December 09, 2013
Scholarship Data Filed with DRA Form ED-05 Show NEO Awarded More Than 100 Financial Need-Based Scholarships Totaling $125k+
Concord, NH - The Network for Educational Opportunity (NEO) announced today that it has filed its 2013 ED-05 form with the state Department of Revenue Administration (DRA), in compliance with the 2012 education tax credit law that makes education choice more accessible in the Granite State.
To parallel its filing with DRA, NEO – the only fully operating K-12 student scholarship organization (SO) operating under the law - is also publishing the following snapshot of the DRA reported data, its 2013 scholarship contribution and award results.
Under the New Hampshire Education Tax Credit Law, corporations that contribute to state approved, tax-exempt, non-profit SOs between January and June of each year can be approved by the NH DRA to offset 85% of their contributions against their state business tax liability (BET or BPT).
SOs like NEO use contributions they raise to provide scholarships to students enrolled in public school who desire to (1) attend a private school, (2) attend an out-of-district public school of their parents’ choice, or (3) for homeschooling expenses. SOs may also award scholarships to school-aged students with household incomes of 300% of the federal poverty guideline or below, whether they currently attend a private school, an out-of-district public school, or home school.
Highlights of NEO’s 2013 ED-05 already filed with DRA include the following data:
· NEO awarded more than 100 financial need-based scholarships totaling more than $125,000 to highly deserving children under the Education Tax Credit program.
· Approximately 90% of the scholarship recipients qualified for free or reduced priced lunch.
· Scholarships were awarded based on highest financial need within the metrics provided in the New Hampshire Education Tax Credit law.
· The average scholarship awarded to each of the 47 schooled student recipients was $2,474, with the balance of tuition costs being paid by scholarship families together with other financial aid provided by private schools.
· The average value of the homeschool scholarship awarded was $215 and NEO awarded 56 scholarships to highneed families for homeschooling materials.
· 1,000-plus children applied for scholarships showing a clear need among New Hampshire families to receive scholarships and the opportunity for NEO to grow to assist many more children in the years to come.
· Scholarship awards from contributions to NEO resulted in children attending schools with better educational settings and outcomes.
· More than 100 corporations or individuals contributed to NEO in 2013.
For more information about the Network for Educational Opportunityand its scholarship program visit