Todd Bankofier, Chairman of the Catholic Education Arizona Board, dedicates his time to maximizing the good in his community. His experience is varied — having worked with nonprofits, private companies, and public organizations. Bankofier joined Nancy Padberg, President & CEO of Catholic Education Arizona, and Deb Preach, COO of Catholic Education Arizona, to discuss how his charitable experience led him to Catholic Education Arizona and the work that the organization does.
The Story So Far
To understand the significance of Catholic Education Arizona’s impact, all one has to do is look at the number of children being served. According to Padberg, there are roughly 15,000 children in the schools that CEA works with. Statista states that in 2019, approximately 13.5% of Arizona’s population lived below the poverty line. Among this demographic are children who are able to attend Catholic schools in Arizona because of Arizona’s tax credits. Padberg says, “We are fortunate. There are only about 29 states that have this kind of tax legislation.”
The legislation allows individuals and corporations to direct tax credits, which would already be directed to the state, to specific organizations such as CEA. When it comes to organizations that have directed tax credits thus far, Padberg shares, “We have been very privileged … to have companies like Cigna and GCU, Lumen technologies, Shea Homes, Preach Incorporated, and Earnhardt — all companies that have been participating in this for years.”
Dispelling Myths About Tax Credits
Bankofier understands that a few misconceptions about Catholic education and scholarship tax credits need to be corrected for further change to happen. He explains that not all members of a company must identify as Catholic to aid children in need. Furthermore, not all children attending Catholic schools must identify as Catholic. He says, “If you go to a Catholic school, you just want to have an elevated education with strong moral and ethical backgrounds and learn how to be a strong, community-involved leader.”
He goes on to detail how companies big and small are eligible to direct tax credits. “S Corps and C Corps are not big companies. That is the first myth you need to eliminate. S Corps can be as small as two people. If they have organized their company around being an S Corp, they can send their tax liability to CEA,” he explains.
Preach adds that, “There’s no amount that is too small, right? Every penny that is given and tax credit contribution is going to change someone’s life for the better.”
Todd agrees with this sentiment, sharing, “We are leveling the playing field, we are making this dream come true for a lot of children that would like to go to those schools. And that is what motivates me. And that is why I am so excited to be on this board.” If you would like to aid CEA on their mission, you can pick up the phone and call (602) 208-6542 or visit catholiceducationarizona.org.
