It’s not too good to be true!
Increase your impact at Saint Ursula Academy and reduce your Ohio income tax.
Turn your tax dollars into tuition!
A Scholarship Granting Organization (SGO) is a new charitable organization established by Saint Ursula Academy to provide families with tuition assistance. Giving a gift to the Saint Ursula Academy SGO will allow interested donors to reduce their Ohio income tax liability on a dollar-for-dollar basis up to $750 per person per year ($1,500 if married filing jointly) by providing donors with a tax credit against their Ohio income tax liability. Please consult your tax advisor regarding your specific tax situation.
Each donor will need to determine what is best for them. It is our hope that you will take advantage of this new opportunity in addition to your support of the Saint Ursula Fund annual campaign.
Under the direction of the State of Ohio, married taxpayers must make TWO SEPARATE $750 donations, one in each of their names in order to be eligible for the full $1,500 tax credit. A single donation made for $1,500 will be limited by the State of Ohio to a $750 tax credit.
How to Support: Support the Saint Ursula Academy SGO by clicking the Make a Gift SUA SGO button above, or mail your check to:
Mail:
Saint Ursula Academy-SGO
Advancement Office
1339 E McMillan Street
Cincinnati, OH 45206
Please note on the memo line: SUA-SGO and make checks out to Saint Ursula Academy-SGO
Frequently Asked Questions:
Q: Our total Ohio tax liability is $1,000. Can we still claim a tax credit for $1,500 if we both make $750 contributions to a qualifying SGO?
A: The State of Ohio limits the tax credit to the lesser of $750 (single) or $1,500 (married filing joint) or your total State of Ohio tax liability as reported on your Ohio Form IT-1040. In this scenario, the Ohio tax credit would be limited to $1,000.
Q: What is the Saint Ursula Academy SGO?
A: This is a new opportunity for our Community to take advantage of the new Ohio Tax Credit Program. Funds given to the Saint Ursula SGO are awarded as financial aid scholarships to eligible Saint Ursula Academy students. The organization will prioritize scholarships for those students with demonstrated need.
Q: May I designate my contribution to a specific student?
A: No. As a 501(c)3 organization, the Saint Ursula Academy SGO is not able to accept donations for a specific student.
Q: How do I receive the tax credit from the State of Ohio?
A: The credit is claimed on your State of Ohio income tax return when you file it
Q: What is the deadline to make a gift to the Saint Ursula Academy-SGO?
A: Beginning in tax year 2023, the Ohio SGO income tax credit may be claimed for donations made on or before the unextended return due date (April 15, 2024). This same contribution cannot be used to claim the credit in two tax years. Therefore, starting in 2024, you can make two donations before April 15; one for a credit on your 2023 taxes and one for a credit on your 2024 taxes. Consult with your tax advisor to determine which donation should apply to which year.