Ways to Give
Sacred Heart’s Scholarship Program helps to ensure that any accepted student who wants a Sacred Heart education can afford one. During the 2017– 2018 school year, over 28% of our students received ascholarship or tuition assistance.
Two important sources of scholarship funds are business contributions through the Pennsylvania Educational Improvement Tax Credit (EITC) and the Opportunity Scholarship Tax Credit (OSTC) programs.
When an eligible business provides a qualifying contribution to the Sacred Heart Scholarship Fund through EITC or OSTC programs, that business may receive tax credits of 75% for a one-year commitment or 90% if a business agrees to provide the same contribution for two consecutive years.
- What is the difference between EITC and OSTC?
- How do these programs work?
- What happens after the application is submitted?
- Where do I find the application?
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 such as Sacred Heart Academy.
Gifts given through the Opportunity Scholarship Tax Credit (OSTC) program support Sacred Heart Academy 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 the same.
Tax credits are available on a first-come, first-served basis, and businesses must complete a quick, single-page application each year to contribute.
- 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.
Your company submits application to the Pennsylvania Department of Community and Economic Development online using DCED’s Single Application for Assistance.
Please note: While both OSTC and EITC are needed, EITC is slightly less restrictive for Sacred Heart Academy.
Upon approval, your company makes a donation to Sacred Heart Academy for scholarships within 60 days.
SHA responds with written confirmation which you forward to the DCED. Your tax credit is then posted to your account at the Pennsylvania Department of Revenue.
Important dates for 2018 - 2019
May 15 – Business applicants who have fulfilled their 2-year commitment and wish to reapply for 2019 – 2020 to renew their 2-year commitment can complete an application and submit beginning on the date. NOTE: Submit your application prior to June 30. July 1 new businesses can apply.
May 15 – Businesses who are in the middle of their 2-year commitment need to complete an application. renew their 2-year commitment can complete an application and submit beginning on the date. NOTE: Submit your application prior to June 30. July 1 new businesses can apply.
July 1 – All new businesses seeking to participate may apply.
- Gifts of Appreciated Stock
- Gifts of Cash
- Matching Gifts
- Tribute and Memorial Gifts
- United Way
If you own appreciated stock, there are tax advantages to contributing appreciated stock rather than cash. A gift of appreciated stock offers two tax saving advantages. First you avoid paying any capital gains tax on the increase in value of the stock. Second, you receive an income tax deduction for the full fair market value of the stock at the time of the gift. To qualify for these tax advantages you have to have owned the stock for generally more than one year. Gifts of appreciated stock are fully deductible – up to a maximum of 30% of your adjusted gross income. Stock is transferred without a donor’s name. Sacred Heart Academy’s account is held at RBC Wealth Management and is managed by Thomas R. Byrnes. His phone number is 484-530-2850. The name of the account is Country Day School of the Sacred Heart. The tax deduction is based on the average price of the stock on the date of its transfer to Sacred Heart’s account.
If you itemize, you can lower your income taxes simply by writing us a check. Gifts of cash are fully deductible-up to a maximum of 50% of your adjusted gross income. The deduction must be taken in the year in which your gift is made. Cash gifts can be made as a one-time contribution, monthly or quarterly, or over several years as payments toward a pledge.
A matching gift occurs when participating companies match (sometimes up to double or triple) the amount of dollars given to Sacred Heart by their employees and spouses, or retirees. The company matches the gift only after the donor has sent his or her gift to Sacred Heart along with completing the company’s matching gift form. These forms can be obtained from the personnel offices of most companies. Certain companies will also match capital campaign and endowment gifts. Check with your HR Department to find out what kind of gifts they match.
Many employers in this area participate in the United Way. If you participate with this program, please designate Sacred Heart to receive this valuable support. Go to the United Way information page to learn more.