NEWS RELEASE: Just 100 days into our fiscal year, Roanoke Catholic School has broken the $250,000 mark in contributions raised under the state’s Education Improvement Scholarships Tax Credit program, saving donors more than $160,000 in state taxes while providing vital tuition assistance for struggling families who desire a private school education for their children.
“This new funding source allows us to truly live out our mission as a Catholic school,” says Principal and Head of School Patrick Patterson. “We are ‘catholic’ in its original meaning – universal and open to all regardless of income and background, who aspire to our standards of academic excellence, familial values, and faith in the Gospel.”
In 2013, the General Assembly enacted the Education Improvement Scholarships Tax Credits (EISTC) program to provide financial assistance for families wishing to move their children out of the public school system. In addition to the standard federal and state tax deductions a donor can claim for a charitable gift, EISTC donations also qualify for Virginia tax credits equal to 65 percent of the donation. In other words, donors automatically save $650 on their Virginia tax bill for every $1,000 they donate.
Since July 1, Roanoke Catholic School has secured $266,000 in EISTC gifts ranging from $500 to $100,000. Seventy new students have enrolled at Roanoke Catholic with EISTC assistance, in turn saving the state about $4,000 per pupil in education expenses.
“I love the fact that the EISTC program allows my clients to help a charity and also help themselves at the same time,” says Pam Poldiak, founder and senior financial planner at Partners in Financial Planning, LLC, in Salem. “My client gets a tax benefit and the education program gets much needed funds.” (Read her full testimonial here.)
The Virginia Department of Education approved the Catholic Diocese of Richmond’s McMahon Parater Foundation to receive donations under EISTC. The minimum donation amount allowed is $500. The maximum amount for individuals is $125,000. There is no maximum for businesses.