Corporate donor gives $300K for private school scholarships

New York Life Insurance Company made the first of a three-year donation to the Brophy Community Foundation, qualifying the company for a corporate tax credit.
New York Life Insurance Company made the first of a three-year donation to the Brophy Community Foundation, qualifying the company for a corporate tax credit. (graphic from website)

The country’s largest mutual life insurance company is making a multi-year investment in Arizona students to ease financial burdens for families seeking quality, private education. The Brophy Community Foundation received the first installment of a three-year, $300,000 donation from New York Life, the independent school tuition organization said in a press release July 10.

The foundation supports students at 23 Catholic schools, including Brophy College Preparatory, and three other private schools throughout Arizona. The Brophy Community Foundation gives out at least 90 percent of its annual revenue for need-based tuition aid. The average income for a family of four awarded tuition grants is less than $40,000.

New York Life sees the three-year grant as a solid investment. Every Brophy student who received financial aid graduated from the Jesuit high school bound for institutions of higher learning. More concrete student and parent testimonies are posted on the foundation’s website.

“Education is the cornerstone to success in life and we’re pleased to help Arizona youth on their path toward achievement,” said Maria Collins, corporate vice president of New York Life.

The company donated to the Brophy Community Foundation under the state’s Private Education Tax Credit program, which allows a dollar-for-dollar tax credit to businesses that make a contribution to certified school tuition organizations. Arizona passed a corporate tax credit law in 2009. It expanded to include insurance companies that pay a premium tax in 2009.

“New York Life’s generosity is a gift of lasting value and an investment in the future economic vitality of our state by ensuring all Arizona students have access to the best K-12 education possible,” stated Genny Matteucci, executive director, Brophy Community Foundation.  “All of Arizona’s youth, regardless of financial constraints, deserve an excellent education leading to achievement in grade school, graduation from high school, and preparation for college.”

The Brophy Community Foundation has awarded some 7,200 tuition grants totaling $16 million since its founding in 1998.