Our charity received 8 award letters in late September and immediately sent out donation requests. 55 Fall award letters from existing SPE's applied for on May 15, 2021 are being held for PA Department of Revenue compliance review. This appears to be taking longer than normal this year. Our SPE's are all in compliance and have all of their compliance requests filed with PA Department of Revenue for months. The last update is that there appears to be no issues with our award letters and they should arrive next week. This will create an immediate massive EITC check request of most all fall donors starting as soon as we receive these award letters. We will post a blog update the day these award letters arrive. We may need to tighten up the due date for the check requests so that we get all checks in before December 31, 2021.
We have a backlog of new donor joinder requests and are still accepting new ones on a first come first serve basis for 2021. We have checked with DCED and they expect to be issuing new July 1, 2021 application award letters soon and as soon as these award letters come out and we know how many new credits we have then we expect to be better able to determine where we stand with new donors. In the past we have had enough EITC tax credits for new donors thru the end of November but run out of tax credits in December. Some of these EITC credits come from July 1 new awards and some of these EITC credits come from existing credits that are not used by existing donors. Please get your joinder reservations in as soon as possible and Tami Clark or Kim will confirm that they have received your reservations. We can not accept donation checks until we have award letters and bill you because we bill you from the first available tax credit available from the expected 60+ fall award letters.
Limits on EITC Donations
As in the past we can only accept donors that commit to a donation of $3500 or more and the amount will be due in one check in a short window before the end of the year. 100% of your donation will go to the school of your choice as a scholarship and you will receive a 2021 K-1 in February 2022 to claim the 90% PA tax credit on your Pennsylvania personal PA 40 tax return. There is also a federal donation deduction available if you itemize your donation deductions. The maximum EITC donation reservation on a single joinder is $100,000 and counts both a husband and wife even if they send in seperate joinder reservations.
Donors and Schools
Thank you to all of the schools and dedicated volunteers who help us carry out this EITC program at the many schools we serve and this EITC tax credit special purpose (SPE) program would not be available if not for all the generous donors who commit their finances, time, effort and professional assistance to this effort to make money available for deserving students and families of limited income so that tuition in PreK to 12th grade school can be affordable.
Update on 55 EITC/OSTC Fall Award letters arrival
The award letters have arrives this 6th day of November 2021. Donor check requests are going out Monday by email and mail based on the information on your joinder. Thank you for your patience.
Our charity only asks for checks to be mailed to our address at 227 Jefferson Ave Tyrone PA 16686. We do not bill or ask for wire transfers or online payments or credit card payments. All billings will be for check donations mailed to our physical address. Please let us know if you receive any other solicitations from imposters. Thank you!