Q1. Can a person receive a tax credit greater than what is owed in Iowa taxes? (2/21/07)

Q2. Who can apply for assistance? (2/21/07)

Q3. Why can only cash and stocks be given as a donation? (1/11/08)

Q4. Who runs the Iowa Lutheran STO? (1/11/08)

Q5. Where does the money go, and how is it distributed? (2/21/07)

Q6. What kind of organization is the STO? (2/21/07)

Q7. Which schools are participating? (2/21/07)

Q8. Will I still get a tax credit if I make a donation in 2008 and the funds are used for the 2009-10 school year? (1/11/08)

Q9. What are the dates associated with this program? (3/29/2007)

Q10. If I designate my gift to a specific school, will that gift be used at that school? (3/30/2007)

Question and Answers

Have a New Question?  Click here and email it!

Q1. Can a person receive a tax credit greater than what is owed in Iowa taxes? (back to list)

The short answer is NO--if a person owes $1,000 in Iowa state taxes, no more than $1,000 can be taken as a tax credit. However, the tax credit has a 5-year carry-forward provision. BE SURE TO CONSULT A TAX PROFESSIONAL for any questions regarding the tax credit.

Q2. Who can apply for assistance? (back to list)

See the Poverty Guidelines to determine who can apply, but in general, according to the 2005 Federal Poverty Guidelines, a family of four with two K-8 children  can have an income of up to approximately $60,000.

Q3. Why can only cash and stocks be given as a donation? (back to list)

The state law is written that these are the only two types of donations that can be given.

Q4. Who runs the Iowa Lutheran STO? (back to list)

The STO Board Chairman is Pastor Bob Riggert, the District Executive for Iowa District West schools. Barb Buescher is the STO President and Principal at Immanuel Waterloo. Rev. Wayne Woolery is the STO Vice-President and serves as District Executive to the Iowa District East Schools as well as Pastor of St. John's in Homestead, IA. Carole White is the STO Secretary and Vice-President of the Lutheran Church Extension Fund. Scott Lindholm is the STO Treasurer and Vice Chairman of the Trinity Davenport Board of Education. Dawn Champion and Jeff Fick are the at-large members of the Board. Dawn is a member of the Immanuel Waterloo Board of Education, and Jeff is the Principal of Trinity Boone.

Q5. Where does the money go, and how is it distributed? (back to list)

When donations are received by the STO, it is deposited in an interest-bearing Thrivent account. As tuition assistance is granted, the money is sent to the school to be applied to the balance of the recipient. In addition, state law requires that no more than 10% of the money raised be used for administrative expenses. It is the goal of the STO to keep costs lower than the threshold and disperse as much of the donations as tuition assistance.

Q6. What kind of organization is the STO? (back to list)

By state law, the STO has been organized as a 501(c)3 non-profit charitable organization. To view the articles of incorporation, by-laws or conflict of interest policy, click on the appropriate link.  These documents are in .pdf format.  To obtain a .pdf reader, click here.

Q7. Which schools are participating? (back to list)

The initial schools served by the Corporation are (a) Trinity Lutheran School, Boone; (b) Trinity Lutheran School, Cedar Rapids; (c) Clarinda Lutheran School, Clarinda; (d) Clemons Lutheran School, Clemons; (e) Trinity Lutheran School, Council Bluffs; (f) Trinity Lutheran School, Davenport; (g) Zion Lutheran School, Denison; (h) Dubuque Lutheran School, Dubuque; (i) St. Paul Lutheran School, Fort Dodge; (j) St. Paul Lutheran School, Latimer; (k) Central Lutheran School, Newhall; (l) Zion-St. John Lutheran School, Paullina; (m) Community Lutheran School, Readlyn; (n) St. Paul Lutheran School, Sioux City; (o) Iowa Great Lakes Lutheran School, Spencer; (p) Concordia Lutheran School, Storm Lake; (q) Immanuel Lutheran School, Waterloo; (r) Lutheran Interparish School, Williamsburg; (s) Zion Lutheran School, Wilton.  For a map of these schools, Click Here.  This document is in a .pdf format.  To obtain a .pdf reader, click here.

Q8. Will I still get a tax credit if I make a donation in 2008 and the funds are used for the 2009-10 school year? (back to list)

Yes, assuming you are eligible for a credit and there are still tax credit funds available.  The tax credit will be issued against the year the donation was made, not based on the date the donation is used/distributed.

Q9. What are the dates associated with this program? (back to list)

The anticipated dates for the 2008-09 school year are as follows:

Q10. If I designate my gift to a specific school, will that gift be used at that school? (back to list)
Yes, assuming there is a need at that school. For example, if 10 qualifying families from school ABC apply for a total of $8,000 of assistance and there are $6,000 worth of funds designated for school ABC, then at least $6,000 will be distributed to those 10 families - the remaining $2,000 may or may not be met by the general STO fund. If, on the other hand, 10 qualifying families from school ABC apply for a total of $8,000 of assistance and there are $12,000 worth of funds designated for school ABC, then all of the $8,000 for those families will be granted, and the remaining $4,000 will be put in the general STO fund to be used at the discretion of the STO to meet the needs of families in other participating STO schools.

Have a New Question?  Click here and email it!