KeyBank Awards 16 Western Pennsylvania Organizations through EITC Program Totaling More than $525,000

Rhea-AI Summary

KeyBank has awarded over $525,000 to 16 Western Pennsylvania organizations through Pennsylvania's Educational Improvement Tax Credit (EITC) program. The program offers tax credits to businesses contributing to qualified organizations, providing a 90% state tax credit for eligible contributions to schools offering tuition assistance for low-income students or approved Educational Improvement Organizations.

Individual grants range from $25,000 to $50,000, benefiting various educational institutions in greater Pittsburgh and Erie. KeyBank, with assets of approximately $188 billion as of September 30, 2023, operates across 15 states through approximately 1,000 branches and 1,300 ATMs.

Positive

• Significant tax benefit with 90% state tax credit on contributions
• Strategic community investment enhancing brand value in Pennsylvania market
• Demonstrates strong financial position with $188 billion in assets

Negative

• None.

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NORTHAMPTON, MA / ACCESSWIRE / December 12, 2024 / KeyBank
The Educational Improvement Tax Credit Program (EITC) awards tax credits to eligible businesses contributing to qualified organizations.

Today KeyBank announced it has awarded 16 Western Pennsylvania organizations with funding through Pennsylvania's Educational Improvement Tax Credit (EITC) program totaling more than $525,000.

Under the program, Pennsylvania allows individuals and businesses to obtain a state tax credit equal to 90% of their Pennsylvania state tax liability for eligible contributions. These contributions must be made either to schools that provide tuition assistance to students from low-income households or to approved Educational Improvement Organizations.

"At KeyBank, we are dedicated to fostering the success of students by supporting a variety of organizations and programs that provide essential educational resources. Our mission is to empower students not only to excel in their studies but also to graduate successfully, thereby gaining access to valuable college and career-building opportunities," said Vic Laurenza, KeyBank's Western Pennsylvania Market President. "We recognize the significant impact of the EITC program and the vital role it plays in enabling us to contribute meaningfully to those organizations that are shaping and educating the leaders of tomorrow. By investing in education, we are investing in a brighter future for our communities."

The funding from Key ranges from $25,000 to $50,000 and have been made to the following community organizations based in greater Pittsburgh and Erie:

• Angel's Place Inc.

• Boys Hope Girls Hope of Pittsburgh

• Crossroads Foundation

• Dr. Gertrude A. Barber National Institute

• Erie Day School

• Extra Mile Education Foundation

• Imani Christian Academy

• Lifesteps, Inc.

• The Neighborhood Academy

• Mercyhurst Preparatory School

• Pittsburgh Jewish Educational Improvement Foundation

• POISE Foundation

• Scholastic Opportunity Scholarship Fund - Butler Catholic School

• Sewickley Academy

• Villa Maria Cathedral Preparatory Catholic School System

• Washington County Community Foundation

ABOUT KEYCORP

KeyCorp's roots trace back nearly 200 years to Albany, New York. Headquartered in Cleveland, Ohio, Key is one of the nation's largest bank-based financial services companies, with assets of approximately $188 billion at September 30, 2023.

Key provides deposit, lending, cash management, and investment services to individuals and businesses in 15 states under the name KeyBank National Association through a network of approximately 1,000 branches and approximately 1,300 ATMs. Key also provides a broad range of sophisticated corporate and investment banking products, such as merger and acquisition advice, public and private debt and equity, syndications and derivatives to middle market companies in selected industries throughout the United States under the KeyBanc Capital Markets trade name. For more information, visit https://www.key.com/. KeyBank is Member FDIC.

View additional multimedia and more ESG storytelling from KeyBank on 3blmedia.com.

Contact Info:
Spokesperson: KeyBank
Website: https://www.3blmedia.com/profiles/keybank
Email: info@3blmedia.com

SOURCE: KeyBank

View the original press release on accesswire.com

FAQ

How much did KeyBank (KEY) award to Western Pennsylvania organizations in December 2023?

KeyBank awarded more than $525,000 to 16 Western Pennsylvania organizations through the Educational Improvement Tax Credit (EITC) program.

What is the tax credit percentage for KEY's EITC program contributions in Pennsylvania?

Under the program, KeyBank receives a 90% state tax credit on eligible contributions to qualified educational organizations.

What was KeyBank's (KEY) total asset value as of September 30, 2023?

KeyBank reported total assets of approximately $188 billion as of September 30, 2023.

What is the range of funding provided by KEY to each organization in the EITC program?

The funding from KeyBank ranges from $25,000 to $50,000 per organization.