SGO is a new thing in Ohio!
Here’s a brief overview of how it works…
If you know you’re going to owe the state of Ohio extra tax money at the end of the year, you can earmark up to $750 of it to go to The New School Scholarship Fund as a tax credit instead – and it costs you nothing!
You just have to use a special website before Dec 31 each year to set it up.
• You can give up to $750 for you and up to $750 for a spouse.
• It’s a 1:1 credit on your tax liability.
Hello TNSM Friends,
An amazing opportunity has presented itself to help grow our scholarship fund with no additional cost to our families!
Ohio tax law now allows taxpayers to make a donation to our scholarship fund and receive a dollar-for-dollar state tax credit up to $750 annually. This means if your Ohio tax liability is equal or greater than your donation, up to $750, your donation ultimately costs you nothing.
For donations to qualify for the state tax credit, donations must be made through our Scholarship Granting Organization (SGO) website link. This is operated through the Ohio Association of Independent Schools.
- Click HERE to give with no extra cost to your family.
- Here is a LINK to the Ohio Revised Code that explains the SGO.
- On the donation site, your donation can be made by credit card or check. If donating by check, enter your donation using the donation site and the prompts will tell you where to send your check.
- The tax credit is considered non-refundable which means your tax credit cannot be greater than your total tax liability.
- Donations through the site linked above are automatically earmarked for The New School Montessori.
- Donations made by December 31 count for that tax year’s return. Donations can be made annually.
- Married couples filing jointly are each eligible to make this donation for a tax credit of up to $1500.
- Grandparents, alumni, alumni parents, friends—ANYONE can make these donations providing they are Ohio taxpayers.
- Consult with your tax advisor to determine (1) your eligibility for the tax credit, (2) its value to you, and (3) the details of your gift.
It is important to note that although this is an AMAZING opportunity to grow our scholarship fund with no extra cost to families, it should not be looked at as a substitute for our Annual Giving campaign. The New School Montessori still relies on the funds raised through annual giving to be used for operating costs outside of scholarship grants.
Donations given to the SGO will be distributed to New School Montessori students on an annual basis.
TNSM will make scholarship determinations based on the following requirements and criteria:
- The student is a resident of the state of Ohio.
- The student has been enrolled, is currently enrolled, or has been accepted for enrollment as a full-time student.
- The student is enrolled in grades K-6.
- The family of the student demonstrates financial need.
The State of Ohio requires Scholarship Granting Organizations to prioritize low-income families in scholarship awarding. Priority will be given to households at or below 300% of the federal poverty level guidelines. FACTS Grant and Aid Management will be utilized by the school when making awarding determinations.
Click HERE to give with no extra cost to your family.
Head of School
The New School Montessori