Oklahoma Tax Credit

The Academy of Classical Christian Studies strives to remind our students they are made for more than just an ordinary life. They were made for JOY! Joy forming the souls of each precious child that enters the halls of The Academy. It’s that Joy that allows them to learn, create, share and grow the light that their souls carry, spreading it across their paths in the world.

We aim to allow this knowledge to reach as many youth as possible, regardless of their financial competence. Our school, currently serving over 800 students, includes many who are eligible for scholarship, by qualification guidelines listed here on our Financial Aid page, and it’s solely because of our extraordinary donors who support The Academy Opportunity Scholarship Fund (AOSF) that this is a possibility.

The AOSF is a Scholarship Granting Organization. Donations to AOSF are used only to provide need-based scholarships for students attending The Academy of Classical Christian Studies in Oklahoma City.

FAQ

Who is eligible for a scholarship? Can I choose the recipient?

Families receiving scholarships must apply and qualify for aid and enroll their children at The Academy for the year in which the scholarship is received. Donors may not direct their funds to a particular student.

What is the difference between Tax Credit and Tax Deduction?

A tax credit gives you a dollar-for-dollar reduction of the tax owed, while a tax deduction lowers the taxable income for the year.

What are the OK State Tax Benefits for Donors?

Any individual, family, or business entity paying income taxes in Oklahoma is eligible to contribute to the Fund and receive tax credits. When making a 2-year pledge, each donor may receive a tax credit of up to 75% of the donation (or a 50% credit for single year gifts), within annual limits. The amount of tax credit may not exceed $1,000 for individual filers, $2,000 for those filing jointly, and $100,000 for qualified business entities. Additionally, the state of Oklahoma currently has a limit of $25 million on the total amount of credits. (Historically, only around $6 million in credits have been claimed).

What are the Federal Tax Benefits for Donors?

If you itemize deductions on your tax return, you can treat as a charitable gift the difference between your donation and the tax credit. E.g., a gift of $2,667 that gets a credit of $2,000 allows a federal deduction $667. In addition, if you have not maxed out your $10,000 limit on State and Local Income Tax (SALT) deductions, you may apply your donation to this deduction as well.

Can businesses treat their donation as an expense?

Check with your tax advisor!

Does this program mean the state of Oklahoma can exert influence over The Academy?

No. The AOSF must comply with rules like income eligibility and maximum scholarship amounts, but it exerts no control directly over The Academy.

Who operates The Academy Opportunity Scholarship Fund?

The AOSF is an approved Scholarship Granting Organization, managed by Curt Stafford. Mr. Stafford does not receive compensation for his work, and so over 99% of all funds donated to AOSF support scholarships at The Academy of Classical Christian Studies. Mr. Stafford also serves as Treasurer of the Board of Governors at The Academy.

Oklahoma is one of 18 states with a tax credit scholarship program. Under Oklahoma’s program, a tax credit of 50 percent is offered for donations to a scholarship granting organization, or SGO, and a 75 percent tax credit for equal amounts pledged for two consecutive years. Income tax credits are capped at $100,000 for qualified business entities, $2,000 for taxpayers filing a joint tax return and $1,000 for individual tax filers.

Make your donation TODAY by simply filling out the information below and our Development Director, Talia Morgan will contact you within 24 hours of receipt.

Online Form Submission

To make your donation please print the form below, fill out the information and mail your initial donation check payable to the Opportunity Scholarship Fund, to the following address:

The Academy Opportunity Scholarship Fund

Attn: C/O UTEC Corporation LLC,

222 Eufaula Street, Suite 120, Norman, OK 73069.

Download Form Here