Tax Credits for Scholarships
Educational Improvement Tax Credit (EITC) & Opportunity Scholarship Tax Credit (OSTC) Programs for Businesses
If you own a business, the Educational Improvement Tax Credit (EITC) and the Opportunity Scholarship Tax Credit (OSTC) programs could be right for you. They are great ways to support Friends' Central and get a substantial tax credit for your business at the same time. Every gift made by a Pennsylvania business through one of these programs helps us open our doors to talented students with limited financial means. Friends' Central takes great pride in the socio-economic diversity of our School community, and we greatly appreciate all gifts that support this essential aspect of our mission.
The application process could not be simpler. Visit the OSTC website, or contact Director of Leadership Giving Kim Benjet by phone at 610-645-4499 or by email at firstname.lastname@example.org. We welcome your questions, and we hope this program can work for you and your company.
Friends Education Equity Collaborative (FEEC) Tax Program Credit for Individuals
The Friends Education Equity Collaborative was organized by staff and volunteers of 10 small Quaker elementary schools in the greater Philadelphia region. Local N-12 schools like Friends’ Central are partnering with the Collaborative.
The purpose of The Collaborative is to foster the growth of Quaker education by providing funding that makes a Quaker education accessible for more families.
For over a decade, Pennsylvania businesses have been providing scholarship dollars to Friends’ Central in exchange for state tax credits through the Educational Improvement Tax Credit (EITC) and the Opportunity Scholarship Tax Credit (OSTC). Now, thanks to the Collaborative, the state tax credit opportunity is also available to individuals.
In 2016, the Collaborative formed a Special Purpose Entity (LLC) to help individual investors participate and receive state tax credit on up to 90% of their donations, as well as a federal tax deduction on the remaining 10%. Looking forward, the Collaborative is awaiting approval for more rounds of credits with two new LLC's.
If you qualify to participate in this opportunity, you will receive a 90% credit for your donation. You may also qualify for a federal deduction for the donation.