Georgia Nonprofit Highlight: The Innovation Fund Foundation and QED Tax Credit
Now and then, we like to highlight one of our nonprofit clients on our blog. Granted, it’s challenging to pick just one, as they all do such amazing work. But this time, we’re putting the spotlight on The Innovation Fund Foundation (IFF). If you live in Georgia, keep reading.
Who is IFF?
The Innovation Fund Foundation is a 501(c)3 nonprofit corporation that was established in 2013. It’s based in Atlanta, Georgia.
What does IFF do?
The IFF supports the work of the Georgia Governor’s Office of Student Achievement. It funds eligible organizations to help develop, pilot, implement, and scale better educational programs in Georgia. Through collaboration and innovation, IFF’s vision and mission are to invest in initiatives that help ignite and improve student success. So far, it has invested over $1.77 million in Georgia schools, districts, and nonprofits.
What is the Qualified Education Donation Tax Credit?
Launched in 2018, the Qualified Education Donation Tax Credit is IFF’s primary source of funding. The donated funds are used to provide grants to public schools with the intent of boosting student achievement. Priority goes to schools that are in the bottom 5% of performance.
What makes the Qualified Education Donation Tax Credit (QED) special?
The QED allows individuals and corporations to donate to the IFF and receive a dollar-for-dollar tax credit on their Georgia state income taxes. A dollar-for-dollar tax credit is a big deal because it directly reduces the amount of tax you owe (as opposed to a tax deduction, which reduces your amount of income that’s subject to taxes). The IFF can receive up to $5 million in funding through this tax credit, but it’s on a first-come, first-served basis.
How do I donate to the QED and get a dollar-for-dollar tax credit?
There is a five-step process for donating to the QED program. The first three steps take about 20 minutes — and it’s worth the effort. Your donation not only creates lasting positive impacts for Georgia students, but it can also markedly reduce your state tax burden.
How can I get my nonprofit organization highlighted on Qbix’s blog?
It’s easy. Step one – become a client. Step two – just ask! We’re especially happy to share positive stories that are a benefit to all. As a top outsourced accounting provider for nonprofits, we cater to tons of noble organizations, and we’d love to hear about yours. Let’s schedule a quick consultation call today to learn more about one another. We look forward to chatting with you soon.
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