ARS 43-1603 Reporting Requirements
Arizona Revised Statute 43-1603 requires school tuition organizations (STOs) to publish the dollar amount and percentage of scholarships awarded to students during the previous fiscal year whose household income falls into one of two brackets: below 185% of poverty level, and between 185% and 342.25% of poverty level.
Fiscal Year '23-'24
Students with family income up to 185% of poverty level
Original Tuition Tax Credit Scholarship Program
% of total fiscal year scholarships awarded to these students: 21.01%
Amount awarded to these students during fiscal year '23-'24: $2,424,885.23
Overflow Tuition Tax Credit Scholarship Program
% of total fiscal year scholarships awarded to these students: 23.06%
Amount awarded to these students during fiscal year '23-'24: $1,900,044.40
Students with family income 185%–342.25% of poverty level
Original Tuition Tax Credit Scholarship Program
% of total fiscal year scholarships awarded to these students: 31.93%
Amount awarded to these students during fiscal year '23-'24: $3,684,493.83
Overflow Tuition Tax Credit Scholarship Program
% of total fiscal year scholarships awarded to these students: 30.09%
Amount awarded to these students during fiscal year '23-'24: $2,479,128.68
Audited Financials
Arizona Revised Statute 43-1605, subsection A, requires every certified STO that receives over $1 million in donations to complete a financial audit conducted by an independent CPA. After the audit’s completion, ACSTO files a signed copy with the Arizona Department of Revenue.
Form 990
Our most recent Form 990, along with those from previous years, are available at GuideStar's website.
Charity Navigator
ACSTO has received a 4-out-of-4 star rating for sound fiscal management and commitment to accountability and transparency with Charity Navigator, America's premier charity evaluator.
