Gifts for Tax Credit
By making a gift to Episcopal through the Pennsylvania Educational Improvement Tax Credit (EITC) and Opportunity Scholarship Tax Credit (OSTC) programs, businesses redirect their PA tax dollars to Episcopal for financial aid. The application takes less than 10 minutes to complete, and not only does this provide a significant benefit to students, but businesses also receive a tax credit for as much as 90% of the value of their gift in Pennsylvania State taxes. Learn more below.
- About EITC/OSTC
- The EA Benefit
- Making Your Gift
- From the Head of School
What are EITC and OSTC?
Donations made through the Educational Improvement Tax Credit (EITC) provide financial aid to students living in low-income households who attend an eligible scholarship organization, like Episcopal.
Gifts given through the Opportunity Scholarship Tax Credit (OSTC) program support Episcopal students from low-income households who live in neighborhoods with low-achieving public schools (bottom 15% in Pennsylvania). The tax benefits of these programs to businesses are exactly the same.
How does it work?
Tax credits are available on a first-come, first-served basis, and businesses must complete a quick, single-page application each year to contribute.
- Applications for the 2017-2018 year care now closed. For program year 2018-2019, tax credit applications are accepted beginning on July 2, 2018.
- Renewal applications for donors who made a two-year commitment are accepted beginning on May 14, 2018.
- Tax credits are given for 75% of your business’ contribution, up to a maximum of $750,000 annually.
- A business that agrees to make a contribution to Episcopal for two consecutive tax years may receive a tax credit equal to 90% of its contribution.
Who is eligible?
Businesses authorized to do business in Pennsylvania and who are subject to one or more of the following taxes may apply for EITC and OSTC:
- Corporate Net Income Tax • Insurance Premiums Tax
- Capital Stock Franchise Tax • Mutual Thrift Institution Tax
- Bank and Trust Company Shares Tax • Title Insurance Company Shares Tax
- Personal Income Tax of S corporation shareholders or Partnership partners
How does EITC/OSTC benefit Episcopal?
Episcopal is committed to enrolling a diverse student body from varying economic backgrounds. The EITC and OSTC programs support Episcopal’s financial aid efforts and impact students who, without the assistance of businesses like yours, would not be able to attend EA.
Get a glimpse of how EITC/OSTC programs benefit EA students here.
For more information or assistance with your application, please contact Brooke Record at 484-424-1779 or firstname.lastname@example.org.
Make an impact.
When you're ready to make your gift, checks can be made to The Episcopal Academy. Please send to the attention of Brooke Record to Episcopal’s mailing address with a copy of the letter you received from the Commonwealth of Pennsylvania.
For more information, please contact:
Brooke RecordAssociate Director of Institutional Advancement
Dear Parents, Alumni and Friends,
The Episcopal Academy was approved, once again to receive gifts through the EITC (Educational Improvement Tax Credit) and OSTC (Opportunity Scholarship Tax Credit) programs for the 2018-2019 academic year. Through these programs, you as an individual, and/or your business can earn State tax credits while changing kids’ lives. The gifts EA receives bolster our financial aid budget, allowing us to extend aid to students with the greatest financial need and giving us the ability to build a phenomenal student body.
As an educator and a parent, I am excited by the opportunities these programs provide our students. For the 2018 fiscal year, State legislators increased the budget for these programs by over $20M, which allows more parents, alumni, and friends like you the opportunity to support EA in this way. For a small commitment of time and money, your business can have a huge impact on our campus.
Thank you for your consideration and your ongoing commitment to Episcopal!
Dr. T.J. Locke
The following companies and individuals contributed scholarship support through EITC and
Aqua Pennsylvania, Inc.
Brian Communications & Realtime Media
Brown Brothers Harriman & Co.
The Bryn Mawr Trust Company
Business Leadership Organized for Catholic Schools (BLOCS)
Cristo Rey Philadelphia
Daniel Martin, Inc. D/B/A Wilkie Lexus
First Financial Networks, Inc.
Gemini Capital Group LLC
GT Power Group LLC
Gregory A. Hillyard, D.M.D., P.C.
HSC Builders & Construction Managers
Inverness Graham Investments, Inc.
Manufacturers & Traders Trust Company (M&T Bank)
Montgomery Avenue II LLC
Norris Sales Company
Mr. & Mrs. John S. Pettibone, III
Philadelphia Insurance Companies
RA Newbold LTD
Robert J. Kratz & Company
Rosenberg & Parker, Inc.
The ESS Group, Inc. [Colonial Chemical Company]
The Philadelphia Contributionship Insurance Company
Trinity Financial Partners TD
UGI Energy Services
Warren Claytor Architects