The Our Faith STO is a charitable organization representing all of the Catholic K-12 schools in the Archdiocese of Dubuque and St. Paul’s Lutheran School in Waverly, IA. The STO receives voluntary cash contributions from Iowa taxpayers and allocates those funds in tuition grants to Iowa school children, who in turn, use those grants to attend one of the schools represented by the STO. For more information about the STO visit www.OurFaithSTO.org.
Apply For Assistance
|January 1 Applications available on-line at online.factsmgt.com/aid.
March 23 Completed applications must be submitted with all required tax materials scanned, faxed or postmarked by this date. Applications with missing information cannot be processed.
May 15 Award notification letters sent to all families who applied.
June 5 Families receiving assistance send confirmation they are accepting/declining the assistance back to the school.
*Note applications that are incomplete on March 23rd or new applications after that date will be considered for later STO rounds, pending available funding. Amounts of any available later awards can be considerably smaller.
|STO Qualifying LevelsThe new federal poverty rates are expected in late January and will be advertised as soon as they are available. Last year an Iowa family of four with an adjusted gross income at or below $72,900 could qualify for assistance.
STO Qualifying Levels for 2016-2017
The image below depicts the STO Qualifying Levels for 2016-2017.
* STO qualifying levels are based upon 300% of 2016 Federal Poverty Levels as required by Iowa law.
**Family size includes parents/guardians plus total number of dependents claimed on 2015 tax return. For families with more than seven persons, add $12,480 for each additional person.
***Families are eligible for STO financial assistance if their taxable income is at or below the above listed income levels. Local assistance may not be based upon the above. Falling within these guidelines does not necessarily guarantee tuition assistance.
As an Iowa taxpayer, you can contribute to the STO and receive an Iowa tax credit equal to 65% of your contribution. The amount you contribute qualifies as a charitable donation on your federal tax return as well. To date, donors to our STO have saved more than $14 million on their Iowa Income Taxes.
Additionally, C and S corporations, LLC’s, estates and trusts that file an Iowa tax return can also take advantage of this tax credit program.
|Iowa Income Tax Savings (Credit)||($650)|
|Federal Tax Savings*||($250)|
|Total Cost after Tax Savings*||$100|
*Assumes 25% tax bracket. This is provided as an example.
All taxpayers should consult with their tax adviser for specific information.