Do you pay Pennsylvania income taxes? Why not donate them to the Prep? As you know, businesses can redirect their state tax dollars to St. Joseph's Prep through the Educational Improvement Tax Credit (EITC) and Opportunity Scholarship Tax Credit (OSTC) programs.
Now, individuals can redirect up to 100% of their personal state tax bill to the Prep through the same programs by joining the Prep’s own Scholarship LLC. A two-year commitment will get you a 90% credit on state taxes owed. And the 10% not included in the tax credit may be claimed as a charitable donation on your federal tax return.
Click here to download the information packet for all the details on this great opportunity.
Now it’s easier than ever to donate PA tax dollars to scholarships for Prep students! If you own or work in a business that pays Pennsylvania corporate taxes, please consider the EITC and OSTC PA tax programs. We will help you every step of the way. It’s easy!
The EITC (Educational Improvement Tax Credit) and OSTC (Opportunity Scholarship Tax Credit) are state programs that allow your business to redirect tax dollars to the Prep in support of academic scholarships for underserved students.
Giving appreciated stock to the Prep is a strategic way to avoid capital gains taxes, while supporting our mission and students.
Securities can be transferred electronically by your broker to the St. Joseph's Preparatory School account. Please alert the Development Office of your intent to make a stock gift by contacting Jeannie Murphy at 215-978-1016 or firstname.lastname@example.org.
In December 2015, Congress passed H.R. 2029: Protecting Americans from Tax Hikes (PATH) Act of 2015, which made permanent what is popularly known as the IRA charitable rollover.
Under this legislation, if you are 70 ½ and older you can use your Individual Retirement Account (IRA) to make a gift directly to your favorite charitable institutions, including St. Joseph's Preparatory School. By making this direct distribution to the Prep, you will exclude the amount of the gift from your gross income for federal tax purposes.
Here are the requirements and restrictions for making an IRA charitable rollover gift:
The donor must be 70½ or older.
The gift must be made directly from the IRA administrator to an eligible charitable organization.
Gifts to all charities combined cannot exceed a total of $100,000 per taxpayer for the year.
The gifts must be outright, and no material benefits can be received in return for the gifts. Thus a transfer for a gift annuity, charitable remainder trust, or pooled income fund is not permitted.
Gifts cannot be made to a donor advised fund, supporting organization, or private foundation.
The gift can be made only from an IRA. Gifts from 401(k), 403(b), and 457 plans are not permitted.
The gift is not included in taxable income; therefore, no charitable deduction is allowed. The donor will, however, receive an appropriate gift acknowledgment for their records.
To make a gift:
Contact your IRA administrator to request that a charitable distribution be transferred to St. Joseph's Preparatory School. You must specify whether the gift is to be made before the end of the calendar year.
To ensure gifts are properly recognized and recorded, instruct your IRA administrator to indicate your name on the check and specify that the gift is an IRA charitable distribution.
Instruct your IRA administrator to send your check, made payable to St. Joseph's Preparatory School, mail to:
St. Joseph's Preparatory School Development Office 1733 W. Girard Avenue Philadelphia, PA 19130 Tax ID: 23-1352675
Please inform Jeannie Murphy at email@example.com of your intentions to make a gift through your IRA.
A donor-advised fund (DAF) is a centralized charitable account. It allows charitably-inclined individuals, families and businesses to make tax-deductible charitable donations of cash, publicly-traded stock and in some case, certain illiquid assets, to a qualified 501(C) 3 charity.
To use your donor advised fund to make a gift to St. Joseph's Preparatory School you should communicate with your fund administrator to generate the gift and to understand any quarterly or end of year distribution restrictions/deadlines they may have.
The colleagues--both faculty and staff--here at St. Joseph's Prep make a huge impact on the students day in and day out with their talents. They also share their treasure in financial support of our mission and all the programs thriving here at the Prep.
To make an employee donation, simply fill out the payroll deduction form and return it to the Development Office to automatically deduct a donation from each paycheck. These deductions can be changed at any time.
Jeannie Murphy Director of Development Operations/Campaign Manager 215-978-1016 firstname.lastname@example.org