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CRA Information for Bank Contributors

December 6, 2016 by admin

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.

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GA: Upon request, AAA will send you a full and fair description of this charitable program and a financial statement which shall be consistent with the financial statement required to be filed with the Secretary of State pursuant to Code Section 43-17-5. O.C.G.A. § 43-17-8. AZ: A school tuition organization cannot award, restrict or reserve scholarships solely on the basis of a donor's recommendation. A taxpayer may not claim a tax credit if the taxpayer agrees to swap donations with another taxpayer to benefit either taxpayer's own dependent. FL: A COPY OF THE OFFICIAL REGISTRATION AND FINANCIAL INFORMATION MAY BE OBTAINED FROM THE DIVISION OF CONSUMER SERVICES BY CALLING TOLL-FREE 1-800-HELP-FLA OR ONLINE AT www.FloridaConsumerHelp.com, REGISTRATION DOES NOT IMPLY ENDORSEMENT, APPROVAL, OR RECOMMENDATION BY THE STATE. FL REGISTRATION #CH38386 NV: A contribution or donation to AAA Scholarship Foundation, Inc. may be tax deductible for federal income tax purposes.

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