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Christ The King Catholic School

Pre-K3 to 8 Catholic School
3401 Tidewater Drive
Norfolk, Virginia 23509

2015 National Blue Ribbon School

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Prospective Students
Give to CTK
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Christ The King Catholic School
McMahon Parater Foundation for Education

Frequently Asked Questions

Individuals or businesses can make monetary or marketable securities donations to approved foundations. The donations will be used to provide scholarships to low-income new students of non-public schools such as Christ The King Catholic School. Donors will then receive a Virginia tax credit for 65% of the donation. The Catholic Dioces of Richmond’s McMahon Parater Foundation is an approved foundation under this program.
The minimum donation eligible for a tax credit is $500 in a taxable year. The maximum donation amount for individuals in a tax year is $125,000. There is no maximum for any business entity, including sole proprietorships.
Individuals can claim the Education Improvement Scholarships Tax Credits against Virginia personal income taxes.
Businesses can claim the Education Improvement Scholarships Tax Credits against:
  • Corporate Income Taxes
  • Virginia Bank Franchise Tax
  • Virginia Insurance Premiums License Tax
  • Virginia Public Service Corporations Tax
  • Personal Income Taxes via pass-through entities such as S-Corporations, LLCs and Partnerships
In addition to a 65% Virginia tax credit, individuals and businesses who itemize also receive federal and state deductions for charitable contributions and therefore achieve tax savings in multiple ways. Also donors contributing appreciated marketable securities save on capital gains tax. The Education Improvement Scholarships Tax Credits are non-transferable. They may not exceed the tax liability in a given year, but may be carried over for up to five succeeding years.
No, as this would conflict with federal and Virginia law.
No, donations for tax credits must be made to approved scholarship foundations, such as the McMahon Parater Foundation, after being preauthorized by the Virginia Department of Education.
You would include a Letter of Intent to this effect when you make your donation to McMahon Parater.
By statute, foundations are required to disburse at least 90% of any donated amount for scholarships. It is MPF’s goal and intention to minimize administrative costs and distribute more than 90% of each donation as scholarships.
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Below are a few illustrations of the tax savings. Individual circumstances may vary.
Please consult your tax advisor to discuss your specific tax savings.

Individual Taxpayers

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*Please Limitation, reinstated Jan. 1, 2013, may impact actual federal tax savings.

Business Taxpayers

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*Please Limitation, reinstated Jan. 1, 2013, may impact actual federal tax savings.

Donating Appreciated Stock

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*Long Term Capital Gains Tax of 20% plus Affordable Care Act Surcharge of 3.8%
**Please Limitation, reinstated Jan 1, 2013, may impact actual federal tax savings.

Students must be residents of Virginia, and fit one of these criteria:
are eligible to enter kindergarten or first grade, or
attended a Virginia public school for at least half of the current year or prior school year, or
were not residents of Virginia during the preceding school year, or
are prior recipients of a scholarship under this program.
Additionally, the student’s family’s annual household income must be less that 300% of the current poverty guidelines. For students with disabilities, household income must be less than 400% of the poverty level.
No. Donors receive 65% of their donation back in tax credits, but at least 90% of their donation is used to provide scholarships to students who otherwise would be enrolled in public schools. So, for every 65-cents Virginia loses in tax revenue, it gains more that 90-cents in private funds that go towards the education of a Virginia child.
Donations must go to an approved scholarship foundation, not to the DOE. Although you may go online and print a preauthorization form, MPF ca submit the application electronically via a secure Web-based file drop-box and the date and time received will be documented electronically through the Department of Education. Also, the way to assure that your donation supports the Catholic school you designate is by giving through the McMahon Parater Foundation.
No, the Department of Education requires a preauthorization process in order to qualify for tax credits.
Please contact one of the following:

Christ The King Catholic School
Bonnie Schneider
Development Director

Dr. Francine Gagne
McMahon Parater Foundation for Education, Catholic Diocese of Richmond:

Joyce Schreiber
Director of School Development

Margaret Keightley
Executive Director