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Adoption Financing and Funding
If you have researched various adoption serivces and programs, you have discovered a wide range of fees and costs. There are numerous ways to help receive adoption financing, but it takes research and sometimes creativity. Below are a few ways to help offset some of the initial costs of adoption funding.
Employer Adoption Benefits:
Many employers offer adoption benefits. Be sure to ask even if it’s not listed in your employee handbook. They may start an adoption program! Military non-recurring program is a one-time subsidy program for full-time military personnel. Ask your commander for the form!
Adoption Tax Credit:
There is currently an adoption tax credit of $11,650 per child. It can be claimed in the year that you finalize your adoption. Consult your tax advisor about the steps needed to claim this adoption tax credit.
Banks:
Check with your local bank branch to see which of their adoption services best fit your needs. Some of the adoptive families draw from home equity and take out personal loans. Most credit card companies also can write you a check from your available credit limit. You can always borrow from your 401K or your life insurance policy as well. MBNA offers unsecured loans specifically designed for adoptive parents. They may be contacted at 866-219-5657. Finally, you may also consider putting the adoption costs on a low interest credit card. Even if the with whom you are working doesn’t take credit cards, they will accept a check issued by the credit card company.
Here is a great site for help!: www.chase.com/newadditions
The National Endowment for Financial Education publishes a booklet: "How to Make Adoption an Affordable Option" This is free or can be read online at http://www.pueblo.gsa.gov/cic_text/family/adoption/index.html
JSW Adoption Foundation is a private foundation established to assist the potential adoptive parents by providing cash grants to subsidize a portion of the adoption financing. For further information view their website at http://www.jsw-adoption.org.
A Child Waits Foundation is a non-profit, charitable foundation that makes low cost loans to families adopting internationally. To learn more go to their website at, http://www.achildwaits.org
The Hebrew Free Loan Association: This organization provides interest free loans to Jewish adults wanting to adopt internationally or domestically. Please visit their website http://www.hflasf.org/adopt-loans.html Also, check with your own religious organization about adoption financing assistance.
National Adoption Foundation is the country's only national nonprofit organization dedicated to providing adoption financing and support, information, and services for adoptive and prospective adoptive families. They have recently expanded their programs to include home equity loans, as well as unsecured loans and grants for the adoption services and expenses. Please visit their website at http://www.nafadopt.org/NAFPrograms.htm
United Way International provides assistance for costs of travel for children adopted with illness needing immediate medical attention. Applications selectively considered and must be supported with a Doctor's statement. Call (703) 519-0092 for more information.
You can also visit http://www.karensadoptionlinks.com/funding.html for more links to other adoption funding sources.
Adoption Fund Raising and Financing
Be creative when it comes to adoption financing and raising funds for your adoption! Below are a few ideas!
Family loans:
Call your parents, brothers and sisters. They might have a few dollars to help with the adoption financing to help you in bringing a new family member home
Garage sales:
Get all the stuff you don't want or never use and sell it. Have a garage sale or post your items on eBAY. You’ll be surprised how quickly things add up.
Adoption Fund Raising activities:
Golf-tournaments,
Car wash,
TV , newspaper stories,
Raffles,
School projects,
Bake sales,
Collections at local grocery stores,
Collections through job.
Once a child comes home, there will be expenses associated with raising your child.
Many adoptive families inquire about adoption assistance or subsidy. Subsidy is a monetary stipend for which adoptive children are eligible. Adoptive families must apply for subsidy in the county where the custodian resides. These adoption services and programs are funded by the government and there are guidelines that agencies must follow. You must refer to each individual State for subsidy information.
These rules apply to Ohio adoption.
Title IV E - To be eligible for this subsidy, the birth parents must have been receiving a cash payment, at the time of placement, from the government. Healthy Start, WIC and food stamps do not apply to this program.
Special Needs – To be eligible for this subsidy, the adoptive child must meet many special needs criteria. Disruption, minority group, or being a part of a sibling group are just several of the state’s required needs. These needs have to be documented by professionals.
State Assistance – To be eligible for this subsidy, adoptive families size and income must fall within the states guidelines.
Non-Recurring – This is up to a 2,000.00 cash refund at the time of finalization. Any documented adoption expenses you incurred are eligible.
As a private , All About Adoption Consulting is able to apply for subsidies for all custodial children. We can apply for these subsidies but WILL NOT guarantee your acceptance by Summit County. More information about these programs can be found on the Ohio Department of Job and Family Services Website. For information about other state adoption guidelines go to www.adoption.com |
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