The Georgia GOAL Scholarship Program, Georgia’s largest K–12 student scholarship organization, is pleased to announce that Georgia taxpayers have depleted the $51.5 million 2012 cap on Education Expense Tax Credits. These state income tax credits are awarded to Georgia taxpayers who contribute to any of the state’s 37 student scholarship organizations (SSOs). In turn, the SSOs use the contributed funds to provide scholarships to students in K–12 who desire to transfer from public schools to the private schools chosen by their parents.
Last year, Georgia taxpayers absorbed the $50 million cap in November. The growing popularity of Georgia’s tuition tax credit program resulted in the CPI–adjusted 2012 cap of $51.5 million being reached in August.
According to GOAL President Lisa Kelly, “In terms of contributions received and scholarships awarded, the Georgia GOAL Scholarship Program (GOAL) is the state’s largest SSO. GOAL is also leading the way by operating in a transparent, ethical, accountable, and effective manner.” GOAL’s 2012 results are highlighted below.
· In 2012, 6,300 Georgia taxpayers contributed more than $13.2 million to GOAL.
· From program inception in 2008 through 2012, more than 23,000 individuals and corporations contributed more than $54 million to GOAL, 31% of all contributions made statewide.
· For the 2012–2013 academic year, GOAL awarded 2,773 scholarships totaling $10.4 million.
· From inception through 2012, GOAL awarded 8,404 scholarships totaling $32.2 million, with more than 80% of the awards going to families earning less than $36,000.
· Since inception, GOAL has obligated 94% of all contributions for scholarships, resulting in a 6%
administrative fee (significantly less than the 10% fee permitted under the law).
· All contributions not used in the present academic year are obligated to fund scholarship recipient tuition payments for the 2012–2013 academic year and beyond.
· GOAL is governed by an independent Board of Directors, which consists of eleven members with vast experience in education, business, juvenile justice, law, and philanthropy.