Financial Reports
At Step Up For Students, we pledge to effectively provide educational opportunities for PreK3-12 students by responsibly managing the funds entrusted to us. Our financial stewardship is confirmed through annual audits, with the following information summarized from the audited financial statements for the fiscal year ending June 30, 2023.
Distribution Percentages
Step Up For Students’ 2023 breakdown of expenditures
Financial Audits
The state of Florida requires each Scholarship Funding Organization (SFO) to submit a financial and compliance audit performed by an independent certified public accountant each year. The report is submitted to the Auditor General and the Department of Education.
Auditor General Operational Audits
As of 2014, Section 11.45(2)(k), Florida Statutes requires the Auditor General to annually conduct an operational audit of the accounts and records of eligible nonprofit scholarship funding organizations.
IRS Form 990
The Internal Revenue Service requires that each 501(c)(3) nonprofit corporation file a statement of finances each year, known as Form 990. In previous years, the corporate name under which Step Up For Students operated was the Florida School Choice Fund.
School Financial Reports
In 2010, the State Legislature required that every school receiving more than $250,000 in any given year hire an independent Certified Public Accountant (CPA) to file a financial report by Sept. 15. The report, formally called Agreed Upon Procedures (AUP), is intended to ensure that the money is used for education-related expenses.
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