How do I get started?
Schedule a call or visit today to learn more about EITC and how your bank can benefit! (833) EITC NOW or (833)348-2669, visit commonwealthcharitable.org or email This email address is being protected from spambots. You need JavaScript enabled to view it.
Cost of EITC
There are many taxes that qualify for this tax credit program. A donor organization can contribute up to $221,111 to preschool education and receive a tax credit up to $200,000 per year.
Businesses can contribute up to $833,333 to Educational Improvement (EIO) and Scholarship (SO) programs, for a maximum tax credit of $750,000. The remaining cost of the contribution could be subject to a federal charitable deduction. This brings the average cost to participate in EITC down to just pennies on the dollar.
Timeline and DCED
Apply to DCED or We Can Apply on Your Behalf
• May 15 – Businesses in the middle of a two year commitment or those that have fulfilled a two year commitment
• July 1 – All other businesses
DCED Approval
• Typically September/October, given no state budget delays. We keep you up to date and let you know when to look for your approval letter
Contribution
• Send your contribution to Commonwealth Charitable Management within 60 days of the date on your acceptance letter from DCED
• Within 90 days of the date on your acceptance letter, you must forward your donation acknowledgement letter to DCED and the PA Department of Revenue
Award Allocation
• We work with donors throughout the year to ensure they receive the maximum benefit from the grants. Once we receive your donation, you have until the end of the following calendar year to allocate your funds to your chosen recipients. Many of our donors use the extra time so they can fund scholarships before the next school year begins rather than half way through the school year.
Target Donations
Yes. Many banks target their education donations to specific school districts in their customers’ or employees’ communities, or to specific Curriculum Enhancement programs such as the EverFi Financial Literacy education improvement program. Each bank will have a separate fund that is a component of, and is administered by, Commonwealth Charitable Management.
Commonwealth Charitable Management Is Ready to Help