Tax Benefits for Supporting Financial Literacy

We would like to inform you of a very special tax credit program that contributes money to local public schools whose programs are not fully funded by the school system. Under Arizona law, you can make a contribution of up to $200 (or $400 for married couples) to any Arizona public school and receive an Arizona income tax credit for the full amount that you contribute.   You may also take the gift as a charitable contribution deduction on your federal income tax return, if you itemize.  Taking this tax credit does not limit your ability to take other tax credits offered by the State of Arizona. We are excited to share with you that Central High School will be implementing financial education programs and your contribution would be used to fund this program.  A recent NEFE survey reported that 89% of teachers felt strongly that financial education should be required at the high school level.  This critical need for financial education is supported by the following shocking statistics: Recent research reveals:

• Just 26% teens understand credit card fees
• 76% don’t know if using a check-cashing service is a good choice or bad one*
• Only 34% can balance a checkbook
• 62% of 18-24 year olds are saving very little or nothing at all**
• 32% of college students are “not at all” or “not very well” prepared to manage their finances†

As current funding is not available for these much needed programs, your contribution is of vital importance.  Not only would your donation benefit desperately needed programs and provide needed materials but could provide for ongoing self sustaining programs and it is also a great way to receive a tax credit for 2010.   By a notation in the memo part of your check you may allocate your funds to be used for Financial Education programs. If you wish to contribute this holiday season, please make your check payable to Central High School.  You may send the check to us and we will submit it to the school on your behalf or you may send it directly to Chris Jones, Central High School, 4525 North Central Avenue Phoenix, AZ 85012-1889. Contributions sent to us should be received by December 30, 2010.  Contributions sent to the school directly must be postmarked by December 31, 2010, to qualify for a 2010 tax credit.

* Charles Schwab Teens & Money Survey 2007

** Consumer Federation of America and Wachovia

† Harris Interactive Poll, 2006