Giving

Magnificat Scholarship Granting Organization

Magnificat Scholarship Granting Organization
What is a Scholarship Granting Organization? 
A Scholarship Granting Organization (SGO) is a non-profit 501(c)(3) organization that receives contributions from donors and grants educational scholarships to eligible students in the State of Ohio. Donors (Individuals and entities) that contribute to Ohio certified SGOs can receive a tax credit through the Ohio Tax Credit Program. The Ohio Tax Credit Program was enacted in 2021 as part of Ohio House Bill 110.
What is the Magnificat Scholarship Granting Organization?
In November 2022, the Magnificat Scholarship Granting Organization was established. The Magnificat Scholarship Granting Organization (Magnificat SGO) is an opportunity for donors who wish to support tuition assistance for Magnificat students, to take advantage of the Ohio Tax Credit Program. The funds given to the Magnificat SGO will be awarded as scholarships to eligible Magnificat students.  
How does it work? 
The Magnificat SGO was created to allow donors to make donations for students of Magnificat High School while also receiving eligibility for a tax credit. It is a dollar for dollar credit but is limited to  $750 for an individual or $1,500 if married filing jointly or the related State of Ohio tax liability.

Questions? Please see the Frequently Asked Questions section, reach out to your tax advisor, or contact Meg Shrewsbury at mshrewsbury@maghs.org. 

Steps to Take

  1. Estimate your State of Ohio tax liability. (Note: If your State of Ohio tax payment is greater than or equal to your contribution (with a limit of $750 per individual), your contribution ultimately costs you nothing!)
  2. Give online to the Magnificat SGO using the form below or mail a check made payable to Magnificat Scholarship Granting Organization.
  3. Save your receipt and claim your tax credit on your State of Ohio tax return. Your receipt will be mailed to you within a week of your gift.
The Magnificat Scholarship Granting Organization gives you the opportunity to use your State of Ohio tax dollars to directly impact the lives of our students who need tuition assistance to attend Magnificat High School.

This information does not constitute legal or tax advice. Please consult with your tax professional. 

Give to the Magnificat SGO

Overview

Webinar

Frequently Asked Questions

List of 7 frequently asked questions.

  • How will my contribution be used?

    Gifts given to the Magnificat SGO will be used to fund tuition assistance for our current students. Families that are within 300% of the poverty level will be prioritized, but any student needing financial assistance is eligible.

  • What is the scholarship tax-credit program?

    In 2021, the Ohio General Assembly established a program that allows Ohio taxpayers to receive a 100% tax credit against Ohio income tax liability for contributions made to a certified Scholarship Granting Organization. The maximum credit amount is $750, or $1,500 if married and filing jointly.   
    The Ohio Tax Credit Scholarship initiative is subject to the rules and directives of the Ohio Attorney General’s Office and is subject to change.

  • How does a tax deduction differ from a tax credit?

    A tax deduction reduces a taxpayer’s overall taxable income. A tax credit is a dollar for dollar credit against taxes owed to the State of Ohio. Specific tax questions should be directed to your personal tax advisor.

  • Can I designate my contribution to benefit a certain student?

    No. As a 501(c)(3) organization, the Magnificat SGO does not accept contributions designated for specific students.  

    Further, the terms of the Ohio SGO program require that priority for scholarship awards be given to low income students (under 300% of the poverty threshold).

  • How does the tax credit work?

    You will claim this credit when you file your state income tax return. The nonrefundable credit will reduce your state tax liability. If you do not have a state tax liability, you will not receive a tax benefit from your donation. The amount of the tax credit you can claim is equal to 100% of the amount you donate, up to $750 per taxpayer.
    If you and your spouse file jointly, you may claim $1,500 on your joint state income tax return. If filing together and donating over $750, please make two separate donations — one for $750 in one spouse's name and the remainder up to $750 in the other spouse's name.

  • How do I know what my Ohio tax liability is?

    Either consult your tax professional or review your 2022 state return (1040 IT, line 8c) to help estimate your tax liability for 2023.

  • Can my employer match my gift made to the Magnificat SGO?

    Yes! This is an easy way to double the impact of your gift. Contact your employer for information on how to complete this. You will not receive tax credit for the amount of your company’s matching gift.

Other Ways to Give

If you are interested in ways to give to Magnificat High School (versus the Magnificat Scholarship Granting Organization), please click here.
20770 Hilliard Blvd, Rocky River, OH 44116 | Phone: 440.331.1572 | Email: info@maghs.org
Magnificat High School, a girls' Catholic college-preparatory high school, founded and sponsored by the Sisters of the Humility of Mary, educates young women holistically to learn, lead, and serve in the spirit of Mary’s Magnificat.