PRESS RELEASE:
Date: May 15, 2014
Georgia GOAL Scholarship Program, Inc. Announces 2014 Contribution Results
Georgia GOAL Scholarship Program, Inc. ("GOAL"), the largest K-12 student scholarship organization ("SSO") operating under Georgia’s Education Expense Credit law has announced its most recent results, including 2014 contribution results, and 2013-2014 scholarship award results.
Under the Georgia Education Expense Credit law, enacted in 2008, individuals and corporations who contribute to qualified, tax-exempt, non-profit SSOs are permitted to offset the amount of their contributions against their Georgia income tax liability.
The SSOs must use the contributions to provide scholarships to students enrolled in public schools (grade 2 and above) who desire to attend the accredited private school of their parents’ choice. SSOs may also award scholarships to students who are eligible to enroll in pre-k, kindergarten and first grade, regardless of whether they attend a private or public school.
During 2014:
• 6,848 Georgia taxpayers contributed a total of $18,651,457 to GOAL.
• Of the contributors, 6,078 were individuals, 661 were individual owners of pass-through businesses, and 109 were corporations.
• Since the inception of the program in 2008, GOAL has received $87,982,614 in contributions, which represents 32% of the approximately $279 million contributed statewide under the K-12 tuition tax credit program.
• Through the 2013-14 school year, GOAL has awarded 12,357 scholarships worth $46.4 million to 6,615 students, with an additional $38 million being obligated and reserved for the funding of multi-year scholarships that have been awarded or for the awarding of future scholarships.
• The average value of the scholarship awarded to each student has been $3,754, with the balance of tuition costs being paid by scholarship families together with other financial aid provided by the participating private schools.
• Since inception, the average adjusted gross income ("AGI") of the scholarship recipient families (as adjusted for family size) has been $25,138.
• GOAL has awarded 50% of its scholarships to families with an AGI of less than $24,000 and 90% of its scholarships to families with an AGI of less than $48,000.
• GOAL has awarded 36% of its scholarships to minority recipients.
• GOAL has awarded 1,667 scholarships in north Georgia; 4,392 scholarships in metro Atlanta; 3,254 scholarships in central Georgia; and 3,044 scholarships in south Georgia.
In 2014, the annual $58 million cap on available tax credits was reached on January 22nd! According to GOAL President Lisa Kelly, "Georgia taxpayers have spoken: their belief in school choice and their quick action to invest in K-12 education through this program is providing opportunity and relief for thousands of deserving families."
Press inquiries can be directed to:
Lisa Kelly
President
Georgia GOAL Scholarship Program, Inc.
lmkelly@goalscholarship.org
770-828-4625