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The Friends Education Equity Collaborative Tax Credit Program for Individuals

INCREASING ACCESS TO FRIENDS EDUCATION FOR MORE FAMILIES
Media-Providence Friends School is one of the founding members of The Friends Education Equity Collaborative, a Special Purpose Entity LLC formed in 2016 to secure tax credits offered through Pennsylvania’s popular EITC and OSTC tax credit programs.

The EITC and OSTC programs were previously only open to corporate donors, but with the formation of organizations like The Collaborative, qualified individuals now have the opportunity to receive tax credits while supporting schools like MPFS.

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. The Collaborative is comprised of seventeen Quaker schools and the Friends Council on Education. In just its first year, the Collaborative received over $2 million in gifts and pledges which have been used to support more than 100 students from 15 Quaker schools.

What's in it for me?

You have the ability to direct all or some of your PA state income tax liability to MPFS. Our school will, in turn, use your gift to provide critical financial aid to students in need.

You will receive a tax credit equal to 90% of your contribution to The Collaborative. In addition, you may be able to claim a federal income tax deduction for the entire contribution. Together, these benefits make a large gift very inexpensive to make.

Click here to view a financial illustration developed by KMS Law Offices, LLC. This illustration takes into account the many advantages of individual tax credits with regard to the new tax law in 2018, and its associated cap on state, local and property tax deductions.

How does it work?*

Qualified individuals become members of The Collaborative.

You agree to make a set contribution to The Collaborative roughly equal to your anticipated state annual income taxes plus 10%, for two consecutive years.

You receive a tax credit each year for 90% of the amount of your contribution (which is roughly the amount of your anticipated taxes)

You deduct the entire contribution to The Collaborative from your federal taxes as a charitable deduction (if you itemize your deductions).
*adapted from KMS Law Offices, LLC

On the receiving end, The Collaborative makes a gift of your funds to the Friends Council on Education, which distributes them to MPFS and other member schools. The Collaborative then sends you a tax form allocating the state income tax credits to you.

Am I qualified to participate?

Click here to view a list of qualifications, or contact Cynthia McGoff, Development Director, at 610-565-1960, ext. 106.

I'm qualified. What next?

Please contact Cynthia McGoff, Development Director, at 610-565-1960, ext. 106, to discuss your involvement in an upcoming round of funding. Please note, The Collaborative seeks participants with a tax liability of $3,000 or more who are willing to participate for two years.

The collaborative identified the following two people as points of contact to answer questions.

Jeff Markovitz: cell: 267-872-9721 email: jeffm@pmfs1780.org
John Gilliland: cell: 484-919-0282 email: johng@pmfs1780.org

Friends Education Equity Collaborative c/o ABS
PO Box 254 Oreland, PA 19075

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