The Association of Christian Schools International’s Children’s Tuition Fund (ACSI CTF) works with ACSI accredited schools such as Blue Ridge Christian School to provide families with the steps necessary to benefit from the Education Improvement Tax Credit (EITP) legislation of 2012. This is a huge opportunity for families wishing to attend Blue Ridge Christian School and benefit from this school choice legislation. We would love to work with you and help with this process.
ACSI CTF Frequently Asked Questions
Q:What is the ACSI CTF?
A:Sponsored and coordinated by the Association of Christian Schools International (ACSI) Southeast Regional Office, the Children’s Tuition Fund (CTF) of Virginia is a scholarship program that provides tuition assistance for families with low to moderate incomes.
Q:Where do the scholarship dollars come from?
A:The ACSI CTF scholarship fund consists of tax credit contributions from Virginia-based corporations, businesses and individuals.
Q:What is the EITCP legislation?
A: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.
Q: What are the eligibility requirements for participating families?
A:For scholarships awarded by the ACSI CTF, families are required to meet the guidelines established by the State of Virginia of not exceeding 300% of the Federal poverty level in family income. Students must also meet the admissions requirements of the ACSI member school of their choice.
** This is equal to $70,650 for a family of 4. The amount changes based on the number in the household. Contact Amy Good at 540-828-2233 for details.
Q:What are the tax savings?
A:In addition to a 65 percent tax credit, individuals and businesses can also receive a deduction for a charitable contribution, and therefore achieve tax savings in two ways –
1. 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).
2. For the year following the donation, the donor may take a credit against Virginia taxes. Tax reduction equals 65 percent 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.