Earlier this year, the state of Ohio passed legislation to create a Tax Credit Scholarship Program, whereby individuals can donate to an SGO (Scholarship Granting Organization) and receive a 100 percent tax credit against their Ohio income tax liability, with a maximum credit of $750. (If you file Married Filing Jointly, you can receive a credit for $1,500, but each spouse must make an individual donation of $750). This is a wonderful opportunity to support Padua Franciscan and our students at a no net cost to you. Ultimately, you can donate up to $750 and receive back a tax credit for $750 this year if you donate by December 31, 2022.
For now, donors can make their gift through the Angel Scholarship Fund established by the Catholic Community Foundation and designate their gift to Padua Franciscan. Donations designated to Padua through this fund will directly benefit Padua students through the SGO scholarship awards, which, per the program guidelines, will give priority to low-income students.
Here are a few easy steps to make this donation happen…
- Review your state tax liability from last year (line 8c on the Ohio 1040 IT) to estimate this year’s cost.
- Visit paduafranciscan.com/angel-scholarship-fund/. It will direct you to The Angel Scholarship Fund website, where you can make your online donation. Follow the online instructions, making sure to designate Padua Franciscan as your school of choice.
- Claim your tax credit on your 2022 Ohio tax form with the tax credit receipt that will be mailed to you from the Catholic Community Foundation.
Also, on our website we have included a FAQ document and some other resources, which should help answer questions. As always, contact your tax advisor when considering charitable donations. Please contact Tony Shuman ’91 at email@example.com or (440) 845-8224 x251 if you have any further questions.