The following is a breakdown of actual donation received and scholarships paid since our inception. Approximately 90% of our donations are received in the final 4-6 weeks of each calendar year. The seasonal nature of donation receipts does not permit the distribution of scholarship funds in the same calendar year as they are received. The vast majority of the prior year’s tax credit donations and interest earned on those donations are distributed in the following calendar year. Therefore when considering the 90% rule, it is best to base the percentage on prior year’s donations and/or a cumulative percentage for all years. These assumptions are reflected in the following table:
Tax Credit Donations Received and
Scholarships Awarded from 1999-2009
| Year | Total Donations | Scholarships Paid | Based on Prior Year | Cumulative |
|---|---|---|---|---|
| 2010 | Not Yet Known | $1,355,000 paid/allocated | 91.9% | 91% |
| 2009 | $1,473,019 | $1,157,243 | 90.9% | 90.8% |
| 2008 | $1,272,938 | $776,281 | 90.3% | 90.7% |
| 2007 | $859,455 | $531,059 | 92.2% | 90.9% |
| 2006 | $576,119 | $436,853 | 92.1% | 90.7% |
| 2005 | $474,541 | $342,558 | 90.5% | 90.3% |
| 2004 | $378,505 | $440,838 | 107.6% | 90.3% |
| 2003 | $409,815 | $353,408 | 89.5% | 84.6% |
| 2002 | $394,677 | $260,269 | 70.4% | 82.3% |
| 2001 | $369,695 | $285,966 | 101.2% | 91.5% |
| 2000 | $282,665 | $151,135 | 77.5% | 77.5% |
| 1999 | $194,930 | $0 | N/A | N/A |
| Total | $6,686,360 | $6,090,610 | N/A | 91% |
Click here to read our response to the Legislative Tax Credit Review Committee.