The Ohio Association of Independent Schools Scholarship Granting Organization - Aspire Scholarship
Beginning in tax year 2021, individual taxpayers and pass-through entities can now claim a credit for monetary donations made to an eligible scholarship granting organization (SGO). The credit equals the lesser of $750 or the total amount donated to SGOs during the tax year.
In response to this news the Ohio Association of Independent Schools applied to the Internal Revenue Service in early 2022 for 501(c)(3) approval of The Ohio Association of Independent Schools Scholarship Granting Organization (OAIS SGO). OAIS created this non-profit entity after the creation of the scholarship-granting organization tax credit in House Bill 110 (2021).
As a member of the OAIS, Lake Ridge Academy has the unique opportunity to participate in this SGO tax credit. By doing so we have created the Aspire Scholarship; a newly created scholarship that affords deserving students of financial need the opportunity to receive an LRA education. Donations designated to Lake Ridge Academy, made through the Ohio Association of Independent Schools Scholarship Granting Organization (OAIS SGO), will be directed toward The Aspire Scholarship.
Those who donate to OAIS SGO can receive a nonrefundable tax credit of up to $750 on their Ohio income tax returns. Each spouse in a married couple filing jointly return may claim the tax credit up to $750 each so long as both spouses make separate contributions to a qualified organization or organizations. Should a taxpayer donate more than the taxpayer’s income tax liability, the credit will reduce the taxpayer’s liability to zero (it will not create a refund).
This gift will reduce your Ohio tax liability up to $750.00 for this calendar year.
For your donation to qualify for the state tax credit, your gift must be made through the Ohio Association of Independent Schools (OAIS) Scholarship Granting Organization (SGO) website. The donation site can be accessed here.
Who can donate?
Parents, grandparents, alumni, friends - ANYONE living in the state of Ohio can make an OAIS SGO donation, so long as they are an Ohio taxpayer with a state tax liability.
If you have any questions please contact: