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After choosing international adoption as the means to build your family, the next biggest decision for many families is how to finance their child's adoption. You Don't Have to Be Wealthy to Adopt! More resources are available to families today-- from corporations to foundation grants to government assistance--which make adopting a child more feasible than before. Some of the common ways that families have underwritten part or much of their adoption expenses are listed below along with other creative ideas that many of our adoptive families have used to successfully cover their adoption expenses.
Federal and/or State Tax Credits
The U.S. federal government now offers an Adoption Tax Credit of $10,000 to all adoptive families on qualifying expenses paid for a child's adoption. For more information on the federal adoption tax credit, Federal Publication #968 - Tax Benefits for Adoption to receive this free publication from the IRS website. To learn more, download the article: The Adoption Tax Credit Explained
The Federal Consumer Information Center in Pueblo , CO , has created the free booklet "How to Make Adoption an Affordable Option" for prospective adoptive families. The booklet lists dozens of organizations, internet sites, and other resources where you can find more information and assistance on adoption. You can download a copy of the booklet by clicking the link above or by ordering the booklet through their FREE Consumer Information Catalog .
Military Families
Active-duty military families may be reimbursed up to $2,000 in eligible adoption expenses. Please contact your specific branch of the military for more information or download the following NMFA Adoption Fact Sheet from the National Military Family Association.
Adoption Grants
Every day we learn about new grant programs through our adoptive families which offer funds to help defray adoption expenses. Some of the programs that we recommend:
Shaohannah's Hope , a foundation established by Steven Curtis Chapman and Mary Beth Chapman to provide information and assistance to families interested in adopting.
China Care Foundation , which was created to assist American families interested in adopting Chinese children, to provide support to orphans with special needs and the families who adopt them, and to improve orphan care in China .
Affording Adoption , a website created by a Dillon adoptive mom, which lists additional grant resources, loan opportunities and fundraising ideas for families to consider.
TMG Foundation , encourages God's people to adopt a child by relieving some of the financial burden of international adoption. They provide adoption matching grants from $1,000 - $4,000
 Adoption Loans
Some adoptive families have utilized a bank loan or a line of credit to assist them with their adoption expenses. While borrowing money for an adoption may not be an adoptive family's first choice, adoptive families may find a loan helpful in covering the large and immediate adoption expenses especially if they will be able to repay the loan quickly with a tax credit or an employer's adoption benefit reimbursement. Several possible loan sources include:
• HOME EQUITY LOANS. Interest rates often are reasonable and the interest is tax deductible. Just remember, you're putting your home at risk.
• INSURANCE. You may be able to borrow from the cash value of your life insurance policy.
• LOW-INTEREST LOANS. Some banks offer low-interest loans or credit lines for adoptive parents. MBNA America has a loan program through the National Adoption Foundation that is tailored for adoption. Visit their website or call MBNA at 888-844-3775 for more information or for an application.
• PRIVATE GRANT AND SPECIAL LOAN PROGRAMS.
The National Adoption Foundation offers adoption grants and low-interest loans, both home equity and unsecured, to qualified adoptive families. Visit their website for more information and how to submit an application. Lifetime Adoption offers a simple loan program to qualified families with average credit. There are no upfront fees. Families may repay the loan at any time and can finance the loan up to five years. Visit their website or call 530/271-1740 to receive an application via fax or email.
• RELIGIOUS ORGANIZATIONS. Many church congregations welcome the opportunity to help fellow church members adopt a child from another country by organizing community fundraisers or by offering a cash gift to help cover adoption expenses.
The Hebrew Free Loan Association offers Jewish families interest-free loans to adopt domestically or internationally.
• RELATIVES. Although it may be uncomfortable to ask family members for money, don't overlook the potential generosity of extended family members who might be waiting for an opportunity to help out with your adoption in order to be a part of making your dream a reality.
• CREDIT CARDS & RETIREMENT ACCOUNTS. Two other possible sources to use for adoption expenses are credit cards and loans on retirement accounts, such as 401(k)s and profit-sharing plans. Credit cards are an easy source of cash, but typically charge high interest rates. Loans on retirement plans offer somewhat lower interest rates; however, if either spouse loses or changes jobs and the loan cannot be repaid within a short period of time, the loan becomes a taxable withdrawal with an additional 10% early withdrawal penalty fee. Although tempting to use, adoption loans by credit card or on retirement accounts should be considered only as a last resort.
(Loan information courtesy of the National Endowment for Financial Education's booklet "How to Make Adoption an Affordable Option." )
Employer Benefits
Many companies offer adoption benefits to their employees which may range from financial assistance for their adoption expenses to paid/unpaid parental leave. The National Adoption Center has compiled a list of companies who provide adoption benefits . Please check to see if your company has been listed or contact your company's human resources department for more information on potential adoption benefits available to you.
If your employer doesn't currently offer adoption benefits, and you would like to lobby for the addition of this benefit to your employer's benefit plan, The National Adoption Center also offers a FREE "Adoption-Friendly Workplace Guide" on its website, which offers many helpful suggestions on how you might approach your employer to have this benefit added to your employee benefit plan.
To learn more, download the article: How to Lobby your Employer for Adoption Benefits
Lifestyle Adjustments (creative ideas by our adoptive families)
• Talk with your health insurance company to see if they offer maternity benefits for an adoption
• Refinance your house and/or car
• Have a garage sale or use the internet to sell items that you don't use anymore
• Visit A Mother's Love for other fundraising ideas to cover potential adoption expenses
• Save earnings from a second job to go toward adoption expenses
• Ask your church about helping with your family's adoption expenses
• Begin subtracting "known baby costs" from your paycheck to help save money for adoption expenses, but also to learn how to live on a smaller income
• Skip your vacation, stop eating out as much, and shop more for bargains
• And don't forget to ask God for guidance in meeting adoption expenses
Companies Providing Adoption Benefits
The company list below has been provided by the National Adoption Center , National Adoption Information Clearinghouse (NAIC) and the staff of Dillon International, Inc.
-A, B-
AARP**
ABB CE Nuclear Power**
Abbott Laboratories
Advanta Corporation**
Advocate Health Care**
Ag Processing**
Aetna Inc.**
Aetna Life & Casualty
Air Products & Chemicals, Inc.
Allegiance Corporation
Allstate Insurance Company
American Express
American Home Products Corporation
American International Group**
American Management Systems**
American Ref-fuel Company**
Ameritech Corp.
Amgen, Inc.
Amoco Corp.
Applied Communications, Inc.
Arthur Anderson LLP**
Ashland, Inc.
ASTRA Merck, Inc.
AT&T Global Information Services
Avon
A. W. Restaurants, Inc.**
Autodesk, Inc.
Bank of America**
Bank One
Baptist Hospital of Miami
Barnett Banks
Basic American Foods
Baxter Healthcare
Bayfront-St. Anthony's Health Care
BDM International, Inc.
BE&K; Engineering and Construction
Bell Atlantic**
Bell South Corp.
Beneficial Corp.
Ben &: Jerry's Homemade, Inc.
Berger Brunswig Corporation
Best Foods
Blue Cross &: Blue Shield of Mass.
Book of the Month Club, Inc.**
Booz, Allen & Hamilton, Inc.
Borden Inc.**
Boston Scientific Corp.**
Brentwood Services, Inc.**
Bristol-Myers Squibb
Builders Square**
Bureau of National Affairs, The.
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-C, D-
Calvert Group
Campbell Soup Company
Capitol Cities / ABC, Inc.
Cardinal Glennon Children's Hospital
Ceridian Corporation
Chase Manhattan Bank, NA
The Chester County Hospital
Chevron Corporation
Children's Hospital of Philadelphia (CHOP)
The Chubb Group of Insurance Companies
CIGNA Corp.
The CIT Group, Inc.
Citicorp/Citibank
CMP Publications
Coach Leatherware
Colgate-Palmolive Company
Comerica Incorporated
Compaq Computer Corporation
ComputerWorld, Inc.
Conde Nast Publications, Inc.
Consolidated Rail Corp.
Control Data Systems, Inc.
Coopers & Lybrand
Corestates Financial Corp.
Corning Incorporated
Cranston Print Works
Crozier-Chester Medical Center
Dartmouth College
Date General Corporation
DDB Needham Worldwide
Deere & Company
Deloitte & Touche
Delta Dental of Pennsylvania
Dillon International, Inc.
Dispatch Printing Company
Domino's Pizza, Inc.
Donnelly Corporation
Dorsey & Whitney
The Dow Chemical Company
The Dupont Merck Pharmaceutical Company
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-E, F, G-
Eastman Kodak Co.
Eaton Corporation
Eddie Bauer
EDS
Elf Atochem North America, Inc.
Eli Lilly Pharmaceuticals
Ernst & Young
Fannie Mae
Fel-Pro Incorporated
Fidelity Investments
First Chicago Corporation
First Tennessee Bank
First Union Corporation
Flagstar Companies
FMC Corporation
Frankford Hospital
Freddie Mac
The Gallup Organization
Gannett Company, Inc.
General Electric Co.
General Mills
Genentech
Glaxo Wellcome, Inc.
Glen Cove School District
Gorden Flesch Company
GTech Corporation
GTE Telephone Operations
G. T. Water Productions, Inc.
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-H, I, J, K, L-
Hallmark Cards, Inc.
Hanna Anderson
Harris Bank
Harvard University
Hasbro, Inc.
The Hearst Corporation
Hewett Associates
Hewlett-Packard
Hill, Holiday, Connors, Cosmopulos, Inc.
Hoechst Celanese Corporation
Home Box Office
Holt International Children's Services
Home Depot
Household International
Hughes Aircraft Company
Hunt Manufacturing Co.
IBM (International Business Machines Corporation)
Intermetrics
International Brotherhood of Teamsters
International Game Technology
ITT Hartford
J M Family Enterprises, Inc.
John Hancock
John Hopkins University
Johnson & Johnson
Johnson International
W. K. Kellogg Foundation
Kemper National Insurance Companies
KPMG Peat Marwick
Lancaster Laboratories, Inc.
Lincoln National Corp.
Little Caesar's
Lotus Development Corp.
Louisiana Tech University
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-M, N, O-
Manatee Community College
Marquette Electronics, Inc.
Marriott International
MassMutual (Massachusetts Mutual Life Insurance Co.)
Mattel, Inc.
MBNA America Bank, NA
MCA/Universal City Studios
MCR Corporation
Mentor Graphics Corporation
Merrill Lynch & Company
The Miami Herald
Microsoft, Inc.
Millipore Corporation
3M (Minnesota Mining & Manufacturing
Monsanto Co.
Morrison & Foester
Motorola
Mutual of New York
Nabisco Foods Group
National Adoption Center
Nations Bank
Neuville Industries, Inc.
Newly Weds Foods, Inc.
Newport Creamery, Inc.
New York Life Insurance Company
Nike, Inc.
Northern Trust Corp.
Northern States Power Company
NYNEX
Oracle Corporation
Owens-Corning Fiberglass
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-P, Q, R-
Pacific Bell
Pacific Gas & Electric
The Partnership Group, Inc.
Patagonia, Inc.
Payless Cashways, Inc.
Penn Virginia Corporation
Pennsylvania Crusher Corp.
Pfizer, Inc.
Phoenix Home Life Mutual Life Insurance Company
The Pillsbury Company
Pitney Bowes
The PMA Group
Press Telegram
Price Waterhouse
The Principal Financial Group
Proctor & Gamble
Providence Gas Company
Providence Hospital
Providence Journal Co.
The Prudential Insurance Company of America
Quad/Graphics
Red Wing Shoe Company
Resort Condominiums International, Inc. (RCI)
Rhone-Poulec, Inc
Riverside Methodist Hospital
Rockwell International
Roger Williams University
Rohm and Hass Company
RSL
Ryder Systems, Inc.
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-S, T-
Saint Francis Health System (Tulsa, OK)
The St. Paul Companies
St. Petersburg Times
Sara Lee Corporation
SAS Institute
Schering-Plough Corporation
SC Johnson & Son
Security Benefit Group
ServiStar Corporation
Sherwin Williams
Shipley Company
Silicon Graphics
Simon & Shuster
Smith College
SmithKline Beecham Pharmaceutical Co.
Spiegel, Inc.
Sprint
Southwest Airlines
Stanford University
Stanley Works
Starbucks
State Farm Insurance Co.**
State of Colorado
State of Montana
State of New York
State of North Dakota
State of Pennsylvania
State of South Carolina
State of Utah
Tandem Computers, Inc.
Tenet Healthcare Corporation
Texaco, Inc.
Texas Instruments
Tom's of Maine, Inc.
Toray Plastics
[up] |
-U, V, W, X, Y, Z-
Unisys
United States Surgical Corporation
United Parcel Service
United Technologies
University of Oklahoma
University of South Carolina
University of Wyoming
Upjohn Company
US West
The Vanguard Group, Inc.
The Voucher Corporation
Warner-Lambert Corp.
Watson Wyatt Worldwide
Wendy's International, Inc.
Roy F. Weston, Inc.
Weyerhaeuser
W. L. Gore & Associates, Inc.
Women & Infants Hospital
Work/Family Directions, Inc.
Wyeth-Ayerst
Xerox Corporation |
Article contributed By Dillon International, Inc.
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