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Este informe no está disponible en español. CARIBBEAN BUSINESS 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 fund’s earnings will be used to sponsor Transformación Educativa’s activities until 2014. The program uses the coaching strategy in which the PRCF identifies three transformational agents–a parent, a teacher, and the school’s director–to 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. PRCF’S 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 don’t 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 program’s purpose is for its leaders to pass on what they have learned to other schools, creating a domino effect in the school’s 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 don’t drop out and teachers don’t quit." PRCF added to 2005 tax return The PRCF also has been added to Puerto Rico’s 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 can’t 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 Rico’s Internal Revenue Code was amended for the upcoming tax return season. This Caribbean Business article appears courtesy of Casiano Communications. or
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