Catholic Education Is Our Shared Responsibility
The formation of our children is a sacred mission shared by our entire diocesan community. Together, we support students and families, expand access, and form leaders in faith—strengthening the future of our Church and our wider world.
Funding Priorities
The McMahon Parater Scholarship Foundation recognizes the importance of affordable Catholic education for all families. By providing tuition assistance, primarily through Virginia’s Education Improvement Scholarships Tax Credits program, we ensure that schools in the Diocese of Richmond can say “yes!” to Catholic families and others who share our values.
Financial Prospectus
The McMahon Parater Scholarship Foundation is a non-profit charitable organization, duly organized and authorized under the laws of the Commonwealth of Virginia and the Internal Revenue Code. As a separate 501(c)3, the assets of the McMahon Parate Scholarship Foundation are owned and managed independently of the assets of the Catholic Diocese of Richmond.
Audited Financial Statements
Your trust is important to us. Learn more about our commitment to the responsible stewardship of your contributions.
Financial StatementsFrequently Asked Questions
The Foundation’s name honors two influential Catholics in the Diocese of Richmond. Monsignor John J. McMahon (1919–1982) was a priest, pastor, and advocate for social justice and Catholic education who established an endowment to support schools. Francis J. Parater (1897–1920) was a seminarian known for his holiness and service; his cause for canonization was opened in 2001. Together, they represent faith, sacrifice, and commitment to Catholic education.
As a separate 501(c)3, the assets of the McMahon Parater Scholarship Foundation are owned and managed independently of the assets of the Catholic Diocese of Richmond. As a foundation in support of Diocese of Richmond Catholic schools, it is fully aligned with and governed in partnership with the Diocese. The Bishop of Richmond serves as the Sole Member of the Corporation with the support of the volunteer Board of Directors.
The McMahon Parater Scholarship Foundation adheres to all EISTC program guidelines set forth in the Code of Virginia. Families submit an application through FACTS Grant & Aid, and foundation and school staff work together to review eligibility and create an award based on family need. Donors can designate their donation to a specific school, or the donor can leave it up to the foundation to direct the donation to where it is needed most. Funds are disbursed to schools on the students’ behalf twice per school year and credited towards tuition and the cost of education.
The Code of Virginia stipulates that at least 90% of each EISTC donation must be disbursed as qualified scholarships. In keeping with the highest standards of responsible stewardship, McMahon Parater goes above and beyond this benchmark to disburse 91.1% of every EISTC donation as qualified scholarships. The other 8.9% supports operating costs of the foundation, primarily salaries, as well as other essential administrative costs. See our audited financial statements for more information.
Program guidelines stipulate that all EISTC-qualified donations must be paid out as scholarships by the end of the fiscal year after which the donation is made. Therefore, the assets of the foundation remain largely liquid. However, our dedicated financial team reviews every opportunity to responsibly grow these funds as the program schedule allows. Modest investment income can be used at the discretion of the Board of Directors for activities that further enhance our mission, such as advocacy of the EISTC program, support and training for schools, and opportunities to share the message of our mission with new audiences.
Prior to the founding of Virginia’s EISTC program in 2012, the focus of the McMahon Parater Scholarship Foundation (formerly the McMahon Parater Foundation for Education) was creating endowment support for tuition assistance. Thanks to the leadership of Bishop Francis DiLorenzo and the faithful commitment of lay leaders across the Diocese, the Foundation established 34 endowments, which today are valued at over $16M. These endowments are held by the Catholic Community Foundation and are disbursed annually as Catholic school scholarships in accordance with spending policies and fund purposes.
Support Catholic Education
Your gift of Catholic school scholarships transforms the future of a child in Virginia. Learn more about tax credit scholarships and other ways to give.