Monsignor Lafferty Tuition Foundation

The Monsignor Lafferty Tuition Foundation awards tuition grants to students of qualifying families that attend a Catholic school in the Diocese of Sioux City.

By making a contribution to the Monsignor Lafferty Tuition Foundation, donors can receive a tax credit certificate worth 65% of their donation.

Examples (assuming a 25% tax bracket):

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$1,000 Donation
$250 may be saved on federal taxes
$650 (65%) State Tax Credit
$900 = Net Tax Savings
$100 = Donor Cost per $1,000 contribution

$10,000 Donation
$2,500 may be saved on federal taxes
$6,500 (65%) State Tax Credit
$9,000 = Net Tax Savings
$1,000 = Donor cost per $10,000 contribution

Need more information? Contact please call Diane Donnelly at the Diocese of Sioux City at 712-233-7594.

 

Guidelines for a Monsignor Lafferty Tuition Foundation Donation:

All gifts to MLTF are subject to compliance with the Diocesan Gift Policy.

The designation of any gift shall be limited to the definition of an eligible student by the Code of Iowa and the criteria established by the Board of Directors of the Monsignor Lafferty Tuition Foundation.

90% of each designated gift is allocated to the selected Diocesan Catholic School and 10% allocated to the unrestricted fund.

If a school has met their designated goal, donations may be redirected to a school that has not met their designated goal.

Donations designated “Where Needed Most” may also be redirected to a school that has not yet met their designation goal.

When multiple locations are designated by the donor, the gift will be allocated proportionally among the locations who have not yet met their designated goal.

If designated funds are not used for the designated school because of the lack of eligible students, those funds will be allocated to the unrestricted fund to be awarded throughout the Diocese of Sioux City where need is greatest.

Information contained here is not professional or legal advice. Consult a tax advisor about your individual tax situation. You will receive a tax credit certificate in January 2016 acknowledging your contribution to MLTF.

Frequently Asked Questions

2017 Annual Report

2018 Gift Form

Steve & Shari Lensing - Spencer

“From a personal standpoint, the obvious benefit is the idea that I receive the state tax credit and a federal deduction for the donation I make to the fund.  Essentially, 95% of everything I contribute to the fund is given back to me through tax benefits. I’ve never been real fond of the term “no brainer,” but this program/fund is certainly best described as just that.”

Al & Linda Willett - Alton

“I feel that no parent’s decision to give their child a Catholic school education should be based off of financial reasons.  Every child should have the opportunity.”

 

Tony & Katie Elbert - Emmetsburg

“The tax benefit allows an individual to contribute a larger dollar amount because, after it’s all said and done, it ends up costing less than the actual amount you donated.  This fund puts money into Catholic education that wouldn’t be possible if it wasn’t for the tax benefits and the  fund itself.”

Chuck & Kay Kellen - LeMars

“We think the MLTF gives everyone an opportunity to direct some of their state tax dollars to a school of their choice. In some cases, depending on the tax rate, you can actually make money. Everyone should consider this opportunity regardless  of their religious affiliation to minimize their tax obligations and support private education.”