Affording Adoption
Six great adoption funding resources
The costs associated with adopting may seem overwhelming at first, but with help from the many resources that are available to families, it can be much more affordable than you think. Read on for a list of ideas, suggestions and testimonials that will let you know the costs associated with adoption aren’t as out-of-reach as you might think!
1. Federal Adoption Tax Credit
$11,390 is available for the 2007 tax year for eligible families, and is adjusted annually for inflation.
2. Funds for Families loan program
The Funds For Families loan helps clients of Adoption Associates, Inc. bridge the gap between the time funds are needed during the adoption process and the time it takes to receive your federal tax credit/refund for adoption expenses. This loan is available to families adopting through AAI and HOPE for Children, Inc., an agency of Adoption Associates, Inc., as well as families adopting from an AAI international program through a networking agency.
“We wouldn’t have been able to do what we needed or would have liked to do for the baby without it,” says Jill, who recently adopted through AAI using the Funds for Families loan. “When we found out about Funds for Families, it took a huge burden off our shoulders and we could sleep a little easier at night.”
Funds for Families, a loan provided by West Michigan Community Bank and Adoption Associates, Inc. (AAI), was created to assist families who have the desire to adopt, but may not have the initial funds it takes to pay the fees involved in adoption.
For more information about Funds for Families, call 800.664.1778 ext. 4384 or 616.379.0684 or visit our Funds for Families web page.
3. Employer reimbursement
Check with your employer to see if your workplace has an adoption benefit. Visit Adoptionfriendlyworkplace.org for a listing of the top employers, and to learn how to propose this benefit to your employer. The Adoption-Friendly Workplace program offers information and tools to help you establish an adoption benefits policy for your employees or propose one to your employer.
To contact someone from Adoption-Friendly Workplace, email info@adoptionfriendlyworkplace.org or call 1.877.777.4222.
4. Gifts from friends and family
Let friends and family know of your decision to adopt and ask for their support. Write letters asking for donations, hold garage sales, host fundraisers … the sky is the limit!
“We just went to friends and family who we thought might be able to help sponsor the event or donate prizes and auction items,” explains Steve, a recent adoptive father through AAI. “Their enthusiasm and support were amazing. It reminded us that we never should hesitate to ask for help because most people are just waiting for the opportunity.”
That willingness to help became very obvious to Steve and Wendi on a warm day in mid-July. Seventy people gathered at the Airway Lanes in Waterford, Michigan, for an evening of fun. Altogether, “Bowling 4 Adoption” raised nearly $4,300.
“It was a fun way to raise money,” says Wendi. “And a wonderful reminder of the value of friends and family.”
Gaylan and Roberta, another couple who adopted through AAI, also used this method with much success.
Gaylan and Roberta decided to move ahead with their plans to adopt through AAI’s Russia program, believing that God was calling them to step out in faith, they were also a little scared because they knew they couldn’t cover the full amount.
“We wrote an initial letter announcing that we were adopting, sharing our hearts and our need for additional funds,” says Roberta. They sent this letter to family members, fellow church members, friends, and neighbors asking for contributions to be given to AAI or to them directly. They also used Christian Advocates for Adoption (CAFA) so that those who wanted a tax deduction could receive one. The money soon began to come in.
5. State tax credits
Many states also offer tax credits. Visit your state’s web site or contact your tax advisor to find out if a state tax credit may be available to you.
6. Grants
Visit our adoption funding web page for a listing of AAI-recommended options. Some examples include A Child’s Desire, a program offering grants to parents adopting hard-to-place children, special needs children and children over the age of eight; Global Orphan Outreach, a program helping adoptive families find and apply for adoption grants; Helpusadopt.org, a national non-profit 501(c)3 financial assistance grant program that provides qualified couples and individuals with grants up to $15,000 toward adoption; and His Kids Too!, a 501(c)3 charity designed so family and friends can assist a couple with adoption costs. More programs include the IBSEN Adoption Network, a Christian organization that provides up to $1,000 to families adopting waiting children, special needs children or hard-to-place children; Lifesong for Orphans, a program that offers matching grants; Our Creator’s Hope, Inc., a non-profit organization that awards financial grants from $1,000 to $10,000 to qualified families for domestic and international adoptions; and Shaohannah’s Hope, an organization that awards grants to qualified families based on need.
More information
While just some of the ways to fund adoption are listed here, many more can be found on AAI’s adoption funding page. Find out just how affordable adoption can be!
