PHILADELPHIA, Pa., January 4, 2010 – Beneficial Bank, a full-service bank that specializes in serving the financial needs of the greater Philadelphia region, and Beneficial Mutual Bancorp, Inc., the parent company of Beneficial Bank, today announced that they have contributed $144,300 to 18 scholarship and educational improvement organizations throughout Pennsylvania as part of the Educational Improvement Tax Credit (EITC) program. The funds will be directed toward financing regional education initiatives throughout the 2009-2010 academic year.
"We are pleased to support these deserving organizations," said Gerard P. Cuddy, President and Chief Executive Officer of Beneficial Bank. "Beneficial takes great pride in making a difference in the lives of local neighborhoods and residents that we serve, and we are committed to supporting education within our communities."
Among those organizations receiving donations from Beneficial are Children's Scholarship Fund Philadelphia, Futuro Educational Inc., Henkels Foundation, La Salle Academy, Foundation of Jewish Day Schools, Benchmark School, William Penn Charter School, Hope Partnership, Bridge Education Foundation, Merion Mercy Academy, BLOCS, Black Alliance for Educational Options, Children's Jubilee Fund, Jubilee School, Philadelphia Young Playwrites, The Franklin Institute, The Police Athletic League and Wagner Free Institute of Science.
Enacted by the Pennsylvania Legislature in 2001, the EITC provides a tax credit to businesses that pay Pennsylvania's corporate income tax for contributions to scholarship organizations that give private-school scholarships to eligible children. The EITC program enables Pennsylvania businesses to direct up to $300,000 of their state tax dollars directly to regional scholarship programs.
Thousands of children throughout Pennsylvania benefit from EITC scholarships and a countless number of public school students benefit from innovative programs that would have gone unfunded without these donations.