| 1. |
If we decide to donate to ACSTO, what is the process?
|
|
Complete our donation card and mail it along with your
check to ACSTO. Call or visit our website if you need a
donation card or want to donate online. To receive credit
for 2008, the donation must be received by us by
December 31, 2008, or if mailed to us, postmarked by
December 31, 2008.
|
| 2. |
Do we receive a receipt for my donation besides my cancelled check?
|
|
Yes, we will send receipts to all donors by January 31, 2009.
|
| 3. |
Do we get the entire $1000 as a state income tax credit if
we file a joint return?
|
|
Yes. If your state income tax liability was that much or
more you can use it for that year’s taxes. Any excess can
be carried forward and used to offset state income taxes
for up to five years.
|
| 4. |
How much is the credit for a single person?
|
|
$500 is the maximum for a single person. Married persons
filing separate are entitled to one half of $1000 each.
|
| 5. |
How much of my donation goes for grant/scholarships and
how much to ACSTO for administration?
|
|
The law requires that 90% go for grant/scholarships.
However, ACSTO awards 92% of all donations recommending
a student or identifying a school.
We also award all interest earned as additional money
for grant/scholarships.
|
| 6. |
May we donate less than $1000?
|
|
Yes, $1000 is the maximum credit allowed in one year.
Lesser donations are also welcome.
|
| 7. |
May we also make the $400 public school extra-curricular
activities donation and receive that tax credit, a total
of $1400?
|
|
Yes, but the public school donation is made directly
to the public school, not to ACSTO.
|
| 8. |
Which Arizona state income tax forms do I use?
|
|
Forms 301 and 323. They are available from the Arizona
Department of Revenue, telephone 602/542-4260, or from our
website, www.acsto.com.
|
| 9. |
Is our donation also eligible for a federal income tax deduction?
|
|
We are a federally tax exempt 501(c)(3) charitable organization.
You should consult your tax adviser for specific tax advice
concerning deductibility for you.
|
| 10. |
May we recommend our grandchild for a grant/scholarship?
|
|
Yes, you may recommend anyone who is not your legal
dependent. The selection committees retain complete
discretion regarding all awards.
|
| 11. |
May we make an agreement to recommend someone else’s
child in exchange for their recommending our child?
|
|
No, that may violate the intent of the statute’s
prohibition on designating one’s dependent.
|
| 12. |
May we identify a particular Christian school?
|
|
Yes, donations identifying a school will be awarded
among applicants from that school. Regional scholarship
selection committees make those decisions.
|
| 13. |
May a student receive funds from more than one student tuition organization?
|
|
Yes, nothing would prevent that.
|
| 14. |
Can a single tuition grant/scholarship award be
considered as belonging to more than one
student in a family?
|
|
No. The tax credit law as written, and as logically
interpreted by the Arizona Supreme Court in Kotterman v Killian,
we believe contemplates grant/scholarships to specific “individual”
students attending private schools. Also, the standard
Merriam-Webster Dictionary definition of the word “scholarship”
is “a grant-in-aid to a student (as by a college or foundation).”
The tax credit law does not re-define the term to mean multiple
students in a family.
|
| 15. |
If I want to apply for a tuition grant/scholarship
for my child, what is the process?
|
|
Complete our application and provide the information
requested. Call if you need an application or print the
Grant/Scholarship Application
from this website. The tax return and parent narrative
are required. Recommendations are optional.
|
| 16. |
What are the deadlines for donations and applications, and what distributions do the applications cover?
|
|
We now have 3 Grant/Scholarship distributions.
Summer: Donations are due May 31st. Applications are due June 30th,
and awards are made in early August. These applications are also considered
during the following winter and spring distributions.
Winter: Donations are due September 30th. Applications are due by October 31st,
and awards are made in mid-November. These applications are also considered during
the following spring distribution.
Spring: Donations are due December 31st (official tax year deadline).
Applications are due by February 28th, and awards are made in early April.
All applications sent before or during the
2008/2009
school year will expire in April 2009.
|
| 17. |
I want to apply for a grant/scholarship for my student;
do you require tax return information?
|
|
Yes, the application requires pages one and two of your
most recent federal tax return, and a formula is applied
to assist the selection committee in evaluating the
applicant’s financial circumstances. The tax return
information is never disclosed to anyone but our staff.
The selection committee receives a financial ranking of
applicants from each school.
|
| 18. |
What factors are considered in making the grant/scholarship
awards?
|
|
There are three: (1) the narrative provided by the parents;
(2) the financial circumstances of the student’s family;
(3) recommendations concerning the student.
|
| 19. |
If my child has been recommended for a grant/scholarship,
do I still need to send in a complete application along
with the income tax information?
|
|
Yes, there must be a fully completed application for a
student to be eligible for an award. The selection
committees exercise complete discretion regarding all awards.
|
| 20. |
Who serves on the selection committees?
|
|
Each committee has three to five members from the
Christian community in that geographic region.
Normally, they are persons associated with one of
the Christian schools in the region, but no school
has more than one member on the committee.
|
| 21. |
If a student receives an award but then changes to
another Christian school in Arizona, what happens?
|
|
The award is personal to the student for tuition.
The unused portion would be returned to ACSTO and
then would follow the student to the new Christian
school. If the student left Arizona or did not go
to another Christian school, the remaining money
would be returned to ACSTO and re-awarded among
students at that school in the next award process.
|
| 22. |
Why should I donate to ACSTO rather than another school
tuition organization?
|
|
ACSTO has been operating since 1998. We have helped more
than 12,000 students and awarded more than $45 million
in scholarships. We strive to be a leader in serving students
in more than 100 schools throughout Arizona.
|
| 23. |
What about the Corporate Scholarship Tax Credit Law?
|
|
This is a law that was passed in 2006 allowing corporations to make tax credit
donations through a qualified STO. ACSTO is not pursuing these corporate donations.
For further questions regarding this new opportunity, you may contact School Choice
Arizona, Inc., which was formed for the sole purpose of implementing this new Corporate
Scholarship Tax Credit Law. Their website is
www.schoolchoicearizona.org
|
