1 / 20

ACSI Children's Tuition Fund

ACSI Children's Tuition Fund. The Children’s Tuition Fund (CTF) is coordinated by the ACSI Northeast Regional Office . ACSI member schools can participate in the Children’s Tuition Fund program.

jovita
Download Presentation

ACSI Children's Tuition Fund

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. ACSI Children's Tuition Fund

  2. The Children’s Tuition Fund (CTF) is coordinated by the ACSI Northeast Regional Office

  3. ACSI member schools can participate in the Children’s Tuition Fund program.

  4. The ACSI CTF provides scholarships in the way of tuition assistance for children of low- to middle-income families.

  5. In the 2008-2009 school year the ACSI Children’s Tuition Fund supported 50 schools, 600 students, in 30 counties.

  6. The EITC is unique to PA

  7. Facts About the EITC • Every $1 cut from private EITC scholarships will cost the PA citizens an additional $12 in taxes each year. • If all 44,000 students receiving EITC scholarships had to re-enter the public school system, it would cost PA taxpayers an additional $531.6 million per year. • Every student receiving an $1,100 EITC scholarship saves the state $12,083.

  8. The EITC Process Businesses that pay any of the following Pennsylvania taxes qualify for credits…

  9. Insurance Premiums Tax Capital Stock Franchise Tax Title Insurance Company Shares Tax Mutual Thrift Institutions Tax Bank & Trust Company Shares Tax Corporate Net Income Tax Subchapter s-corporations and other “pass-through” entities

  10. Participating businesses: • Car dealerships • Banks • Insurance companies • Chiropractors • Lawn care services • Real estate • Contractors • And more!

  11. EITC Program 1- or 2-year commitment Up to a 90% tax credit Tax credit cap of $300,000 per year K-12 students

  12. PKTC Program Based on a 1-year contribution 100% credit for the first $10,000 90% credit over $10,000 and up to $150,000! Children 3 years and older in a Pre-K program

  13. For 2009-2010… …$53.8 million EITC dollars (2/3 available for scholarships) and $6.2 million Pre-K EITC dollars were allocated

  14. …business can designate their EITC contribution to a specific school - providing scholarships for new and returning families/students. Designated Contributions…

  15. The EITC Process • Complete and submit an EITC application ANNUALLY with DCED • Applications processed by DCED on a first-come, first-served basis • A confirmation letter will be sent by DCED to confirm the business’s approval status • Business makes contribution to ACSI CTF within 60 days • ACSI CTF sends receipt of contribution to business • Business submits copy of receipt to DCED who will communicate with the PA Department of Revenue, applicable credit is applied and notice provided

  16. The EITC Process • Credit is applied as if paid at beginning of the tax year • The credit is taken as a payment of taxes on the business’ annual tax return filing • For pass-through entities that are passing the credit to the business owners, the business must complete an irrevocable election form to be filed with PA Department of Revenue by the due date, including extensions of the business’ PA return • The entire EITC process must take no more than 90 days from the date of DCED approval

  17. “God is providing me the strength and courage and also the funds to send my son to a Christian school. I had a choice to use this scholarship to put my son in a good school and my son was given a chance for a better future. I would like to thank the organizations who help low income families like my own. Thanks for believing in the children, after all they are our future.” ~a single mom~ Why Participate . . . .

  18. “My family has been receiving your scholarship for the past three years. It has been such an asset to our family, in fact if it was not for your scholarship program and the money that it offers the children, my children would not be able to attend Timothy Academy. Thank you for all that you do to enable parents to have the option of school choice.” ~a parent~ Why Participate . . . .

  19. “I had just lost my job and my husband and I are not sure how we are going to pay for our children’s school. God has answered our payers and each month someone is helping us. If it were not for God’s helping us, we would have to pull our kids out of school. We thank the Lord every day for the help he has given us and we would like to thank you (ACSI CTF) for your help. God bless!” ~a parent~ Why Participate . . . .

  20. Through the EITC program, the ACSI Children’s Tuition Fund is providing school choice for Pennsylvania families!

More Related