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CPSF EITC Webinar 4-28-2022

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Learn how individuals can redirect PA state taxes to held fund scholarships at Hill Top Preparatory School.

Show Transcript

okay alright so thank you everyone for coming thank you Pamela and our guests as well we're here for what we intend to be a 30-minute webinar in the process all of the attendees will be muted and invisible on the screen but if you have a question there is a q and a feature that should be on the bottom of your zoom and you can just type it in there and we will be sure to answer it before we finish today so today we have our Headmaster Tom Needham and we have Tammy Clark who is representing the central Pennsylvania scholarship fund Tammy is in a power outage and so I'm her scream may go dark every return I'll bet that she is here and will be running through the presentation and so really that should be your visual because all the information will be on there and then you listen to Tammy and ask her we also have two parents here today like Gavin and Fred Schultz who started participating probably 2 years ago in the program and they're here just talk a little bit about their experience and answer any questions that anyone might have and so keep this moving I will introduce Tom to talk about why this program is so important here at Hilltop thanks Michelle and thanks to the folks who are taking time out of their lunch. 2 to listen and and learn a little bit more about this important scholarship program and also to our two dads we're going to be sharing a little bit about their experience my only peace gear is just to reiterate how important it really is that we continue to grow our scholarship funds to support families and the students that they sent Hilltop who could not come otherwise these monies make the difference with the tuitions that we have to charge here to have these additional fun make it really really possible for so many great kid to come someday I hope that one of these seminars has enough time so we could actually tell share some stories some real success story but for this meeting we need to be as such as short as possible so again thank you for your time thank you for to learning more about how to support our scholarship development and growth and I'll turn it over to Tammy Tammy is somebody we met a number of years ago and we found it a great sense of humor and her incredible patient and her ability to hold your hand through the entire process makes this whole thing run very smoothly so I will turn it over to Tammy and thanks again have a good one bye bye thank you so much I appreciate you guys are allowing me to be kind of in the dark I probably look like I'm camping or something right now but I didn't want to miss the opportunity to come and eitc program through my organization which is specifically the special purpose entity program which allows individuals to turn their tax dollars into scholarships for Hilltop I actually had the great Fortune of being able to visit the school I'm which is kind of rare for me I don't normally get the opportunity to get out of the office the whole lot so is lovely the lovely School why I appreciate y'all taking the time to introduce me to your school and do that so it's put a little bit more of a personal stamp on it for me which is kind of cool so Michelle is in charge the slideshow for me and if I do happen to go dark or chaos ensues when the power comes back on I do apologize for that but we will get you the meat and potatoes out of this program here so if you live or work and or work really in the state of Pennsylvania if you work for a for-profit company or you own a for-profit company then you qualify for this program if you work for a knock what organization like myself or your retiree who just happens to have been cited as a tax liability then there is a way for us to do this as well which is to own one share of stock in any business that operates in Pennsylvania so that being said any business that operates in the state of Pennsylvania so it doesn't have to be housed in the state of Pennsylvania just operates so that could be a Starbucks stock wash me personally I have stock in AMC the movie because I like movies so it just made more sense for me to buy that stuff and that way it takes and if you do that then you take your dollars that I normally send to Harrisburg and a hundred percent donation goes to Hilltop Court scholarship dollars so 90% is what you earn as a donor so ninety percent of your donation goes to your dose of the to you back to you so you donate $10,000 and $1,000 goes to Hilltop you'll get an ID credit on your state taxes for that so $9,000 is your state tax credit thousand dollars will be deducted on your federal taxes and $10,000 goes to Hilltop that's easiest Mass sorry I usually have a slide up behind Michelle so I can see what's coming next. I don't have any power so I can see this is probably the most true statement that I've ever heard is people telling me it seems too good to be true, I probably would no longer have to work if I had a quarter for every single time somebody said that to me but it is very true I have this Pentacle be my third year so I've been around for a bit you have some donors that have been with me as well so they can attest to this I have had donors that have been with me since I came into the program in 2016 I'm so definitely works we won't be able to maintain that so let's tell you how to do this credible program do as we say it if you received the 90% tax credit on your state taxes 10% as a charitable donation if you itemize if you take the standard deduction obviously that's not going to make their friends but if you do I de mais the 10% cream used be used as a charitable donation deductions we have things a special purpose entity is s e e s they're simply llc's the our partnership and you become a partner and that LLC and that's how you can make your donation through this pastor at St to Hilltop wraps and then when you do your taxes by we did really well this year we do well every single year I think we get earlier and earlier this year every single piece of paper was out the door by February 11th we try to get the key ones done as quickly as possible and to you so that you can file your as soon as you possibly can I'm the K1 packets are your federal K1 which shows your entire donation plus it shows right on there you're 10% you can use as a charitable donation deductions and I ignore 90% debt can go to the state you're rk-1 which is your steak he wants so it's your 90% And then there's some that second packet that is more for your records only at is there 11:23 packet at 11:23 packet is what we sent to the state on your behalf in order to trance credits from the special representative a little bit about CPS Ferra 1 c 3 nonprofit organization we have been in existence students since 2011 we assist schools pre-k through 12th grade all over the state I think my last channel was like more than a hundred for more than 430 schools across the state and we only work for you April 12th graded so we don't work with any secondary education at all and what else do you have on there oh yeah and we do all of the commune patient between the schools and the donor's usually communicate with us and of school and then we communicate with the North End so we take care of all of that we also file as I said there's 11:23 is for you we do go how did it every single year to make sure that we are providing a great servant but we're also an extraordinarily small organization there is two full-time employees myself and Kimberly one who is my Russian lady and I couldn't do without her and we have several part-time employees including High School intern how you do this is we have to have as a donor a $3,500 minimum liability in order to do this so that roughly translates to right around 115 it's a little under but I'm right around $115,000 in state tax one that can be individual or as a couple they have to own a business for business or own stock in any business that operates in the state of Pennsylvania if they work for a nonprofit and this once again is 90% is what the credit is that you receive for that the for-profit companies anything that is a S Corp partnership LLC all of those will go through as excuse me your individual taxes and will go under your social security number not an EIN I'm simply because of the pass-through entity and then for the individuals that owns we can use that as your EIN simply because you do have a liability through your EIN number the EIN numbers for LLCs Partnerships and such all of that it's just an it's just a number it doesn't hold any liability so those even though you going to have a for-profit you still have to file that under you softer apply under your social security number for that and the letter willing that we have I believe that was like 2018 now. It is based on saying that the nonprofit employees can participate in this program eligibility for businesses these really only I'm not going to go through all of these crime you can read them the Secor is really what these amount to the malt beverage tax things like that they're not going to be able to pull for NES corpse or general Partnerships or LLC if you do plan on sitting in this program my suggestion always as to talk to your tax professional if you have an accountant talk to them first of all they're they're going to tell you if they're eligible and then second of all they're going to help you out what you would like to stay at what level you like this made up first step is pretty pretty simple we do all of the applications if anybody is familiar with the standard business products this is the business has to apply to the state they wait for their letters if they could get it if they do not get it we are the same way we applied directly to the state we applied to four or three different types of credits b i t c h c c m c k obviously the truth that matter to you guys already it cost Costco don't use our tax credits for us wouldn't that their home school is an underprivileged School although performing school so those are the two that apply to head up there and then we get approval for the state we get what I call a workout on that shows exactly how much we have been approved for through the SPs every single year we are approved to the prior-year just so if we were approved for $500,000 to the year prior automatically approved for $500,000 as long as we do our applications write the current year and then we can apply for increases every 3 so we have to complete our first and second your commitment and then in our third year commitment we can apply for an increase which is what we do I still want those at once those are approved might donors that have sent in they're going to agreements or my current donors they receive letters from me whether it's via email or via USPS they receive letters for me asking for their dollars I have to have everything in within 60 days my donors tend to get anywhere between 30 and 45 days I'm normally closer to 32 get their checks to me kiss me a two-week window normally encased owners do not follow through or people had to lower their amount so that I can make sure that my stuff is completely approved I'm you're going to send me York Capital contribution and it has to be a Genovia Shell stock or anything like that it absolutely has to be a personal contribution and has to be through your personal bank account where your business bank account I could be through your business as well it just can't these socks or anything like that we will acknowledge that you sent her contribution to us via email and then what we do want thing is completely closed out whether it's in Spring around and around we let Hilltop now that they have scholarship dollars for one us and he'll Pop Let's have another Starship recipients we send a contribution to them and like I said a hundred percent of your contribution goes to Hilltop it does not we do not take any kind of fee whatsoever for that and the following year fuel receipt packet that I stated before the K-1 which is your 2K 18 cases down as the packet that you're going to want to handwrite your accountant if you have one that's what's going to help them put their your tax credit on your tax return add on the 11th 23 packet is what we do in order to transfer the credits from us to you so here is similar to the example that I gave you earlier you determine your tax liability is $5,000 you're going to make your cash contribution of $5,000 going to receive paperwork from us your K1 showing your $4,500 tax credit you're going to get a beer to use the other $500 as a charitable donation deductions which was your average about $185 for that deduction so your out-of-pocket cost for a $5,000 donation is 350 dollars sorry about that we got to that Sly pretty quickly so that is a a lot of information in a really short amount of time, but that's pretty much it in a nutshell but because there's a lot of numbers floating around and forms and processes that we go through and it is kind of good to be true sounding we have two parents here Michael Gavin and Fred Schultz who attended one of these webinars two years ago and decided to bite the bullet and participate in the program and I had a good experience and are here to talk a little bit about their experience and so I'm I'm going to throw it over to you guys will go to Mike first and then Fred just because that's how you guys are at 1 ice cream and if you guys just want to share your experiences and I will look at the Q and A in the meantime and then once you're finished I will ask whatever questions are a participant's night house so Mike do you need me to unmute the area can you hear me on my calves and my son Gabriel is the Junior thrilled with his power and development at Hilltop 4 in Kearney rides home as we hear his perspective of how did they win or there's a that haven't heard from her the Headmaster yet I think he said if he'll agree to believe 25% of what our children say about him if we believe half of what they say about them so seems like a really good deal on our end I didn't attend the webinar two years ago and I figured was a good way to maximize my investment I have two other children and this year is my high water mark where I will have to in college and then gave it at Hilton so the tuition bills are our attention getting this seemed like an opportunity to maximize what I was able to contribute to Hilltop in the context of what my other obligations were we did make the self employed at the time I started it was a a multi-member LLC now sole member LLC located in Pennsylvania so I met the criteria as employed in Pennsylvania I had my accountant prepare my taxes for me it was the first time he had done in the ICC return and it did not impact the preparation of my return worth the cost Brown related to that at all he said was easy enough to bother you charge me if they had been provided along with the returns in the packet that we got from Tammy so it's fairly straightforward on on his end famous am I in which was more important today I'm so against from my perspective it was an easy way to maximize the potential gift I can make it home. And try and support their efforts on behalf of gazing and your your child as well and I participated sense then again she listen to get a hold of I think she only failed me once I like a Saturday you should get back to me I think you're after close of business on a Friday didn't get back to me until Sunday she said something about Pittsburgh so that's another negative so we had a delay over weekend and the Pittsburgh fan other than that nothing but great things to say I'll go next time Fred and Noah's dad and Mikey said it all really well I don't have a lot to add but for those that are going through this presentation for the first time Tammy threw a bunch of technical cpars language you don't need to know any of that if she she sends you a nice letter like this I think it's in the screen here in the summer confirming the amount that you plan to do now and then in the fall Sunday letter hey it's time to write the check and then she send you the form that you give to your account and you're an idiot proof that's the beauty of it speaking as an idiot I appreciate the program Tammy does all the work and she's actually never never delayed on a response to me so my cat might just be you I don't know if I could be to be that angle but she's answered all my questions and you once you're in the program then it's even easier I don't know I just really I can't say enough I'm going to an optimist by nature but acidic by training know with work and all that slide it's too good to be true this can't be right but it is so I don't know what to tell you you just have to make that leap of faith and jump in Uno if any program where you can customize your donation as much as this you do the the the ten thousand examples easier right the school gets all that money you get 9000 back in 1000 is your donation that you maybe would have made anyway so you know the way I look it is whatever you were going to donate this do this program because it's a it's a multiple of 10 x you know it's just it's crazy I don't know how this program was first but please take advantage of it it's easy peasy lemon squeezy I don't know if that's all you have to do is just trust a me to get you the forms and you're good you're in good hands so it sits it is that simple throw away all the time those are complicated give you headaches etcetera and so take care of you you're the promised land and you know and of course I can't say enough about Hilltop time we're going to miss you it's a fantastic institution so I also don't know what better way to spend money so I'll leave it at that thank you guys so much thank you for taking your lunch break today so I'm excited because this year I get to give a testimonial as well since I convinced Tammy to let me participate in the program of this year and I common theme besides it being so simple is that you're able to give more than you would have been able to give without this program and for me that that really was big deal because I was able to make a gift to Hilltop and to my own kids school in a mount that was way more than I ever thought that I could give it this point in time and so for me it was it's well worth even just investigate just to see if you're eligible ask a question you can ask me as Tammy said please check with your accountant because they'll be the people who really know the numbers and take the time to look into it they're a lot of pee I'm here to help you I'm sure our parents that are here would be willing to talk to anybody as well and so I don't see any questions in the queue and I but our contacts information is all here it's also on the hill top Preparatory site there is a section called support Hilltop and in that drop down you will find a section that's labeled eitc this recording will be on there once I figure out how to put it on there and there's also all of this contact information their flyers on their examples of how you can participate again like I said we are all here to to help thank you Tammy thank you Tom Mike and Fred and hopefully I will see you guys here at some of the events that we're going to that are saying farewell to Tom and also welcoming our new head of school will start in July so I'm there no questions to thank you everybody I'm going to Tammy do you have anything else that you'd like to say you just something that I didn't say and I mainly because I felt like I was not exactly sure with the power thing the joinder is the easiest piece of paper you will ever fill out and that is your agreement to purchase paid in this program it is 1 pH it is very very simple to complete it is your name your address the date your social security number and Hip Hop rap what you need to fill I'm it's very very very very simple Michelle has that it is it is something that will continue unless you make changes every single year the one thing the Fred did touch launch I will contact you every single year until you told me not to go this program online you'll see that is a two-year commitment but it's not my hand it is a lifetime commitment with me once you're with me you're with me until you tell me to leave you alone so just be fully prepared for that when you sign a joinder thank you again Tom do you want to say anything or you did your dad awesome thank you and the show the webinar the show and thank you so much and hopefully will see everybody soon thanks for everybody's support and have an awesome day daycare

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CPSF EITC Webinar 4-28-2022

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