Why did we create a new charitable organization? To qualify as an Ohio SGO, St. Xavier High School and the Xavier Jesuit Academy formed " Xavier-SGO" to benefit deserving students and to provide a tax credit to our donors who want to support the mission of both institutions.
What formal relationship (if any) exists between XAVIER-SGO and the affiliated schools? The mission of all three
organizations is the same. XAVIER-SGO was created to secure Scholarship Granting Organization status and will primarily fund tuition scholarships for students with financial need. XAVIER-SGO will not have any employees, as St. Xavier High School staff will perform all administrative duties.
How will contributions to the XAVIER-SGO be distributed? The contributions from donors will be distributed according to the donors designation to either St. Xavier High School, Xavier Jesuit Academy or to the greatest need for tuition assistance at either school. Ohio code requires that more than 50% of donations be used to fund scholarships with priority given to students with financial need.
What is the amount of the tax credit? The Ohio Income tax credit is limited to $750.00 per individual or $1,500 for a married couple filing a joint tax return. Contributions must be made to the XAVIER – SGO to qualify for this credit.
In addition to its Ohio status, Xavier-SGO has also filed federal (IRS) Form 1023 for tax-exempt charitable status under Internal Revenue Code Section 501(c)(3). This status, once granted by the IRS, may allow all donations made to Xavier-SGO, from its September 27, 2022 inception, to qualify as deductible charitable contributions, for individuals who claim itemized deductions on their federal tax returns. Please consult your tax your advisor. The SGO cannot guarantee the specific deductibility of any donation.
To claim the “Ohio Scholarship Donation Credit” on your 2022 Ohio Income Tax Return, your 2022 Xavier-SGO contribution must be made by December 31, 2022. The credit may be claimed annually on your Ohio Income Tax Returns. Therefore, a Xavier-SGO contribution made during calendar 2023, would be claimed for credit on your 2023 Ohio Income Tax Return.
