How is AIM Academy funded as an independent school?
Tuition provides the largest revenue stream to AIM. Other revenue includes tax-deductible contributions, including gifts to the AIM Fund, corporate giving through the EITC/OSTC programs, proceeds from special events such as the annual AIM for the Stars gala, and income on investments, including endowment funds.
Doesn’t tuition cover all the costs at AIM Academy?
Tuition payments cover most of the operating costs, but the AIM Fund is the critical fundraising activity that closes the gap between tuition and expenses. In order to sustain and continually provide the special research-based programs for the students and faculty, AIM Academy encourages parents, past-parents, alumni, family members, corporations, and foundations to all support the school by contributing to the AIM Fund.
How is OSTC different from EITC?
EITC (Educational Improvement Tax Credit) provides tax credits for gifts given in support of financial aid students while the OSTC (Opportunity Scholarship Tax Credit) more specifically provides financial aid support to students from the low-achieving school districts. These are districts with public schools that perform in the bottom 15% of Pennsylvania schools.
The OSTC provides qualified students within these districts the opportunities to receive a quality education from top level institutions. The budget and application for the OSTC is separate from the EITC, meaning businesses may apply for both programs within a given year.
Is my gift to AIM considered tax-deductible?
Yes, AIM is a 501 (c)(3) nonprofit organization. Contributions to the AIM Fund are tax-deductible and when you send your donation to the school, your gift will be confirmed in a letter that should be kept for tax purposes.
What am I expected to contribute?
Giving is a personal decision and each family within the AIM community should determine what amount they are comfortable to contribute. Every gift in any form is important to the continued growth and development of our school. When AIM seeks funding from foundations and corporations, it is vital to illustrate the support of its parents and others through participation percentage. This evaluation does not measure the size of the gift and that is why we stress the importance of 100% community participation.
What sort of assets can I use to make a gift?
At AIM Academy, there are many ways to make a gift: cash, publicly traded securities, life insurance, and/or the balance of your retirement account. Other assets, including real estate, closely held stock, artwork and collectibles are very valuable and must be reviewed by our staff before we can accept them as gifts.