This morning the Our Faith School Tuition Organization (STO) was made aware of a proposed IRS change that will affect the level of the federal deductibility of STO gifts and all gifts given to programs that receive a state tax credit. This will have no impact on the Iowa tax credit.
If this proposal passes, it will be retroactive to any STO cash or credit card gifts received after Monday, August 27, 2018.
You have generously invested in the future leaders of our churches and communities through STO gifts in the past, so we wanted to let you know that we still have more than $3 million in available credits for 2018.
To take advantage of the federal deductibility as well as the state tax credit, gifts need to be received (or postmarked) before the end of the day Monday, August 27, 2018.
Gifts can be made:
- on our website at www.OurFaithSTO.org.
- by mailing a check to PO Box 479, Dubuque, IA 52004, postmarked Monday, August 27, 2018.
Thank you for your past support of the Our Faith STO. Our donors provided the financial aid necessary to make a Catholic education in the Archdiocese a reality for more than 3,000 students totaling $5.2 million for the 2018-2019 academic year. We are so grateful.
Updates will be made to our website and Facebook page regarding the status of the proposal. Questions may be directed to Jeff Henderson at (563) 556-2580 x307 or email@example.com or Jeff Schneider at (563) 556-2580 x219 or firstname.lastname@example.org
Gifts of appreciated stock, proceeds from a required minimum distribution with a qualifying IRA and gifts of grain will not be impacted by this proposal. However, please note that tax credits are limited and will continue to be awarded on a first come, first served basis.