Financing
Your Adoption
For many families, the expenses
related to adopting can be
one of the greatest hurdles.
We have provided some resources
below that can help.
Tax
Benefits
In 2002 the Congress passed
parts of President Bush’s
tax incentive package. One
part that was passed was the
increase of the Tax Adoption
Credit from $5,000 to $10,000
with a 5 year carry forward.
Download Publication 968 on
Tax Benefits for Adoption.
www.irs.gov/pub/irs-pdf/p968.pdf
Employee
Adoption Assistance Benefits
Many employers help their
employees when they adopt
by reimbursing adoption expenses
up to several thousand dollars.
If your employer does not
offer this benefit, call Adoption
and the Workplace at the National
Adoption Center (800-TO-ADOPT)
for materials to guide you
in requesting this benefit
from your employer: www.adopt.org.
Many
companies offer adoption benefits
including AARP, Abbott Laboratories,
Aetna, Amoco, Bank of America,
Bell Atlantic, Borden, Chase
Manhattan, Chevron, Chrysler
Corp, CIGNA, Coca Cola, Daimler
Chrysler, Deloitte & Touche,
Delta Airlines, Dominoes Pizza,
Dow Chemical, Dupont Merck,
Fidelity Invesments, Frito
Lay, Glaxo Wellcome, Hasbro,
HBO, IBM, KMart, Lexmark,
Mattel, MBNA, Microsoft, Motorola,
Nestle, Pepsi, State Farm,
UPS, Wendy's, and many more.
A more complete listing is
available at www.adoptionbenefits.com
Military families
The U.S. military will reimburse
active duty personnel up to
$2,000 in adoption expenses
after adoption finalization
has occurred.
Shaohannah's
Hope is a Christian
organization that offers up
to $7,000 towards the cost
of adopting. www.shaohannahshope.com
A
Child Waits provides
loans up to $10,000 for one
child. 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. 1136 Barker
Rd., Pittsfield, MA 01201.
www.achildwaits.org
Advanced
Patient Financing
originally financed medical
bills and have subsequently
branched out into adoption.
Contact: Jay Greenberg (800)
672-8690 www.advancedpatient.com
Christian
Advocates for Adoption (CAFA)
Funding your adoption through
CAFA is not by means of a
grant, loan or gift from this
ministry, but by inviting
others to participate with
you financially in this blessed
event. Scriptures makes clear
that it is more blessed to
give than receive (Acts 20:35)
and that when we give and
sow we will in turn reap and
be blessed (Luke 6:38; Gal.
6:7). By asking for support
for your adoption you are
opening a door of opportunity
to others to participate in
the cause of the fatherless.
Working together will help
you to raise up to one half
of the cost of your adoption.
Any funds raised beyond the
goal will be used to further
the ministry of CAFA and assist
other orphans find their place
in loving Christian families.
For details, visit their web
site at: www.cafadopt.org
The
Boatner Family Foundation
is a small foundation which
provides grants from $1,000
to $10,000. Requirement include
an agency approval, a financial
statement, and a formal application.
For more information, contact:
The Boatner Foundation, P.O.
Box 132272, The Woodlands,
Texas 77393-2272
Capital
One offers a credit
card with a limit of up to
$20,000 at a fixed rate of
9.9% over the long term (not
just an introductory rate).
www.222.capitalone.com
The
National Adoption Foundation
assists adoptive families
with adoption financing. NAF
offers grants from $500 to
$4000 and unsecured loans
through MBNA. www.nafadopt.org
Mother’s
Love Fundraising
An adoptive mother is helping
to plan fundraising events
for prospective adoptive parents
http://www.amotherslovefundraising.com
Additional
Grants are available through
the following organizations:
Gift
of Adoption Fund http://www.giftofadoption.org
God's Grace Adoption Ministry
http://www.ggam.org
The
Hebrew Free Loan Association
offers interest-free loans
to Jewish families who wish
to adopt children internationally
or domestically. www.hflasf.org/adopt-loans.html
Adoption.com
offers financing options through
an online pre-qualification
form. www.adoptionfinancing.com
The
National Endowment for Financial
Education (NEFE)
offers a FREE booklet entitled
"How to Make Adoption
an Affordable Option".
This booklet provides information
for all prospective adoptive
parents regarding financial
assistance, benefits and tax
breaks for all types of adoptions.
It also provides a breakdown
of what fees may be involved
in the adoption process. The
booklet is available on the
NEFE Web site at: http://www.nefe.org/adoption
State
Adoption Benefits:
Some states offer a non-recurring
adoption expense reimbursement.
Families may be able to apply
for reimbursement of adoption
related expenses. These expenses
may include the homestudy
fee, costs for travel to meet
the child, attorney's fees,
etc. Each State sets a cap
for the maximum amount of
reimbursement, which cannot
exceed $2,000. You must apply
for this benefit before your
adoption is final.The North
American Council on Adoptable
Children offers information
on state adoption subsidies.
www.nacac.org/adoptionsubsidy.html
