Not all Catholic families can afford to send their children to Catholic Schools. Please consider a donation to the Catholic Schools Opportunity Scholarship Fund. Please continue to read this article as it has important facts about the benefits of your donation.
In 2011, the Oklahoma Legislature passed the Equal Opportunity Scholarship Act that allows for Oklahoma Income Tax Credits for donations to Scholarship Granting Organizations (SGO) whose purpose is to grant need-based scholarships to students to attend accredited private elementary and secondary schools in the state. Supported by Oklahoma School Choice advocates, the law was meant to allow students who couldn’t normally afford to attend private schools the opportunity to seek and receive scholarships to attend these schools.
The law is written so that individual taxpayers can receive a 50% tax credit against their Oklahoma Income Tax up to $1000 individually or $2000 for a married couple filing jointly or $100,000 for a corporation. For example, the average taxpayer filing jointly could donate $4000 and receive a $2000 tax credit at the same time they take a tax deduction on the donation. People in the 25% federal tax bracket and 5% Oklahoma tax bracket would end up receiving another $1200 in lower taxes for the $4000 donation. Combining the tax credit and the deduction, the taxpayer would receive $3200 back on their original $4000 donation. It is a strong motivation for Catholic families or corporations to make a donation to a scholarship granting organization. NEW FOR 2016 -- IF YOU MAKE A TWO YEAR PLEDGE AND CONTRIBUTE THE SAME AMOUNT BOTH YEARS, THE TAX CREDIT IS 75% FOR YOUR DONATION EACH YEAR. fOR MANY DONORS, IT WILL MEAN THAT YOU WILL GET ALL OF YOUR DONATION BACK WHEN YOU FILE YOUR TAXES AT THE END OF THE YEAR. The Archdiocese of Oklahoma City established the Catholic Schools Opportunity Scholarship Fund to be a Scholarship Granting Organization (SGO) under the law and need-based scholarships to Catholic Schools in the Archdiocese paid by this fund are awarded the following school year after the donation is made. The Catholic Foundation of Oklahoma administers the Fund for the Archdiocese and underwrites the cost of administration so that 100% of your donation goes towards scholarships.This wonderful law will hopefully inspire donations for need-based scholarships to Catholic schools for families who could not otherwise afford the cost of Catholic School tuition. Please consider sharing your faith by making a donation and qualify for an Oklahoma Tax Credit in addition to your normal income tax deductions for making a charitable donation.
The tax credit law was changed again in May 2015 so that donations made after January 1, 2016 with a two year pledge qualifies the donor for a 75% tax credit for both years 2016 and 2017. With this change, you do the math, donors in a 25% federal tax bracket and 5% Oklahoma tax bracket actually get more money back than the amount of donation they made. The money is returned when you file your income tax return.
The Catholic Schools Opportunity Scholarship Fund allows for donors to earmark up to 75% of their donation for one or more Catholic Schools in the Archdiocese. Those funds will automatically be added to scholarships available to the school so earmarked. The remaining 25% of the donation goes into a general pool that benefits students to receive tuition assistance at any of the Catholic Schools in the Archdiocese. These scholarships are distributed to all 21 Catholic schools in the Archdiocese. This policy was established so that donors are aware that their support isn’t just for one Catholic school but for all Catholic schools in the Archdiocese. By supporting all of our Catholic schools in the Archdiocese, they are collectively stronger with this large scholarship fund.
Make a donation online right now, or if you have questions, please do not hesitate to call the Foundation office for more information. Thank you.
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Catholic Foundation of Oklahoma7501 NW Expressway Oklahoma City, OK 73132 • 405-721-4115 •
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