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KeyBank Allocates Over $1.1 Million for Education in Pennsylvania

KeyBank's commitment to educational funding in Pennsylvania.

News Summary

In a significant commitment to education, KeyBank has awarded $1,193,889 to various education-focused organizations in Philadelphia and Eastern Pennsylvania. The funding, distributed through state tax credit programs, is intended to enhance educational access and opportunities for local students. The substantial financial support includes contributions from the Educational Improvement Tax Credit (EITC) program and the Opportunity Scholarship Tax Credit (OSTC) program, as well as funds from the Neighborhood Assistance Program (NAP) aimed at community services and addressing local needs.

Pennsylvania – KeyBank has awarded $1,193,889 to education-focused organizations in Philadelphia and Eastern Pennsylvania through state tax credit programs in 2024. The funding is aimed at enhancing educational access and opportunities for students in the region.

The financial support is comprised of several components: $527,222 was granted through the Educational Improvement Tax Credit (EITC) program, while an additional $416,667 was allocated through the Opportunity Scholarship Tax Credit (OSTC) program. The remainder of the funds has been distributed via the Neighborhood Assistance Program (NAP) to bolster community services and support distressed areas, focusing on initiatives such as affordable housing, job training, crime prevention, and educational programs.

The EITC program allows contributors to receive a state tax credit equivalent to 90% of their Pennsylvania state tax liability. Businesses and individuals participating in this program must direct their contributions to either schools offering tuition assistance for low-income students or to approved Educational Improvement Organizations. The contributions under the EITC program typically range from $20,000 to $50,000, making it a vital resource for community educational funding.

KeyBank’s Market President for Eastern Pennsylvania has emphasized the company’s commitment to promoting educational access and opportunities through these significant financial investments. This initiative is part of KeyCorp’s broader commitment to community service, particularly as the organization prepares to celebrate its bicentennial in 2025.

In addition to the EITC and OSTC programs, the funding from the NAP is crucial for addressing various local community issues. This includes supporting educational initiatives that aim to uplift impoverished neighborhoods, promote vocational training programs, and provide essential services to alleviating social challenges faced by residents.

KeyBank is one of the largest bank-based financial services companies in the nation, operating approximately 1,000 branches and 1,200 ATMs across 15 states. The bank continues to play a key role in community development, making substantial contributions to educational access and other vital community services.

The introduction of these tax credits reflects an ongoing effort to improve the landscape of education in Pennsylvania, particularly in underserved communities. By targeting funding to programs that assist low-income students and educational institutions facing funding challenges, KeyBank is actively participating in the enhancement of educational resources and opportunities within the state.

Overall, the $1.19 million awarded by KeyBank indicates a concerted effort to uphold the value of education in Eastern Pennsylvania and ensures that vital resources are allocated to areas that need them the most. This financial support is expected to make a significant impact on the lives of students and families throughout the region, fostering a more equitable educational environment.