MENUMENU
    • Introduction
    • Ways to Give
    • Establish a Fund
    • Resources for Current Donors
    • Directory of Funds
    • Questions Prospective Donors Ask
    • Investment and Financial
    • Scholarship Donor Tax Credits
    • Introduction
    • Estate Planning Language
    • Legacy Society
    • IRA Qualified Charitable Distribution
    • Introduction
    • Starting a Fund
    • Client Options
    • Community vs. Private
    • Convert a Private Foundation to a Named Fund
    • 10 Advantages
    • Introduction
    • Grant Programs
    • Scholarships

Donate
About Us
Contact Us
Join Us
Donor Login

  • Who We Are
  • Philanthropists
  • Attorneys & Advisors
  • Nonprofits
  • Scholarships
  • News
  • Events
  • Donate
  • Contact Us
  • Sign Up
  • Donor Login
  • Search

news

« back to news

recent posts

  • We’re Happy to Help with Your Year-End Charitable Giving and Put 2020 Behind Us
  • Apply Now! Winter is the Perfect Time to Start Scholarship Applications
  • Holiday Gala Cancelled, Donors Still Contribute Thousands of Dollars
  • Save on Taxes and Educate Children. We Make it Easy.
  • This #GivingTuesday Support the Community Relief Fund

tags

Agency Fund (2) Animals (2) Apply Now (6) Bequest (1) Board of Governors (2) Caroline (2) Designated Fund (6) Donor Advised Fund (11) DonorCentral (1) Education (3) Faith (2) Family Legacy Fund (4) Field of Interest Fund (2) Fredericksburg (3) Gift in Honor (2) Good News From Grantees (8) Grant Awards (5) In Memory (2) IRA Rollover (2) King George (4) Leadership (12) Legacy (1) Legacy Society (1) Military (2) Organization Fund (2) Our Community is Generous (1) Philanthropy (2) Philanthropy Speaks (2) Planned Gift (2) Preservation (3) QCD (1) Racial Equity (3) Recreation (2) Scholarship Fund (11) Smart Giving (7) Spotsylvania (3) Tax Benefit Giving (7) Teachers (1) Thank You (6) The Community Fund (2) The Community Relief Fund (8) The Women and Girls Fund (4) Ways to Give (20) Youth (3) Youth in Philanthropy (1)

Save on Taxes and Educate Children. We Make it Easy.

Education is a cornerstone of vibrant communities. One of The Community Foundation's strategies for preserving and growing the quality of life in our region is to strengthen access to quality education.

Give a deeper meaning to tax relief – save while supporting local students.

As an approved scholarship foundation, The Community Foundation can process 65% state tax credits on behalf of donors and issue scholarships for students in need. 

How Does it Work? Here's an Example:

Jennifer and Zach are married, filing jointly, with taxable income of $165,000. They itemize deductions. Their donation of $10,000 through The Community Foundation helps low income k-12 students access quality education in regional independent schools, and costs them only $2,459 after receiving state tax credits and state and federal deductions.

IMPORTANT: Please consult your tax advisor to determine your specific tax savings.

Donation$10,000
Virginia Scholarships Tax Credit (65%)-$6,500
Federal Tax Savings of charitable contribution (24% of $3,500)-$840
Virginia Tax Savings of charitable contribution (5.74% of $3,500)-$201
Total Tax Savings-$7,541
Net Cost of $10,000 Donation:$2,459

How it Works - 2 Minute Video

This easy walk-through shows how tax-credit scholarship programs use entirely private funds to offer private school scholarships to families. Created by the Foundation for Excellence in Education.

How to Take Advantage of the Tax Credits Program:

  1. Simply contact Ali Thomas, Programs Manager.
    Call Ali Thomas at 540-373-9292 or email scholarships@cfrrr.org. The foundation submits an online preauthorization request on your behalf. The Virginia Department of Education immediately approves your gift eligibility. (Unless an individual donor has already been preauthorized for the maximum $125,000 for the calendar year or the maximum of $25M in tax credits during the program year has been exceeded.)
  2. Make your gift of cash, check, credit card or marketable securities to The Community Foundation.
  3. Receive your tax credit certificate.
    The foundation will notify the Virginia Department of Education of your authorized gift. Once approved, The Community Foundation will issue a tax credit certificate directly to you.

Your gift helps children in need to access independent education at schools like Holy Cross Academy, Fredericksburg Academy and Fredericksburg Christian Schools.

As an approved scholarship foundation, The Community Foundation:

  • Processes donor tax credits through the Virginia Education Improvement Scholarships Tax Credits program.
  • Issues scholarships for students in need.

Your gift provides a tax benefit to you, along with the gift of a life-changing education for area students in financial need.

Individuals
Businesses
$500
$125,000$500Unlimited
Minimum donationMaximum donationMinimum donationMaximum donation

Save on State & Federal Taxes

Individuals and businesses can achieve tax savings in two ways - state tax credits and state and federal deductions:

  1. Apply your tax credits towards Virginia taxes you may owe.
  • Tax reduction equals 65% of the amount of the donation
  • Unused credits may carry over for up to 5 years.
  1. Deduct your charitable donation on federal and state income taxes.
  • Subject to deductibility rules.

How is the Money Used?

Donated funds support scholarships for low-income pre-kindergarten and K-12 students at Holy Cross Academy, Fredericksburg Academy, Fredericksburg Christian Schools and more.

Children receiving these scholarships have a family income of less than 300% of the current poverty guidelines.

A donor is not permitted to designate a specific student to be the recipient of a scholarship.

To learn more or make a gift through this program, call Programs Manager Ali Thomas at 540-373-9292 or email scholarships@cfrrr.org. 

  • Philanthropists
  • Attorneys & Advisors
  • Nonprofits
  • Scholarships
  • News
  • Events
  • Search

©2020 All rights reserved

Contact Us
Email: info@cfrrr.org
Office: 540-373-9292
Fax: 540-373-3050

Mailing Address: P.O. Box 208, Fredericksburg, VA 22404-0208

Office Address:
Millrace North
725 Jackson Street, Suite 114
Fredericksburg, VA 22401

Newsletter Signup
Stay current and receive up-to-date information on our funds, grants, scholarships and much more!

Answering the Call.   Ring in the Holidays 2020.  Donate now to support the mission and work of The Community Foundation in the year ahead.