Monsignor Lafferty Tuition Foundation

The Monsignor Lafferty Tuition Foundation (MLTF) provides tuition assistance to qualifying students within the Sioux City Diocese, including students at Kuemper. By making a contribution to the Monsignor Lafferty Tuition Foundation, donors can receive a tax credit certificate worth 75% of their donation.

Examples (assuming a 22% tax bracket):
$1,000 Donation
$55 may be saved on federal taxes
$750 (75%) State Tax Credit
$805 = Net Tax Savings
$195 = Donor Cost per $1,000 contribution

$10,000 Donation
$550 may be saved on federal taxes
$7,500 (75%) State Tax Credit
$8050 = Net Tax Savings
$1950 = Donor cost per $10,000 contribution

Guidelines for a Monsignor Lafferty Tuition Foundation Donation

All gifts to MLTF are subject to compliance with the Diocesan Gift Policy. The designation of any gift shall be limited to the definition of an eligible student by the Code of Iowa and the criteria established by the Board of Directors of the Monsignor Lafferty Tuition Foundation.

90% of each designated gift is allocated to the selected Diocesan Catholic School and 10% allocated to the unrestricted fund.

If a school has met their designated goal, donations may be redirected to a school that has not met their designated goal.

Donations designated “Where Needed Most” may also be redirected to a school that has not yet met their designation goal.

When multiple locations are designated by the donor, the gift will be allocated proportionally among the locations who have not yet met their designated goal.

If designated funds are not used for the designated school because of the lack of eligible students, those funds will be allocated to the unrestricted fund to be awarded throughout the Diocese of Sioux City where need is greatest.

Information contained here is not professional or legal advice. Consult a tax advisor about your individual tax situation. You will receive a tax credit certificate in January 2024 acknowledging your contribution to MLTF.

How does a grain donation work for Monsignor Lafferty?

• A donor gives bushels of grain to MLTF by completing a “Transfer of Ownership” form available through the Diocese of Sioux City
• MLTF assumes ownership of the grain and sells it for market value.
• The donor receives an Iowa tax credit equal to 65% of the value of the grain on the date of donation. This tax credit can be applied to Iowa tax liability within the next 5 years.
• The donor does not recognize the income from the sale of the grain while also receiving Iowa tax credit from this program. (Donors are encouraged to contact their tax accountant for further clarification.)

How does a stock donation work for Monsignor Lafferty?

• Donor or broker notifies the Diocese of Sioux City of his/her intent to donate stock. Notification can be done via telephone, e-mail or fax.
• Donor or broker initiates transfer of the stock and to obtain Diocesan account information for transfer.
• MLTF assumes ownership of the stock and sells it for market value.
• The donor receives an Iowa tax credit equal to 65% of the average value of the stock on the date of donation. This tax credit can be applied to Iowa income tax liability within the next 5 years.
• The donor does not recognize the gain from the sale of the stock for federal or state income tax purposes.
• Donor receives appreciated stock value for the donation of the stock for both the Iowa tuition credit and charitable donation for federal tax purposes.

Information contained on this page is not professional or legal advice. Consult a tax advisor about your individual tax situation.