NCUA, IRS Partnership Creates Technical
Assistance Funding
To Offset Costs of Volunteer Income Tax Assistance (VITA) Program
Alexandria, VA, September 26, 2003 – National Credit Union Administration
(NCUA) Chairman Dennis Dollar announced today that through the ongoing
efforts with the Access Across America initiative, the agency has grants
available for low-income designated credit unions that participate
in the Internal Revenue Service’s (IRS) Volunteer Income Tax
Assistance (VITA) Program 2003-2004. NCUA has joined with the IRS in
an effort designed to encourage credit unions to consider participating
in enhanced outreach efforts by bringing education and tax assistance
to the credit union members and families.
“The credit union interest in this program is growing as over
50 credit unions have already established a VITA partnership with the
IRS as part of our Access Across America initiative,” said NCUA
Chairman Dennis Dollar. “We are pleased to hear that over 150
more credit unions are in the planning stages for developing a program
in conjunction with the IRS. NCUA encourages all credit unions and,
in particular, those that have a low-income designation, to evaluate
the opportunities available to provide valuable financial and tax literacy
services to their members through VITA or another comparable program.”
NCUA encourages all low-income designated credit unions presently
involved in or considering the VITA program to review this funding
opportunity
and evaluate whether this will benefit those credit unions and their
members and families. The IRS uses the VITA program to increase awareness
of the Earned Income Tax Credit (EITC), asset-building opportunities,
and financial education services.
This funding opportunity can assist in offsetting some of the administrative
and operational costs associated with providing free income tax
preparation services. As a result of implementing the VITA program,
credit unions
may also realize growth in low or no cost savings accounts and
expanded financial literacy training to new and existing members.
Packets concerning the program are currently being mailed to all
low-income designated credit unions. For more information and program
guidelines
relative to the technical assistance grant funding you may access the
Office of Credit Union Development’s website http://www.ncua.gov/org/orgchart/ocud/programs.html,
call the Office of Credit Union Development at 703-518-6610 or e-mail
the office at ocudmail@ncua.gov.
For further information about participating
in the VITA initiative, please contact the IRS, via e-mail, at www.partner@irs.gov.
Written
inquiries may be sent to: Internal Revenue Service, 401 W. Peachtree
Street, Atlanta, Georgia 30308, Attn: Beverly Thomas (Stop 49-WI).
Please include primary and alternate contact names and telephone
numbers with all inquiries.
The National Credit Union Administration, governed by a three-member
board appointed by the President and confirmed by the Senate, is
the independent federal agency that regulates charters and supervises
federal
credit unions. NCUA, with the backing of the full faith and credit
of the U.S. government, also operates and manages the National Credit
Union Share Insurance Fund (NCUSIF), insuring the deposits of over
80 million account holders in all federal credit unions and the overwhelming
majority of state-chartered credit unions.
|
