The PNC Financial Services Group, Inc. (NYSE: PNC), one of the largest diversified financial services institutions in the U.S., announced Wednesday a $2 million donation to the Florida Tax Credit Scholarship Program through Step Up For Students for 329 financially disadvantaged children in Palm Beach County.
The $2 million donation will be used for scholarships during the 2016-17 school year. This is the first time that PNC has partnered with Step Up For Students, which is funded by corporations with tax-credited donations. PNC’s contribution will fund K-12 scholarships, so lower-income children can attend the school that best meets their learning needs.
The donation was announced by Cressman Bronson, PNC’s regional president of Florida East, on Wednesday while Atlantic Christian Academy‘s 11th and 12th grade Advanced Placement economics class visited the bank’s local West Palm Beach offices. During their time at PNC, the students learned about monitoring credit scores, applying for school and car loans, as well as learning about the different lines of business that keep the engine of the bank humming smoothly.
“Our support of Step Up for Students is a strategic investment in the future of Palm Beach County children,” said Bronson. “By easing the financial burden for parents with this tax donation, we’re supporting a solid foundation for the growth and success of our local children, their families and ultimately, our Florida economy.”
The program allows recipients to choose between a scholarship to help with private school tuition and fees, or a transportation scholarship to attend an out-of-district public school.
During the 2016-17 school year, Step Up For Students is serving nearly 98,000 students throughout Florida with tuition scholarships valued up to $5,886 per student. More than 1,700 private schools participate in the scholarship program statewide.
“We are truly grateful for the generosity and support of PNC. The positive impact they will have on 329 children this year alone is truly remarkable,” said Step Up For Students CFO Joe Pfountz. “PNC is a great partner, and on behalf of our families, we thank them for their generosity.”
Step Up For Students is a nonprofit organization that helps manage the income-based Florida Tax Credit Scholarship Program. Students who qualify for the national free or reduced-price lunch program, or those who are homeless or in foster or out-of-home care, may qualify. The scholarship program provides tuition assistance to the private school of their parents’ choice or financial assistance to offset the transportation cost to an out-of-district public school. Since 2001, Step Up has awarded nearly 580,000 scholarships.
Step Up also helps administer the state-funded Gardiner Scholarship Program for Florida students with certain special needs. With the Gardiner Scholarship, recipients may use the funds for a variety of approved services including private tutoring, occupational therapy, instructional materials and other services.
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