Friends Educational Equity Collaborative

The Friends Education Equity Collaborative Tax Credit Program
for Individuals Increasing Access to Friends Education for More Families

 

Friends School Haverford is one of the founding members of The Friends Education Equity Collaborative, a Special Purpose Entity (SPE) LLC formed in 2016 to secure tax credits offered through Pennsylvania’s popular EITC and OSTC tax credit programs.

The EITC and OSTC programs were previously only open to corporate donors, but with the formation of organizations like The Collaborative, qualified individuals now have the opportunity to receive tax credits while supporting schools like FSH.

 

The purpose of The Collaborative is to foster the growth of Quaker Education by providing funding that makes a Quaker education accessible for more families. The Collaborative is comprised of 19 Quaker schools and the Friends Council on Education. In just its first year, The Collaborative received over $2 million in gifts and pledges which have been used to support more than 100 students from 15 Quaker schools.

 

In December 2018, we were granted an additional $3 million and are working together to get those SPE's fully funded. This means that Friends schools in PA could have access to over $4 Million for Quaker education within six Special Purpose Entities.

 

What's in it for me?

You have the ability to direct all or some of your PA state income tax liability to Friends School Haverford. Our school will, in turn, use your gift to provide critical financial aid to students in need.

 

You will receive a tax credit equal to 90% of your contribution to The Collaborative. In addition, you may be able to claim a federal income tax deduction. Together, these benefits make a large gift very inexpensive to make.

 

How does it work?

Qualified individuals become members of The Collaborative. You agree to make a set contribution to The Collaborative roughly equal to your anticipated state annual income taxes plus 10%, for two consecutive years. You receive a tax credit each year for 90% of the amount of your contribution (which is roughly the amount of your anticipated taxes.)

 

On the receiving end, The Collaborative makes a gift of your funds to the Friends Council on Education, which distributes them to FSH and other member schools. The Collaborative then sends you a tax form allocating the state income tax credits to you.

 

Do You Qualify? 

If you can answer YES to any one of these questions, you may qualify:

  1. Are you employed by, or a partner in, a for-profit business and your annual personal income exceeds $200,000 (or $300,000 for a couple)? (Sole proprietorships do not qualify.)
  2. Are you are employed by a not-for-profit and your annual personal income exceeds $200,000 (or $300,000 for a couple) or your net worth exceeds $1,000,000, excluding the value of your primary residence and you own stock in any Pennsylvania incorporated “business firm”?
  3. Are you retired and your annual personal income exceeds $200,000 (or $300,000 for a couple) or your net worth exceeds $1,000,000, excluding the value of your primary residence and you own stock in any Pennsylvania incorporated “business firm”?
  4. Are you an owner of a Pennsylvania Corporation or Partnership that has net assets in excess of $5,000,000?
  5. Are you an officer of a Bank or Savings and Loan, acting in a fiduciary or professional capacity?
  6. Are you an officer of Insurance Company, acting on behalf of the company?
  7. Are you an officer or representative of a Trust, with total assets in excess of $5,000,000, acting on behalf of the trust?