2014-05-14T18:45:00-05:00 2013-06-30 363990892 Capin Crouse LLP 1255 Lakes Parkway Suite 130 Lawrenceville GA 30043 990 2012-07-01 272494520 Arete Scholars Fund Inc ARET 4046972649 PO Box 744 Dacula GA 30019 Derek Monjure 4046972649 2014-05-14 1 David C Moja P00747006 6785185301 2012 2015-11-30 17:44:51Z Derek Monjure PO Box 744 Dacula GA 30019 6274556 0 X www.aretescholars.org X 2010 GA To assist low-income students reach their highest potential through educational opportunity. 4 3 6 3 0 0 5802957 6271527 0 0 6179 3000 0 29 5809136 6274556 5344647 4174194 0 0 339141 371805 7728 0 142590 144335 122213 5835851 4668212 -26715 1606344 939724 2542817 4195 944 935529 2541873 To assist low-income students discover their talents & reach their highest potential through educational opportunity. 0 0 4325469 4174194 Arete Scholars Fund, Inc. awarded 870 K4-12 Education scholarships, for a total of $4,174,194, during the 2012-2013 Fiscal year. Scholarships were awarded solely to qualifying low-income students. The scholarships give parents, whose choices are otherwise limited, the opportunity to select the K4-12 private school that best meets their childrens needs. The scholarships pay up to $5,000 for private school tuition and fees. 4325469 1 1 0 1 0 0 0 0 0 0 0 0 0 0 0 1 1 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 3 0 1 6 1 0 0 0 0 0 0 0 0 0 0 X 4 3 0 1 0 0 0 0 0 1 0 0 0 1 1 1 1 1 1 1 0 0 GA X Mike Townsend 6788632225 3615 Braselton Suite 203 Dacula GA 30019 Gregory Beadles 0.00 X X 0 0 0 Chris Prince 1.00 X X 0 0 0 Derek Monjure 40.00 X X 100486 0 11358 Al Petrangeli 1.00 X 0 0 0 100486 0 11358 1 0 0 0 0 6271527 6271527 3000 3000 Miscellaneous 900099 29 29 29 6274556 0 0 3029 4174194 4174194 113366 39678 39678 34010 211384 73985 73984 63415 18598 6509 6510 5579 28457 9960 9960 8537 11240 11240 24000 12000 12000 16542 9925 6617 12355 4776 4546 3033 25692 5395 16463 3834 17906 17906 5745 1047 4698 2320 2320 3954 3954 Misc. Expenses 1592 1592 Donor Events 867 867 4668212 4325469 200153 142590 5295 11152 933229 2525565 1200 6100 939724 2542817 4195 944 4195 944 X 914379 952680 21150 1589193 935529 2541873 939724 2542817 1606344 0 X 0 1 X 0 0 X 908500 362284 770527 2041311 908500 362284 770527 2041311 925730 1115581 4972 6179 3000 14151 29 29 2055491 X Schedule A, Part II, Line 10, Explanation of Other Income: Miscellaneous income - 2012 Amount: $ 29. Schedule A, Part IV, List of Unusual Grants: Tax credit contribution Date: 06/30/13 Amount: 2000000. Tax credit contribution Date: 06/30/13 Amount: 2251000. Tax credit contribution Date: 06/30/13 Amount: 200000. Tax credit contribution Date: 06/30/13 Amount: 300000. Tax credit contribution Date: 06/30/13 Amount: 250000. Tax credit contribution Date: 06/30/13 Amount: 300000. Tax credit contribution Date: 06/30/13 Amount: 200000. Tax credit contribution Date: 06/30/12 Amount: 3000000. Tax credit contribution Date: 06/30/12 Amount: 1000000. Tax credit contribution Date: 06/30/12 Amount: 600000. Tax credit contribution Date: 06/30/12 Amount: 590673. Tax credit contribution Date: 06/30/12 Amount: 250000. Tax credit contribution Date: 06/30/11 Amount: 1000000. Tax credit contribution Date: 06/30/11 Amount: 50000. Tax credit contribution Date: 06/30/11 Amount: 500000. RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 24000 24000 4800 1200 0 0 22000 24000 46000 69000 0 X 6274556 0 6274556 0 6274556 4668212 0 4668212 0 4668212 Description of Uncertain Tax Positions Under FIN 48: Part X, Line 2: The financial statement effects of a tax position taken or expected to be taken are recognized in the financial statements when it is more likely than not, based on the technical merits, that the position will be sustained upon examination. Interest and penalties, if any, are included in expenses in the statements of activities. As of June 30, 2013, Arete had no uncertain tax positions that qualify for recognition or disclosure in the financial statements. Arete files information tax returns in the U.S. and the state of Georgia. Arete is generally no longer subject to U.S. federal and state income tax examinations by tax authorities for the years before 2009. 1 Scholarships 870 4174194 Procedure for Monitoring Grants in the U.S.: Part I, Line 2: Schedule I, Part I, Line 2: Procedures for Monitoring Grants in the US: Arete Scholars Fund, Inc. offers a limited amount of scholarships to students based solely on financial need. Applicants are required to furnish information pertinent to the determination of parental income and the ability to meet tuition requirements. Each application is considered on an individual basis and applications are reviewed annually. Form 990, Part VI, Section A, line 3 The amount of scholarship award is determined by a formula matching household composition and income against the published Federal Free and Reduced Lunch Income guidelines. The processing of applications and administration of award letters is delegated to Florida School Choice Fund, Inc. (Step Up for Students). Form 990, Part VI, Section A, line 8b There are no committees of the Board of Directors. Form 990, Part VI, Section B, line 11 Form 990 is prepared by an independent CPA firm and reviewed by the organization's top management. The reviewed Form 990 is then reviewed by the organization's board of directors prior to filing. Form 990, Part VI, Section B, line 12c The Board and officers signs annual conflict of interest statements. These statements are reviewed by the Executive Director. If a conflict were to arise, the interested Board member would abstain from voting on the issue. Form 990, Part VI, Section B, line 15a The independent Board discusses and reviews compensation. Annual comparisons are made to industry standards before approving salaries for the executive director and director of finance and operations. The decisions and deliberations are contemporaneously documented. Form 990, Part VI, Section C, line 18 Arete Scholars Fund makes its Form 1023 available upon request. Form 990 for each tax year is available on the organizations website. Form 990, Part VI, Section C, line 19 Arete Scholars Fund makes its governing documents and conflict of interest policy available to the public upon request. Financial statements are available on the organizations website. Form 990, Part VI, Section B, Line 15b: No other officers or key employees are compensated.