Put your tax dollars to work -- Providing Scholarships!
ACA has had a long time commitment to providing a dynamic christian education to all of our students, and our hope has always been that financial issues would not be a hindrance for our families or for prospective students to enroll here. However, we have found that the needs are greater than the contributions to these financial aid scholarships. This is where you can put your taxes to work!
The state of Pennsylvania has provided a game changing, but limited, opportunity for you to redirect your personal and/or business PA tax dollars towards scholarships for ACA students. This is possible through the Educational Improvement Tax Credit (EITC) and Opportunity Scholarship Tax Credit (OSTC).
All of your eligible tax funds made available will be distributed to ACA through the Central Pennsylvania Scholarship Fund (CPSF) to fund the deficit created by providing financial aid.
Here’s the catch - your capital contributions (tax funds) must be provided to and designated through our EITC accountant, Tami Clark and the CPSF by the November deadline.
Keep reading to see how you can get involved!
Time is of the essence!
The Process
1. Fill out the (1 page!) paperwork
Those who wish to donate their tax funds will need to complete a Joinder Agreement (a simple 1 page document) which acts as a reservation for the amount of tax credits you wish to apply for, and designates ACA as the recipient of their tax contribution.
With completion of the Joinder Agreement, the business or individual becomes an accredited member of the SPE.
2. Approval
The Department of Community & Economic Development (DCED) grants approval for participation to the SPE.
3. Notification of Approval & Capital Contribution Request
CPSF will notify members of their approval request the specific capital contribution tax amount for the current tax year. All contributions must be made with in 60 days of the approval notice.
4. Contributions are Paid
Your business will need to pay the minimum donation of $3,500 to the SPE.
Example of minimum donation designation:
- Contribution of $3,500 is made by the business or individual
- $3,150 is used as credits against their PA State Taxes
5. CPSF distributes contributions
The SPE will pass through all contributions to the CPSF for distribution to Armbrust Christian Academy and handles all the associated paperwork with the DCED.
6. Receipt of Tax Filing Documents
In February of the following tax year, members will receive the following tax filing documents:
- PA Department of Revenue form 1123 for the SPE -- which verifies that the tax credit exists for the SPE and the member's personal portion has been transferred to their Tax ID or Social Security Number when filing PA State Income Tax Return.
- Schedule K-1 -- which indicates the members share in the SPE and used when filing Federal Income Tax Return.
Our Partners
