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.
Your gift today qualifies you for a 65% Virginia tax credit and provides students in financial need with access to independent school education.
How to Take Advantage of the Tax Credits Program:
- Simply contact Ali Thomas, Programs Manager.
Call Ali Thomas at 540-373-9292 or email firstname.lastname@example.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.)
- Make your gift of cash, check, credit card or marketable securities to The Community Foundation.
- Receive your tax credit certificate.
The foundation will notify the Virginia Department of Education of your authorized gift. Virginia Department of Education will issue a tax credit certificate directly to you.
IMPORTANT: Please consult your tax advisor to determine your specific tax savings.
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.
Save on State & Federal Taxes
Individuals and businesses can achieve tax savings in two ways - state tax credits and state and federal deductions:
- 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.
- Deduct your charitable donation on federal and state income taxes.
- Subject to deductibility rules.
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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.