MMI Preparatory School recently received a $1,000 contribution from FNCB Bank through the Education Improvement Tax Credit (EITC) program to go toward need-based scholarships at the school.
MMI Director of Advancement Kim McNulty said, “On behalf of everyone at MMI Preparatory School, “I’d like to thank FNCB for their generous contribution. MMI students have received more than $3 million in direct scholarships thanks to the contributions from companies like FNCB since our EITC program’s inception in 2005. When you contribute to MMI through the EITC program, your gift directly supports funding for children in need to attend our school.”
FNCB Assistant Vice President Mike Cummings said, “Since 2010, FNCB has contributed almost $1.2 million dollars to local scholarship organizations through the EITC program. We are proud to help many deserving families attend schools such as MMI.”
As an approved scholarship organization, MMI is designated to receive contributions through the EITC program, which is administered by the Pennsylvania Department of Community and Economic Development.
Businesses that donate to MMI are eligible to receive tax credits amounting to 75 percent of their charitable contribution for a one-year period. The tax credit increases to 90 percent if the company commits to making the same donations for two consecutive years. A business paying taxes in Pennsylvania can receive up to $300,000 in tax credits annually. Donations of any amount are eligible for the tax credit. Pennsylvania is one of only a few states in the nation that offers the EITC program, which gives tax credits to eligible businesses contributing to a scholarship organization.
Founded in 1910, FNCB Bank supports its mission: Simply a better bank™ with an endless commitment to the communities it serves. FNCB Bank serves the personal and business banking needs of Northeastern Pennsylvania with 19 community offices in Lackawanna, Luzerne, and Wayne counties. For more information, visit www.fncb.com.