We want to pass along an opportunity for you that may be beneficial to you – and Summit Schools. Summit, together with Scattergood Friends School, is part of the Independent School Association of Eastern Iowa School Tuition Organization, Inc. (EISTO). Our STO enables us to provide funding to eligible families whose income during the calendar year does not exceed an amount equal to three times the most recently published federal poverty guidelines so that their children can attend Summit.
Our STO is a 501(c)3 organization formed to help these families who seek a private education for their children that otherwise may be financially out of reach. As such, STOs are charitable organizations created to receive cash contributions from individual Iowa tax payers, and then allocate those funds to eligible families who attend accredited non-public schools represented by the STO.
If you or anyone you know is in the 37 percentile Federal Tax bracket and are seeking Iowa Income Tax credits or a Federal Income Tax deduction, this may be the perfect opportunity!
Here is an example of what a donation to
Summit’s EISTO can do for you:
| $10,000 donation to Summit’s EISTO | $10,000 |
| Iowa Income Tax Savings (65% credit) | $6,500 |
| Federal Income Tax Savings | $1,300 |
| Tax Savings for Donor | $7,800 |
| Donor Cost | $2,200 |
Compared with a donation directly to Summit:
| $10,000 charitable donation to Summit | $10,000 |
| Value of Federal donation at 37% tax bracket | $3,700 |
| Value of IA donation at 8.53% tax bracket | $850 |
| Tax Savings for Donor | $4,550 |
| Donor Cost | $5,450 |
We recommend that you consult your tax advisor to see if this opportunity would be beneficial to you. The accountant who manages our EISTO, Kirt Norris, would be willing to talk to you or your tax advisor to assist with any questions should you be interested. Please email him here. For more information please watch this video.
We are currently working to fulfill our EISTO funds for the 2020 calendar year and have just under $67,000 left to raise.
If you are interested in taking advantage of this opportunity, please contact Larisa Bickel, Chris Graw or Paly Afridi ASAP. Donations will be filled on a first-come, first-served basis.
Donations need to be made by December 31, 2020. Any amount would be greatly appreciated and allows Summit and Scattergood the accessibility for students who otherwise couldn’t afford the schools. Thanks for your consideration!
Sincerely,
Larisa Bickel, Summit Director of Business & Operations
Chris Graw, Summit Board Past President
Paly Afridi, Summit Board President