Credit unions have until July 9, 2010 to apply for a slice of nearly $12 million in Volunteer Income Tax Assistance (VITA) and Tax Counseling for the Elderly (TCE) grants from the IRS. IRS VITA grants provide funding to qualified non-profit organizations, including credit unions, enabling them to offer free tax-preparation for under served people in hard to reach areas. Related TCE grants fund free tax preparation and counseling services for individuals 60 and over. The TCE program also funds training and technical assistance for volunteers who provide free Federal income tax preparation assistance in elderly communities.
“By providing free tax preparation in hard-to-reach areas, credit unions offer a vital community service that helps low-income workers receive full credit for their hardearned
dollars,” said NCUA Chairman Debbie Matz. “I strongly encourage qualified credit unions to apply for VITA grants from IRS as well as from NCUA. The more credit unions provide this service to underserved taxpayers, the greater the likelihood that low-income families can build a solid financial foundation for their future.”
There is no maximum grant amount. However, all applicants must obtain dollar-for-dollar matching funds and provide appropriate documentation to the IRS. For example, if a credit union requests $50,000 in grant funds, it must provide at least $50,000 in matching designated VITA Program funds. The IRS 2010 VITA application, with specifics regarding eligibility and program requirements, can be found by