Tax Credit Program To Support FSS

Interior Masthead

Anyone paying at least $3,500 in PA state taxes can reallocate 100% of these tax dollars to support financial aid for Friends Select students. The Central Pennsylvania Scholarship Fund currently has approved tax credits from Special Purpose Entities (SPEs), which are available to qualified individuals and businesses. To take advantage of this opportunity, you should claim these tax credits as soon as possible!

The Process

  1. Contact your tax specialist and Christine Jefferson, Friends Select director of development and alumni relations (chrisj@friends-select.org or 215.561.5900, ext. 3141).
  2. Sign a joinder as soon as possible to reserve your tax credits. Indicate your contribution amount, and that you would like these tax credits to support “Friends Select School.”
  3. Send a check in December in the amount of your contribution to the SPE, which will forward the funds to Friends Select’s financial aid program.
  4. Check your mail for a thank-you letter in January, followed by a K-1 form (PA 1123) for a tax credit that should be filed with your taxes.
  5. Receive a credit of 90% of your contribution after filing your PA state taxes, and claim the other 10% as a charitable contribution when filing your federal taxes.

The chart below is an example of how these tax credits can help both you and Friends Select School:

 

PA State Taxes of Donor

$ 10,000

SPE Contribution

$ 10,000

90% PA State Tax Credit 90%

$ 9,000

Fed. Charitable Deduction 10%

$ 1,000

Total Tax Savings

$ 9,000

 

For more information about the Central Pennsylvania Scholarship Fund, contact Jeff Wilson (jeffwilsonsales@gmail.com or 814.283.4338).

Upcoming Events

Join Jeff Wilson from the Central Pennsylvania Scholarship Fund, Christine Jefferson, director of development and alumni  relations, and Mallory Burgan, director of development services, to learn more about this exciting opportunity at an informational coffee at Friends Select School. RSVP for these events here.

Coffee in the Dining Hall Meeting Room

Wednesday, February 26, 8:15 a.m.

Friday, April 3, 8:15 a.m.

Friday, May 8, 8:15 a.m.

Friday, June 5 , 8:15 a.m.

FAQs