Corporate Social Responsibility

TFEC can help develop a lasting strategy that maximizes the impact of your company’s giving. Elements of your plan include: assessing current corporate giving, determining business interests/issues that are likely to affect your company and employees, your company’s community role, employees’ roles, exploring employees’ interests, and measuring your desired return on your charitable investment

TFEC can create or improve your corporate grantmaking program and could handle administration and request for proposal solicitations for you. TFEC can provide any of the following: grant program consultation, including review/analysis of nonprofit grant applications and development .facilitation of a grantmaking review process, field questions and communicate with nonprofits about your grant program and funding decisions, analyze and track funding, and evaluate grant performance and follow up.

Establish a Corporate Foundation to increase the visibility of your company’s charitable strategies in the community, as well as connect your corporation to the charitable causes you care about. This allows you to maximize the tax and budget aspects of your company’s giving and also works with you to ensure that your charitable investments provide the greatest civic and financial benefit possible.

Through one of the fastest growing types of funds at TFEC, you can support worthy students entering or continuing their education by creating your company’s own scholarship fund. You define the eligibility requirements and establish the criteria for selecting candidates, set the number of and dollar amount of awards and TFEC handles the selection process and administration to ensure the scholarships are distributed according to IRS rules and regulations.

Corporations sometimes want to provide aid to their employees after disasters or for other hardships. TFEC can help set up and administer this grant opportunity for employees. We will customize the guidelines, assist in the application process and distribute grant checks.

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Corporations might wish to show employees their appreciation and share the gift of philanthropy and the joy received by giving through establishing and funding a plan for each employee as a special benefit. Employees designate where they want their charitable gifts to go and can choose to add their own funds through payroll deduction. TFEC can also offer training to assist them in becoming strategic givers.

Corporations might wish to offer a matching gifts program to show appreciation of employees, to maximize their personal charitable giving. This committee advised fund receives grant requests on behalf of employees, completes the necessary due diligence and sends the matching grant to the requested nonprofit organization. The corporation then communicates with their employees for them to initiate their personal gift.

Tax credits may be applied against the tax liability of a business for the tax year in which the contribution was made.

Tax credits equal to 75 percent of its contribution up to a maximum of $750,000 per taxable year. Can be increased to 90 percent of the contribution, if business agrees to provide same amount for two consecutive tax years.

Businesses authorized to do business in Pennsylvania who are subject to one or more of the following taxes:

Corporate Net Income Tax

Capital Stock Franchise Tax

Bank and Trust Company Shares Tax

Title Insurance Companies Shares Tax

Insurance Premiums Tax

Mutual Thrift Institution Tax

Insurance Company Law of 1921

Personal Income Tax of S corporation shareholders or Partnership partners

An approved company must provide proof to DCED within 90 days of the notification letter that the contribution was made within 60 days of the notification letter. Tax credits not used in the tax year the contribution was made may not be carried forward or carried back and are not refundable or transferable.

Pennsylvania businesses can begin applying for EITC credits through Pennsylvania Department of Community & Economic Development’s electronic single application system. The Business Application Guide explains the process of applying. Tax credit applications will be processed on a first-come, first-served basis by day submitted. All applications received on a specific day will be processed on a random basis before moving on to the next day’s applications. Applications will be approved until the amount of available tax credits is exhausted. Applications can be found at the PA DCED’s website www.newpa.com.