Opportunity Scholarship Fund

Scholarships for Oklahoma Students

The Opportunity Scholarship Fund is a scholarship-granting organization providing life-changing opportunities to those who would not normally receive a pathway to specialized education. OSF offers scholarship help to students in grades K-12, with an emphasis on lower-income Oklahoma families. Students and families have more affordable education options with accredited private schools through our scholarships. Participating donors are eligible for Oklahoma tax credits and charitable contribution deductions when taxpayers itemize their deductions.

Oklahoma is one of 18 states with a tax-credit scholarship program. Under Oklahoma’s program, a tax credit of 50 percent is offered for donations to a scholarship-granting organization, or SGO, and a 75 percent tax credit for equal amounts pledged for two consecutive years. Income tax credits are capped at $100,000 for qualified business entities, $2,000 for taxpayers filing a joint tax return, and $1,000 for individual tax filers.

To give to the scholarship fund or to learn more, please visit https://osfkids.org/donate/.

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Incredible Tax Benefits for Donors

Any individual, family, or business entity paying taxes in Oklahoma is eligible to contribute to the Opportunity Scholarship Fund and receive tax credits. All donors making a single-year donation are eligible for Oklahoma income tax credits of 50% of the allowable donation amount. The amount of tax credits may not exceed $1,000 for individual filers, $2,000 for those filing jointly, and $100,000 for qualified business entities.

Donors who pledge in writing (see donor forms on the Donor page) to give the same amount over TWO consecutive years will receive a 75% tax credit for BOTH years. The annual tax credit limitations apply.

All donors (individuals, families, and businesses) should always consult their tax preparer for their specific situation.

Should statewide contributions earn over $5 million in annual tax credits, and that ceiling not be raised, the credits for all contributors will be reduced pro rata. Any credits not allowed due to exceeding the tax credit cap will become “suspended” and will be allowed as a carryover credit for the next immediate tax year.

TAX BENEFIT CALCULATOR

What is the Oklahoma Equal Opportunity Education Scholarship Act?

The Oklahoma Equal Opportunity Education Scholarship Act (68 Okla. Stat. §2357.206) allows individuals and businesses to receive Oklahoma state income tax credits for donating to a scholarship granting organization (SGO) recognized by the Oklahoma Tax Commission. The SGO then uses those contributions to provide scholarships for eligible students to attend an accredited private school.

What is a Scholarship Granting Organization (SGO)?

A SGO is a 501(c)(3) not-for- profit organization approved by the Office of the Secretary of State, the IRS, and the Oklahoma Tax Commission. It serves as the central administrative service for member schools while allowing significant local school control over scholarship dollars.

The SGO will insure that scholarship assistance is provided to the neediest of families; assures the integrity of the Board and staff members; keeps full and accurate records, and reports to the Governor and Legislature every four years.

What is the Opportunity Scholarship Fund?

The Opportunity Scholarship Fund (OSF) is a not-for-proft Oklahoma corporation organized as a SGO in compliance with the Oklahoma Equal Opportunity Education Scholarship Act. It is an independent, tax-exempt entity organized under Section 501(c)(3) of the Internal Revenue Code. The OSF awards scholarships that allow eligible students to attend a participating private school accredited by the State Department of Education (SDE), or an accrediting association approved by the SDE, in Oklahoma. The OSF Board will monitor the OSF compliance with the Law and ethical standards. The OSF staff will be available to assist all schools to optimize the opportunities created by the OSF. Send general queries to info@osfkids.org

Do tax-credit scholarship help the state budget?

Yes. An independent study by economists from Oklahoma City University found that tax-credit scholarships provided through programs like ours actually save the state money. Based on the state’s per-pupil spending on common education, the fiscal return to the state is $1.39 of savings for every $1 of tax credit issued. (When accounting for all funding sources (federal, state and local taxes), the fiscal return is $2.91 for every $1 of tax credit issued.) The fiscal impact to the state is determined by the trade off of tax revenue and per-pupil expenditures.

Are there any restrictions placed upon faith-based schools?

What are the student eligiblity requirements?

A student must be of school age, be lawfully present in the United States; accepted by a participating school; and be a member of a household that has an annual income below 300% of free/reduced lunch eligibility – 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).

The 2018-19 income limits defining ELIGIBLE families are:

Family size of 2 $ 91,353
Family size of 3 $ 115,329
Family size of 4 $ 139,305
Family size of 5 $ 163,281

Add $23,976 for each additional family member.