Beginning November 15, 2012, organizations may apply to be approved scholarship foundations for the Education Improvement Scholarships Tax Credits Program.
Virginia's public schools are financed through a combination of state, local and federal funds. The private sector also contributes through partnerships with schools and school divisions.
The apportionment of the state funds for public education is the responsibility of the General Assembly, through the Appropriations Act. General fund appropriations serve as the mainstay of state support for the commonwealth's public schools, augmented by retail sales and use tax revenues, state lottery proceeds, and other sources.
Counties, cities and towns comprising school divisions also support public education by providing the locality's share to maintain an educational program meeting the commonwealth's Standards of Quality.
While public education is primarily a state and local responsibility, the federal government provides assistance to state and local education agencies in support of specific federal initiatives and mandates.
Overview of the Standards of Quality Funding Process (PPT) – This July 2013 presentation provides an overview of the Standards of Quality (SOQ) and other state-funding streams constituting Direct Aid to public education.