Magnificat Scholarship Granting Organization

Magnificat Scholarship Granting Organization Raises Nearly $100,000 in Tuition Assistance

“It seems too good to be true” is a common refrain from donors inquiring about the Magnificat Scholarship Granting Organization (SGO)—wondering how it’s possible or if they will really receive their money back as a tax credit. However, as they began to file their Ohio tax returns this spring, their feedback quickly shifted to, “This is a no-brainer!”

The Magnificat Scholarship Granting Organization gives donors the opportunity to use their State of Ohio tax dollars to directly impact the lives of students who need tuition assistance to attend Magnificat High School. Last year, the newly established Magnificat SGO received nearly $100,000 from donors who were then able to claim every dollar back on their Ohio state tax return. Magnificat is then able to apply those funds directly to tuition assistance for our families who need it most. It’s a win-win situation for Ohio taxpayers who desire to support tuition assistance at Magnificat. Individuals can receive tax credits for donations made to SGOs up to $750 annually per individual or up to $1,500 if married filing jointly.

HOW CAN I GIVE TO THE MAGNIFICAT SGO?

1. Estimate your State of Ohio tax liability. Note: If your State of Ohio tax payment is greater than or equal to your contribution (with a limit of $750 per individual), your contribution ultimately costs you nothing!

2. Give online to the Magnificat SGO at www.magnificaths.org/sgo or mail a check made payable to Magnificat Scholarship Granting Organization to the school.

3. Save your receipt and claim your tax credit on your State of Ohio tax return. Your receipt will be mailed to you within a week of your gift.

This information does not constitute legal or tax advice. Please consult with your tax professional.

For more information, please contact Senior Director of Development and Alumnae Relations Meg Chochola at mchochola@maghs.org.