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 eighteen 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.
In December 2018 we were granted an additional $3 million and are working together to get those SPE's fully funded. This means that Friends schools in PA could have access to over $4 Million for Quaker education within 6 Special Purpose Entities. That would be amazing to help that many children and could be a game changer for some small Friends schools in our area, MPFS in particular. Click here to get more information on how to help.
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. Together, these benefits make a large gift very inexpensive to make.
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)
- 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. Look here.
Am I qualified to participate?
You may qualify if you meet the following criteria:
- Annual Income or Net Worth: One individual or spouse has an annual personal income of at least $200K, or the combined income of both spouses is at least $300K.
- Alternately, you have a net worth greater than $1M, exclusive of the value of your primary residence.
- PA Tax Liability: You have at least $3,000 in PA tax liability annually.
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.
- Friends Education Equity Collaborative c/o ABS
PO Box 254 Oreland, PA 19075
Step by Step instructions on participating
Click here for an easy guide.