AZ SB1487

Requires qualified schools accepting Arizona empowerment scholarship account payments to comply with financial reporting requirements and audits equivalent to those required for school districts and charter schools under section 15-914.

Mandates the state board of education develop minimum financial performance requirements and reporting standards for qualified schools, including data on financial ability to operate, default status, cost-to-resource ratios, debt payment capacity, and annual student enrollment changes.

Establishes a financial transparency portal maintained by the department to display financial information reported by qualified schools accepting empowerment scholarship payments.

Creates an audit team within the auditor general's office to conduct random audits of qualified schools to determine the percentage of empowerment scholarship account monies spent in the classroom, with schools required to post results on their websites.

Requires audited qualified schools to notify the auditor general of their agreement or disagreement with audit findings, submit status reports every six months for two years following audits, and participate in legislative hearings regarding audit results.