FAQs
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What is the Catholic Schools Opportunity Fund?
The Catholic Schools Opportunity Fund operates under the Catholic Church umbrella as a scholarship-granting organization to help families who might otherwise not be able to afford tuition in Catholic schools in the Archdiocese of Oklahoma City. An Oklahoma state income tax credit is given based on individual tax-filing status.
Which schools may participate?
All accredited Catholic schools in the Archdiocese of Oklahoma City may participate in the Catholic Schools Opportunity Fund.
Does a student need to be Catholic to be eligible?
Students do not have to be Catholic to receive this assistance; however, they do need to be accepted into an accredited Catholic school within the Archdiocese of Oklahoma City.
What are the student eligibility requirements?
Students must be admitted to an accredited Catholic school in the Archdiocese of Oklahoma City and must be in the United States legally.
Family Income Limits
To qualify for assistance through the Catholic Schools Opportunity Fund, a family’s 2023 IRS Form 1040 must report adjusted gross income below these levels:
Family of:
2 -- $113,442
3 -- $143,301
4 – $173,160
5 -- $203,019
6 -- $232,878
* Each additional person, add $29,859How are the scholarship recipients determined?
Students apply to their local Catholic school. The principal nominates students for consideration to the CSOF board, which will select students for the scholarship.
How will scholarships be announced and paid?
The principal of each local Catholic school is the point of contact for all financial aid, including the Catholic Schools Opportunity Fund.
How are low-income students defined?
Low-income students are defined as families whose most recent IRS Form 1040 reports adjusted gross income below 185% of Federal Poverty Level (FPL).
Family of
2 - $37,814
3 - $47,767
4 - $57,720
5 - $67,673
6 - $77,726
Each additional person, add $9,953.How is eligibility renewed?
Once eligibility has been established, you are considered eligible every year going forward until graduation.
Does the Catholic Schools Opportunity Fund take away from public or state funding?
No. An independent study by economists from Oklahoma City University showed that, based on the Oklahoma’s per-pupil spending, for every $1 donated to a private institution, the public school saves $1.39 per student.
Can my gift be designated to a specific student?
No.
How much of my gift pays administrative costs?
State legislation allows up to 10% of collected funds to be used for administrative costs.
Tax Credit Definitions and Limits
What is a tax credit versus a tax deduction?
A tax credit reduces the amount of taxes paid dollar-for-dollar. A tax deduction is a reduction of income.
What is a qualified business entity?
The law states that a “qualified business entity” includes limited and general partnerships, corporations, subchapter S corporations and limited liability companies that files as a partnership, corporation, subchapter S corporation or sole proprietorship.
The law does not address “sole proprietorships” or any other form of business structure, including trusts. If a donor believes that their business should be treated as a “qualified business entity,” each taxpayer must seek a separate private letter ruling from the Oklahoma Tax Commission.
Requests for letter rulings: Requests by individuals or groups of taxpayers for letter rulings will be honored by the Tax Commission, at its discretion, and in consideration of the time and resources available to respond to such requests. Requests for letter rulings should be made to the Tax Policy and Research Division, Oklahoma Tax Commission, 2501 N. Lincoln, Oklahoma City, OK 73194.
Who is eligible to receive a tax credit?
Any individual, couple/family, or qualified business entity filing taxes in the state of Oklahoma is eligible to receive a tax credit.
How much of a tax credit will I receive?
The maximum annual tax credits allowable are $1,000 for individual filers, $2,000 for couples filing jointly and $100,000 for qualified business entities.
Why is the Catholic Schools Opportunity Fund such a great deal for businesses?
Gifts to the program help children attend Catholic schools in the Archdiocese of Oklahoma City. And, the income tax credits and charitable contribution deductions allow businesses to earn back almost all of their donation. If the business is a "pass through," the credits and deductions flow through to the owner's personal tax returns.
What is the deadline to contribute and receive a tax credit?
You must give in the same year you are filing taxes to receive the tax credit. For example, to receive a tax credit for 2024, gifts must be processed by December 31, 2024.
MAKING A GIFT
How do I give?
Gifts may be made through the Catholic Schools Opportunity Fund website under the “GIVE” tab, or you may mail a gift to: Catholic Schools Opportunity Fund, PO Box 32180, Oklahoma City, OK 73123.
Can I give online?
Yes. Please refer to the “Give” option to give online.
Can I choose which Catholic school I want my gift to benefit?
Yes. After administrative costs, you may designate one school to receive 75% of your gift. The remaining 25% will assist families in financially struggling communities.
Can I choose multiple Catholic schools to receive my gift?
No. Each gift can be designated to one school or you may choose to give an undesignated gift supporting the schools with greatest financial need.
How does the undesignated money get distributed?
Undesignated funds go toward the schools most in need. The Catholic schools in the Archdiocese of Oklahoma City are divided into three tiers based on their needs. Those schools in the first tier receive the most funds from undesignated gifts, those in the second tier receive less, and those in the third tier receive no undesignated funds.
How much do I need to contribute to receive a tax credit?
Benefactors are asked to contribute a minimum of $1,000 annually; however, gifts of any size will be accepted.
Is there a maximum tax credit amount?
Yes. For individual filers, the maximum tax credit is $1,000, for couples filing jointly, it is $2,000, and for qualified business entities, the maximum tax credit is $100,000.
Do I have to give 2 consecutive years to receive the maximum tax credit?
Yes. To receive the 75% tax credit, the gift must be received in two consecutive years.
Will I be reminded of my yearly pledge?
Yes.
Will my information (name) be shared with the school or student that receives it?
Yes. Unless designated gift as anonymous, designated schools will receive your contact details, so they may acknowledge your gifts.
What happens if the total Oklahoma state tax credit allocation is exceeded?
If total gifts to Oklahoma scholarship granting organizations result in tax credits exceeding $50 million in any year, the actual tax credit percentage will be prorated proportionally, with the unused, “suspended” credits available to the donor in the next immediate tax year.