Jaylen Hardy and Savon Graham
Lake Mead Christian Academy
Clarke County, NV

 

Ahsaki Hardy sits amongst many other enthusiastic parents as she watches her children, Jaylen and Savon, receive honor roll once again. She knows this wouldn’t have been possible without the financial stability provided by a scholarship from the AAA Scholarship Foundation which allowed Ahsaki to send her children to a school tailored to their learning needs.

Knowing that they’d face countless obstacles, Ahsaki made the courageous decision to move her family from Massachusetts to Nevada, not really knowing what to expect. She was in desperate need of a climate change but she also wanted to move to a place that her family could eventually call home. Ahsaki worked as a family support specialist, which was the family’s only source of income. Her children’s father was unable to work due to an injury, which would later result in surgery and the family losing their secondary source of income.

 

Ahsaki was focused on work, making sure there was food on the table and caring for her children’s father so she hadn’t really noticed how reserved Jaylen, her oldest son, was acting when he would arrive home from attending third grade at his zoned public school each day. She asked him the normal questions such as how was school, did he need any help with his homework, and so on, but he didn’t allude to anything being wrong. It wasn’t until report cards were sent home that Ahsaki learned that Jaylen’s grades were starting to drop, which was out of the ordinary for her intelligent young son.

 

Ahsaki made it her mission to find out what, if anything, was going on at school that was causing Jaylen’s grades to suffer? After some gentle prodding, Jaylen finally broke down and confessed that an upperclassman had been picking on him. Alarmed, Ahsaki asked question after question, and learned that it had started on the school bus where Jaylen was being teased and called names, and continued into the classroom, as well as into after school care. “I don’t like this school anymore,” said Jaylen. Ahsaki was heartbroken and wanted to put a stop to the bullying immediately; however, because of their financial situation, she felt like her options were limited. That night, as she lay in bed absorbing all the information she had learned earlier that day, she knew she needed to make a change. If she didn’t pull her son out of this school now and put a stop to the harassment, who knew where it would lead? To make matters worse, her youngest son, Savon, was getting ready to start school for the very first time, and the last thing Ahsaki wanted was for him to enter that type of hostile environment.

 

Ahsaki had heard of a few private schools in her district and decided to visit Lake Mead Christian Academy. Right away she noticed that the classroom sizes were much smaller than at Jaylen’s previous school, where he was one of 35 students in a classroom with one teacher. This school also had a tracking system, which notifies the teachers if any students are falling behind in a subject or aren’t quite grasping the concept as quickly as their peers. The teachers can then intervene early and provide those struggling students with enhanced guidance. Ahsaki admired this about the school as it showed her that the administration truly wanted their students to succeed.

 

Ahsaki desperately wanted Jaylen to attend Lake Mead Christian Academy, as well as enroll Savon there so that he would not only be with his brother, but would also be protected from the bullying that Jaylen has experienced. As they approached the end of their tour, Ahsaki informed the administrator of their current financial situation and told her that she would do anything to send her children there. The administrator told her that they had a few students already benefitting from the AAA Scholarship Foundation and encouraged her to apply for a scholarship to see if her family qualified. To her relief, they did!

 

Now in the seventh grade, Jaylen genuinely loves going to school and expanding his academic horizons. He takes advantage of every activity the school has to offer, including basketball, choir and even Speech Meet, which is a spelling bee-type competition with a twist – students can pick a speech, poem or passage from a book to deliver. Students do not compete against each other, rather, they are judged on how well they deliver their selection. This practice helps students develop techniques to speak audibly, confidently and expressively – crucial skills they will need for their day-to-day lives. As for Savon, he is now in the third grade and is passionate about reading and participating in the school’s theatre program, where he landed the lead role in The Little Engine That Could.

 

Jaylen and Savon are aware of the sacrifices their mother makes every day to allow them to attend this school, and they couldn’t be more grateful. As for Ahsaki, seeing her children happy makes it all worth it. “This scholarship has helped my family so much,” says Ahsaki. “It has taken an emotional and financial strain off my shoulders knowing I have help to pay for my children’s education from the AAA Scholarship Foundation. I tell everyone I meet that is in my same financial situation to apply for an AAA scholarship. Thank you so very much!”

 

 

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 Arizona, Florida, Georgia and Nevada by corporations that redirect a portion of their state tax liability to the AAA Scholarship Foundation in exchange for a dollar-for-dollar tax credit. The AAA Scholarship Foundation is one of the only approved 501(c)(3) nonprofit scholarship organizations exclusively serving qualifying low-income, disabled and/or displaced students through these tax credit scholarship programs in multiple states. 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.

For a pdf of this spotlight, click here.

Growing up right outside of Philadelphia, it was an easy decision when Cathy Sterba agreed to move with her husband to the sunshine state to escape the endless cold. There, Cathy has worked in the banking industry around Orlando for more than 30 years, starting as a management trainee at Barnett Bank, and now working as the CRA Officer, Fair Lending Officer, and Strategic Risk Officer for Seaside National Bank & Trust.

 

Cathy not only graduated from Wake Forest University with a BS in mathematical economics, but she met her husband there as well. They have been married for over 30 years and have two grown sons.  The two make a conscious effort to visit college friends at least once a year with a trip to Winston-Salem for fun or, in the fall, to get a little taste of cold weather and football. Cathy loves to travel and loves the excitement that comes with planning their next trip. She is also very active and will find any excuse to be outside, whether it be golfing, biking, gardening, or simply walking to the neighborhood Starbucks.

 

Aside from her work within the banking industry, Cathy is a founding and current board member of A Gift For Teaching (AGFT). AGFT was founded in 1998, and its mission is to provide free school supplies to teachers that serve in schools around the Orlando area. AGFT accepts donations so they can provide basic supplies such as pencils, paper and notebooks, and they also even recycle items such as laptops, keyboards, and other computer equipment and electronics. When her two children were younger, Cathy continued to stay involved and served on numerous school board committees including the School Advisory Council (SAC) and the Parent-Teacher Association (PTA). She also partnered with Healthy Central Florida (HCF), where they are working to transform their community into the healthiest in the nation by promoting individuals to get moving more, and to simply enjoy a more lively, energized lifestyle.

 

Cathy doesn’t plan on slowing down anytime soon – she joined the AAA Scholarship Foundation in 2017 and serves as a very important role on the Bank Advisory Board. Cathy is ecstatic to work with a group of people that all have the same goal – helping children receive educational opportunity. It’s safe to say the world could use more people like Cathy!

Click here for a pdf of this blog post.

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.

 

 

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.

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

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.

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.

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!

When 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.”

For banks there is an added benefit to participating in the tax credit scholarship program through the AAA Scholarship Foundation, 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.

Each of our financial institutions that has enrolled in the tax credit scholarship program, and has been examined, has received positive consideration under the CRA investment test. This qualified investment would be considered as a “charitable contribution.” The regulation states that a “qualified investment is not disqualified because an institution receives favorable treatment for it (for example, as a tax deduction or credit)…”

In addition, bank contributions can be allocated to the bank’s specific assessment area(s) to insure that the bank’s investment is serving their geographic footprint.

Since the community development purpose of this program is to serve low-income children (only those that qualify for the national free or reduced lunch program), below are the demographics of the children served (this information is updated every quarter):

Average Family Size: 4

Average Family Income: $23,559*

Single Parent Home: 60%

*This income needs to be compared to the area median income (“AMI”) of the specific county to determine whether it’s at or below 30% (extremely low), 50% (low) or 80% (moderate) of the AMI to insure qualifying as a CRA investment.

For additional information please contact Kerri Vaughan, Managing Director • AAA Scholarship Foundation • www.aaascholarships.org • Cell: 786-367-0823   • Office: 888-707-2465 ext 730 • kerri@aaascholarships.org

Click here for a printable version of this document.