43-1507. Audits and financial reviews
A. On or before September 30 of each year, each school tuition organization that
received one million dollars or more in total donations in the previous fiscal year shall
provide for a financial audit of the organization. The audit must be conducted in
accordance with generally accepted auditing standards and must evaluate the
organization's compliance with the fiscal requirements of this article. The audit must be
conducted by an independent certified public accountant licensed in this state. The
certified public accountant and the firm the certified public accountant is affiliated
with shall be independent with respect to the organization, its officers and directors,
services performed and all other independent relationships prescribed by generally
accepted accounting standards.
B. On or before September 30 of each year, each school tuition organization that
received less than one million dollars in total donations in the previous fiscal year
shall provide for a financial review of the organization. The review must be conducted in
accordance with standards for accounting and review services and must evaluate the
organization's compliance with the fiscal requirements of this article. The review must
be conducted by an independent certified public accountant licensed in this state. The
certified public accountant and the firm the certified public accountant is affiliated
with shall be independent with respect to the organization, its officers and directors,
services performed and all other independent relationships prescribed by generally
accepted accounting standards.
C. Within five days after receiving the audit or financial review, the school
tuition organization shall file a signed copy of the audit or financial review with the
department.
D. The school tuition organization shall pay the fees and costs of the certified
public accountant under this section from the organization's operating monies. The fees
and costs shall be excluded from the calculation of total revenues spent on scholarships
and tuition grants.
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