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!
Contact Mallory Burgan, Friends Select Director of Leadership Giving and Advancement Services (email@example.com or 215.561.5900, ext. 3131).
Sign a pledge form as soon as possible to reserve your tax credits.
Send a check in November in the amount of your contribution to the SPE, which will forward the funds to Friends Select’s financial aid program.
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.
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
90% PA State Tax Credit 90%
Fed. Charitable Deduction 10%
Total Tax Savings
For more information about the Central Pennsylvania Scholarship Fund, contact Jeff Wilson (firstname.lastname@example.org or 814.283.4338).
Yes, you must submit a check in December for a minimum of $3,500 to the SPE for Friends Select School: the Central Pennsylvania Scholarship Fund. After you file your taxes using the K-1 form (PA 1123) that will be provided, you will receive a credit for 90% of your contribution.
Special Purpose Entities (SPEs) are used in Pennsylvania to aggregate contributions from individuals interested in the Education Improvement Tax Credit (EITC) or Opportunity Scholarship Tax Credit (OSTC) programs. While EITC and OSTC were open only to corporate donors, organizations like the Central Pennsylvania Scholarship Fund make it possible for individuals to contribute.
Yes, by filling out the joinder, you are essentially reserving your tax credits. It is possible to adjust the amount listed on your joinder before the end of the calendar year. For assistance, contact Christine Jefferson (email@example.com or 215.561.5900, extension 3141).
We hope that individuals will make a two-year commitment to support financial aid at Friends Select through contributions to the Central Pennsylvania Scholarship Fund. You will be reminded to reapply after January 1 and fill out a new joinder for the year ahead, at which point you can adjust the amount listed.
Yes, the other 10% of your contribution qualifies as a federal charitable donation, if you itemize your deductions at tax time. Contact your tax specialist or Jeff Wilson at the Central Pennsylvania Scholarship Fund (firstname.lastname@example.org or 814.283.4338) for more information.
Today is the Friends Select Falcon’s birthday!
The Falcon will make a birthday contribution of $30,000 to our school if 250 more supporters make a gift by midnight tonight. Please show your love for Friends Select with a contribution of any amount within the next 17 hours. Make your gift: https://www.givecampus.com/qm9avv