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 |
Education Improvement Scholarship Tax Credits (EISTC)
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
Married Taxpayers with taxable income of $165,000 per year
Itemize deductions
Donation Amount | $10,000 |
Virginia Scholarships Tax Credit (65%) | -$6,500 |
Federal Tax Savings of charitable contribution (24% of $3,500) | -$840 |
Virginia Tax Savings of charitable contribution (5.75% of $3,500) |
-$201 |
Total Tax Savings | -$7,541 |
NET COST OF $10,000 DONATION | $2,459 |
What to do?
- 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.
- 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 or scan and email it to mpsf@richmonddiocese.org
Then
1. The VA DOE reviews and authorizes the donation, then emails 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.