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FORM 990 | COMPLIANCE WITH ARIZONA REVISED STATUTES IN MANAGEMENT'S OPINION, THE ORGANZATION WAS IN COMPLIANCE WITH THE REQUIREMENTS FOR OPERATIONS FOR A SCHOOL TUITION ORGANIZATION AS ESTABLISHED BY ARIZONA REVISED STATUTES, AND CONDUCTS ITS STO ACTIVITIES PURSUANT TO ENACTED ARIZONA REVISED STATUTES. DESIGNATED NET ASSETS DESIGNATED NET ASSETS REPRESENT THE UNSPENT PORTION OF THE 90% OF ALL SUPPORT AND REVENUE RECEIVED FROM CONTRIBUTIONS UNDER THE TAX CREDIT PROGRAM THAT IS REQUIRED BY ARIZONA LAW TO BE AWARDED FOR SCHOLARSHIPS. THE TOTAL AMOUNT DESIGNATED AS OF JUNE 30, 2023, WAS 2,528,404,. |
FORM 990, PAGE 6, PART VI, LINE 11B | MANAGEMENT WORKS WITH THE INDEPENDENT AUDITOR IN PREPARING AND REVIEWING THE FORM 990. THE RETURN IS PROVIDED TO ALL BOARD MEMBERS FOR REVIEW AND COMMENT BEFORE IT IS FILED WITH THE IRS. |
FORM 990, PAGE 6, PART VI, LINE 12C | BOARD MEMBERS AND KEY EMPLOYEES ARE ASKED EACH YEAR TO DISCLOSE ANY INTEREST CONFLICTING WITH THE INTEREST OF THE ORGANIZATION OR ANY RELATIONSHIPS THAT MAY APPEAR CONFLICTING. |
FORM 990, PAGE 6, PART VI, LINE 15A | THE GOVERNING BOARD ANNUALLY REVIEWS THE COMPENSATION OF THE EXECUTIVE DIRECTOR AND OTHER EMPLOYEES (AS THEY ARE HIRED)AT THE SPRING MEETING. COMPARABLE INFORMATION FOR OTHER LIKE ORGANIZATIONS IS OBTAINED AND USED TO DETERMINE THAT THE COMPENSATION AGREED UPON IS REASONABLE AND ACCEPTABLE. |
FORM 990, PAGE 6, PART VI, LINE 19 | THE ORGANIZATION HAS AN OPEN DOOR POLICY ON ALL RECORDS PERTINET TO OPERATIONS (GOVERNING DOCUMENTS, FINANCIAL STATEMENTS, AND POLICIES). THIS IS ACCOMPLISHED IN THREE WAYS: 1)FINANCIAL STATEMENTS ARE AVAILABLE ON GUIDESTAR, 2)RECORDS ARE AVAILABLE UPON REQUEST AT THE ORGANIZATION'S PHYSICAL ADDRESS, AND 3)THE LOCATIONS ARE INCLUDED ON THE ORGANIZATION'S WEBSITE. |
FORM 990, PART XII | THE AUDITED FINANCIAL STATEMENTS WERE PRESENTED ON A MODIFIED CASH BASIS OF ACCOUNTING, WHICH ALLOWS MODIFICATIONS FOR RECORDING LONG-TERM ASSETS AND LIABILITIES. ALL OTHER ASSETS, LIABILITIES, NET ASSETS, REVENUES AND EXPENDITURES ARE RECOGNIZED WHEN THEY RESULT FROM CASH TRANSACTIONS. |
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