Donations made to support the mission of St Francis de Sales may now qualify for an Ohio income tax credit. On May 5, 2023, the St. Francis de Sales High School Foundation was certified as a Scholarship Granting Organization (SGO).  This certification allows donors to take advantage of an Ohio income tax credit passed by the Ohio legislature for donations made to certified SGOs. The Ohio income tax credit is up to $750 per individual and $1,500 per joint Ohio tax return. 

 

The Ohio law pertaining to the tax credit may be found in Section 5747.73 - Credit for donations to scholarship organizations.  Relevant links are noted below.

Link:  Ohio Revised Code/Title 57 Taxation/Chapter 5747 Income Tax

Link:  List of Certified Scholarship Granting Organizations

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Frequently asked questions

Why is this important to St Francis de Sales?

 Through the use of our Foundation as an SGO, we can provide the greatest benefit to our donors by allowing them to redirect a portion of their State of Ohio tax dollars directly to support our mission. 

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A tax credit is generally more advantageous than a deduction as it is a dollar-for-dollar reduction in the amount of taxes owed.  Each dollar of a qualifying contribution reduces the donor’s Ohio Income tax liability by one dollar. 

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 What is the amount of the tax credit?

The Ohio SGO tax credit is equal to the amount of the contribution with a maximum credit of $750 per individual or $1,500 for a married couple filing a joint tax return.  It is nonrefundable, meaning that the amount of the SGO credit cannot exceed the donor’s Ohio income tax liability.

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Why am I receiving a letter from the SFS Foundation when I donate to SFS?

The use of your gift will not change; however, our processing of that gift has changed. Your gift receipt will list the St Francis de Sales High School Foundation as receiving your donation.  

 

How will donations to the SFS Foundation be used?

Donations will be used according to the donor’s instructions.  

 

Can I take advantage of the Ohio tax credit by supporting an endowed fund?

Yes. Gifts directed for endowed support will be invested by the Foundation with a distribution made according to the Fund’s instructions. 

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Are corporations eligible for the credit?

No, corporations are not eligible. The only groups eligible for the tax credits are individuals and pass-through entities.

 

Are businesses eligible for the credit?

Businesses are not eligible for the SGO credit because they do not pay Ohio income tax.  However, contributions from pass-through entities (such as LLCs’, S-corporations, and partnerships) of up to $750 per year may be passed through to their investors to deduct on their individual tax returns.

 

How can I make my contribution?

Checks should be made payable to St Francis de Sales High School Foundation, Attention:  Advancement, 2323 W. Bancroft Street, Toledo, OH 43607.  You may make an online gift at http://www.sfsknights.org/support or you may contact Renee Winkler at 419.214.5429.

 

Do gifts of securities qualify for the SGO credit?

No.  Only monetary contributions qualify for the SGO credit.  Gifts of securities may still qualify for favorable treatment under federal income tax law.

 

Will I receive an acknowledgment that my gift qualifies for the SGO?

Yes.  You will receive a receipt that states your contribution to the Foundation qualifies for the SGO credit.  Your gift receipt will list the St Francis de Sales High School Foundation as receiving your donation.  You should retain your receipt for tax purposes.

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This information does not constitute legal or financial advice.  Please consult with your tax or financial advisor regarding your specific tax situation.