Oklahoma Islamic School Foundation is a Scholarship Granting Organization that provides scholarships to Oklahoma preK-12 students to attend accredited private schools in our state.
Once a student has received a scholarship, that student and his or her siblings remain eligible until high school graduation or age 21.
Students are eligible to apply if they:
Live in families with incomes up to 300% of the free and reduced price lunch program ($166,500 for a family of four in 2023-24)
-OR-
Attend or live in the attendance zone of a public school designated at “in need of improvement”
Every child is different and not every school is right for every child. This is the importance of choice, particularly for lower and middle income families. “The issue is not about public versus private schools. It is about finding the place where every single student learns the best”.
Scholarships may be worth up to $5,000, or 80% of the average per-pupil expenditure in the assigned public school district, whichever is greater. In 2020-2021 school year, the average per-pupil expenditure in Oklahoma was $10,951, so each scholarship can be worth up to $8,760. For students with special needs who attend a public school with an IEP, the scholarship is worth up to $25,000.
In 2011, the Oklahoma legislature authorized generous tax credits for donors to Scholarship Granting Organizations (SGOs) like OISF. These SGOs are nonprofits that must expend at least 90% of their revenues on private school scholarships.
Individuals may receive up to $1,000 per year. Families may receive up to $2,000 per year. Other legal businesses, such as “limited and general partnerships, corporations and limited liability companies, “pass-through business entities”, including subchapter S corporations, ”, may receive up to $100,000 annually. The bill was effective January 1, 2015. As always, consult your tax preparer given your specific case.
All donors are eligible for Oklahoma tax credits of 50% of the donation amount made in a single year. Donors who pledge in writing to give the same amount over two years will receive a 75% tax credit both years. All donations receive a written receipt letter and instructions on how to file.
