Supporting our community is a top priority for The Biltmore Bank of Arizona. One way we do so is by contributing to The Jewish Tuition Organization (JTO). Our own Senior Vice President Todd Leveen was recently interviewed by Jewish News about the JTO and Biltmore Bank’s support of the organization. In our efforts to help both local businesses and the wonderful nonprofit organizations in our community, we wanted to provide you with more information about how JTO works and how student tuition organizations benefit kids all over our state.
As a registered student tuition organization, JTO provides need-based financial assistance to students wishing to attend a private Jewish day school.
The program covers all our area’s Jewish schools, including:
- Desert Jewish Academy
- Pardes Jewish Day School
- Phoenix Hebrew Academy
- Shearim Torah High School for Girls
- Torah Day School of Phoenix
- Yeshiva High School of Arizona
Students do not have to be Jewish to attend the day schools, and all children in-need are eligible to receive financial assistance from JTO.
Arizona’s student tuition organizations, including JTO, were established to provide financial assistance to families that wish to send their child or children to private school and to provide tax credits through Arizona’s Private School Tuition Tax Credit Program for individuals and corporations contributing to scholarship funds.
The Arizona Department of Revenue has millions of dollars remaining before it reaches its cap for the 2017 corporate private school tax credit. JTO needs local corporations to help out.
“If you own or work for a company that files taxes as a C-Corp or S-Corp, you can make the difference,” said JTO Executive Director Linda Zell. “We really don’t know how long the money will be available, so there is a sense of urgency,” explained Zell.
The Arizona tax credit is dollar-for-dollar, with no maximum cap, however, S Corps must contribute a minimum of $5,000 to qualify for the credit. JTO makes the donation process as easy as possible, handling most of the administration with the Arizona Department of Revenue for its corporate donors.
“This is a benefit for the company, but it’s also a moral responsibility for any institution, whether it be commercial banking or otherwise, to give back to their community,” Todd said.
More than 90 percent of funds raised by JTO are contributed toward scholarships. “The JTO’s goal is to provide any child who wants to attend a Jewish day school the ability to attend one,” says Linda. “We don’t want to turn away any child, regardless of the family’s ability to pay for a Jewish education.”
To take advantage of the corporate tax credit and help children in the community attend Jewish day schools, contact the JTO office at 480.634.4926.
More information about student tuition organizations and a list of all Arizona private schools registered with the program, visit the State of Arizona’s Department of Revenue website.