Adoption Finances: As families begin to explore adoption, one of the most common considerations is the financial aspect. Fortunately, Adoption & Beyond has many resources to help your dream of parenthood become a reality.
Federal and State Adoption Tax Credits
A number of states offer a State Adoption Tax Credit. The states of Kansas and Missouri are among those states that do offer an Adoption Tax Credit for certain types of adoption. In addition, there is a Federal Adoption Tax Credit available for all types of adoption. To learn more you can click on the links below.
Federal
https://www.irs.gov/taxtopics/tc607.html
Kansas
https://www.ksrevenue.org/prtaxcredits-adoption.html
Missouri
https://dor.mo.gov/taxcredit/atc.php
Adoption Tax Law Changes for 2020
https://adoption-beyond.org/adoption-tax-law-changes-for-2020/
Employment Benefits
Military Personnel
Grants
There are many financial grants and some loans available to families to help offset some of the adoption costs. The website links below will provide you with this information in addition to practical advice on saving for adoption expenses and fundraising ideas.
- Buescher Foundation: All children need a loving family who can help them grow into delightful individuals and the Buescher Foundation’s goal is to give families that opportunity. The Buescher Foundation has helped over eighty families adopt a child domestically.
- Both Hands*: Helping Christian adoptive families by providing you with all the tools you need to raise the funds for your adoption.
- Help Us Adopt: The website, Help Us Adopt is a nationwide 501(c)(3) financial grant program that helps couples/individuals (regardless of ethnicity, gender, marital status, race, religion, or sexual orientation) with the cost of adoptions by awarding grants up to $20,000. They support domestic, international and foster care adoptions and do not charge applicants to apply.
- Gift of Adoption Fund: The website, Gift of Adoption provides grants to complete the adoptions of children in vulnerable circumstances- giving them permanent families and a chance to thrive
- Life Song For Orphans: Lifesong for Orphans helps bridge the financial gap in adoption fundraising to help bring children home.
- Pathways For Little Feet*: The Adoption Financial Assistance Program helps families overcome financial barriers to adoption.
- Show Hope: Your home study or home study update must be complete in order to apply. There are six application deadlines throughout the year: March 31st, June 30th, September 30th.
*Christian families only
Loan and Funding Resources
- Borrow from family or friends and specify clear repayment arrangements
- Borrow from 401k plans or Permanent Life Insurance Policy
- Apply for a personal or adoption loan
- Home Equity Line of Credit
- Investment Portfolio Line of Credit
- The Secure Act: The Secure Act established a new type of penalty-free withdrawal (a waiver from a 10% tax) from an IRA or defined contribution plan for adoption expenses up to $5,000 per child
- Adoption.com: The website, Adoption.com, has a number of ideas on how to afford adoption, including information on saving for adoption and personal loan ideas.
- Adopt Together (crowd funding): The website, Adopt Together has all the tools that you need to create an online fundraiser to raise the funds for your adoption process. Turn your crowd into a community. We had one family raise over $23,000 in the first 24 hours!
- Amazon: The book, ”You Can Adopt Without Debt, Creative Ways To Cover The Cost Of Adoption”, by Julie Leanne Gumm.
- America’s Christian Credit Union*: America’s Christian Credit Union has a special fund for adoptive families, quarterly they choose one family to receive an ACCU Adoption Grant. In addition, they offer low interest adoption loans
- Copper Rock Financial: This website, Copper Rock Financial helps you secure funding. Although it says business funding, you can use the funds for whatever you want. If you tell them Adoption & Beyond sent you, you will get a special deal.
- Credible: The website, Credible, has an article outlining numerous funding loans and grants to consider. A personal loan could help you cover adoption costs and any associated expenses, such as travel or healthcare
- Light Stream
- My Egg Fund
- National Council For Adoption: The website NCFA, outlines that with proper financial planning, adoption can be an affordable option for many families. Whether you’re interested in adoption grants or loans, the above link includes some of the resources available to prospective adoptive parents.
- Pathways for Little Feet*
- Prosper
- Truist Bank
- TruStone Financial
- Vystar Credit Union
Fundraising
Ways to raise funds for adoption:
- Start a crowd funding account: one of the best ways to raise funds for your adoption is to start an account where friends and family can donate (Adopt Together)
- Dinner theater or benefit concert: check with friends to see if they know any local actors or musicians willing to help
- Host an online silent auction: an online auction can be a great way to raise funds for your adoption! You can ask friends to donate items or services
- T-shirt sales: when you’re designing your t-shirts, consider personalizing them with your family’s name or an adoption hashtag (Bonfire Fundraising T-shirts)
- Letters or emails: writing letters is one of the more traditional, yet effective fundraising ideas. And, it allows you to tell your story
- Parents night out: grab a group of volunteers to help you watch children and charge for your services
- Puzzle piece fundraiser: ask your friends and family members to help bring your family together… one piece at a time
- Garage/bake sale: host a garage or bake sale, ask your family and friends to donate items, and have them name their price vs. pricing things
- Scavenger hunt: who doesn’t love a good scavenger hunt! Both individuals or small groups can have fun while helping you. They buy-in with their donation, you hand them a list of things or sites to visit around town, asking them to take photographs, then meet up at the finish line to celebrate
- Breakfasts or dinners: organize a pancake breakfast or spaghetti dinner
- Car wash: ask your family and friends to volunteer
- Restaurant fundraisers: Applebees, Chick-fil-a, pizza places, etc often host these for families
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Interested in learning more about The Ultimate Guide to Adopting a Child? Check out our entire guide here.