Ohio taxpayers have a new opportunity to support the students of Bridgeway Academy! In 2023, Bridgeway Academy became a member of an organization called Every Child Every Family – which is a special type of nonprofit called a Scholarship Granting Organization (SGO).
Since 2021, contributions to SGOs can receive a dollar-for-dollar state tax credit according to the Ohio Revised Code, That means the state of Ohio will actually give you money back in the amount you contribute to the SGO after you complete your taxes! This is a true tax credit, NOT a deduction, so you do not have to be itemizing your taxes to benefit from this credit.
The dollar limit for the tax credit is $750 if filing as an individual, or $1,500 if filing jointly. Contributions of any size to our SGO will make a big difference.
In order to receive the dollar-for-dollar credit, contributions must be processed through our SGO, Every Child Every Family. You can designate your dollars to be distributed to Bridgeway Academy by selecting us from the drop-down menu.
If you’ve ever wished you could do more for Bridgeway, this is a great opportunity to make a big difference for our kids at no additional cost to you.
All funds will directly support scholarships for our students in need. The more dollars we can raise in total through the SGO, the bigger pool we will have to distribute to families based on their financial need.
The deadline to give to the SGO and receive the credit on your 2024 taxes is April 15, 2025.
CONTRIBUTE TO THE SGO
Please note, you may receive a letter like this from the Ohio Department of Taxation due to a clerical error on the part of the Department. If you receive this letter, please resubmit to tax.ohio.gov/myportal.
Please share with your family, friends and anyone you know who may be working in tax preparation this season. We have also prepared a YouTube video that outlines a little bit more about the SGO, please watch and feel free to share!
We are pleased to partner with tax professional Mike Farris, who has generously offered to answer any additional questions you may have about the tax credit. You can reach out to him at 614-314-2262 or at mikef@accountingsolutionsgrp.com.
If you’re unsure how much you should donate based on your Ohio tax liability, you can reference this chart. You can learn more about your income-based Ohio Tax Liability HERE.
If you have any questions, please reach out to Alex Randolph, Development Manager, at arandolph@bridgewayohio.org or you may view a list of FAQ’s from Every Child Every Family HERE.
