The Green Dragon Foundation has recently received its first donation through the PA EITC (Educational Improvement Tax Credit) program for the 2010-2011 Pennsylvania tax year.
The Pa. Educational Improvement Tax Credit (EITC) Program is administered by the Department of Community & Economic Development (DCED) under Act 48. Established in 2001, the Program awards tax credits to businesses that make contributions to educational improvement organizations that are on a list approved and published by (DCED). The Green Dragon Foundation is an approved educational improvement organization.
A gift to the Green Dragon Foundation can provide companies with a substantial tax credit through the PA Education Improvement Tax Credit Program. Contributions can impact the quality of our schools and ensure that Lewisburg and its surrounding area remain a premiere community in Pennsylvania.
Qualifying businesses complete a one-page application and submit it to the Department of Community & Economic Development (DCED) on July 1 of each year. Applications forms are available online at www.newpa.com. Businesses decide if they’d like to participate for one or two years. The tax credit is a 75% credit (against taxes owed). However, if a company provides a written two-year commitment of equal funding, the credit becomes 90%.
In September, companies were notified whether they were approved, put on a waiting list or denied. In 2009, one local business, the Lawton Insurance Agency applied for a two-year commitment to the program. The Lawton Agency was approved and recently made its second donation, year two of its commitment. Businesses love this program because instead of sending their state taxes to Harrisburg, they can direct 75-90% of their state corporate taxes to the Lewisburg Area School District.
This year, several businesses applied for a two year commitment. Because of the overwhelming success of the program, the state must limit the credits. Many businesses were put on a waiting list. The Green Dragon Foundation knows that it will receive more than $20,000 through the program this year, but is waiting to hear about those businesses that are on the waiting list. If those on the waiting list are approved, it could mean an additional $15,000 for students in our district.
The Green Dragon Foundation has three innovative programs that qualify for funding through the EITC program. They are; On-Line Courses for Advanced Learning at Lewisburg Area High School, Advanced Reading with Electronic Readers at Kelly Elementary School, and the Donald H. Eichhorn Middle School Television Studio. In January of this year, the Foundation distributed $40,000 to LASD of which $8,640 was given through the EITC program. According to Dr. Mark DiRocco, “The district has already purchased laptop computers and began implementing the first phase of On-Line Courses for Advanced Learning at the Lewisburg Area High School. With EITC donations through the Green Dragon Foundation, we hope to complete the On-Line Courses for Advanced Learning program and begin the others. The Foundation is helping the district provide additional opportunities for our students.”
As part of the Green Dragon Foundation fundraising plan, we count on EITC contributions to fund innovative programs at the district. Businesses are encouraged to see if they are eligible to participate and contact the Green Dragon Foundation at (570) 522-8433 for more information.
The Green Dragon Foundation is leading the effort to help make our schools the best they can be. LASD parents and alumni, as well as local businesses, share a common interest in a strong school system. By making a difference for all LASD students, we’re investing in the future of our whole community.