What constitutes a qualified school?
Qualified school means a preschool that offers services to students with disabilities, nongovernmental primary or secondary school that is located in Arizona and that does not discriminate based on race,…
What is a school tuition organization?
A school tuition organization is a charitable 501(c)(3) organization that must: allocate at least 90% of its annual contributions to scholarships; not limit the availability of scholarships to students of…
How does the Brophy Community Foundation distribute its funds?
Brophy Community Foundation contracts with an independent service, FACTS, that processes and reviews all financial aid applications, including tax returns and W-2s, and calculates financial need of each family. Awards…
What is the procedure for making a corporate/insurance tax credit donation?
Brophy Community Foundation (BCF) handles all the paperwork required by the Arizona Department of Revenue (ADOR}. Contact Nicole Herden at 602-264-5291 x6500 or nicole.herden@brophyprep.org to initiate the process before July…
Can a taxpayer donate stock to Brophy Community Foundation and receive a tax credit?
No. The taxpayer may donate stock to the Brophy Community Foundation but the donation is not eligible for the tax credit since it is not considered a cash donation.
Is there a minimum limit to corporate tax credit donations?
There is a minimum aggregate contribution of $5000 for “S” corporations only.
Is there any limit to the amount of money a single corporation can donate for a tax credit?
Yes and no. There is a limit to how much corporations can donate in total each fiscal year for a tax credit. However, one corporation could donate the entire tax…
Is there any limit to the amount of money corporations can donate in total in a fiscal year?
The corporate tax credit donation limitation for fiscal year 2023/2024 is $158M. The limitation for 2024/2025 will be determined spring 2024. Brophy Community Foundation will submit applications to the Arizona…
What is the low income corporate tax credit?
Arizona law allows a dollar-for-dollar state income tax credit for “C” & “S” corporations and insurance companies that pay a premium tax for contributions to the Brophy Community Foundation, an…