Fairview/Bethel College Scholarship Fund
Through a special arrangement between FMC and Bethel College, we have established a scholarship fund at Bethel to help givers and FMC students attending Bethel.
How your gift benefits FMC students
Fairview Missionary Church gives up to $1,000 annually to our students attending Bethel College. FMC’s gift of $1,000 is matched by Bethel. That is a total of $2,000 a year from FMC and Bethel. Over a 4-year college experience, that is $8,000.
How your gift benefits YOU!
State Tax benefits for Individuals/Couples
Indiana College Credit CC40
You, as an Indiana taxpayer, will receive a tax credit equal to 50% of your contribution to Bethel College. This means that a $400 gift to Bethel College yields a $200 tax credit; a $200 gift yields a $100 credit; a $100 gift yields a $50 credit and so on. In other words, you will be reimbursed for half of your gift, not by the College which puts your money to good use – but by the State. Taxpayers filing singly receive half these amounts. To take advantage of this opportunity you must use the Indiana Department of Revenue Form CC-40 when filing your state income tax return.
You, as an Indiana taxpayer, will receive a tax credit equal to 50% of your contribution to Bethel College. This means that a $400 gift to Bethel College yields a $200 tax credit; a $200 gift yields a $100 credit; a $100 gift yields a $50 credit and so on. In other words, you will be reimbursed for half of your gift, not by the College which puts your money to good use – but by the State. Taxpayers filing singly receive half these amounts. To take advantage of this opportunity you must use the Indiana Department of Revenue Form CC-40 when filing your state income tax return.
Corporations
Indiana Corporations may receive a maximum tax credit of $1000 on gifts of $2000 or more. Corporations may receive 50% credit on gifts, not to exceed 10% of the company’s adjusted gross income tax, or $1000.
Federal Tax Deduction
In addition to the Indiana tax credit, a contribution to Bethel College may also result in a federal tax deduction. Generally, to qualify for a federal tax deduction, you must itemize deductions on the Federal Tax Form 1040 (long form). The amount of the deduction is based on your income and the amount of your contribution. The federal tax deduction, unlike the state tax credit, is computed as a reduction in your taxable income and therefore, ultimately, the amount of taxes you owe.
Checks MUST be made payable to BETHEL COLLEGE and given to the FMC office.
Bethel College – Official college of The Missionary Church
FMC Scholarship Application – A form for those seeking financial aide from the church; need to fill one out yearly to be eligible for the FMC scholarship.
FMC Scholarship Application – A form for those seeking financial aide from the church; need to fill one out yearly to be eligible for the FMC scholarship.
College Scholarship Fund Brochure – A brochure which explains the scholarship fund and a list of the approved Christian colleges.
FMC College Scholarship Packet – A booklet regarding FMC’s scholarship program which includes thank you letter and volunteer guidelines and a volunteer time sheet.