"EITC and OSTC are great ways to support TPS. Instead of paying my tax dollars to the State of Pennsylvania, the program allows me to give the money to TPS instead, where I know it will be used to support our financial aid program."
-Melissa DePino, Principal, Leapfrog Group, TPS Parent and EITC donor
Melissa DePino has been an involved parent at TPS since her sons, Drew (8th grade) and Luke (5th grade) were little. For years, Melissa showed her appreciation of TPS by volunteering, being on the board, and by contributing to the school’s annual fund. In 2010, Melissa realized that her company, Leapfrog Group, qualified for the Educational Improvement Tax Credit Program.
Melissa spoke with her accountant and learned that she could direct a portion of her corporate taxes from the Commonwealth to The Philadelphia School’s financial aid program. “EITC made it possible for me to give a larger gift than I typically would be able to, without it coming right out of my pocket. It seemed like a win-win,” Melissa said. She instructed her accountant to take the tax dollars it would have paid to the state, and redirect them to TPS.
Both the EITC and OSTC (Opportunity Scholarship Tax Credit) programs support financial aid. If a company commits for two years, it receives a 90%tax credit. If a company commits for one year, it receives a 75% tax credit.
The support of these programs helps TPS to increase socioeconomic diversity. In 2013-14, The Philadelphia School offered $1.2 million in financial aid to 25% of its families. Approximately 50 students at TPS specifically qualify for EITC and OSTC funds.
Most businesses qualify for this type of giving. To learn more, go to the PA Department of Community and Economic Development website at www.newpa.com or contact the Development Office.