The nonprofit that administers New Hampshire’s Education Freedom Account program received a clean opinion from an independent auditor, NH Journal reports. The review found administrative costs below the level typical of comparable nonprofits, directing most funds to children’s educational expenses.
According to NH Journal, the favorable result strengthens the case for the program.
The nonprofit organization managing New Hampshire’s rapidly expanding Education Freedom Account program received a clean bill of financial health this week, bolstering arguments for the education choice program.
NH Journal
The auditor’s opinion is the strongest an outside firm can issue.
An unqualified, or “clean,” audit is the highest level of assurance an outside auditor can provide, indicating that the financial statements are fairly presented and free of material errors under generally accepted accounting principles.
NH Journal
CSFNH executive director Kate Baker Demers said the organization takes its responsibility seriously, NH Journal reports.
“We take seriously the trust that families, taxpayers, and state leaders place in this program,” said Kate Baker Demers, CSFNH executive director.
NH Journal
Overhead costs fell this year, according to the report.
Administrative operations costs to oversee the program declined this year to 7.83 percent.
NH Journal
Baker Demers said that figure means most dollars reach students.
“The program’s administrative rate of 7.83 percent directs the vast majority of funds straight to children for educational expenses,” Baker Demers said.
NH Journal
The clean audit lands as the Education Freedom Account program reaches a new scale, with eligibility recently extended to all New Hampshire students and enrollment topping 10,000, NH Journal reports. Gov. Kelly Ayotte and the GOP-controlled Legislature expanded access earlier this year over Democratic opposition, and supporters argue the findings undercut criticism of how the program is run.
The nonprofit administering the program is the contractor responsible for distributing the state-funded grants, and its executive director said the audit reinforces the organization’s commitment to accountability, NH Journal reports. Program officials pointed to the low overhead rate as evidence that the bulk of state funding is reaching families and students for tuition, tutoring, and other educational expenses.
The clean audit lands as the Education Freedom Account program reaches a new scale, with eligibility recently extended to all New Hampshire students and enrollment topping 10,000, NH Journal reports. Gov. Kelly Ayotte and the GOP-controlled Legislature expanded access earlier this year over Democratic opposition.
Independent auditor Grant Thornton LLP issued an unqualified opinion to the Children’s Scholarship Fund New Hampshire, the contractor responsible for administering the state-funded grants, according to NH Journal. The auditor found administrative costs fell to 7.83 percent, below the 10 percent or more the program’s administrator says is typical of comparable nonprofits, with officials saying that directs the bulk of funding to students.
For supporters of the Education Freedom Account program, the clean audit offered timely reinforcement as the expanded program faces continued opposition from Democrats, NH Journal reports. Program officials said the result reflects a commitment to keeping overhead low and directing the bulk of state funding to families for tuition, tutoring, and other educational expenses.
Read the full story at NH Journal.
