Scholarships for Oklahoma Students
The Crossover Scholarship Fund is a Scholarship Granting Organization that provides scholarships to 7th-12th grade students to attend Crossover Preparatory Academy. Once a student has received a scholarship, that student and his or her siblings remain eligible until high school graduation or age 21.
1) A student must be a legal resident of the United States, live in Oklahoma, and have been accepted by an accredited Oklahoma private school for the 2017-18 school year.
2) A student must meet ONE of the following three criteria: Live in a family within the Adjusted Gross Income guidelines; OR attend or live in the attendance zone of a public school designated as “in need of improvement” by the State Board of Education; OR attended an Oklahoma public school with an individualized education program (IEP).
Benefits for Oklahoma Donors
In 2011, the Oklahoma legislature authorized generous tax credits for donors to Scholarship Granting Organizations (SGOs) like Crossover Scholarship Fund. These SGOs are not-for-profit entities that must expend at least 90% of their revenues on private school scholarships.
All donors are eligible for Oklahoma tax credits of 50% of the annual donation amount.
Effective January 1, 2016, donors who pledge in writing to give the same amount over two years will receive a 75% tax credit for both years. All donations receive a written receipt letter.
Regardless of donation amount or tax credit percentage, annual Oklahoma tax credits may not exceed $1,000 for individuals; $2,000 for families filing jointly; and $100,000 for eligible business entities. “Pass-through” business entities (partnerships, subchapter S corporations and limited liability companies that flows the business financial activity to the owners’ individual tax returns) are not subject to the tax credit limitations of $1,000/$2,000 for individual and married filing jointly returns.