The program uses a Student Scholarship Organization (SSO) to manage the process. The SSO is a charitable organization in this state that:
- Is exempt from federal income taxation under Section 501(c)(3) of the Internal Revenue Code and allocates 90 percent of its annual revenue for scholarships or tuition grants to allow students to attend any qualified school of their parents’ choice; and
- Provides educational scholarships or tuition grants to eligible students without limiting availability to only students of one school.
- Must obligate 90 percent of its annual revenue for scholarships or tuition grants
- Must maintain separate accounts for scholarship funds and operating funds
- May transfer funds to another student scholarship organization
- Must have an audit conducted of its accounts by an independent certified public accountant within 120 days after the completion of the student scholarship organization’s fiscal year and provide such audit to the Department of Revenue
- Must report to the Department of Revenue, on a form provided by the Department of Revenue, by January 12 of each calendar year the following:
- The total number and dollar value of contributions and tax credits approved
- A list of donors, including the dollar value of each donation and the dollar value of each approved tax credit; and
- A copy of the audit of the student scholarship organization referenced in (4), above.