Fortune Academy values a diverse student body in terms of socio-economic, racial, ethnic and religious backgrounds. To help insure this intention, the school takes great pride in being able to provide some tuition support to families demonstrating clear financial need to avoid excluding students whose families might not be able to afford enrollment in the school. The decision to admit a student is based solely on the student’s learning profile and personal conduct. Similarly, tuition assistance is based only on the family’s demonstrated financial needs.
Affordability is a concern for all families, regardless of income. Fortune Academy takes pride in providing tuition assistance to approximately 12%-15% of our student population each year. Funding for tuition assistance is rasied through our annual spring fundraiser/gala. Fortune Academy is also now partnering with Sagamore Institute.. Sagamore Institute is a Scholarship Granting Organization (SGO) of the Indiana School Schoarshihp Tax Credit Program.. Please check the "Support Us" section of the website for more information on how to contribute toward this tax credit scholarhsip program and/or applyy for eligibility..
The major factors affecting financial need include the family’s net income and assets, the number of dependents in the household and the number of children attending tuition-charging schools and colleges. Allowances are made for certain taxes, medical costs and unusual expenses, as well as other adjustments which are recognized by the Internal Revenue Service.
Fortune Academy provides special education services and therefore, payments to Fortune Academy may be considered deductible medical care expenses under the Internal Revenue Code. The regulations under Section 213 of the Internal Revenue Code provide that: While ordinary education is not medical care, the cost of medical care may include the cost of attending a special school for a handicapped individual, if his or her condition is such that resources of the institution alleviating such handicap are a principal reason for his or her presence there. Whether the expenses of Fortune Academy will be deductible in a particular case, however, will depend upon facts and circumstances of each individual student’s situation. There are also percentage limitations applicable to otherwise deductible expenses, depending on the parents’ income. Before taking a tax deduction for expenses relating to the special education of a student, parents should confer with their tax lawyer or accountant about the rulings and regulations under Section 213 of the Internal Revenue Code and other applicable laws.
While we believe that each family should assume some financial responsibility for the cost of educating their child, we work within the limitations of our tuition support budget to determine the financial aid award to be offered to each family. Every effort is made to offer as much support as possible to all accepted students; therefore, it is important to submit all required materials in a timely fashion. The Committee maintains strict confidentiality of all financial information.
Applying for tuition support is a yearly process. You will have to request tuition assistance each year. Each year we will review tuition assistance requests and in light of available funds to determine what awards can be made for the next academic year. Those who received assistance in previous years are re-evaluated in relation to current circumstances before tuition support is awarded. The present economic circumstances make it necessary for many families to request support with tuition. It is our goal to stretch the available funds to as many qualified applicants as possible. It is very important, therefore, to submit your financial information at the earliest possible date.
It is our hope that this information has been helpful in answering your preliminary questions about financing a Fortune Academy education. If you have any questions, we encourage you to call our office at 317-377-0544 and we will be happy to assist you!
Fortune Academy admits qualified applicants without regard to race, color, religion, national or ethnic origin, and does not discriminate in administration of tuition support or other administered programs.