Education Improvement Scholarship Tax Credits (EISTC)

It is the responsibility of the entire Catholic Community – bishops, priests, deacons, religious and laity – to continue to strive toward the goal of making our Catholic Schools available, accessible and affordable to all Catholic parents and their children…”

THE UNITED STATES CONFERENCE OF CATHOLIC BISHOPS

EISTC Page Graphic

The Virginia Education Improvement Scholarship Tax Credit (EISTC) program provides low and middle income families the opportunity to send their children to a school of their choice using private scholarships from scholarship foundations. Donors who participate in this program receive tax credits of 65% or more on their Virginia state tax.

Example Donation and Tax Savings

Individual Taxpayer Federal AMT Rate (28%) Non-AMT Rate (33%) WITHOUT TAX CREDITS
Donation Amount  $5,000  $5,000  $5,000
Virginia Tax Credit  -$3,250  -$3,250  –
Virginia Tax Savings (5.75%)  -$288  -$288  -$288
Federal Tax Savings (charitable deduction) *  -$1,400  -$1,650  -$1,650
Year 2 cost of VA Tax Credits on federal taxes  n/a  +$1,167  –
Total Tax Savings  -$4,938  -$4,021  -$1,938
NET COST OF $5,000 DONATION  $62  $979  $3,062

What to do?

  1. Download the VA DOE Authorization form and the Letter of Intent. Please designate St. Matthew’s Catholic School on your Letter of Intent. This will ensure one of our students will benefit from your generosity.
  2. Send the completed form and letter of intent to Joyce Schreiber, Director of the McMahon Parater Foundation for Education (MPFE), Catholic Diocese of Richmond  – Contact Info: (804) 622-5190, jschreiber@richmonddiocese.org

Then

1. The VA DOE reviews and authorizes the donation, then mails you a numbered Preauthorization Notice.
2. Sign the numbered Preauthorization Notice and send to MPFE with the donation within 180 days.
3. VA DOE will send you a tax credit certificate.

FOUR (4) FACTS – Reasons to Support EISTC for St. Matthew’s School

FACT 1 – EISTC enables students from low to middle income families an opportunity for private education that creates a path to successful futures. You receive a tax credit.

FACT 2 – EISTC provides the path for young students to receive rigorous academic instruction, which is enhanced by our Catholic faith and morality along with a character and leadership component found in our “Leader In Me” program. You receive a tax credit.

FACT 3 – We are more than just uniforms! St. Matthew’s Catholic School accepts students of all faiths and learning abilities. We have one of the lowest tuition rates in Hampton Roads for private education. Our “Blue Ribbon” school was founded in 1963 and has adhered to its belief of making Catholic education affordable to all who desire a private education. 204 St. Matthew’s Catholic School students receive some form of financial aid, which equates to approximately 37% of our student population. We awarded $59,240.75 in EISTC funded scholarships for the 2017-18 school year. You receive a tax credit.

FACT 4 – Catholic school students score in the Top 10% in the nation on Standardized Tests. 12% above the national average on SAT scores. There is a 99% high school graduation rate & 99% of graduates attend post-secondary schools with over $27 million in scholarships awarded to 236 members of the Class of 2016. YOU can make a Catholic education possible, receive a tax credit, and contribute to a St. Matthew’s Student’s future success!

“Education is the most powerful weapon you can use to change the world.” – Nelson Mandela