Fostering Success Act, Inc. Approved for Nearly $10 Million in First Year of Tax Credit

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“These funds will go a long way to make sure many of these kids who have left foster care can pay rent, have food to eat, afford to get to work --- and most importantly -- be able to enroll in college or a technical school so they can find a good-paying job,” said Richard L. Jackson, chairman of FSA. “This tax credit will change the trajectory of their lives.”

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Business Wire, Inc.Business Wire, Inc.
Retrieved on: 
Friday, January 19, 2024
Information
Tags: 
Parenting, Public Policy, Government, Philanthropy, Family, Other Education, Fund Raising, Consumer, Foundation, Other Policy Issues, Education, Dream, Homelessness, University, Kilpatrick Townsend & Stockton, FSA, Cigna, Waffle House, Parent, Gas South, Imprisonment, Poverty
Geotags: 
GEORGIA, UNITED STATES, NORTH AMERICA
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Organisation: 
FOSTERING SUCCESS ACT, FOSTERING SUCCESS ACT, INC.
Summary
Key Points: 
  • Fostering Success Act, Inc. (FSA), a non-profit that raises tax credit funds to assist young adults transitioning out of the state’s foster care system, announced today it has successfully raised nearly $10 million in tax credit allocations in its first year that ended Dec. 31, 2023.
  • They face these enormous challenges because they were removed from their parents’ custody due to neglect or abuse.
  • “This tax credit will change the trajectory of their lives.”
    Other major donors to FSA include Artistic Weavers, CA South, Colony Bank and Kilpatrick Townsend & Stockton LLP.
  • The state Department of Revenue has approved FSA for $9.7 million of the $11.6 million in approved donations for the new foster care tax credit in 2023.


Fostering Success Act, Inc. (FSA), a non-profit that raises tax credit funds to assist young adults transitioning out of the state’s foster care system, announced today it has successfully raised nearly $10 million in tax credit allocations in its first year that ended Dec. 31, 2023.

Among the top corporate contributors to FSA for 2023 are Gas South, Waffle House, and Cigna Healthcare.

Data from numerous national studies show the majority of kids who age out of foster care end up homeless, in chronic poverty, in jail or are victims of human trafficking. They face these enormous challenges because they were removed from their parents’ custody due to neglect or abuse.

Since the launch of the program, more than 180 companies and individuals have chosen to help Georgia’s most vulnerable young people by allocating their tax dollars to FSA. As a result, FSA has issued funds to help more than 100 young people pursue their dreams at 37 universities and technical colleges across the state.

“These funds will go a long way to make sure many of these kids who have left foster care can pay rent, have food to eat, afford to get to work --- and most importantly -- be able to enroll in college or a technical school so they can find a good-paying job,” said Richard L. Jackson, chairman of FSA. “This tax credit will change the trajectory of their lives.”

Other major donors to FSA include Artistic Weavers, CA South, Colony Bank and Kilpatrick Townsend & Stockton LLP.

The state Department of Revenue has approved FSA for $9.7 million of the $11.6 million in approved donations for the new foster care tax credit in 2023.

The credit enables individuals and corporations to reduce their state income tax burden by donating to FSA or other qualified organizations that assist the more than 700 youth who age out of Georgia’s foster care system each year.

“These kids don’t have parents to help them get on their feet, and FSA will make sure they transition into adulthood like every other young adult,” Jackson said. “We are very appreciative of these tax credit donors and want them to know their monies will truly make a difference.”

Those interested in applying for the 2024 tax credit may begin so now to reduce their state tax burden for this year. The tax credit cap is $20 million. To apply, go to: https://fosteringsuccessact.org/start-the-process/tax-credit/

“We believe as more people learn about our mission and this important tax credit, more companies and individuals will see how they can make a difference in reducing poverty, addiction, homelessness and incarceration by donating to the beneficial income tax credit,” said Heidi Carr, executive director of FSA. “Would you rather write a check to the government or write it to an organization that saves lives?”

About Fostering Success Act, Inc.

Fostering Success Act, Inc. (FSA) is a 501(c)(3) Georgia non-profit devoted to assisting foster care youth who have aged out of the Georgia foster care system. FSA helps state individual and corporate taxpayers get approval from the state Department of Revenue for their tax credit donation to FSA. It then distributes funds to more than 20 approved non-profits that provide support services to qualifying youth to remove barriers in completing post-secondary education. Services include but are not limited to tuition at technical schools or state colleges, books and computers, transportation funds, food, rent assistance, medical care assistance, mentors and other items.

For more information about the tax credit or to speak with officials with Fostering Success Act, Inc., contact Susan Meyers at Oak Grove Communications: 404-518-2271 or [email protected]

For more information about the Fostering Success Act, go to: https://fosteringsuccessact.org/

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