That is what the email from the Indiana Department of Revenue said this week: “Stop Sending”. While most people dread an email from the DOR, we get them regularly at The Lutheran SGO of Indiana as we secure SGO Tax Credit certificates for donors to the 48 schools in our SGO family.
Unfortunately, this email told us what we already knew was coming: no more credits available. Return to sender, no one home.
While last year we ran out of $7.5 million in credits in the middle of June, having to wait only a couple of weeks to have credits available again, this year across the state the SGO program went through $8.5 million in about seven months. Yes, we’re addressing these numbers correctly: even with an extra million of credits, donors zipped through the benefits of supporting scholarships coupled with a 50% state tax credit in record delivery time.
First to good news: thanks to the SGO program, $15 million dollars were donated by individuals, couples, and businesses to support scholarships for families wanting a quality, non-public education in Indiana. $17 million; talk about a seal of approval!
Unfortunately, on the flip side: there are now 5 months of no donations, 5 months of donors not giving, and 5 months of potential scholarship money that will either not be donated, or will be delayed until the fall.
And with a potential backlog of 5 months of demand, no telling how quick the credits will run out this fall. The Indiana legislature did give us another million in credits for the 2016-17 school year, but judging by the handwriting on wall, we may be receiving next year’s
“Stop Sending” email even sooner. even BEFORE the calendar year-end.
What does this mean for you? Better get your stamps and envelopes ready to go sooner than later this fall and not wait until December 15 to make that SGO gift, just to be safe. (Or, consider monthly automatic giving. Or better yet, use our online giving option! Don’t forget about donations of stocks and mutual funds, too…)
P.S., please note that if you do not want or need the SGO tax credit, you can continue to support scholarships and continue to send those donations to us we’ll keep checking the mailbox and will open all emails, no matter what.