About The Apogee Scholarship Fund
WHAT IS THIS PROGRAM? And WHAT IS APOGEE?
By making a donation to Apogee designated to Acton Academy at Serenbe, you receive a dollar-for-dollar matching credit off your Georgia state taxes.
Apogee then provides scholarships to Acton Academy at Serenbe to help eligible students who, otherwise, would not be able to afford full tuition.
Apogee Georgia School Choice Fund is a 501(c)3 and a designated SSO (Student Scholarship Organization) as defined by the Georgia Quality Education Expense Credit program (HB 283). They manage the program donations and scholarship applications, and have been chosen by Acton Academy at Serenbe to manage our scholarship fund.
HOW DOES IT WORK?
Before December 15th, pre-register on the Apogee Forms website. Complete and submit the application, which includes designating Acton Academy at Serenbe as the recipient school. You will electronically sign and submit the required Georgia Form IT-QEE-TPI (the Qualified Education Expense Credit Pre-approval Form).
Once submitted, Apogee will handle submission to the Georgia Department of Revenue and you will receive an email notice once you have been approved. Once approved, you’ll have 60 days to complete your payment. You can also do this on the Apogee website, or mail a check.
Within the 60-day window, make your payment of choice (up to the outlined maximums allowed) by check or credit card to Apogee.
Once your contribution is received, you will receive documentation that you are eligible for a tax credit against your Georgia taxes in the same amount for the current tax year (e.g. the contribution you make in 2016 will go toward your 2016 tax return filed by April 2017.)
Begin Your Donation to the Apogee Scholarship Fund for Acton Academy at Serenbe
Other Helpful Information and F.A.Q.
How Does This Help Acton Academy at Serenbe?
The more funds we receive from this program, the more Financial Aid we can offer students applying to certain programs. It’s a win-win in this regard. More students benefit from an Acton Academy education and our enrollment increases, the learning groups in the classrooms grow and additional revenue fuels the classrooms.
HOW MUCH MAY I CONTRIBUTE?
You may contribute any amount up to these limits:
Married Filing Jointly: Maximum of $2,500
Individual Filer: Maximum of $1,000
Married Filing Separately: Maximum of $1,250
Individuals who receive pass-through income can contribute up to $10k
C-Corporation: Up to 75% of GA tax liability
Can I split my gift between Two or more schools?
Yes. Please let Apogee know the schools you would like to direct your donation to and the amount each school should receive and they will be more than happy to direct your funds accordingly.
HOW LONG DOES IT TAKE TO GET PRE-APPROVED?
By law, the Department of Revenue has 30 days to approve your contribution. If you have not received your approval notice within 30 days of your submission form, please contact Apogee at (404) 419-7123.
WHAT IS THE DEADLINE?
To get the tax credit, you must submit your application on the Apogee website by December 15th to be pre-approved by the Georgia Department of Revenue.
Once approved, you have 60 days from the date of your approval notice to make the contribution. If mailing a check, it must be postmarked within that time frame.
Beyond these strict deadlines, however, the Georgia legislature places an annual cap on the amount of available credits. The cap has been reached earlier each year with the cap for 2016 being reached on January 3, so pre-approval and early action is critical.
WHAT ABOUT FEDERAL INCOME TAX CREDIT?
If you itemize federal income tax deductions, a federal charitable income tax deduction is also available for the amount of contribution.
IS THIS DIFFERENT FROM A DEDUCTION?
Yes. A tax credit is more beneficial to the taxpayer than a strict deduction, because it reduces your tax burden dollar-for-dollar while a deduction reduces the amount of taxable income on which your tax burden is calculated. As a reminder, the dollar-for-dollar credit is for your Georgia taxes. The donation counts as a regular deduction for your federal income taxes.
DO I HAVE TO CONTRIBUTE THE FULL AMOUNT?
You may donate any amount up to the limits allowed: $2,500 for a married couple filing together, $1,250 for married people filing separately, and $1,000 for those filing individually.
WILL I STILL GET A REFUND FROM GEORGIA?
If your state income tax burden is at least what your contribution is, your refund will increase by the amount of your donation. If, however, your tax burden is less than your contribution, the amount of unused credit can be carried forward for five (5) years.
For additional information or filing instructions, please visit Apogee.