Brilliant Star is a non-profit organization. Fundraising has been at the heart of the growth of Brilliant Star. If it were not for the fundraising efforts of a few families, the school could not exist at all.
We are very fortunate to have in place, Public Law 10-73, known as the Educational Tax Credit Law. This progressive law, which has been in effect in the CNMI since 1997, is an easy, low cost way to make a tremendous impact on the future of the school. Families can take advantage of the Educational Tax Credit, both through their business taxes and through their individual taxes. The law allows for businesses and individuals to make a contribution to a qualified educational institution, and to receive a tax credit for the contribution. A tax credit means that any amount you contribute to the school counts as if you had paid that amount towards your taxes. It is a tax credit, which is much better than a tax deductible contribution.
The Educational Tax Credit contributions are made in place of Wage and Salary Tax, or in place of Earnings Tax, for individuals. For businesses, the contribution is made in place of Business Gross Revenue Tax (BGRT) monthly.
For example, if you are required to pay, say $3000 in any of these taxes during 2002, you may contribute this entire amount to the school. The entire $3000 is credited towards you tax bill, so it will either increase the amount of your tax refund by about $3000, or decrease the mount you owe by about $3000. We say “about” $3000, because depending on the taxpayers situation, it may affect your taxes by about 10-15% of the amount you contribute (i.e. $300-$450 for a $3000 contribution).
The maximum allowable contribution is $5,000 per year per taxpayer. Spouses can each make a separate contribution, as can their businesses.
This is an amazing opportunity to make a significant contribution to the school, at relatively little cost. The fundraising bond has been put into place to help encourage families to take advantage of this wonderful program.
The current operations and the future growth of Brilliant Star depend upon your generous contributions. The school can serve our children only through our financial assistance.