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PRCF Announces Educational Transformation 2014 Fund
Corporations can help make permanent, tax-deductible contribution to youth
By IVA YATES
January 13, 2005
Puerto Rico Community Foundation (PRCF) has created Fondo de Transformación Educativa 2014 (Educational Transformation Fund 2014). The funds earnings will be used to sponsor Transformación Educativas activities until 2014. The program uses the coaching strategy in which the PRCF identifies three transformational agentsa parent, a teacher, and the schools directorto participate in the Leadership Institute to train for three consecutive summers. "Schools work the same way corporations do, except that their earnings are in quality of life," said Mary Ann Gabino, development director at the PRCF.
PRCFS goal is to raise $15 million by 2009
In order to sustain this program, the Ford Foundation already has awarded the fund $5 million. Gabino stated the PRCF hopes another $5 million will be donated locally while the remaining amount will come from other foundations. "Ideally, the fund should generate $700,000 annually," she remarked.
Corporations can participate by making economic or human resource contributions. "PRCF offers a good platform for companies that dont have a structured corporate social responsibility program so they can begin doing it," said Gabino. "Corporations also can offer their employees as coaches for the schools." Donations made to the fund are permanent and will help sustain the program in participating middle schools.
Transformación Educativa 2014 already has helped 78 schools in the public education system, working with 20 schools each year until reaching a total of 200 schools. The programs purpose is for its leaders to pass on what they have learned to other schools, creating a domino effect in the schools community. The PRCF has been focusing its efforts on middle schools (grades 7 to 9) since 1994. "Ninety percent of school dropouts happen during these years," said Gabino. "Our goal is to ensure students dont drop out and teachers dont quit."
PRCF added to 2005 tax return
The PRCF also has been added to Puerto Ricos 2005 tax return in two subsections of the outstanding facts section: the new contributive benefits and significant changes to the tax return sections.
The law states deductions can be made of either 3% of the gross income or 33% of the total contributions and donations, whichever is highest. Donations made to charitable causes cant exceed 15% of the adjusted gross income. However, the law allows for an additional 15% deduction for donations made to nonprofit organizations, educational institutions at the university level, the José Jaime Pierluisi Foundation, Fondo para el Financiamiento del Quehacer Cultural de Puerto Rico, the 98 Centennial Foundation, and now the PRCF. This change happened after Puerto Ricos Internal Revenue Code was amended for the upcoming tax return season.
This Caribbean Business article appears courtesy of Casiano Communications.