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Financing for Your Adoption
*This information is intended for reference use only, All for Love Adoptions has no affiliation with the below mentioned parties*
ADOPTION GRANTS
God’s Grace Adoption Ministry
Provides adoption grants and no-interest loans to eligible families. For more information, visit their website at www.ggam.org or call 209-572-4539
FORE Adoption Foundation
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 www.foreadoption.com
Home for Good Foundation
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 at www.hfgf.org or call 541-479-5926
Kingdom Kids Adoption Ministries
Has fund raising and grant programs to help families finance their adoptions. For more information, visit the Kingdom Kids website www.kkadoption.com or call 509-465-3520.
Shaohannah’s Hope
This group awards financial grants to qualified families already in the process of domestic and international adoption. Contact them at (800)784-5361 or visit www.shaohannahshope.org
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.
The Gift of Adoption Fund
Provides financial assistance to moderate- and low-income families seeking to adopt. Grants are available in amounts up to $5,000. If money is the only thing holding you back, make sure you emphasize this in your application so you receive priority. For more information, visit the Gift of Adoption Fund web site www.giftofadoption.org or call 262-268-1386 or 1-877-905-2367 .
Chance for a Child - http://www.i-a-a.org/chanceforachild.html
Offers grants based on financial need.
National Adoption Foundation Grant - http://www.nafadopt.org
Offers grants based on financial need.
Ours By Grace Grant - http://www.oursbygrace.com
Offers loans based on financial aid.
ADOPTION LOANS
National Adoption Foundation
This organization has established a $9 million revolving loan bank to provide unsecured loans to adoptive families. Your payments and interest then help other adoptive parents. NAF also offers fixed-rate MBNA Home Equity Loans. Both loan programs are financed through MBNA. The foundation has a limited program to provide grants from $500 to $4000 to assist families with adoption costs. You can call the foundation to request that an application packet be sent to you. For grant information, call: (203)791-3811 or you can visit their website at: www.nafadopt.org . For loan information through the National Adoption Foundation, call MBNA bank at: 1-800-448-7061 or 1-800-626-2760 (unsecured loans) or 1-800-841-1982 (secured loans)
MBNA
This organization offers unsecured loans specifically designed for adoptive parents, MNBA may be contacted at (888) 786-1116 – Option 1 and specify adoption or visit
MBNA Gold Option Adoption Loan - 1-800-626-2760
Offers a loan for adoption with competitive interest rates, up to $20,000.
MBNA Adoption Foundation Credit Card - 1-800-932-2775 code AF2R
Offers a credit card with a fixed competitive interest rate, up to $20,000.
Credit Card Application Center- http://www.credit-card-applications-center.com
A comprehensive credit card center that you can easily compare different credit cards.
A Child Awaits
Loans are available for up to $7000 for one child or $10,000 for two. They are interested in assisting families who can financially support a child and repay the loan, but who do not have the current funds to adopt. Website: www.achildawaits.org or call 413-499-3992.
Hebrew Free Loan Association/DOMOI Foundation
This foundation provides loans of up to $10,000 for Jewish families who wish to adopt. Website: www.hflasf.org//adopt-loans.htmll or call 415-546-9902
National Adoption Foundation Loan Program
This program provides secured and unsecured loans available for adoption related costs. Website: www.nafadopt.org or call 888-627-8767, 800-626-2760, 800-841-1982.
First Union Bank Adoption Foundation Loan Program
Call 888-314-5437. An adoption loan program available to families who live in those states in which First Union operates.
AFFUSA, A Loan Processing Company
The AFFUSA offer loan locating programs for Medical, Legal, Adoption Expenses. Go to their website at: http://www.apfusa.com to apply.
Deseret First Credit Union of Bountiful, Utah
This is a pretty new service they are offering Please call them to get more information on how to apply 801-292-1416
ADOPTION CREDITS AND SUBSIDIES
Adoption Tax Credit
The Adoption Tax Credit grants adoptive families an income tax break of $10,390 (for the 2004 tax year) to cover adoption expenses, as well as for expenses incurred in domestic adoptions of children with special needs. The amount increases slightly every year.
All For Love Adoptions, Inc. recommends that adoptive parents and prospective parents seek tax advice from a legal or tax professional. For information from the Internal Revenue Service regarding how your family may be eligible for the tax credit, please review Publication 968 on the IRS Web site, the Official web page for the IRS adoption tax credit and necessary forms: http://www.irs.gov/taxtopics/tc607.htmll
Dependency Exemption
Adoptive parents may take the same dependency exemption on their income taxes for their adopted children, and children placed with them for adoption but not yet finalized, as they would for their biological children. The exemption reduces their taxable income. The amount of the dependent exemption is adjusted annually to reflect the cost of living. The main point to remember is that families must provide more than half of their children's support to list them as exemptions.
Employer Adoption Benefits
It is estimated that more than 30% of employers now offer adoption financial assistance or are willing to assist if they are approached. Contact your supervisor or human resources department and ask if they offer an adoption financial assistance program. If they do not, ask if they will assist you personally, let them know to contact the IRS to receive a tax write off for the money they donate to your adoption. Many have tried this and succeeded! Government agencies usually provide this service. Check http://www.benefits.adoption.com for a list of major corporations that offer adoption assistance to employees. Many employers will help with costs by reimbursing adoption expenses with a cash benefit of up to several thousand dollars. If your employer does not offer this benefit, call Adoption and the Workplace at the National Adoption Center (800-862-3678) for materials to guide you in requesting adoption assistance from your employer. Article on “How to Lobby Your Employer for Adoption Benefits” is available on: http://library.adoption.com/employer-adoption-benefits/how-to-lobby-your-employer-for -adoption-benefits/article/133/1.htmll
Military Non-Recurring Subsidy
The military will reimburse active-duty personnel up to $2000 reimbursement on adoption expenses for one child or $5,000 for siblings. Reimbursement is made after the adoption is finalized and if the adoption is completed through a licensed agency. Eligible personnel should complete DD for 2673 and see Defense Finances and Accounting Service Instruction 1341 for more information. Additional details can be found by calling 1-303-333-0845.
Health Insurance
Double check your health insurance policy. Laws require most insurance policies to cover an adopted baby's medical costs. Most insurance plans also reimburse adoption costs from $2,000-5,000. If you don't know if you qualify, call and ask.
Adoption State Subsidy
Visit http://www.nacac.org to see a list of all states. Some states offer a subsidy, usually for special needs children. The definition of 'special needs' varies between states.
OTHER ADOPTION FINANCING INFORMATION
How to Make an Affordable Option
This is a comprehensive booklet, published by the National Endowment for Financial Education. It is available free-of-charge from the Consumer Information Center , Pueblo , CO 81009 , call 719- 948-4000. Ask for Item #602-E. Booklet available on the internet site also: www.nefe.org/adoption
Need Help With a Fund-Raiser?
Adoptive mother Valerie Gagnon operates A Mother's Love, a fund-raising service for adoptive parents. To learn more, visit her website www.amotherslovefundraising.com
Other Options There are several ways to raise the money to cover at least some of the expenses of adoption. One option is for one (or both) parents to take a second job, with all of the salary from this job going directly into an account to pay for adoption expenses. Of course, this option is more practical in a household currently without children.
Many families have set up small businesses out of their homes to raise money for the adoption. One family set up a business selling teddy bears wearing “I Support Adoption” T-shirts and raised over $10,000. Another family created and sold a cookbook with all their favorite recipes.
If you aren’t up to creating something, hold a raffle. Go to all the businesses in a town and ask for gift certificates for your raffle. Then, get permission from a local business to sell the raffle tickets outside their store – just make sure you pick a store with lots of customers.
If raffles aren’t your thing, try having a garage sale. A few months before we traveled to bring our son home, we did just that. Over a two-day period, we raised enough money to cover the majority of our travel expenses!
Help from Others While it may be uncomfortable for you to ask your parents for financial assistance, it might be one of the most viable options available for raising quick cash to offset the expense of adoption. Family members with the means may be willing to offer you a no-interest loan (or to give you the money outright). If you do get a loan from a family member, try to make your arrangements in writing to give both sides some peace of mind. And if you’re not comfortable asking for loans from family, ask relatives for gifts for your “baby fund” in lieu of birthday or holiday gifts.
There are many organizations that will let your friends and relatives make tax-deductible donations to your account at an adoption bank or foundation. Consult a financial advisor about whether or not expenses paid with foundation money are also valid expenses for tax credits for the adoption.
One adoption bank option is available from:
His Kids, Too!
PMB # , 3491 Thomasville Rd.
Tallahassee, FL 32309
E-mail: Hiskidstoo2@aol.com
http://www.hiskidstoo.org
If you are active in a church or synagogue, they might want to help out financially by holding fund raisers such as bake sales, car washes, or even bowl-a-thons. Talk to your religious leader about your need and he or she may be able to encourage the youth group or other organizations to volunteer their help.
Adoption Financial Information!
This information is intended for reference only. Because each individual case is different, you must do some research on your own. We hope this information will be helpful.
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