The Wyoming Valley West Educational Foundation corporate donation opportunities are built on three primary ways to procure large funding sources:
- Straight donations with a tax write-off on funds donated that can be used for educational initiatives.
- Finance industry specific initiatives
- Educational Income Tax Credit (EITC)
The long term goal of the Wyoming Valley West Educational Foundation is to create dynamic partnerships with corporations that tie funding into EITC projects. These partnerships will align with school and state educational goals to push students into higher-level learning and career paths.
The foundation will create a state-approved EITC program to provide innovative learning programs that extend current academic opportunities for students of Wyoming Valley West. Through EITC, corporations do not spend more money. Instead, organizations choose where their state tax dollars are spent. Furthermore, the EITC program provides companies with an alternative to redirect state-income tax liability to an educational foundation instead of allowing the state to direct funds and offers donors a low-risk opportunity for active and passive fund donation.
The Wyoming Valley West Educational Foundation will utilize specific tax-advantaged dynamic partnerships that integrate donations with EITC and core state improvement educational funds. to help increase the amount of funding toward strategic academic projects and activities. Recently, the EITC program helped a local foundation secure $104,500 in 2012 and $78,200 in 2013 for funding of reading intervention programs and auditory improvement activities. This foundation is currently in process of developing a STEM Academy with 2014 funds which have not yet been announced.
The EITC program authorizes tax credits (not deductions) for businesses that make contributions to Educational Improvement Organizations (EIOs) or scholarship organizations. The program is administered by the Pennsylvania Department of Community and Economic Development (DCED). The EITC Program enables companies to support nonprofit schools at minimal cost. Instead of sending tax dollars to Harrisburg, companies can reallocate them to support the Wyoming Valley West School District via the Wyoming Valley West Educational Foundation.
With this said, businesses can significantly reduce their liability for Pennsylvania taxes while they support the Wyoming Valley West Educational Foundation which will directly enhance educational opportunities for children. Additionally, by participating in the EITC program, an organization accrues the public relations benefits that occur whenever a company supports a worthy cause in the area where it does business, thus generating positive Public Relations. By supporting an education organization in which employees have a special interest, an employer can gain the appreciation of the people who make the business work.