A Roman Catholic education is a gift that transforms lives. The educational experience at IC Catholic Prep is rooted in providing a quality, co-educational, Catholic, college preparatory education that challenges and inspires young men and women to think independently, act selflessly, and lead confidently so that they will succeed in college, thrive in life, and make the world a better place. With your support, IC Catholic Prep students are poised to make a profound impact on the world.
Gifts of all sizes enable us to provide exceptional spiritual, academic, athletic and arts programming to every Knight every day. Thank you.
INVEST IN KIDS ACT: TAX CREDIT SCHOLARSHIP
The State of Illinois has created a new way to fund scholarships for children who choose to attend Catholic schools through the “Invest in Kids Act.” Scholarships offered through this program have the potential to cover up to 100 percent of tuition and eligible charges for next school year at IC Catholic Prep.
The Empower Illinois Scholarship Granting Organization website (www.empowerillinois.org) is now operational and is accepting applications for the 2019-2020 school year.
Read more below in the “Invest in Kids Act: Tax Credit Scholarship” section or contact ICCP President Mrs. Barbara Goworowski or 630-530-3485 with questions.
The Annual Giving Gift Program provides critically needed unrestricted support for capital and programmatic enhancements, technology upgrades, tuition assistance and more. You can contribute to the Annual Giving Program by clicking here or the above button.
Tax Credit Scholarship Opportunity for Donors
The Invest in Kids Act, signed by Governor Rauner on August 31, 2017, establishes a comprehensive Illinois scholarship program for low-income, qualifying students attending non-public schools in Illinois. It provides up to $75 million in tax credits annually for Illinois taxpayers who contribute to fund the scholarships.
How it Works
Individual and corporate donors go to a Department of Revenue website and apply to make a “contribution” and reserve Illinois tax credits equaling 75% of their contribution. Tax credits will be reserved on a first-come, first-serve basis up to $75 million, with a maximum tax credit of $1 million per donor (and a maximum contribution of $1,333,333 per donor.)
If a donor’s application to make a contribution and reserve tax credits is approved, the donor will be issued a certificate of authorization from the Department of Revenue, and will have 60 days to pay the full amount of his approved contribution. The donor must pay the contribution to a State-Approved Scholarship Granting Organization (SGO); however, an individual, non-corporate donor may designate a school such as IC Catholic Prep as the ultimate recipient of the contribution. In that case, the SGO will then pay IC Catholic Prep the full amount of the designated contribution, which must be used by the school for scholarship purposes. In the meantime, the donor will be entitled to an Illinois tax credit equal to 75% of his/her contribution.
Please note: the donor cannot take a federal tax deduction as well.
If a donor makes a $10,000 approved contribution to an SGO and designates IC Catholic Prep as the recipient, the donor will receive a state tax credit—not merely a tax deduction—of $7,500. After applying the Illinois tax credit, the net cost to the donor will be $2,500, while IC Catholic Prep receives the full $10,000 contribution as a scholarship to support a qualifying student.
If the same donor increases his/her approved contribution to the SGO to $20,000 while still designating IC Catholic Prep as the recipient, the donor will receive a state tax credit of $15,000. In that case, the net cost to the donor, after the Illinois tax credit, will be $5,000, and IC Catholic Prep will receive the full $20,000 contribution amount as a scholarship for a qualifying student.
What we suggest you do *Please reference this step by step process on how to set up your MyTax account [PDF].
- Speak to your tax professional about whether this program is right for you.
- If you wish to reserve tax credits, you are required to have a State of Illinois “MyTax” account. If you don’t have a “MyTax” account, you can open one at mytax.illinois.gov. As part of the process, you will need to apply for a “Letter ID” (allow 7-10 days to receive by mail).
- Keep an eye out for email updates from IC Catholic Prep as more specific regulations regarding the tax credit scholarship legislation are being finalized by the Illinois Department of Revenue.
Donors to IC Catholic Prep are encouraged to contribute to either Empower Illinois as a family, it is to your advantage to apply to as many SGOs as possible; however, you should prioritize applying to Big Shoulders Fund and Empower Illinois over the other remaining SGOs.
Planned Giving offers you the opportunity to contribute to IC Catholic Prep at a level beyond what is solely possible from your income. In fact, it is possible to make a planned gift to IC Catholic Prep that costs you nothing within your lifetime. If you have any questions about the best way for you to benefit through a planned gift, please contact Barbara Goworowski or 630-530-3485.
If you have any questions about capital campaign contributions and major gifts, please contact Barbara Goworowski or 630-530-3485.
Consider buying a personalized brick to be added to the inviting entryway, enjoyed by everyone as they enter the Plunkett Athletic Complex. Symbolically, it will bridge alumni, parents, and friends to future generations of the IC Catholic Prep family.
An already popular idea, commemorative bricks are a timeless way to honor ICHS and ICCP families, graduates, parents, faculty members, and friends.
We will be placing ONE order each year in June and the bricks will be installed in August, before the next school year begins. Orders MUST be RECEIVED by the first week of June to be included in the next installation.
Click HERE to buy a brick today!
Questions? Contact Jen Ryan.
Our scholarship programs truly make a difference in the lives of our students and families and helps fulfill our mission of forming Independent Thinkers. Below is a list of scholarships that are currently offered to students. Contact the front office for more information regarding application process and timelines at 630.530.3460.
BS — Business Administration, Majors in Marketing & Business Economics at Marquette University
MBA — Finance and Marketing at DePaul University