by Owen Canfield, director of the Catholic Schools Opportunity Fund
The final quarter of the calendar year prompts people to assess their charitable giving. It’s the perfect time to consider supporting the Catholic Schools Opportunity Fund.
This program allows donors to reduce their state income tax liability and help students from mostly lower-income families attend one of the 15 grade schools or three high schools in the Archdiocese of Oklahoma City.
Here is how it works:
Donors who make a two-year pledge to the Catholic Schools Opportunity Fund receive a 75% state income tax credit for their gift each year (one-year gifts receive a 50% credit). Donors may designate their gift to help a particular school or those schools in greatest need.
Couples are eligible for a maximum state tax credit of $2,000 each year. For individuals, the maximum credit is $1,000 per year.
Qualified businesses, however, can get a state tax credit of up to $100,000 annually. If the business operates as a pass-through, the tax credit on the gift can pass through to the owner’s personal tax liability.
Gifts are used for tuition assistance. During this school year, 495 students are benefiting from the Catholic Schools Opportunity Fund. Of those, 299 are first-time recipients. More than 80 percent of all recipients qualify for free or reduced-price meals.
It’s worth noting that paying state income taxes is obligatory – we must do it. This program allows donors to redirect their tax dollars to help provide students with a Catholic school education.
The Catholic Schools Opportunity Fund is a huge winner for students, their families and donors.
Please consider beginning a two-year pledge this year. You can pledge now and pay the first-year donation any time before Dec. 31. We are happy to accept gifts paid out monthly via credit card or bank draft. Qualified charitable distributions from traditional IRAs also are acceptable.