The Friends Education Equity Collaborative
Increasing access to Friends education for more families
Plymouth Meeting Friends School is a founding member of the Friends Education Equity Collaborative, a Special Purpose Entity LLC formed in 2016 to secure tax credits offered through Pennsylvania’s popular EITC and OSTC tax credit programs.
The EITC and OSTC programs were previously only open to corporate donors, but with the formation of organizations like The Collaborative, qualified individuals now have the opportunity to receive tax credits while supporting schools like PMFS.
The purpose of The Collaborative is to foster the growth of Quaker Education by providing funding that makes a Quaker education accessible for more families. The Collaborative is comprised of 18 Quaker schools and counting and the Friends Council on Education.
What does it do for me?
- You have the ability to direct all or some of your PA state income tax liability to PMFS. PMFS will, in turn, use your gift to provide critical financial aid to students in need.
- You will receive a tax credit equal to 90% of your contribution to The Collaborative. In addition, you may be able to claim a federal income tax deduction for a portion of the contribution. Together, these benefits make a large gift very inexpensive to make.
How does it work?
- Qualified individuals become members of The Collaborative.
- You agree to make a set contribution to The Collaborative roughly equal to your anticipated state annual income taxes plus 10%, for two consecutive years.
- You receive a state tax credit each year for 90% of the amount of your contribution (which is roughly the amount of your anticipated taxes).
- You take a charitable deduction from your federal taxes for the difference between your contribution to The Collaborative and the 90% tax credit you received (if you itemize your deductions).
- On the receiving end, The Collaborative makes a gift of your funds to the Friends Council on Education, which distributes them to PMFS and other member schools. The Collaborative then sends you a tax form allocating the state income tax credits to you.
For more information, please contact:
Ralph Henninger, PMFS Director of Development