VIRGINIA’S EDUCATION IMPROVEMENT SCHOLARSHIP TAX CREDITS MAKE HELPING DESERVING CHILDREN EVEN MORE REWARDING.
Thanks to Virginia’s Education Improvement Scholarship Tax Credits (EISTC) program, donations to approved foundations will provide scholarships for students from low-income families at non-public schools. Individuals or business donors then receive a 65% tax credit.
The Catholic Diocese of Richmond’s McMahon Parater Scholarship Foundation is approved by the Virginia Department of Education to receive donation under this program. The Foundation distributes scholarships to qualifying students who attend one of 30 Catholic Schools in the Diocese.
EISTC Facts
To take advantage of EISTC, follow these simple steps:
Obtain a blank Letter of Intent and Preauthorization Form
Send the completed forms
Within 48 hours, MPSF will send your Approval Letter indicating your tax credits have been reserved for 180 days.
Return the Signed Approval Letter with your check or securities transfer information to MPSF within 180 days of your approval date.
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1 Donations to the McMahon Parater Scholarship Foundation under this program provide scholarships to Catholic schools in the Diocese of Richmond.
2. Donors can request that their contributions support scholarships at specific Catholic schools within the Diocese. However, if those schools do not have enough qualified applicants, the funds will be used for other eligible students within the Diocese.
3. Donors may not direct their funds to support a specific student.
4. Donors’ direct contributions to schools for other purposes or other scholarships do not qualify for Tax Credits under this program. Only gifts given to the Foundation which have been preauthorized by the DOE specifically for this program are eligible for these Tax Credits.
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Children receiving these scholarships must come from families whose annual household income is less than 300% of the current poverty guidelines.
For children with disabilities and a current Individualized Education Program, (I.E.P.), the family’s household income must be no more than 400% of the current poverty guidelines.
IN ADDITION, THE CHILDREN MUST BE RESIDENTS OF VIRGINIA, AND FIT ONE OF THESE CRITERIA:
Eligible to enter kindergarten or first grade
Attend a Commonwealth public schools for at least half of the current or prior school year
Were not Virginia residents during the preceding school year
Were prior recipients of a scholarship under this program
By statute, at least 90% of your donation must be used to provide scholarships.
The McMahon Parater Scholarship Foundation distributes 91.1% of each donation in scholarships. Every effort will be made to minimize the administrative costs, in offer to provide the maximum in scholarship support.