First Federal donates $50k for Pre-K scholarships
WAYNESBURG – The Community Foundation of Greene County has received a $50,000 contribution from First Federal Savings and Loan Association of Greene County.
The contribution will be used to support the CFGC Educational Improvement Tax Credit Program Pre-Kindergarten Scholarship Fund, which provides scholarship assistance for Greene County children attending approved pre-kindergarten programs.
“We are elated to be able to provide this support that will help Greene County children get a good start to education,” said Judi Goodwin Tanner, president and CEO of First Federal Savings and Loan Association.
The EITC Pre-K Scholarship program provides children and families with an opportunity to participate in a quality Pre-K program which gives children a good start toward being successful in school and beyond. Families may apply for a scholarship, which is paid directly to an approved Pre-K provider, to help offset tuition and fees for the child.
According to Bettie Stammerjohn, executive director of CFGC, some families think they can’t afford to send their child to a Pre-K program, but this scholarship opportunity will help offset the cost to the family and make Pre-K programs more affordable, even for middle income families. CFGC provided scholarships to more than 80 Greene County children attending eleven preschool programs during 2013.
“It is wonderful that First Federal of Greene County has chosen to support the EITC Pre-K effort in our community. The whole community eventually shares in the benefits of making pre-kindergarten available to its young children and families,” Stammerjohn remarked. “This contribution will go a long way toward ensuring that we will be able to provide scholarships for the 2013-2014 school year.”
Through the state’s EITC Pre-K program, a business may receive a tax credit equal to 100 percent of the first $10,000 contributed to a Pre-K Scholarship Organization during the taxable year, and may receive a tax credit equal to 90 percent of any additional amount contributed during the taxable year, up to a maximum of $200,000 per taxable year.
Additionally, the EITC allows contributions to a K-12 Scholarship program and a Public School Innovative Curriculum program. Contributions to these programs may receive a tax credit equal to 90 percent of up to $750,000 annually, if the business commits to a two-year gift, or 75 percent tax credit for a single year gift.
Businesses authorized to do business in Pennsylvania and who are subject to one or more of the following taxes may apply for tax credits through PA DCED: Corporate net income tax, capital stock franchise tax, bank and trust company shares tax, title insurance companies shares tax, insurance premiums tax, and/or mutual thrift institutions tax.
Partnerships, limited partnerships, and limited liability corporations became eligible for EITC in 2008.
Business Tax Credit Applications are available on the PA DCED website at http://www.newpa.com/find-and-apply-for-funding/funding-and-program-finder/educational-improvement-tax-credit-program-eitc. Or contact Bettie Stammerjohn at the Community Foundation of Greene County at 724.627.2010 for further details.
To receive an EITC Pre-K scholarship, a child must be at least 3 years old and attending an approved Pre-K program. Household income must not exceed $75,000 with an additional $15,000 allowed for each dependent child.
For more information on how to apply for an EITC Pre-K Scholarship, or how to become an approved Pre-K provider, call the Community Foundation at 724-627-2010, or email us at firstname.lastname@example.org.