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Scholarship Foundation
Scholarship Tax Credit Program

Qualified donations receive a 65% Virginia Tax Credit!

Students from low-income families, who would otherwise not have access to private school education, now have this opportunity.  Supporters of the Anna Julia Cooper Scholarship Foundation (AJCSF) make this possible for children in need AND realize a significant tax savings as a result.

Individuals and businesses who contribute to AJCSF, and who pay taxes in the Commonwealth of Virginia, are eligible to receive a 65% state tax credit as part of the Education Improvement Scholarships Tax Credit program.  The 65% tax credit is in addition to current state and federal tax deductions for monetary donations.

Highlights of the Education Improvement Scholarships Tax Credit program

  • $25 million in tax credits available each program year
  • Tax credits distributed on a first-come, first-served basis
  • Minimum donation is $500 per year
  • Maximum donation is $125,000 per year for individuals and married couples
  • No dollar limit on donations for businesses
  • Donations of cash and marketable securities are allowable
  • Tax credits may be carried over for five succeeding years
  • Businesses may claim the credit against:
    • Corporate Income Taxes;
    • Virginia Bank Franchise Tax;
    • Virginia Public Service Corporations Tax;
    • Individual Income Tax

 

How to Donate

For more information on participating in this worthwhile program, please contact Laura McGowan, McgowanL@ajces.org or 804-477-5163.  We will give you the information you need to get started and help walk you through the process.

Process to Obtain a 65% Virgina Tax Credit

  1. Request the amount of tax credits you would like the Virginia Department of Education (VDOE) to allocate to you.  Do this by filling out a preauthorization of tax credits form.  Click here to download the Preauthorization Form.
  2. Return the completed Preauthorization Form to AJCSF (2124 N. 29th St., Richmond, VA 23223).  We will submit your Preauthorization Form by secure electronic dropbox to the VDOE.  You will receive a Notice from VDOE by mail specifying the approval of your tax credit request.
  3. Complete and return the Preauthorization Notice received from the VDOE with your donation to the Anna Julia Cooper Scholarship Foundation (2124 N. 29th St., Richmond, VA 23223).  Please make checks payable to Anna Julia Cooper Scholarship Foundation or AJCSF (Memo: Scholarships Tax Credits).  For securities transfers, please contact Laura McGowan at the Foundation at 804-477-5163. Tax Credits become void after 180 days of the date of the Notice, so be sure to submit your donation within this timeframe.
  4. AJCSF will process the contribution and send the required information to VDOE.  You will receive the tax credit certificate in the mail from VDOE.

Here’s an Example of the Significant Tax Savings Possibilities –

$1,000 donation results in $809.88 in tax savings:

Donation Amount

$1,000

$2,500

$10,000

Tax Savings:
 
Federal (non-AMT taxpayer): Tax deduction for contribution - at 35% rate
$350
$875
$3,500
Virginia: Tax deduction for contribution - at 5.75% rate
$57.50
$143.75
$575.00
Virginia tax credit - at 65%
$650
$1,625
$6,500
Less: Reduction of federal itemized deduction for VA tax
-$247.62
-$619
-$2,476.25
Total Tax Savings
$809.88
$2,024.75
$8,098.75
Net Cost of Contribution
$190.12
$475.25
$1,901.25

Download your Preauthorization Form here to get started!

Please contact Laura McGowan, McgowanL@ajces.org or 804-477-5163 for more information.

 **Anna Julia Cooper Scholarship Foundation is not qualified to offer personal tax advice.  Please consult a tax professional if you have questions regarding tax implications of making a gift such as this.**

“If a child seems poor in inheritance, poor in personal endowment, by so much the more must organized society bring to that child the good tidings of social salvation through the schools.”
– Anna Julia Cooper

 
Anna Julia Cooper
Episcopal School

2124 North 29th Street
Richmond, Virginia 23223
(804) 822-6610
(804) 447-5784 (fax)