NSA Educational Foundation
The Nansemond-Suffolk Academy Educational Foundation was established in the fall of 2016 to provide need-based financial aid for eligible students attending Nansemond-Suffolk Academy (NSA) and for local students whose family income does not exceed 300% of the federal poverty level.
The Foundation works closely with NSA to understand the important role of financial aid in fulfilling the school’s mission as well as its commitment to diversity. Financial assistance makes an independent education more accessible to a wider range of talented, ambitious students and their families. Since inception, the NSA Educational Foundation has awarded over $1,620,000 in scholarships.
Scholarships Awarded
Benefits
Monetary or marketable securities donations are eligible to receive Virginia state tax credits under Virginia’s Department of Education (DOE) Education Improvement Scholarships Tax Credits Program, which was established in 2012.In addition to a 65 percent state tax credit, individuals and businesses can also receive a deduction for a charitable contribution on a portion of the donation, achieving tax savings in two ways:
- A 35 percent deduction against net income as a charitable donation on both federal and state income taxes for the portion of the donation that is not eligible for state tax credits for the year of the donation.
- The donor may take a credit against Virginia taxes. Tax reduction equals 65 percent of the amount of the donation. The credit is non-transferable and may not exceed the tax liability, but it can be carried over for five succeeding years.
Determining the impact 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.
Learn More
To learn more about The Education Improvement Scholarships Tax Credits Program administered by the Virginia Department of Education, please visit the Virginia Department of Education's website. Or, contact Nansemond-Suffolk Academy's director of finance and accounting, Angie Thompson '01.
Contact
Angie Thompson '01
Director of Finance and Accounting
athompson@nsacademy.org
(757)539-8789 ext. 3343