KeyBank has announced it has awarded Philadelphia and Eastern PA educational organizations with funding in 2024 through tax credit programs.

This funding comes from Pennsylvania’s Educational Improvement Tax Credit (EITC) program totaling $527,222, KeyBank says.

Officials say additional tax credit funding has been awarded through the state’s Opportunity Scholarship Tax Credit (OSTC) program and Neighborhood Assistance Program (NAP) for a total contribution of $1,193,889.

Under the EITC program, Pennsylvania allows individuals and businesses to obtain a state tax credit equal to 90% of their Pennsylvania state tax liability for eligible contributions, according to KeyBank.

Officials say these contributions must be made either to schools that provide tuition assistance to students from low-income households or to approved Educational Improvement Organizations.

“KeyBank’s continued support through Pennsylvania’s EITC program reflects our deep commitment to fostering educational access and opportunity to all students in our community,” said Youseff Tannous, KeyBank’s Eastern Pennsylvania Market President.

“We recognize the significant impact of the EITC program and the vital role it plays in enabling us to contribute meaningfully to those organizations that are shaping and educating the leaders of tomorrow. Through our investments, we are helping to provide students with access to innovative learning experiences that inspire growth, development, and a brighter future for our communities.”

The EITC program funding from Key ranges from $20,000 to $50,000. 

The funding has been made to the following organizations, including many in our region:

  • Children’s Scholarship Fund of Philadelphia
  • Cristo Rey Philadelphia High School
  • Devon Preparatory School
  • Foundation for Catholic Education
  • Gladwyne Montessori School
  • Joey F. Casey Memorial Foundation
  • Montgomery School
  • Pen Ryn School
  • Philadelphia School of Democracy, Inc.
  • The Church Farm School
  • The Hillside School
  • The Swain School, Inc.
  • Upland Country Day School
  • Wyndcroft School
  • KenCrest Services
  • YMCA of Bucks County
  • Wonderspring

KeyBank says it granted an additional $416,667 through the OSTC program, providing scholarships for tuition assistance to eligible students to attend a public or nonpublic school outside of their district.