Stern Academy Inc

How it makes and monitors grants (Schedule I, Part IV)

1. The foundation exists for the purpose of assisting students attending private day schools by raising money through the commonwealth of Pennsylvania's educational improvement tax credit eitc/pre-k eitc programs and awarding pre-k and k-12 scholarships to eligible students attending Jewish day schools in the Philadelphia as well as eligible students attending Jewish day schools throughout the state. 2. All families receiving these scholarships must reside in Pennsylvania and meet specific household income guidelines as determined by the commonwealth of Pennsylvania's department of community and economic development dced for eitc, the award maximum is tuition plus fees. 3. Once the monies are received at the foundation, the following occurs for schools/scholarships as a scholarship organization for eitc, contributions received from businesses are either donor designated to a school or remain undesignated. Donor designated contributions go to qualified students at the specified Jewish day school or pre-school. Undesignated contributions can go to the neediest eligible students among all the schools. 4. Students at the Jewish day and pre-schools send applications to a third-party scholarship review vendor. The review vendor sets tiers based on income level and fixed scholarship amounts for students in each tier are assigned based on the recommendations of the foundation board the foundation staff then works with individual schools to make adjustments and determine final distrib