GimmeFive™ is a groundbreaking initiative by SproutFive that aims to provide every child attending our early childhood programs with an annual contribution into a CollegeAdvantage Ohio 529 College Savings account for each year they are enrolled at SproutFive. This program is designed to empower families to invest in their children’s future and break down barriers to economic inclusion.
Through GimmeFive™, we recognize the critical role that early education plays in shaping a child’s long-term success. By incentivizing attendance and active participation in our programs, we will enhance kindergarten readiness and improve overall academic and social outcomes for our young learners.
The program is not only focused on academic development, but also on fostering financial literacy and parental engagement. Families have the opportunity to participate in financial literacy, parenting, and behavioral health programming through our Family Resource Center. By taking part in these activities, they become eligible for additional contributions to their child’s 529 account, further securing their financial future.
GimmeFive™ is a powerful tool that supports our commitment to providing holistic, high-quality early education to children in Franklin County, Ohio. By investing in their education and well-being, we are creating a more equitable and promising future for the children we serve, empowering families, and contributing to the overall economic well-being of our community. With GimmeFive™, we are paving the way for a brighter and more inclusive future, one child at a time.
The GimmeFive™ program was made possible due to philanthropic support from organizations and individuals like yourself, and launched through a partnership with Installed Building Products and the Edwards Company.
Frequently Asked Questions About GimmeFive™
You’re not alone when it comes to questions about college savings. We’ve gathered everything you need to know about opening, managing, and benefiting from a CollegeAdvantage 529 account for your child, and information about SproutFive’s GimmeFive™ program.
All full-time children will receive $125 for each quarter they are enrolled and attending 85% of program days at SproutFive, up to $500 a year. All part-time children will receive $37.50 for each quarter they are enrolled and attending 85% of program days at SproutFive, up to $150 a year. Children must have CollegeAdvantage 529 accounts and families must share with SproutFive their child’s UGift® code in order to receive contributions.
CollegeAdvantage is Ohio’s 529 college savings program designed to help individuals and families save for college in a tax-advantaged way. The Ohio Tuition Trust Authority, a state agency within the Office of the Chancellor of the Ohio Department of Higher Education, sponsors and manages the program.
For more information on the CollegeAdvantage plan, please visit https://www.collegeadvantage.com/general-faqs.
The easiest way to open a CollegeAdvantage Direct Plan account is to enroll online at CollegeAdvantage.com. It only takes about 10 minutes. If you prefer to enroll by mail, complete the Account Application form. To open a CollegeAdvantage Advisor Plan account, contact a financial advisor.
SproutFive is not able to open CollegeAdvantage accounts for families. For more information on the CollegeAdvantage plans, please visit https://www.collegeadvantage.com
Any U.S. citizen or resident alien, 18 or older, with a Social Security number or Tax Identification Number and U.S. street address, can open an account, regardless of income level. Parents, grandparents, other family, and friends can open an account for anyone they choose. You do not have to be related to the beneficiary of your account.
For more information on the CollegeAdvantage plan, please visit https://www.collegeadvantage.com/general-faqs.
Anyone can contribute to the same child’s CollegeAdvantage account, but total contributions cannot exceed the Account Contribution Limit for all CollegeAdvantage accounts for the same beneficiary. A contributor who is an Ohio taxpayer, even if they are not the Account Owner, may take the deduction from Ohio taxable income for the contributions they make to a CollegeAdvantage account up to the $4,000 deduction limit.
For more information on the CollegeAdvantage plan, please visit https://www.collegeadvantage.com/general-faqs.
Any U.S. citizen or resident alien of any age with a Social Security Number can be named as the beneficiary of a CollegeAdvantage account.
For more information on the CollegeAdvantage plan, please visit https://www.collegeadvantage.com/general-faqs.
Yes! Any U.S. citizen or resident alien of any age with a Social Security Number can be named as the beneficiary of a CollegeAdvantage account. This may require the assistance of your child’s case manager to add them as a beneficiary if you do not have access to their Social Security Number. Our Family Resource Center can help facilitate this conversation.
No. The assets in your child’s account can be used toward any vocational or technical school that is eligible to participate in U.S. Department of Education student financial aid programs. In fact, many U.S. colleges and universities now have campuses or locations outside of the country, where money from your account can also be used. A school is eligible if they have a Federal School Code, which can be searched at www.fafsa.gov.
No. You can use the assets in your account toward the costs of nearly any public or private, 2-year or 4-year college or technical school nationwide, as long as the student is enrolled in a U.S.-accredited college, university, graduate school, or technical school that is eligible to participate in U.S. Department of Education student financial aid programs. In fact, many U.S. colleges and universities now have campuses or locations outside of the country, where money from your account can also be used. A school is eligible if they have a Federal School Code, which can be searched at www.fafsa.gov.
CollegeAdvantage does not require a child to attend college immediately after graduating high school. There are no age restrictions on when the account can be used to pay for college expenses.
Only contributions to and earnings on the Bank Options are insured by the FDIC, up to certain limits. No other investments are insured or guaranteed by CollegeAdvantage or any other entity. Investment returns will vary depending upon the performance of the investment options you choose. The Account Owner bears all risk, including the risk of loss of all investments.
Ugift® is an easy, free-to-use service that lets 529 plan account owners encourage family and friends to celebrate children’s milestones with the gift of college savings, in lieu of traditional gifts. Account owners receive a unique Ugift® code for each beneficiary/student, which can be shared with others and used to contribute here at Ugift529.com.
All gift contributions sent in to Ugift are invested into the student’s 529 plan account and are intended to be used only for qualified college and college-related expenses (as per laws that govern use of 529 plan assets).
For more information on Ugift® visit https://www.ugift529.com/home/faqs.html
Ugift® makes it simple to have loved ones add to your child’s Ohio 529 plan without needing to share the actual account number. After logging in to your Ohio Direct 529 Plan, you can set up an Ugift code to send to our loved ones who would like to give the gift of a higher education. This code permits others to make online gift contributions directly to your CollegeAdvantage Direct 529 Plan without your account number. Once you provide the Ugift code, friends and family can visit Ugift529.com to make their electronic contribution securely from their bank account. It’s that easy.
For account owners who have downloaded the READYSAVE 529 app, you can send an Ugift® invitation to your family and friends to contribute to your child’s higher education—just in time for the holidays and end-of-year giving. The READYSAVE 529 app makes it easy for you to access your account information, track account growth, and make both one-time and recurring contributions for as little as $25 from the bank account on file from your cell phone. You can download the READYSAVE 529 app now from the Apple and Google Play app stores. Once you install the app, select Ohio’s 529 Plan from the list and log in with the same username and password you use to access your account online.
For more information on the CollegeAdvantage plan, please visit https://www.collegeadvantage.com/general-faqs.
No, contributions will only be made using Ugift® for enrolled children attending at least 85% of program days each quarter.
No—you can use the same Ugift® code to contribute to the same student each year, provided the account remains open and the account owner has chosen to continue allowing Ugift® contributions.
Throughout the program year, SproutFive’s Family Resource Center will hold events and workshops that may have additional contributions provided for attendees. Details will be available at the time of the event/workshop.
No! All children enrolled at SproutFive who attend 85% of programming days are eligible for participation.
Anyone you provide your child’s Ugift® code to can contribute, and benefit from the tax advantages to contributing, to your child’s 529 account.
Yes! You are encouraged to contribute to your child’s CollegeAdvantage account at any amount you feel comfortable.
Children attending a half-day program for special education, speech therapy, occupational therapy, physical therapy or behavioral health will be considered full-time for GimmeFive™.
Yes, your child will receive partial contributions for the first full quarter that are attending as long as attendance requirements are met.
No, GimmeFive™ is completely funded by philanthropic support.