April 28, 2018

How AAA Scholarship Foundation Supports Bank CRA Investment through State Tax Liability Redirection

At findCRA, we seek out partners that are making an important impact in communities of need around the country. AAA Scholarship Foundation is empowering school choice through their innovative program while simultaneously supporting banks’ CRA initiatives.  Read on to learn how AAA is making a difference.


AAA Scholarship Foundation, Inc. (AAA) provides banks with an innovative CRA investment opportunity at no cost to the corporation. State-mandated tax credit scholarship programs allow a corporation to redirect their state corporate taxes to AAA to fund education scholarships for low-income and special needs children to attend the school that best meets their individual learning needs.

These innovative programs allow any company that has a state tax liability in Arizona, Florida, Georgia, and Nevada to redirect up to 100 percent of that liability to the AAA Scholarship Foundation. In return, participating corporations receive a dollar-for-dollar tax credit for their redirection in Arizona, Florida, Georgia and Nevada.

Examiners at bank regulatory agencies have approved dollars transferred to fund scholarships through this program to qualify for positive consideration under the CRA investment test.

The typical AAA Scholarship student is an ethnic minority living with a struggling single parent/caregiver in a high crime community. More than 85 percent of AAA scholarships are distributed to children at or below 185 percent of poverty. Many children are either below grade level, failing at their previous school or both when they receive a scholarship. Parents, who find their children in these circumstances and care about their future, look for viable options. They seek an atmosphere that challenges their child and will reverse inadequate learning, social patterns and the potential lifelong negative impact.

For low-income children, who are often several grade levels behind their peers, these programs are a lifeline for paving a pathway out of poverty. One of those students, Ky’Mier Bowie, recently shared how receiving a scholarship from AAA impacted his life:

“If you look at the statistics of youth in my socio-economic class, the odds were stacked against me graduating high school on time, let alone pursuing higher education. But my mom, a single parent who worked hard to make ends meet on her own, was determined to not let me become yet another statistic. Her determination led us to the AAA Scholarship Foundation, which gave me the opportunity to attend a school that helped me to not only overcome my struggles, but to also discover my full potential and set goals for my future. Because of the second chance I was given, I graduated high school and am now enrolled in college, where I plan to work towards a degree in zoology. The AAA Scholarship Foundation and its donors helped to make this possible and I hope that I can pay it forward someday.”

By redirecting your state tax liability, you will give at-risk students an increased chance at a brighter future while also receiving the satisfaction that you are utilizing your tax dollars toward building a better-educated workforce, and earning CRA credits.

With almost 20 years of hands-on experience successfully administering tax credit scholarship programs, you can rest assured that your participation will be effective, easy and impactful. For more information on how you can take advantage of this innovative CRA investment opportunity, please contact Kerri Vaughan at kerri@aaascholarships.org or visit the AAA Scholarship Foundation website at www.aaascholarships.org.


Wondering How You Can Get Involved?

Want to find out how more about redirecting your bank’s state corporate tax liability to AAA Scholarship Foundation to earn CRA Investment credit?  Let us know you’re interested by emailing us at info@findCRA.com and we’ll be in touch.

This post was originally published here.