Friends of Education Directed $600,000 in EITC GiftsSeptember 6, 2023
Exciting Developments at Friends of Education: Empowering Education Through EITC Contributions
We are proud to announce the successful allocation of over $6,100,000 in donations to 81 Educational Improvement Organizations (EIOs) for the calendar year 2023. Friends of Education distributed another $4.5 million in K-12 scholarship organization EITC funds to private schools.
We want to take a moment to recognize the generous support of individual and corporate donors who share our commitment to enhancing K-12 educational opportunities across the Commonwealth.
Through the EITC program, individuals and businesses can make highly leveraged gifts that would otherwise not be possible. For an overview of the program, click here. By redirecting Pennsylvania tax dollars through the EITC program, both individuals and businesses can support educational improvement organizations rather than contributing to the State’s operating fund.
We oversee special purpose entities designed to facilitate EITC donations, handle all reporting requirements with the Department of Community and Economic Development and the Department of Revenue, prepare the special purpose entity tax returns and provide donors with the tax reporting of the gift on a federal and state K-1(s). In some cases, we can enhance the tax benefits of EITC credits for business donors by arranging sponsorship opportunities.
Friends of Education will have more than $3 million in additional EITC-EIO tax credits in spring 2024 beyond the $6,100,000 which we will redistribute again in 2024.
We invite you to take advantage of the EITC giving process. To obtain more information about directing EITC-EIO dollars to your organization, contact us at email@example.com or firstname.lastname@example.org.