The Association of Christian Schools International (ACSI) has established a scholarship program to help remove financial barriers that face many families in accessing Christian schooling. The ACSI Children's Tuition Fund (CTF) provides economic assistance in the form of scholarships to allow children of qualifying families to attend ACSI member schools. Largely based on business tax credits through the Educational Improvement Tax Credit (EITC) program of Virginia, this scholarship program supports scholarships for students in K5 through 12th grade.
What is the Children's Tuition Fund?
Sponsored and coordinated by the Association of Christian Schools International (ACSI), the Children's Tuition Fund (CTF) is a scholarship program that provides tuition assistance for families with low to moderate incomes.
Where do the scholarships come from?
The CTF scholarship fund consists of tax credit contributions from Virginia-based corporations, businesses, and individuals.
What is the EITCP legislation?
The Educational Improvement Tax Credit (EITCP) legislation of 2012 established tax credits for Virginia-based corporations, businesses and individuals that make contributions to approved scholarship organizations. Individual monetary donations must be at least $500 in order to qualify for the tax credit program and a maximum of $125,000 in a taxable year. This limitation does not apply to credits issued to any business entity, including a sole proprietorship.
How can the ACSI CTF benefit StoneBridge?
Eligible families can receive scholarship monies for their students that are enrolled in grades K–12 programs if they are currently enrolled in public education or are just entering kindergarten or first grade. In subsequent years, scholarships may be renewed for students still qualified and receiving funds in previous years as long as they remain enrolled in the member school.
What are the tax savings?
In addition to a 65% tax credit, individuals and businesses can also receive a deduction for a charitable contribution, and therefore achieve tax savings in two ways:
- For the year of the donation, the donor may take a deduction against net income as a charitable donation on both their federal and state income taxes. The tax reduction equals the contribution amount times the tax rate of the applicable tax (federal or state).
- The donor may take a credit against Virginia taxes. Tax reduction equals 65% of the amount of the donation. Credit is non-transferable. Credit may not exceed the tax liability but may be carried over for five succeeding years.
For more information about the Children's Tuition Fund, click here