Illinois Invest in Kids vouchers siphon away PUBLIC funding from PUBLIC schools that serve 1.9M children across the state. Today, 80% of IL public schools are NOT adequately funded! 🧵
Many IL private schools are WELL FUNDED by wealthy donors. Before 2017, when a donor wrote a check to a private school, they claimed a federal tax deduction, typically worth 37% of what they've contributed.
Now, under the Invest in Kids voucher program, when wealthy donors write a check to a voucher middleman aka scholarship granting organization, they receive 75% back as a state tax credit.
Why wasn't 37% back enough for donors? Why do wealthy private schools and their funders need Illinois tax revenue to cover scholarships for needy students?
Here's a sampling of IL private schools that take Invest in Kids vouchers, yet have tremendous, pre-existing wealth.
St. Ignatius College Prep boasts a "sound financial standing" with a $120M investment strategy that's 80% funded. Source: ignatius.org
Loyola Academy's current endowment is $40M, with a long-term goal of $100M. Source: goramblers.myschoolapp.com/page/tuition-a…
In 2020, Mt. Carmel HS, who frequently pushes families to apply for IIK vouchers on social media, held $9.7M in net assets, with $225K in investment income. Source: projects.propublica.org/nonprofits
Fenwick HS's wealth is even more staggering. In 2020, they held $17.2M in net assets, with $490K in investment income alone. Source: projects.propublica.org/nonprofits
Fenwick's marketing material urges donors to contribute stock to a voucher SGO to get "double tax savings". Source: fenwickfriars.com/giving/illinoi…
In 2021 the University of Chicago Lab School's endowment grew over 30% vs. the prior year to $33.3M. This fund is intended to provide long-term support for financial aid. The Lab's financial aid awards continue to robustly outpace prior years. Source: ucls.uchicago.edu/uploaded/calen…
And the university of Chicago itself has an $8.6 BILLION endowment. Source: investments.uchicago.edu
Arie Crown Hebrew Day School has no shortage of financial resource streams. Over 65% of students receive tuition scholarships and in 2020, the Arie Crown Endowment Foundation held $1.7M in net assets. Sources: projects.propublica.org/nonprofits and ariecrown.org
The Crown family for whom the school is named has a net worth of $10.2 BILLION forbes.com/profile/crown/…
(Sidenote: Arie Crown School tells families they may need to foot the bill themselves for services for a student with disabilites. )
St. Bede Academy in Peru, a 130 year old boarding school run by Benedictine monks, has a five person development team...
...and instructions on how to donate security, property, life insurance, set up an endowment to benefit St. Bede or contribute tax free through IRA disbursements st-bede.com/support
Remember, Illinois Invest in Kids vouchers siphon away PUBLIC funding from PUBLIC schools that serve 1.9M children across the state. Today, 80% of IL public schools are NOT adequately funded!
Do wealthy private schools need Illinois taxpayers to foot their bills?
The answer is NO.
IL's Invest in Kids voucher program must end.
#endinvestinkids
#publicfundspublicschools
@threadreaderapp unroll please
Share this Scrolly Tale with your friends.
A Scrolly Tale is a new way to read Twitter threads with a more visually immersive experience.
Discover more beautiful Scrolly Tales like this.