Opportunity Fund a blessing to families

As classes get underway in the Archdiocese of Oklahoma City, schools are teeming with students benefiting from the Catholic Schools Opportunity Fund.

More than 500 students at the 18 archdiocesan schools are receiving tuition assistance from CSOF this school year. That represents about 10 percent of total enrollment.

Scholarships for the 2024-25 school year are being funded by $1.77 million donated to CSOF during 2023. The gifts came from 434 individuals and 31 businesses.

The Catholic Schools Opportunity Fund helps students whose families otherwise might not be able to afford a Catholic school education. Of this year’s CSOF recipients, more than 80 percent will qualify for free and reduced-price meals. The program is truly a blessing for families.

CSOF also provides a tremendous benefit to donors.

With a two-year pledge to the program, donors receive a 75% Oklahoma state income tax credit each year. The maximum credit is $2,000 per year for couples and $1,000 for individuals.

For example: a couple gives $2,667 this year and $2,667 in 2025. In return, they receive a $2,000 state tax credit each year ($2,000 is 75% of $2,667). Their out-of-pocket cost is $667 but they’re making a much larger impact on the program. In addition, the $667 difference can be applied to their federal tax return each year if they itemize.

CSOF’s benefits are especially powerful for businesses such as LLCs, C-corps and general partnerships. They can customize their gift amount based on tax liability, thus wiping out any state taxes they would have otherwise paid.

If the business is a pass-through entity, then the tax credit on the gift can pass through to the owner’s personal tax liability.

It’s important to note that this program provides donors with a tax credit. Unlike a tax deduction, which reduces taxable income, a tax credit is a dollar-for-dollar reduction in the amount of taxes paid.

Simply put, this program lets donors redirect their state tax dollars – taxes they are obliged to pay anyway – to help children receive a Catholic school education.

I hope you will consider giving to CSOF this year. Visit www.csofok.org or contact me at (405) 709-2700 or [email protected].

Owen Canfield is director of the Catholic Schools Opportunity Fund.