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NCEF Tax Credit Program

Norfolk Collegiate Educational Foundation (NCEF) was established in December 1997 to provide educational assistance for academically qualified students to attend Norfolk Collegiate. As a participant in the Commonwealth of Virginia’s Neighborhood Assistance Program (NAP), the foundation’s objective is to expand the educational opportunities of children from low-income families and to enrich the school by broadening the cultural and economic diversity of the student population.

HOW DOES THE NCEF TAX CREDIT PROGRAM WORK?
Donors to the Norfolk Collegiate Educational Foundation receive state and federal charitable tax deductions for the amount of their contribution. In addition, companies and individuals who pay Virginia state income taxes receive a state income tax credit equal to 65 percent of their donation.

HOW DOES IT WORK?
INDIVIDUALS
Tax credits are awarded at the rate of 65 percent of the donation value. A minimum donation of $500 (cash or marketable securities) is required to be eligible. A maximum limit of $50,000 in tax credits per individual or married couple per taxable year will be imposed if all tax credits are awarded in a fiscal year. Tax credits not used carry over for five years.
Example: Give a $1,000 cash gift to the Norfolk Collegiate Educational Foundation and the state will send a $650 voucher for Virginia state taxes.

BUSINESS DONORS
Tax credits may be available to a business making a minimum contribution of $615.39. Tax credits for business donors are awarded at a rate of 65 percent of the donation value.
To view other examples, please open this PDF file.

HOW DO I CONTRIBUTE?
Complete the Contribution Notification Form and submit to: Norfolk Collegiate School, 7336 Granby Street, Norfolk, VA 23505 by June 30.
Determining the effect of making a donation for tax credits on a donor’s tax liability is the sole responsibility of the donor. Before making a donation, or when tax-related questions occur, donors are encouraged to seek advice from their tax accountant or other tax advisor. Deadline is June 30.

For more information on all planned giving, please contact Stacy Nixon, assistant head for advancement, at snixon@norfolkcollegiate.org or 757.583.0921.

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