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Children’s Scholarship Fund NH Receives Clean Audit, Underscoring Strong Oversight of Education Freedom Accounts
- Granite Eagle
- Dec 9
- 2 min read
CONCORD, NH — New Hampshire’s Education Freedom Account (EFA) program received another major validation this week, as the Children’s Scholarship Fund New Hampshire (CSFNH) announced it earned an unqualified—or “clean”—audit opinion for the 2024–25 school year. The finding, issued by Grant Thornton LLP, is the highest rating an independent auditor can give an organization and confirms that EFA financial and program records are accurate, compliant, and properly managed. The audit concluded that CSFNH’s financial statements “present fairly, in all material respects” the organization’s position and operations for the year ending August 31, 2025 .
Grant Thornton’s risk-based review examined EFA eligibility data, ClassWallet transactions, financial controls, reporting procedures, and compliance with state requirements. The audit also showed that CSFNH’s administrative rate decreased to 7.83%—well below the 10 percent or higher rate common among many nonprofits—indicating continued discipline in keeping overhead low so that more dollars reach students.
NH House Majority Leader Jason Osborne (R-Auburn) praised the results, calling the findings a clear endorsement of the program’s effectiveness. “These results are further proof that this wildly successful program continues to serve Granite State families with excellence. Republicans have said all along that EFAs are transparent, accountable, and life-changing for families,” Osborne said. “Democrats desperately hoped to find something wrong because the program is Republican-led and tremendously popular. Instead, they got a clean bill of health, again.”
Osborne added that the program’s strong audit record reflects both responsible administration and real-world impact. “Our gratitude goes to CSFNH for their stewardship and to the thousands of families who continue to demonstrate why school choice works,” he said. “The EFA program is doing exactly what it was designed to do—and doing it extraordinarily well.”
Financial documents from the audit show that CSFNH oversaw more than $30 million in state EFA funds during the fiscal year, with every dollar fully tracked and auditable. Unspent student account balances totaled $10.8 million heading into the next school year, and required returns to the state were properly processed .
The clean audit adds to a growing body of national recognition. EdChoice has ranked New Hampshire’s EFA program the most effectively implemented education savings account model in the country for two consecutive years. CSFNH also maintains a 4-Star Charity Navigator rating and a GuideStar Silver transparency seal—distinctions achieved by only a fraction of nonprofits nationwide.
For lawmakers who have championed school choice, the findings reinforce that the program is not only popular, but well-managed and fiscally sound. All financial statements and audit materials are publicly available at CSFNH’s website.