered education.
Q. I have a company designated as an “S Corporation” or a Limited Liability business (LLC). Can I still participate?
A – Your company cannot participate currently, however, you can participate as a single or couple and make contributions up to $1000 or $2500, respectively. “S Corporations” and “LLC’s” have not been approved to participate yet.
Q. Is there a deadline for contributions for the 2009 tax year?
A – Yes. Applications to contribute and receive a tax credit on your 2009 taxes must be received by the state by November 1, 2009. The program will continue beyond that date, but will act as a credit for your 2010 tax year. Once you have received your approval from D.O.R., you will have 30 days to write the check and get it to the SCA financial office.
Q. What is the process? How do I get started?
- Obtain the Georgia form IT-QEE-TP1. These are available in the church atrium at the Welcome Desk, at the SCA offices at both Upper and Lower campuses, or can be downloaded from www.goalscholarship.org.
- Prayerfully consider the amount you want to get pre-approved to contribute.
- When completing the form, make certain that your application has GEORGIA GOAL SCHOLARSHIP PROGRAM in line 3 and the numerical code 65-1280339 in line 4.
- Once complete, mail the form to the Georgia Department of Revenue (the address is on page 2 of the 2-page form). Do not include your check at this time. Sending the form in at this stage simply gets you “approved” to contribute. This form must be received by the Georgia Department of Revenue no later than November 1, 2009.
- Email GlenSchultz@scaeagles.com or MikeJ@sherwoodbaptist.net with your name, the date you mailed the form and the amount you have requested to contribute to GOAL scholarships.
- You will receive approval from the D.O.R. in 2-3 weeks which tells you that you are approved to contribute and your original form TP-1 is returned to you.
- Please submit the approved TP-1 form and your check in the amount approved to the SCA Financial Aid office. The check should be made out to GEORGIA GOAL SCHOLARSHIP and in the memo field you MUST write “FOR SHERWOOD CHRISTIAN ACADEMY”.
- If you choose to mail your check directly to the GOAL scholarship fund, BE CERTAIN THAT YOU HAVE NOTED “FOR SHERWOOD CHRISTIAN ACADEMY” IN THE MEMO FIELD. Without this designation, the funds will not be credited to SCA.
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