Wells Fargo (WSF) donated $50,000 to CSUN to help expand the university’s income tax preparation assistance program for low-income families and individuals. The money will support the operations of CSUN’s VITA Clinic. This is the bank’s second year supporting the CSUN VITA program. This year alone, the program assisted more than 7,500 people who visited the clinics.
“Well Fargo Bank’s continued support of the CSUN VITA Clinic has been hugely impactful for the clinic’s growth this year. With their generosity, we were able to enrich the services we offer to low-income taxpayers by offering them financial education and financial coaching,” said accounting professor Rafi Efrat, director of the CSUN VITA Clinic and Bookstein Low Income Taxpayer Clinic. “Empowered with the financial education and coaching along with the generated tax refunds, the individuals who were served by our clinic were then able to strengthen their financial resiliency.” Wells Fargo Bank’s generosity has supported the financial empowerment of low-income taxpayers during the 2018 tax season, Efrat said.
Additionally, Wells Fargo team members have also been on hand to provide financial guidance and advice to taxpayers. “Wells Fargo is proud to support CSUN’s VITA clinics. We are pleased that through our donation we will be able to provide assistance to local residents with no-cost tax services and financial advice,” said Patrick Nygren, San Fernando Valley Region President.
VITA has been offering free assistance with state and federal tax preparation to eligible low- income individuals and families for more than four decades. While there is a maximum gross income limit per tax return, it’s usually set by the IRS at $54,000, about the average income of a Los Angeles resident.
More than 450 CSUN student volunteers completed intensive training on handling federal and state tax returns. In addition to providing service to the community, the CSUN VITA Clinic also gives students an opportunity to gain knowledge and experience in their field of study.