Geis Family Education Endowment Fund Reception

Magnificat hosted a special event recognizing Geis Scholarship recipients from schools around the Cleveland area in November. The Geis Family Education Endowment Fund was established in December 2010 through the Catholic Diocese of Cleveland to ensure deserving students are provided access to quality Catholic education. Each 2022-2023 Geis Scholar gave a speech at the reception about their experiences, with family members, teachers, and school administrators in attendance.

The newly established Magnificat Scholarship Granting Organization is giving donors the opportunity to use their State of Ohio tax dollars to directly impact the lives of students in need of tuition assistance. So far, 118 donors gave nearly $85,000 for Magnificat students through this new giving vehicle.

A Scholarship Granting Organization (SGO) is a non-profit 501(c)(3) organization that receives contributions from donors and grants educational scholarships to eligible students in the State of Ohio. Donors who contribute to Ohio-certified SGOs can receive a tax credit through the Ohio Tax Credit Program, created by the state legislature in 2021.

SGO donors receive a dollar-for-dollar tax credit of up to $750 annually per individual or up to $1,500 annually if married filing jointly.

The Magnificat SGO was established in December, and qualified donors who gave in 2022 will receive a tax credit on their 2022 state tax returns. SGO gifts made in 2023 will qualify for a 2023 tax credit.

Gifts made to the Magnificat SGO are used to fund tuition assistance for current students. Families that are within 300 percent of the poverty level will be prioritized, but any student needing financial assistance is eligible.

“It’s a win-win for taxpayers and Magnificat students,” Vice President of Advancement Deborah Durbin ’81 said. “We are excited to bring a Magnificat education within reach for even more families and thank all of our early contributors to the Magnificat SGO.”

For more information, contact Meg Chochola at mchochola@maghs.org.

HOW CAN I GIVE TO THE MAGNIFICAT SGO?

1. Estimate your State of Ohio tax liability. If your State of Ohio tax payment is greater than or equal to your contribution (with a limit of $750 per individual, or $1,500 if married filing jointly), your contribution ultimately costs you nothing.

2. Give online to the Magnificat SGO using the Magnificat SGO webpage or write a check payable to the Magnificat Scholarship Granting Organization.

3. Save your receipt and claim your tax credit on your State of Ohio tax return.

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