Financing, Loans & Grants | Adoption Support Center (Indianapolis, IN)

Not sure how to finance your adoption? You are not alone. Fortunately, there are many ways to cover your adoption expenses, including tax credits, low-interest loans, adoption grants, and more.
At Adoption Support Center, our philosophy is "You will get the child you are meant to raise." Our agency staff will work closely with you to explore all of your financing options, including our in-house loan program.

Federal Tax Credit for Adoption
Financing Options
ASC Angels College Scholarship Fund
Adoption Grants & Interest-Free Loans

Federal Tax Credit for Adoption

The Federal Tax Credit for Adoption is explained in IRS publication 968. Here is a quick summary...

The tax credit was made permanent as of 5/2001.
The maximum tax credit for 2007 is $11,390.
Those with incomes under $164,410 qualify for the full credit. The amount of the credit will graduate downward to zero as incomes approach $204,410.
Affects all children at finalization.
Expects the adoption of a child who is not a citizen or resident of the US to be finalized to be eligible for the adoption tax credit.
Adoption expenses must be documented with receipts.
The tax credit is per child, not per placement (i.e. as in the case of a sibling group of two children.)
Eliminates any requirement for families who adopt special needs children to show actual expenses (effective after 12-31-02.) There is no offset to the federal tax credit for state special-needs adoption reimbursements.
A family can apply the credit against their tax liability for five years or until the family has reached the maximum cap, whichever happens first.

For more questions, call the IRS at 1-800-829-1040 or go to
http://www.irs.gov/taxtopics/tc607.html
You can also use the terms "adoption credit" in the Search field on the IRS website to find other pertinent articles.

Financing Options

MasterCard and Visa
Adoption Support Center accepts MasterCard and Visa credit cards. Home studies, post-adoption follow-ups, advertising and activation fees may all be paid with MasterCard or Visa. (If credit is used for the advertising fee, couples must pay the 2% fee the agency is charged.)

In-House Loan Program
Adoption Support Center has created a relationship with National City Bank to provide our own in-house adoption loan program. Michelle Grady can be your personal adoption advisor for financing, no matter where you live in Indiana. Simply contact her at 317-407-1642, 1-888-242-9039 ext 2031, or via e-mail.

Adoption loan programs offered by National City Bank include:

Home Equity Line-of-Credit

Apply once; access funds how and when you want, up to your available credit limit.
Ideal for adoption, debt consolidation, or any need, now or in the future.
Access is convenient through your Home Equity Visa Gold Card or Convenience Checks.
No payments are made until you borrow from the loan. You may make interest-only payments until Federal Tax Credit is received.
Competitive variable rates are based on current Prime Rate, usually lower than credit cards or other loans.
You have the option to lock in a fixed interest rate and fixed payment for balances of $5,000 or more.
Interest may be tax-deductible, unlike other loans (ask you tax advisor.)
NO closing costs.

Signature Line-of-Credit

Perfect for adoptive families with little or no home equity, or for those who don't own a home.
Unsecured line-of-credit at a variable rate. Can be used in cooperation with Home Equity Line of Credit.
Easy access to funds by simply writing a check.
Apply for credit once, use line again and again, up to your available credit line.
No payments are made until you borrow from the loan. You may make interest-only payments until Federal Tax Credit is received.
No cash advance fees or prepayment penalties.

ASC Angels College Scholarship Fund

Several years ago, we established the ASC Angels College Scholarship Fund. As an adoptive family, you can refer an adoptive couple to Plan 3 (full or biracial African-American domestic adoption) and we start a CollegeChoice 529 Scholarship Fund for your child with our $500 initial investment. Every time you refer a future family to Plan 3, we add another $500 to your child's fund.

Adoption Grants & Interest-Free Loans

Bright Futures
Bright Futures offers small grants to help facilitate inter-country adoptions.
Email them for an application and more information.

Gift of Adoption Fund www.giftofadoption.org
Provides financial assistance to moderate and low-income families seeking to adopt. Grants are available in amounts up to $5,000. For more information call 262-268-1386.

God's Grace Adoption Ministry www.ggam.org/main.html
God's Grace Ministry helps Christians who are seeking to adopt through needs-based grants and interest-free loans.

Helping Kids Cope www.helpingkidscope.com/request-help.htm
Helping Kids Cope assists home study-approved families in defraying adoption costs through grants.

The Boatner Family Foundation
This foundation provides grants from $1,000 up to $10,000. They require an agency approval, a financial statement, and a formal application. Contact:
The Boatner Foundation
P.O. Box 132272
The Woodlands, Texas 77393-2272

FORE Adoption Foundation www.foreadoption.com
FORE is a nonprofit foundation that helps families to overcome some of the initial financial burden of adoption (home study, legal fees, etc). Call (480) 563-1155 for more information, or visit their website.

Home for Good Foundation www.hfgf.org
Offers resources, grants, loans and matching funds, focusing on adoption of older children, children with special needs and sibling groups. For more information, visit the Home for Good website or call 541-479-5926.

Kingdom Kids Adoption Ministries www.kkadoption.com
Has fundraising and grant programs to help families finance their adoptions. For more information, visit the Kingdom Kids website or call 509-465-3520.

Shaohannah's Hope www.shaohannahshope.org
This group awards financial grants to qualified families already in the process of domestic and international adoptions. Contact them at 1-800-784-5361 or visit their website.

A Child's Desire www.achildsdesire.org
A Child's Desire has two adoption fundraisers that adopting families can use to earn money for their adoptions.

A Child Waits www.achildwaits.org
A Child Waits offers low-interest loans for international adoptions in amounts up to $10,000 per child. The organization lends to families who can financially support a child and repay the loan, but who do not have the funds on-hand to adopt.

National Adoption Foundation www.nafadopt.org
The National Adoption Foundation currently offers programs for adoption grants, although limited. Aside from this, they also offer unsecured loans through a revolving $9-million bank loan for those who are thinking or planning on adopting a child, but can't afford to support the adoption process and the costs.

Katelyn's Fund www.katelynsfund.org
Advocating for all children, regardless of circumstance, race, or origin, deserve a loving, Christian home, and encouraging families to adopt through financial grants and emotional support.

Lydia Fund www.lydiafund.org
The LYDIA Fund helps deliver youth from institutions by helping married Christian couples to pay for the overseas portions of their adoption expenses. The money used in this supporting role comes totally from donations from individuals and organizations.

Cadman Foundation www.cadmanfoundation.org
A 501(c)(3) organization, the foundation was created to help defray the cost of international adoption through grants and fund-raising opportunities. Applicants must have a completed and approved home study by a qualified agency or professional licensed in the state in which they reside before they can apply for a grant.