opportunity scholarship tax credits you give they grow

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Erika Grant
5 years ago
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1 opportunity scholarship tax credits you give they grow

2 93% of IMS students qualify for opportunity scholarships

opportunity scholarship tax credits providing opportunity No matter where they live, every child deserves a high-quality education that challenges them and inspires them to succeed both academically

3 opportunity scholarship tax credits providing opportunity No matter where they live, every child deserves a high-quality education that challenges them and inspires them to succeed both academically and as upstanding citizens in their communities. But all too often, families in the inner-city struggle to find options that will help their children become stronger students and conscientious leaders. In the libraries, computer labs, and classrooms of our schools, these children eager to learn and grow take their first steps to becoming future entrepreneurs, artists, executives, and innovators. A strong elementary level education is essential not only for the enrichment and success of each individual student, but also the prosperity of the city of Philadelphia and its industries, culture, and people. As members of the Greater Philadelphia community, your support is imperative to providing strong academic opportunities to youth citywide and, in turn, advancing Philadelphia s next generation of trailblazers. PA OSTC donations have provided close to 7 million in scholarships for children attending an Independence Mission School this year.

4 corporate and business contributions redirecting hope You can redirect your tax dollars to support education. The OSTC program allows businesses to receive up to a 90% tax credit by making a donation to a qualifying scholarship organization like BLOCS or Children s Scholarship Fund Philadelphia and designating those dollars to support Independence Mission Schools new model of urban Catholic education. Businesses can contribute up to 750,000 to the program, and C-Corps, S-Corps, LLCs and Limited Partnerships are eligible to participate. To participate, you must first determine your company s current tax liability. Credits are applied to your tax bill at the end of the year, or for S-Corp type companies, to quarterly taxes paid in the first quarter after the approval and donation process. When donating, don t forget to designate your funds to Independence Mission Schools or one of our 15 school locations. Tax types that are eligible for OSTC credit include: n Corporate Net Income Tax n Capital Stock Franchise Tax n Band and Trust Company Shares Tax n Title Insurance Companies Shares Tax n Insurance Premiums Tax or Mutual Thrift Institutions Tax or tax under the Insurance Company Law of 1921 n Sub-chapters S-Corps and other pass-through entities can utilize the credit against shareholders, members, or partner s PA personal income tax There is no incremental cost to participate in the program you are redirecting the tax dollars you already pay in support of high-quality education for inner-city students, and your donation amounts to pennies on the dollar. You can even apply the donation on your federal taxes. application approval tax credit renewal Businesses participating for the first time submit their application to the PA Dept of Community & Economic Development on July 1st. You can make a one or two-year commitment for up to a 750,000 tax credit. Businesses will receive their approval from the state directly. Once approved, you have 60 days to make your donation to an eligible Scholarship Organization like BLOCS or CSFP and designate a school to receive the funds. After you have submitted funds for your commitment, you will receive a receipt from the Scholarship Organization to submit with your PA taxes. The tax credit is applied to your liability for that calendar year. When your commitment time is expired, you have the option to renew by May 15 ahead of other businesses. Tax credits are issued on a first come, first served basis.

Of IMS families: 36% 70% live below poverty

20,000 67,500 18,000 federal tax deduction

5 Of IMS families: 36% 70% live below poverty level live on yearly incomes of 50,000 C Corp pa state tax liability ostc donation state tax credit S/LLC/LP 75,000 75,000 20,000 67,500 18,000 federal tax deduction 2,625 net cost for donation 4,875 20, ,300

start up ceo accountant college professor software engineer nurse realtor blocs scholarship llc your tax dollars can help prepare philadelphia youth for the future invest apply designate tax

The BLOCS Scholarship, LLC applies to the PA Department of Community and Economic Development with the capital contributions of its members.

6 start up ceo accountant college professor software engineer nurse realtor blocs scholarship llc your tax dollars can help prepare philadelphia youth for the future invest apply designate tax credit Individuals who must be accredited investors, join the BLOCS Scholarship, LLC partnership with a minimum 7,000 commitment per year for two years. The BLOCS Scholarship, LLC applies to the PA Department of Community and Economic Development with the capital contributions of its members. BLOCS Scholarship, LLC members may designate Independence Mission Schools to receive their contribution. The BLOCS Scholarship, LLC receives a tax credit equal to 90% of the donation. Investors can apply their percentage of the tax credit received by the LLC against their PA state taxes.

7 individual & small business contributions crowd funding There is power in numbers. Every day, people from across the globe collectively fund projects that have a lasting impact on communities both worldwide and in their own backyards. By joining forces with other philanthropists, you can help thousands of inner-city youth by giving them the chance at a bright future and the tools to succeed in high school, college and their future careers by participating in the OSTC program. Many individuals or small businesses that were once ineligible for OSTC can now pool their resources to make a contribution for our students. By investing in the BLOCS Scholarship, LLC you can join other like-minded people across the Greater Philadelphia region who believe a high-quality education is an invaluable resource for all children. The process is simple; individuals join the partnership with a minimum 7,000 contribution per year for two years, with the first year contribution paid at sign-up and the next paid in the second year. The scholarship company makes the OSTC application on behalf of its members, and receives a credit of 90% of the total member contribution. Each member then receives their 90% tax credit based on their contribution for use against their PA taxes. Members can designate their funds to any of our Independence Mission Schools. It s a win-win for citizens who want to support education right here in Philadelphia. Pennsylvania residents who are a shareholder, partner, member or employee of a PA business firm are eligible to participate.

8 faqs and sample calculations for individuals and small businesses What is the minimum and maximum commitment? To enter into the partnership agreement, the minimum contribution is 7,000 per year. The partnership will accommodate up to 833,333 in donations. If I am a small business owner, do I take the deduction from my personal or business taxes? Your business can join the partnership in which case you would take the deduction on the business s return. By joining an LLC, am I becoming a partner in a company? You are becoming a partner in this entity but the partnership agreement is very clear that the only purpose of the partnership is to participate in the PA Scholarship programs so there is no other liability or cost created by membership. Can I claim the donation on my federal taxes? Yes, the net donation may be claimed on your federal taxes. Please consult your tax advisors for details. Who qualifies to participate? n Pennsylvania residents who are a shareholder, partner, member or employee of a PA business firm (a PA business firm is a for-profit legal entity authorized to do business in the state of PA and subject to PA taxes.) Investors must be an accredited investor (generally income above 200k per year individual or 300k joint and/or net assets greater than 1 million) Individual pa state tax liability 7,675 blocs scholarship llc donation 7,675 state tax credit 6,907 * *based on 250,000/yr with an equally funded LLC partnership with a.921% credit to each partner. make your ostc donation for philadephia education contact us today INDEPENDENCE MISSION SCHOOLS 500 N. Gulph Rd. Suite 110, King of Prussia, PA independencemissionschools.org

PHILADELPHIA INDEPENDENT MISSION SCHOOLS D/B/A INDEPENDENCE MISSION SCHOOLS REPORT ON AUDIT OF FINANCIAL STATEMENTS

PHILADELPHIA INDEPENDENT MISSION SCHOOLS D/B/A INDEPENDENCE MISSION SCHOOLS REPORT ON AUDIT OF FINANCIAL STATEMENTS REPORT ON AUDIT OF FINANCIAL STATEMENTS TABLE OF CONTENTS PAGE INDEPENDENT AUDITOR'S REPORT 1 FINANCIAL STATEMENTS STATEMENTS OF FINANCIAL POSITION 2 STATEMENTS OF ACTIVITIES 3 STATEMENTS OF CASH FLOWS