How to Fund Your Adoption
Funding an adoption takes planning. Most families cannot pay their adoption expenses from their income alone. Don’t expect to rely on a single funding source. Think in terms of a shotgun approach – funding from multiple sources.
- Your network
- Fund Raisers
- Employee Benefits Programs
- Adoption Tax Credits
- Crowd Funding
- Equity Loans
Friends & Family
We all need a little help from friends and family. Tell everyone. Don’t be bashful. Utilize your own personal network and search for resources. Adoptive Families Magazine is a great resource. Do remember that your child’s story is not yours, or public information. Try Julie Gumm’s Adopt Without Debt for more ideas.
It may take the whole village. Tap into community resources.
- Garage & bake sales
- Car washes, spaghetti dinner
- Sell things on Craig’s list
- Karaoke night
- Tell everyone
Grants, large and small, are available from a wide range of sources. Remember pennies make dollars.
- AAAA Family Formation Charitable Trust
- Your Adoption Finance Coach
- Exceptional family member program
- Active duty personnel $2,000 per child / $5,000 per year
- Go Fund Me sites
- Donate airline miles
- Hotel rewards
- Ask for waivers of fees for last minute travel
Many companies, large and small, provide adoption expense reimbursement as an employee benefit.
- Reimbursements range from $2,000 to $10,000
- Paid time off 6 to 10 weeks
- Unpaid Family Medical Leave Act time off
The Dave Thomas Foundation publishes an annual list of the Best Adoption Friendly Workplaces and an provides an employer tool kit that helps you make a persuasive business case for establishing an adoption benefits policy and all the tools for implementation.
Adoption Tax Credit
Thanks to the hard work of many adoption professionals and adoptive families, the adoption tax credit survived the tax reform of 2017.
- $13,840 maximum for 2018.
- Phase out starts at $207,580
- Credits phase out com0pletely at $247,580
- Claimed in year finalized
- Carry over available
- Failed adoption in US? – yes, claimed in following year
- Failed adoption in another country? – No.
- Keep receipts
- Remember to look for state tax credits
Other Funding Resources
- note that some countries forbid fund raising on the internet
GOOD SOURCES FOR LOANS
- Home equity lines
- Hebrew free loan
- Abba Fund
- Pathways for Little feet
- document those loans
- create a schedule of payments
- provide security
- pay interest
NOT SO GOOD SOURCES FOR FUNDING
- credit cards
- retirement loans
TRADITIONAL LOAN RESOURCES
- National Adoption Fund www.fundyouradoption.org
America’s Christian Credit Union www.amerticiaschristiancu.org
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