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Madison School District Extracurricular Tax Credits

Madison School District Extracurricular Tax Credits. Governing Board Meeting 09/06/2011. Tax Credit Contributions. For Each Dollar Contributed (up to $200/$400), Donor Receives an Equal Credit Against Their Tax Liability

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Madison School District Extracurricular Tax Credits

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  1. Madison School DistrictExtracurricular Tax Credits Governing Board Meeting 09/06/2011

  2. Tax Credit Contributions • For Each Dollar Contributed (up to $200/$400), Donor Receives an Equal Credit Against Their Tax Liability • Tax Credit Contributions Can Be Used to Offset Any Extracurricular Fee (including the Student Activity Fee)

  3. Tax Credit Uses • Extracurricular Activities • Any optional, noncredit, educational or recreational activity which supplements the education program of the school, whether offered before, during or after regular school hours • Character Education Programs

  4. Current State of Extracurricular Tax Credits

  5. 2010/11 Revenue District Total - $ 413,764

  6. Revenue Categories • Donors Designated 22 Categories • Top Categories (>2% of total revenue) • General $ 241,907 • 5th Grade $ 36,375 • 6th Grade $ 9,975 • Athletics $ 37,816 • REACH/Gifted $ 18,978 • Field Trips $ 16,601 • Odyssey of the Mind $ 30,982

  7. 2010/11 Expenditures District Total - $ 388,418

  8. Expenditure Categories • Top Categories (>2% of total expenditures) • 5th Grade $ 38,892 • 6th Grade $ 8,928 • Athletics $ 74,044 • After-Cool Fitness $ 57,320 • REACH/Gifted $ 16, 794 • Fine Arts $ 29,352 • Assemblies $ 9,132 • Field Trips $ 51,635 • Odyssey of the Mind $ 31,031 • Extended Learning Time $ 21,714

  9. Cash Balances

  10. Cash Balances

  11. Student Activity Fee Procedures • Inconsistency in Collection of $50 Fee • Some schools request fee • Some track donors; some do not • Some schools with greater collection not asking

  12. Next Steps • Consistency in Requesting $50 Fee • Standard Letter • Schools • Track Payment of Extracurricular Tax Credits • Can be used to off-set extracurricular fees (including student activity fee, athletic fee, etc.) • Reminder Letters

  13. You Will Be Amazed!

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