HOPE

FOR THE FUTURE

HELP

THOSE IN NEED

HAVE

AN IMPACT

EMPOWER

Work with members in your community and make a difference

The AAA Scholarship Foundation has devoted more than 15 years to passionately advocating for the underserved, under-represented and academically disadvantaged members of our communities. Your bank can contribute to change the future of someone in need through tax credit donation.
Our Mission:  To provide economic and other assistance to economically-disadvantaged families and families of children with disabilities to enable them to select the best school for their children.

CRA Benefits for Banks

For banks, there is an added benefit of participating in the tax credit scholarship program – the bank regulatory examination agencies have approved dollars transferred to fund scholarships through this program as qualified for positive consideration under the CRA investment test!
Each of the financial institutions enrolled in AAA Scholarship Foundation’s tax credit scholarship program that have been examined have received CRA investment credit as a qualified charitable contribution. In addition, a bank’s contributions to the program can be allocated the its specific assessment areas to ensure that the investment services the bank’s geographic footprint.
Our program meets the community development requirements as its purpose is to serve low-income children.  The families participating in the program have on average four family members with an average family income of $23,559 and 60% of our families are single parent homes.

Our Scholarship Program

AAA Scholarship Foundation is a private 501(c)(3) nonprofit organization and an Approved Scholarship Organization is six states.  We administer innovative state-mandated income-based tax credit scholarship programs that fund education scholarships exclusively for low-income children and children with disabilities.  Qualifying parents can use these scholarships to send their children to the private schools that best meet their children’s needs.  The spirit of these income-based scholarship laws is to provide educational alternatives to a group of people who, because of financial circumstances alone, have no such alteratives.

ALABAMA

Income-Based Scholarship

ARIZONA

Income-Based Scholarship

Disabled-Displaced Scholarship (Lexie’s Law)

FLORIDA

Income-Based Scholarship

GEORGIA

Income-Based Scholarship

NEVADA

Income-Based Scholarship

PENNSYLVANIA

Income-Based Scholarship

Student Spotlight

How Income-Based Scholarships Are Awarded

In order to prove their eligibility, households must complete AAA’s online application and provide supporting documentation. The households must meet both, the state and AAA’s requirements (see state charts on the applications). Each household member is required to provide proof of income. AAA does not rely on a household’s enrollment in a state food assistance or TANF program as proof of eligibility, a process sometimes referred to as “direct certification,” since those programs audit less than 3 percent of their recipient households.In Alabama, Florida, Georgia, Nevada and Pennsylvania, the household must reapply annually. In Arizona scholarships may be automatically renewed for multiple years without reapplying.
Parents can check the status of their application by clicking on the “Check the Status of your Application” link. Once applications are “Completed,”  the application processor (PSAS) has one week to perform a final review before releasing the applications to AAA. If the applications pass PSAS’ review, AAA performs an audit on them and then mails out determination letters within two weeks.
Households that are determined eligible AND have received funding for the upcoming school year will receive 1) a Scholarship Award Letter and 2) a School Commitment Form (SCF) in the mail directly from AAA. The use of a scholarship cannot be postponed. The household must find an eligible private school for their student(s) as soon as they receive a scholarship award letter and SCF. Failure to meet the deadline stated on the SCF will result in the forfeiture of the awarded scholarship. Families should make a copy of the blank SCF before taking it to an eligible private school in case they decide to transfer to a different eligible private school later in the year. By completing the SCF, both the parents and the schools agree to abide by the terms of the AAA Parent/School Handbooks.
Schools should not accept any students without an SCF unless the household: 1) is willing to self-pay their tuition and fees until they are awarded a scholarship and 2) will self-pay if they are not. If a household receives a SCF in error or their eligibility is revoked, the private school that has enrolled the student will be notified as soon as possible. By accepting the scholarship student(s) and scholarship payment(s) the private school agrees to repay any incorrectly made or overpayment of funds on behalf of the student(s), regardless of the reason. Households that document eligibility but are placed on a waitlist do not have a scholarship unless they receive a Scholarship Award Letter and SCF at a later date.
Four times during the school year, AAA sends the school a verification form to ascertain whether the student remains enrolled and is current on any funds personally owed to the school. Once returned or once received, AAA disburses one quarter of the scholarship award in the form of a check, made payable to the parent/guardian but for deposit only by the school. The parent/guardian must restrictively endorse the check over to the school before it can be deposited.
Photographs and images included in the Student Spotlight are property of AAA Scholarship Foundation.  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, restrior 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. PA: The official registration and financial information of AAA Scholarship Foundation, Inc. may be obtained from the Pennsylvania Department of State by calling toll free, within Pennsylvania, 1 (800) 732-0999. Registration does not imply endorsement. FL: A COPY OF THE OFFICIAL REGISTRATION AND FINANCIAL INFORMATION MAY BE OBTAINED FROM THE DIVISION OF CONSUMER SERVICES BY CALLING TOLL-FREE WITHIN THE STATE AT 1-800-435-7532. REGISTRATION DOES NOT IMPLY ENDORSEMENT, APPROVAL, OR RECOMMENDATION BY THE STATE.