In the last three years, Pennsylvania businesses committed to education have gifted nearly $400,000 to George School through the Educational Improvement Tax Credit (EITC) and the Opportunity Scholarship Tax Credit (OSTC) programs. These tax credit programs provide Pennsylvania students access to a transformative educational experience by directly supporting the school’s financial aid program.
By making a gift through the EITC and OSTC programs, businesses can earn a substantial tax credit in Pennsylvania taxes—up to 90 percent of their charitable contribution for a two-year commitment. The state government provides tax credits to Pennsylvania businesses for philanthropically supporting independent schools like George School. To be eligible, a business must be authorized to operate in Pennsylvania, and subject to Pennsylvania State taxes such as Personal Income Tax, Corporate Net Income Tax, and several others.
Fred Beans ’57 gp ’15, ’16, ’18, president and founder of The Fred Beans Family of Dealerships, has been a consistent supporter of education for many years, and George School’s most generous contributor through the EITC and OSTC programs. Last year, The Fred Beans Family of Dealerships, one of the largest family-owned and operated automotive companies in the region, made an OSTC gift of $100,000 to George School in support of academic scholarships. This contribution helped make a George School education accessible to families with limited financial means and fund the education of several students who would not otherwise be able to attend.
Since 2016, Customers Bank has given over $50,000 to George School through the EITC program. As a community bank, they are committed to supporting local partners like George School with contributions that help to create a vibrant and diverse student body that enhances the learning environment for all students. “Our primary philanthropic focus has been youth and education. We believe this is the best way to invest in our communities, our Commonwealth, and our nation. Pennsylvania’s EITC/OSTC programs align entirely with these values and goals,” said Customers Bank.
Mark and Janice Waldman p ’07, ’14 are also EITC participants who were excited to support the school through the program. “One of the reasons we are passionate about the EITC program is that the money is put to great use providing scholarships for George School students,” said Mark and Janice, business owners of Mainstream Swimsuits and A & H Sportswear Company from New Hope, Pennsylvania.
Trustee Peter Vari p ’96, ’08, a small business owner of PV Technologies, LLC, has made a huge impact at George School through these programs. “George School is more than an educational facility; it is a formative learning environment that allows students to discover their very best traits and build a life upon them. Supporting this effort is very important to me,” said Peter. “Today, George School provides many more services to students than ever before. Since 1993, I have seen the construction of new facilities, the expansion of health care services, the hugely successful introduction of robotics education, and many more exciting new ways students are served.”
George School is grateful for the support students receive from local businesses and community partners. Promising students have benefited from the tuition assistance opportunities provided by the EITC and OSTC programs. “Programs like these help George School and its ongoing commitment to meet the full demonstrated need of our families,” said Michael Toomey, director of financial aid.
To participate in the programs, businesses must complete the online applications for the EITC and the OSTC to apply. New business participants should submit their applications by July 1, 2019.
Learn more about how you can turn your taxes into scholarships at George School, or see a full list of business contributors. Contact Renée Mayo ’93, leadership gifts officer for planned giving and institutional support, at email@example.com with any questions regarding the EITC and OSTC programs.