FREQUENTLY ASKED QUESTIONS

Welcome! This frequently asked questions (FAQ) page provides an introduction to the mission of Veritas Tax School Scholarships, Inc. (Veritas) and explains how tax credit scholarships function. If you have any further questions, please contact us at 918.307.4912 or email us at [email protected]

Veritas is the diocesan tax credit scholarship granting organization for all diocesan schools and participating private Catholic schools in the Diocese of Tulsa & Eastern Oklahoma (“Diocese”). In awarding tax credit scholarships, Veritas makes possible the opportunity of Catholic education for those who may otherwise not be able to afford it. 

The Oklahoma Equal Opportunity Education Scholarship Act (68 Okla. Stat. § 2357.206) allows individuals and qualified business entities to receive Oklahoma state income tax credits for donating to a scholarship granting organization (“SGO”) recognized by the Oklahoma Tax Commission. The SGO then uses those contributions to provide scholarships for eligible students to attend an accredited private school.  All Catholic schools in the Diocese are accredited by the Oklahoma Conference of Catholic Schools Accreditation Association.

Veritas provides tax credit scholarships. A tax credit reduces the amount of taxes paid dollar-for-dollar. A tax deduction is a reduction in the income that is able to be taxed. An Oklahoma state tax credit is given based on individual tax filing status.

Any individual, couple/family, or qualified business entity filing taxes in the state of Oklahoma are eligible to receive a tax credit.

The law states that a “qualified business entity" includes limited and general partnerships, corporations, subchapter S corporations and limited liability companies that file as a partnership, corporation, subchapter S or sole proprietorship.

The maximum annual tax credits allowable are $1,000 for individual filers, $2,000 for couples filing jointly, and $100,000 for qualified business entities. Tax credits from pass-through business entities, such as partnerships, subchapter S corporations and LLCs, are not subject to the $1,000/$2,000 tax credit limitation on individual and married tax returns.

Like all charitable giving, a taxpayer must give in the same year you are filing taxes to receive the tax credit. For example, to receive a tax credit for 2025, gifts must be postmarked on or before December 31, 2025.  Credit card transactions must be initiated on or before the same date – December 31.

Gifts to Veritas provide scholarships for students attending participating Catholic schools within the Diocese. In consultation with local principals, Veritas awards scholarships to qualified students each Fall.

Yes. Veritas provides scholarships to both Catholic and non-Catholic students; however, the students do need to be accepted and enrolled into a participating Catholic school within the Diocese of Tulsa and Eastern Oklahoma before the family can apply for financial assistance from Veritas.

For a student to be eligible to receive a Veritas tax credit scholarship, he or she must meet these requirements:

Students apply to their local Catholic school via FACTS. The Veritas board reviews and approves final amounts determined for each school. The school administration then allocates funds to eligible families.

The principal of each local Catholic school is the point of contact for all financial aid including Veritas.

Once eligibility has been established, you are considered eligible every year going forward until graduation; however, recipients will still need to apply annually for financial assistance to determine that financial need is still required.

No. As a matter of fact, a recent independent study by economists from Oklahoma City University show, based on Oklahoma’s per-pupil spending, for every $1 of tax credits provided to donors, the state budget saves $1.51 that goes to fund public education and all other needs that state government funds.

Yes. After administrative costs, you may designate one school or multiple schools to receive 90% of your gift. The remaining 10% will assist families who are most in need. 

None of the money intended for scholarships is used for Veritas administrative costs. State legislation requires that no less than 90% of the donations collected each calendar year must be used on scholarships to students that can attend an accredited private school in the following academic year, with no more than 10% of the funds used for administrative costs. Fortunately, Veritas' administrative costs are covered by other private funding sources, therefore, 100% of all donations received go completely toward scholarships. 

Gifts can be made through the Veritas website under the “GIVE NOW” tab or you can mail a gift with an attached donor form to Veritas Tax School Scholarships Inc. PO Box 703108, Tulsa, OK 74170-3108.

Benefactors can give whatever amount they feel that they are able to assist a deserving student to afford to attend their Catholic school. Any donor that pays income taxes in the state of Oklahoma can benefit from these tax credits.

Yes. The donor must make a written pledge to give the same or greater amount in the second year in order to receive the 75% tax credit for both years. Gifts must be received in two consecutive years.

Yes. Unless the donor designates their gift as anonymous, the selected school(s) will receive your contact details, so they may acknowledge your gifts. The donor will also receive an acknowledgement letter from Veritas for tax preparation purposes.

Unfortunately, the tax credits from this program are not refundable. However, if you are unable to use your tax credits in the year of your gift due to your tax going to zero, you will have three years to use the unused credits against future income taxes due. 

For the calendar year 2025, the Oklahoma legislature has allocated up to $50 million in tax credits for the Equal Opportunity Education Scholarship Act. The tax credit cap is not expected to be exceeded; however, should it surpass the amount allocated by the legislature, the donor will be notified of any exceedance.

The donor can give to Veritas without any concern for losing their 75% tax credit. The donor is not required to give both years to the same SGO or the same Catholic school.  Please be sure to have the donor note on their Donor Form for 2025 that they are fulfilling a two-year commitment.

You are invited to contact Derek Lyssy, the Executive Director of Veritas at 918-307-4912, Mr. David Dean, the Superintendent of Catholic Schools for the Diocese at 918-307-4954, or email us at [email protected]