At Step Up For Students, our pledge is to be effective in providing education opportunities to low-income K-12 schoolchildren by being good stewards of the funds entrusted to us. We are audited each year and the information below is summarized from the audited financial statements for the fiscal year ended June 30, 2015.
During fiscal year 2015, Step Up For Students’ percentage breakdown of expenditure is as follows:
Program Services: 99%
General and Administrative: 0.5%
Development and Fundraising: 0.5%
For our 501(c)(3) Certificate of Exemption.
The Step Up For Students scholarship is enabled through a state legislative act first adopted in 2001 known as the Florida Tax Credit Scholarship. Under the program, companies have committed more than approximately $2.7 billion to date, which has funded 572,237 scholarships. In the past 15 years, the annual enrollment has grown from 15,585 to 97,926 for the 2016-2017 school year.
The Step Up scholarship for children with special needs, known as the Gardiner Scholarship, was created by the Florida legislature in 2014. More than 12,000 education savings account scholarships have been awarded to children with unique abilities since 2014.
The state of Florida requires each Scholarship Funding Organization 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.
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.