Concord, NH – The Children’s Scholarship Fund New Hampshire (CSFNH), the approved program administrator for the state’s Education Freedom Accounts (EFAs), announced today that it has received an unqualified audit opinion for the 2024-2025 school year. An unqualified opinion, also known as a clean opinion, is the best report an auditor can give an organization. This year’s independent risk-based program audit confirmed that all the program data and financial information is correct.
The audit, conducted by Grant Thornton LLP, included a comprehensive review of EFA application and eligibility data, ClassWallet transactions and documentation, financial controls, and administrative processes. The auditors confirmed that all program records are properly managed and in compliance with state requirements.
The administrative rate also declined this year, reaching 7.83 percent. This rate sits well below the 10 percent or higher overhead typical among nonprofit organizations, demonstrating management discipline focused squarely on children. The program’s administrative rate of 7.83 percent directs the vast majority of funds straight to children for educational expenses.
At a time when overhead rates at many nonprofits run significantly higher, CSFNH’s results underscore disciplined management and a clear focus on directing resources to children.
“In a time when transparency and accuracy matter more than ever, we are proud that this independent audit confirms our commitment to integrity and responsible administration,” said Kate Baker Demers, Executive Director of CSFNH. “New Hampshire families rely on us to manage this program with care, and this audit reflects the high standards we hold ourselves to every day.”
The unqualified audit opinion comes as interest in the EFA program continues to grow statewide. CSFNH emphasized that strong financial controls, independent verification, and low administrative overhead are central to its mission of helping families access the educational environment that best meets their needs.
“We take seriously the trust that families, taxpayers, and state leaders place in this program,” said Kate Baker Demers, Executive Director. “Our priority is to provide the highest level of service with the utmost accountability. This audit reinforces that commitment.”
This year’s findings build on several independent indicators of CSFNH’s strong stewardship of the EFA program:
• EdChoice has named New Hampshire the most effectively implemented ESA/EFA program in the nation for two consecutive years, citing smooth operations, strong safeguards, and responsiveness to families.
• CSFNH maintains a 4-Star Charity Navigator rating and a GuideStar Silver transparency seal, distinctions earned by only a small percentage of nonprofits nationwide.
• All EFA dollars are fully tracked, verified, and auditable through annual independent audits, IRS Form 990 filings, and required state financial reporting.
The full audited financial statements, along with additional reporting and program documents, are available at: https://nh.scholarshipfund.org/about/financials/
About CSFNH
In New Hampshire, CSF administers both Education Tax Credit scholarships and Education Freedom Accounts, supporting families with flexible, student-centered learning options.
CSF is a 501(c)(3) nonprofit charity scholarship organization with an annual independent audit. Its 990s, financial statements, and annual reports are public, and it has earned a 4-star rating (the highest possible) from Charity Navigator, including the charity watchdog’s highest possible scores for accountability and transparency.
