AAA Scholarship Foundation

We Make Academic Achievement Accessible

888.707.2465 | info@aaascholarships.org

MARY USATEGUI, EXECUTIVE VICE PRESIDENT & CHIEF FINANCIAL OFFICER FOR PROFESSIONAL BANK

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Mary Usategui has always gone the extra mile. Whether it be with her career, education or being the voice for those in need, she has never shied away from an opportunity to better herself or her community. With extensive experience in both the banking industry and non-profit realm, Mary Usategui has, and will continue to, change the lives of those around her.

Mary is a Certified Public Accountant in the State of Florida and holds two master’s degrees – one in accounting from the University of Miami and the other in finance from Florida International University. She began her career in the banking industry at 18-years-old, where she first served as a bank teller. She then went on to work at the Coconut Grove Bank for over seven years and took on various roles that eventually landed her the position of Senior Financial Officer. Now, Mary is the Executive Vice President & Chief Financial Officer at Professional Bank where she is responsible for the oversight of finance, accounting, banking operations and human resources.

Aside from her career, Mary has always had a passion for wanting to help those less-privileged. This devotion led her to the AAA Scholarship Foundation where she is now a Bank Advisory Board Member, and has been for over two years. Along with these responsibilities, she assists and mentors young individuals within her community and is adamant about teaching them the importance, and value, of an education.

Mary has a love for helping not only people, but animals as well. It had gotten to the point where Mary felt obligated to take in every stray dog she found, and at dog number four, her husband asked her to stop. Mary then became involved with the Everglades Angels Dog Rescue. This organization is an all-volunteer non-profit that puts every dollar earned towards vetting, boarding, feeding and other direct expenses for the benefit of the dogs they rescue. If Mary is ever late to anything, her co-workers won’t even blink an eye. Nine out of ten times she is helping a stray dog find its home, or convincing her husband that adding one more dog to the family is doable.

When asking Mary Usategui what advice she would give to those considering donating to the AAA Scholarship Foundation, she says “If you’re able to redirect your taxes, the AAA Scholarship Foundation is a great organization to partner with. It’s a wonderful way to help others in your community, while also earning CRA credits. To me it’s a win-win!”

Click here for a pdf of this blog post.

 

 

Sofia Tabaniag

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Sofia Tabaniag
Calvary Chapel Christian School
Las Vegas, NV

 

The AAA Scholarship Foundation does so much more than provide economic assistance to low-income families. They give children, like Sofia Tabaniag, a chance. A chance to challenge themselves academically and a chance to flourish as both a student and as an individual. This scholarship gives children the chance to push themselves to do the best they possibly can, in all aspects of life. Now in the 3rd grade, and attending Calvary Chapel Christian School, Sofia has surpassed every expectation and hope her mother Iandell could have ever wished for – which was all made possible by the people and donors that work tirelessly to make this program possible.

Iandell Tabaniag grew up in Hawaii and attended a local public school alongside her siblings. While she received a proper education, she wished more scholarship opportunities were available to give her expanded educational options. When Iandell became a mother herself, one of her main priorities was to give her daughter, Sofia, the best education she could. Unfortunately, this meant Iandell would need to make some sacrifices. Hawaii would always be home to Iandell and her family, however there weren’t as many affordable school opportunities that she felt would be a good fit for her daughter. Iandell has family that lives in Nevada, and after many months of researching and seeking advice from her relatives, she made the bold decision to pack up and move across the country.

Iandell’s husband found work as a supply clerk for a medical facility, while she began serving as a teacher’s aide. However, they found out after moving that the Las Vegas public school Kindergarten programs offered were only part time and the quality of education their daughter would receive would not be the best. Iandell received a recommendation about a private Kindergarten program that they believed Sofia would thrive in at Calvary Chapel Christian School. When Iandell and Sofia visited the school, they were blown away by how welcoming the staff was to them.

Instructors were passionate about teaching and wanted their students to work together and rely on one another to make an impact on the world. The cost was much higher than Iandell and her husband had anticipated, but they worked tirelessly to make it work – making financial sacrifices and working with the private school to pay in installments to help keep up with the rest of their bills. The move alone was a challenge, but adding in other factors, such as Sofia’s education, was taking a toll on the Tabaniag family financially. Even with two incomes, their family was struggling to make ends meet.

As first grade was quickly approaching, Iandell needed options. She considered other options, including the local public school program, and while she was not opposed to it, she knew this would be one of the many hurdles her family would face. Even at a young age, Sofia demonstrated promising potential and Iandell felt that the only way this would continue would be to find a setting where she wouldn’t fall behind in a crowd of students. The Kindergarten program that Sofia was attending had informed Iandell about AAA Scholarship Foundation. Because her family met the household income requirements, she applied for a scholarship and was more than relieved to hear that they qualified. Iandell’s hopes and dreams for her daughter were slowly becoming a reality.

Fast-forward three years and Sofia is doing better than Iandell could have ever imagined. Not only has she found her “home away from home,” but she is being challenged academically in a healthy way. Now in the third grade, Sofia is learning and studying above grade level – while also maintaining A’s! She has improved in many subjects, including writing, reading comprehension and spelling. This year she has even learned cursive! The school pushes their students to step out of their comfort zones. For instance, the students are required to participate in a public speaking program called Speech Meet which helps teach them important skills that they will continue to use for the rest of their lives. Sofia has competed in her class, won first place, and will be competing in the District Speech Meet with other private school winners. The school also values the arts and participates in an art festival, in which Sofia’s artwork was recently chosen to compete among the other private school entrants. Because of the relationships Sofia has already built with her former teachers, she looks forward to moving up grade levels and meeting new teachers. Sofia has a true passion to learn, and Iandell knows this opportunity wouldn’t have been possible without help from the AAA Scholarship Foundation.

“What word is there to even describe how grateful I am,” says Iandell Tabaniag. “This scholarship is the best thing to ever happen to our family. I remind Sofia every day to make the most of her work because her being able to attend this school is a blessing and not many children have this chance.”

About AAA Scholarship Foundation
The AAA Scholarship Foundation awards scholarships solely to qualifying low-income, disabled and/or displaced students. 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 are concerned 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. They wish to change their child’s learning environment, acquaintances and the unfortunate predictable outcomes associated with school failure.

AAA Scholarships are funded in Alabama, Arizona, Florida, Georgia, Nevada and Pennsylvania by corporations that redirect a portion of their state tax liability to the AAA Scholarship Foundation in exchange for a tax credit (dollar-for-dollar in Alabama, Arizona, Florida, Georgia and Nevada, and up to 90 percent in Pennsylvania). The AAA Scholarship Foundation is one of the only approved Scholarship 501(c)(3) Nonprofit Organizations exclusively serving qualifying low-income, disabled and/or displaced students through these tax credit scholarship programs. AAA Scholarship Foundation provides your company with the convenience and efficiency of a single-solution for participating in multiple state tax credit scholarship programs. For more information, or to learn how your corporation can participate in the program, visit www.AAAScholarships.org, or contact Kerri Vaughan at kerri@aaascholarships.org or 888 707-2465 ext. 730.

Click here for a pdf of this spotlight.

Scholarship Application Meetings – Arizona

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2018-2019 Scholarship Application Meetings Scheduled for Arizona Parents

Join AAA Scholarship Foundation for our upcoming informational meetings for the parents of potential 2018-19 income-based scholarship recipients.

Parents will receive information about our scholarships, a paper application, tips & tricks on how best to complete the application and a raffle ticket to participate in a free raffle.

All meetings will include both English and Spanish sessions. Adults only, please – no child care will be provided.

  • PHOENIX MEETINGS: Monday, March 5th at 6:30 pm – OR – Tuesday, March 6th at 6:30 pm
  • TUCSON MEETINGS: Thursday, March 8th at 6:30 pm

Please RSVP no later than Thursday, March 1st:

Call: 888-707-2465 ext. 735 – OR – Email: rsvpAZ@aaascholarships.org
Include your name, meeting date, number attending (maximum 2 people per household) and contact information.

Once your RSVP is received, our staff will call or email you to provide the address of the meeting.

Andrew Ambrose

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Andrew Ambrose
Lake Mead Christian Academy
Henderson, NV

When asking Tessa Ambrose how her son Andrew was adapting to his parent-selected school, she had to fight back tears. “I can’t describe the feeling,” she says. “This school has changed my son’s life as well as mine.” Now a freshman in high school, and exceeding expectations at Lake Mead Christian Academy, Tessa knows none of this would have been possible without the financial assistance from the AAA Scholarship Foundation.

A stay at home mother of three, Tessa was adamant about teaching her children the importance of education at a young age. Formerly attending their local public school, she learned early on that her son Andrew was very bright; however, he was having trouble focusing on tasks being given to him. When she found out that Andrew had Attention Deficit Disorder (ADD), Tessa was worried that the teachers at Andrew’s school would not be as empathetic to this as she hoped. The issue actually wasn’t that the teachers didn’t want to help – it was that classroom sizes were already exceeding the normal limit, which left them little time in their day to further help students, like Andrew, receive the one-on-one attention that they needed. Andrew felt neglected, and Tessa was beginning to run out of options.

Tessa was determined to put her son in an educational setting that would address his specific learning needs, but her family’s financial standing was holding her back. With her husband being the primary source of income, Tessa was unsure of how many options, if any, they had. It was clear that Andrew needed to be in a school that was both aware of his learning disability while also nurturing of it, but the next best school was Lake Mead Christian Academy – a private school in town. Tessa simply didn’t have the financial means to make this possible, but was adamant in finding a way. After repeated visits with the financial aid office, she was ecstatic to find out about the AAA Scholarship Foundation.

According to Tessa, the overall change in Andrew since attending his new school has been extraordinary. Not only has his self-esteem grown tremendously, Tessa can’t get him to leave school! The teachers at Lake Mead Christian Academy have surpassed her expectations. They offer both before and after school assistance to all students, and if they see students struggling with a subject, they have them attend study hall where teachers and their aides are available to work with them one-on-one until they feel confident with their work. “They care about me mom, the teachers care,” says Andrew Ambrose.

Because of his learning disability, Andrew needed more time on assignments and tests than his peers. The teachers were more than understanding and allowed him as much time as possible. If for some reason he didn’t do well on a certain test, the teachers would call him back in and go over it personally with him to see what he didn’t quite understand.

“Before this school, I had to pay for tutoring, which left us low on groceries for the week,” says Tessa Ambrose. “Now I can’t get him to leave! The school truly wants their students to succeed.”

With his new-found confidence, Andrew has also auditioned for the theatre program at his school. In the most recent productions, You’re a Good Man and Charlie Brown, Andrew was cast as the lead role for both! With the additional help offered to him by his new school, Andrew now has the time to pursue his love for theater without worrying about falling behind with his grades. Andrew also loves studying world history and English – he is now in English honors and maintaining A’s and B’s on every report card. Tessa knows none of his accomplishments would have been possible without the ongoing support from the faculty members at Lake Mead Christian Academy, as well as the AAA Scholarship Foundation. One afternoon Andrew came home eager to write a letter. When Tessa asked him who the letter was for, Andrew replied “the school told me I should write a letter to AAA. I need to thank them for their help!”

“Because of the AAA Scholarship Foundation, my son has the confidence to strive for excellence,” says Tessa Ambrose. “Andrew tells me often how thankful he is for the AAA Scholarship Foundation and what a blessing it has been to him. As a parent, I appreciate all of the time the people put in to make this organization possible. I’m truly grateful.”

About AAA Scholarship Foundation
The AAA Scholarship Foundation awards scholarships solely to qualifying low-income, disabled and/or displaced students. 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 are concerned 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. They wish to change their child’s learning environment, acquaintances and the unfortunate predictable outcomes associated with school failure.

AAA Scholarships are funded in Alabama, Arizona, Florida, Georgia, Nevada and Pennsylvania by corporations that redirect a portion of their state tax liability to the AAA Scholarship Foundation in exchange for a tax credit (dollar-for-dollar in Alabama, Arizona, Florida, Georgia and Nevada, and up to 90 percent in Pennsylvania). The AAA Scholarship Foundation is one of the only approved Scholarship 501(c)(3) Nonprofit Organizations exclusively serving qualifying low-income, disabled and/or displaced students through these tax credit scholarship programs. AAA Scholarship Foundation provides your company with the convenience and efficiency of a single-solution for participating in multiple state tax credit scholarship programs. For more information, or to learn how your corporation can participate in the program, visit www.AAAScholarships.org, or contact Kerri Vaughan at kerri@aaascholarships.org or 888 707-2465 ext. 730.

Click here for a pdf of this student spotlight.

529 Plans for K-12 Education Expenses

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The folks over at American Federation for Children, EdChoice and ExcelinEd have put together a memo to answer questions on how the 2017 tax law changes have provided families the opportunity to use their children’s 529 Savings Plans to help pay for qualifying k-12 education expenses.

Not all expenses qualify and not all states participate so it’s important to talk to your tax adviser to be sure you understand the law before making any decisions.

We hope this information is helpful! Click here to access a pdf of the memo.

Fifth Third Redirects $5.4 Million of Corporate Income Tax Dollars to AAA Scholarship Foundation

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Fifth Third Redirects $5.4 Million of Corporate Income Tax Dollars  to AAA Scholarship Foundation

Hundreds of Eligible Students in Florida Benefit

 

Tampa – Fifth Third Bank is proud to announce a $5.4 million investment to AAA Scholarship Foundation (AAA) by redirecting Florida corporate income tax dollars to the organization. The money is funding 860 educational scholarships for Kindergarten through 12th grade students in Florida during the 2017-2018 school year.

AAA is a state approved Scholarship Funding Organization (SFO) that exclusively serves eligible low-income, disabled and/or displaced children. The scholarships empower parents to choose the best learning environment for their child. 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.

“Fifth Third’s significant contribution will ensure children all over the state of Florida have access to quality education tailored to their needs,” said Kim Dyson, President and CEO of AAA Scholarship Foundation. “On behalf of those children – thank you, thank you, thank you!”

“This investment is further proof of Fifth Third’s commitment to the communities we serve,” said David Call, Florida region president for Fifth Third. “Our goal is to provide children with the opportunity to help build a better future for themselves and their communities.”

Fifth Third’s investment in AAA is made possible through the Florida Tax Credit Scholarship Program which allows any company that pays Florida corporate income tax to redirect up to 100 percent of its tax liability to AAA.

Florida Governor Rick Scott said, “We must all work together to make sure our students have the support they need to succeed in the classroom and in their future careers. I look forward to celebrating the hundreds of opportunities that will be created for our students through these scholarships.”

About Fifth Third

Fifth Third Bancorp is a diversified financial services company headquartered in Cincinnati, Ohio. As of Dec. 31, 2017, the Company had $142 billion in assets and operated 1,154 full-service Banking Centers and 2,469 ATMs with Fifth Third branding in Ohio, Kentucky, Indiana, Michigan, Illinois, Florida, Tennessee, West Virginia, Georgia and North Carolina. In total, Fifth Third provides its customers with access to more than 54,000 fee-free ATMs across the United States. Fifth Third operates four main businesses: Commercial Banking, Branch Banking, Consumer Lending and Wealth & Asset Management. Fifth Third is among the largest money managers in the Midwest and, as of Dec. 31, 2017, had $362 billion in assets under care, of which it managed $37 billion for individuals, corporations and not-for-profit organizations through its Trust and Registered Investment Advisory businesses. Investor information and press releases can be viewed at www.53.com. Fifth Third’s common stock is traded on the Nasdaq® Global Select Market under the symbol “FITB.” Fifth Third Bank was established in 1858. Member FDIC.

 About the AAA Scholarship Foundation

AAA Scholarships are funded in Alabama, Arizona, Florida, Georgia, Nevada and Pennsylvania by corporations that redirect a portion of their state tax liability to the AAA Scholarship Foundation in exchange for a tax credit (dollar-for-dollar in Alabama, Arizona, Florida, Georgia and Nevada, and up to 90 percent in Pennsylvania). For banks there is an added benefit, as examiners at the bank regulatory agencies have approved dollars transferred to fund scholarships through this program to qualify for positive consideration under the CRA investment test. The AAA Scholarship Foundation is one of the only approved Scholarship 501(c)(3) nonprofit scholarship organizations exclusively serving qualifying low-income, disabled and/or displaced students through these tax credit scholarship programs. AAA Scholarship Foundation provides companies with the convenience and efficiency of a single-solution for participating in multiple state tax credit scholarship programs. For more information or to learn how your corporation can participate in the programs, visit www.AAAScholarships.org,or contact Kerri Vaughan at kerri@aaascholarships.org or 888 707-2465 ext. 730.

Click here for a pdf of this press release.

Alex Vazquez

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Alex Vazquez 2018_02Alex Vazquez
St. John Vianney Catholic School
Goodyear, AZ

 
Trying to navigate through school at any age is one thing – trying to navigate through school learning in both English and Spanish at only nine years old is another. For Elizabeth Vazquez, it was crucial for her son Alex to go to a school that was both accepting and nurturing of her son working in dual languages. With a tax credit scholarship from the AAA Scholarship Foundation, Alex Vazquez now has the opportunity to change his life, starting with his education.

As a mother of three, Elizabeth Vazquez was hesitant to pack up her family’s life in Iowa and move across the country to Arizona. It helped that she had family awaiting their arrival; however, she knew this would be a much harder adjustment on her children than she wanted. Prior to moving, Elizabeth attended graduate school in hopes of becoming a teacher. Unfortunately, moving meant she had to postpone graduating to ensure that her children were adjusting well to their new home. This left her jobless, which affected her family both academically and financially. When picking the right school for her child, Elizabeth was limited. For Alex, she needed him to be in an environment that would challenge him in dual languages.

Elizabeth turned to her family for guidance. When expressing her concerns, her family told her about St. John Vianney Catholic School. Elizabeth felt excited that not only were close relatives already attending this school, but it also had everything she was looking for: attentive teachers and smaller classroom sizes where the students had more one-on-one time with their teachers. Upon visiting, she was also informed that the school was based around a “supporting as a whole” motto. They didn’t just want their students to succeed grade wise, but learn how to become good citizens during their time there as well. Elizabeth knew in her heart that this was the school where Alex, and hopefully her other children, would succeed, and she was going to do everything in her power to get him there. After weeks of research, she learned that she was eligible to apply for a scholarship for Alex.

The transition to a new school was difficult in the beginning, especially for Alex. Because dual language put him farther behind than his peers, both he and Elizabeth feared that he would not be able to catch up in time. This was a new school for him with different rules and regulations, and even though it was a priority for Alex to continue learning dual languages, there was a chance that the teachers would put their focus on teaching Alex in just English, when his primary language was Spanish.

Although not a dual language school, Elizabeth was surprised to find that the teachers at St. John Vianney were more than supportive of this request. Since starting, she has seen a tremendous improvement in her son both academically and socially. Now in the fourth grade, the teachers at St. John Vianney were able to get Alex above grade level with his studies, particularly in reading. Instead of feeling like an outsider, Alex has been taught to embrace his cultural background and to continue challenging himself. Once falling behind in his classes, Alex is now getting A’s and B’s on a regular basis, and Elizabeth can see an overall improvement just by the way he speaks. No longer timid, Alex is enthusiastic to learn. This wouldn’t have been possible without the support from his mother and the AAA Scholarship Foundation.

“I am extremely grateful for this scholarship and that it’s available to all different types of families,” says Elizabeth Vazquez. “The AAA Scholarship Foundation has enabled us to grow as a family, and let me take on the ability to go back to graduate school and become a teacher.”

About AAA Scholarship Foundation
The AAA Scholarship Foundation awards scholarships solely to qualifying low-income, disabled and/or displaced students. 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 are concerned 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. They wish to change their child’s learning environment, acquaintances and the unfortunate predictable outcomes associated with school failure.

AAA Scholarships are funded in Alabama, Arizona, Florida, Georgia, Nevada and Pennsylvania by corporations that redirect a portion of their state tax liability to the AAA Scholarship Foundation in exchange for a tax credit (dollar-for-dollar in Alabama, Arizona, Florida, Georgia and Nevada, and up to 90 percent in Pennsylvania). The AAA Scholarship Foundation is one of the only approved Scholarship 501(c)(3) Nonprofit Organizations exclusively serving qualifying low-income, disabled and/or displaced students through these tax credit scholarship programs. AAA Scholarship Foundation provides your company with the convenience and efficiency of a single-solution for participating in multiple state tax credit scholarship programs. For more information, or to learn how your corporation can participate in the program, visit www.AAAScholarships.org, or contact Kerri Vaughan at kerri@aaascholarships.org or 888 707-2465 ext. 730.

Click here for a pdf of this Spotlight.

Is Arizona’s Low-Income Corporate Tax Credit Scholarship Program Growth Unsustainable?

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Recent newspaper articles have claimed that the growth of Arizona’s successful and effective Low-Income Corporate Tax Credit Scholarship Program is unsustainable at its current growth rate. Below we discuss the four main claims and provide the facts that prove that they are unfounded.

Claim #1) Unless capped, the allowable credits will exceed the amount of taxes owed by corporations.

Fact: The credits are approved by the Arizona Department of Revenue based on the taxes owed by corporations. The approved credits can only be taken against the amount of taxes actually owed subsequently, they can never exceed the amount of taxes owed by corporations.

Claim #2) Income taxes are the only corporate tax against which the credits may be applied.

Fact: The credits may also be taken against insurance premium taxes. The Joint Legislative Budget Committee estimates over $504 million in insurance premium taxes were collected into the General Fund during 2017.

Claim #3) Credits will “swallow up” all of the eligible corporate taxes in the year 2027 unless the 20 percent annual increase is capped.

Fact: Even if one assumes no increase in the amount of tax liability due to economic growth, the maximum credits that can be approved for the year 2027 will represent less than 44 percent of all eligible corporate taxes (income and insurance premium taxes). The credits approved for the current fiscal year represent less than 9 percent of eligible corporate taxes.

Claim #4) Corporations may have reached the limit (“natural water level”) of what they’re willing to take in credits.

Fact: All of the available credits were taken within 6 months of becoming available – half the time allotted for the process. There are many reasons that corporations may not participate immediately once credits become available, including:

  • Given the option, many corporations choose to strategically time their remittances to correspond with their normally required estimated tax payments. Corporations must remit their funds to a Student Tuition Organization within 20-days of having their application approved. Now that sufficient credits are available after the opening day of the cap, corporations will naturally take advantage of this timing opportunity and apply for credits when it best matches their cash flow needs.
  • The due diligence process for large corporations is lengthy, multi-layered, and crosses many departments (tax, public affairs, government affairs, foundations, community engagement, etc.) subsequently, it takes time for corporations to participate the first time.

The unwavering support of the Arizona Low-Income Corporate Tax Credit Scholarship Program from corporations proves that there is great demand from the business community for these credits. They see the Program as a viable solution for providing real educational opportunities to an underserved population who will one day lead their companies, work in their stores and factories and be consumers of the goods and services they provide.

The Program was designed to save taxpayer dollars by limiting the maximum cost of educating a student benefiting from it to an amount less than the cost of educating that same student in a public school. Instead of limiting the growth of a Program that saves taxpayers money, we encourage Arizona legislators to grow it at an even faster rate by adding additional types of taxes to the eligibility pool.

What is Scholarship Stacking and Why Are We Against It

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Scholarship stacking is the unregulated practice of allowing students to receive multiple tax credit scholarships from different scholarship organizations so that the resulting benefit to the student is greater than the maximum scholarship value set by law.

The Arizona Department of Revenue has confirmed to us that they believe the intention of Arizona legislators in including a maximum scholarship limit for the Arizona Low-Income Corporate Tax Credit Scholarship Program was to “save” taxpayer money by setting the cost of educating a student in the Program to something less than the cost of educating the same student in a public school (the 2017-2018 maximum value of a scholarship is $6,600 for students in grades 9 – 12 and $5,300 for students in grades k – 8).

This intent is not unusual. Legislative supporters of tax credit scholarship programs in the other states have successfully used the same argument to pass similar laws – they save taxpayer money. Unfortunately, the Arizona law was written in a way that leaves the administration of these scholarship limits open to interpretation.

It is our belief that scholarship stacking puts this successful and effective Program (and the tens of thousands of students who benefit from it) at risk unnecessarily by allowing those who oppose it to point to stacking as a waste of taxpayer dollars. Subsequently, it is our policy to interpret the law in the same spirit that the Arizona Department of Revenue has told us it was passed – the maximum scholarship value in the law is the maximum per student per year.

It is our mission to provide access to students with economic disadvantages to the best educational setting for their learning needs and we believe that the best way to do that it to strengthen the program – not weaken it. To that end, we encourage the Arizona legislature to raise the annual scholarship value per student, allow it to be used for required books and fees at eligible schools (along with tuition as it is today) and to either regulate the practice of scholarship stacking or prohibit it altogether.

The future of this Program – and all the students who rely on it – is bright. Let’s keep that light shining for them and for the great state of Arizona!

Nancy Merolla, CRA Officer for Florida Community Bank

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Nancy Merolla 2017_12When asked for a Pearl of Wisdom, Nancy L. Merolla shares, “If you ever run into someone who isn’t smiling, give them one of yours. It will make a difference.” Nancy has been doing just that her entire life –giving a smile and making a difference.

Nancy is an accomplished leader with a proven record of success in administering both public and private non-profit organizations serving the community’s needs. With over 30 years in the banking industry, she’s held such diverse positions as Vice President CRA Manager for Comerica Bank; Vice President, Branch Management for Glendale Federal; and Vice President, Statewide Non-Profit Relationship Manager for BankAtlantic.

Her work with non-profits includes serving as President and CEO of Broward Housing Solutions, working with the Broward Partnership for the Homeless and The Starting Place, Inc., and in 2009, she was appointed Circuit Administrator of the Florida Department of Children and Families for Broward County by Secretary George Sheldon.

Since 2012, Nancy has served as Vice President, Community Reinvestment Officer of Florida Community Bank (FCB), focusing on the Bank’s community reinvestment activities throughout Florida.

Because of her leadership, passion, performance and innovation, Nancy was named as one of the South Florida Business Journal’s Influential Business Women of 2017. “I was humbled to be nominated by Florida Community Bank and truly honored to be the recipient of this award,” she says. “Florida Community Bank continues to support our communities and gives employees a chance to contribute both personally and professionally. I currently serve on twelve boards and advisory councils as part of my community commitment through my role as CRA Officer for Florida Community Bank.”

In 2017, Nancy became a founding member of the AAA Scholarship Foundation Bank Advisory Board. FCB also participates with AAA Scholarship Foundation (AAA) through the Florida Tax Credit Scholarship Program. FCB’s contributions to AAA over the past two years have provided close to 75 educational scholarships to low-income Florida children.

“It’s always been a true passion of mine to work with nonprofits. The AAA Scholarship Foundation understood the importance of supporting the communities around us, and this partnership was all-in-all a ‘win-win’ for me.”