Malvern Prep raised more than $140,000 this past fiscal year for financial aid through the Educational Improvement Tax Credit program, which allows Pennsylvania businesses to direct their state taxes to support tuition assistance at eligible schools.

Many companies have been faithful supporters of this program for many years, including Penn Liberty Bank, who gave $13,000 to Malvern this year through the EITC program and $40,000 since 2006. Penn Liberty CEO and President Brian Zwaan P’06 and Board Member Charles Connolly, Jr. ’66 P’01 TE visited Malvern this spring to present a check to President Jim Stewart and Head of School the Rev. Jim Flynn, O.S.A.

“Participation in the EITC program is easy and extremely worthwhile,” said Malvern Vice President Marty Farrell. “Any business that pays any of the following taxes: Corporate Net Income Tax (CNI); Capital Stock and Franchise Tax; Bank and Trust Company Shares Tax; Title Insurance Companies Shares Tax; Insurance Premiums Tax; Mutual Thrift Institutions Tax; and S Corporation Income Tax is eligible to direct theses taxes to Malvern Prep for the purpose of tuition assistance.”