Would you like to help Aquinas grow enrollment while also getting a break on your taxes without any cost to you? The first time I heard of GRACE, I thought it sounded too good to be true. I finally spent time researching it, and I found it was true.
How does GRACE Scholars work?
- Use this link to submit an application for a tax credit from the State of Georgia. Individuals can apply up to $2,500, S-Corps and LLCs up to $10,000, and C-Corps unlimited. The only thing you need to make sure of is that you will have a tax liability to the State of Georgia for an amount equal to or greater than the tax credit.
- Once you are approved for the tax credit, which will happen the first of 2022, you make a donation to GRACE for the amount of the approved tax credit, and you designate Aquinas as the recipient of the donation.
- GRACE then directs the donation to Aquinas to be used for students requiring financial assistance.
- Aquinas grows enrollment through the program which keeps down costs for all of the students.
- When you file your Georgia tax return for 2022, you take the credit-which basically returns your money.
- The way I think of this program is that the state allows me to make a donation to Aquinas and take the amount of that donation as a credit against my state income taxes while also including the donation in itemized charitable deductions. It does not get any better than this!
I explained this to a co-worker a few years ago who had no connection to Aquinas and he signed up right away. Please take action today and make sure you tell your friends.
Paul Menk ('78), Aquinas Advisory Board Chair