Liabilities / Assets
81st percentile
Higher debt load relative to assets than 81% of similar nonprofits.
Siviq Scores
Precomputed percentiles for this filing year versus similar nonprofits in the same peer cohort.
0.63x
Liabilities / Revenue
Score unavailable
Liabilities-to-revenue requires both liabilities and revenue on this filing.
Net Margin
Score unavailable
Net margin requires both revenue and expenses on this filing.
Top Officer Pay
Score unavailable
This filing does not contain officer compensation rows.
Asset Growth
81st percentile
Faster asset growth than 81% of similar nonprofits.
Revenue Growth
Score unavailable
No valid filing value is available for this score.
Balance Sheet
Assets
Up$1,730,867
Up $260,099 (+18%) from 2010
Net Assets
Down$633,606
Down $2,815 (-0.4%) from 2010
Liabilities
Up$1,097,261
Up $262,914 (+32%) from 2010
Revenue And Expenses
Revenue
-
No earlier filing loaded for comparison.
Expenses
Up$2,217,149
Up $363,703 (+20%) from 2010
Net Income
-
No earlier filing loaded for comparison.
Historical Trend
Jump To
Filing Snapshot
- Filing Period
- Jul 1, 2010 to Jun 30, 2011
- Signed
- May 15, 2012
- Return Version
- 2010v3.4
- Gross Receipts
- $2,241,061
Mission and Program Overview
Mission
The mission of veritas academy is to minister to families by partnering with christian parents to provide for their children a classical education so that these children may commence a lifelong pursuit of knowledge, wisdom and understanding in their purposeful and passionate service of jesus christ, for the glory of god. Veritas academy has adopted a university-model approach that integrates profession instruction with parent mentored study and character development to achieve a college preparatory level of academic excellence.
Filing and Contact Details
Filer
- EIN
- 20-1632745
Raw XML AppendixShowing 400 of 494 raw XML fields
This appendix keeps the raw XML leaves available for debugging and edge-case review. The human report above is the primary experience.
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| IRS990/AccountsReceivable/EOY | 0 | 13217 |
| IRS990/ActivitiesConductedPartnership | 0 | 0 |
| IRS990/ActivityOrMissionDescription | 0 | VERITAS ACADEMY (VERITAS) IS A UNIVERSITY-MODEL COLLEGE PREPARATORY SCHOOL THAT INTEGRATES PROFESSIONAL INSTRUCTION WITH PARENT MENTORED STUDY. VERITAS WAS INCORPORATED IN THE STATE OF TEXAS IN AUGUST 2004. THE MISSION IS TO MINISTER TO FAMILIES BY PARTNERING WITH CHRISTIAN PARENTS TO PROVIDE FOR THEIR CHILDREN A CLASSICAL EDUCATION FOUNDED UPON A BIBLICAL WORLDVIEW SO THAT THESE CHILDREN MAY COMMENCE A LIFELONG PURSUIT OF SERVICE OF JESUS CHRIST, FOR THE GLORY OF GOD. VERITAS ACADEMY HAS ADOPTED A UNIVERSITY-MODEL APPROACH THAT INTEGRATES PROFESSIONAL INSTRUCTION WITH PARENT MENTORED STUDY AND CHARACTER DEVELOPMENT TO ACHIEVE A COLLEGE PREPARATORY LEVEL OF ACADEMIC EXCELLENCE. |
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| IRS990/MissionDescription | 0 | THE MISSION OF VERITAS ACADEMY IS TO MINISTER TO FAMILIES BY PARTNERING WITH CHRISTIAN PARENTS TO PROVIDE FOR THEIR CHILDREN A CLASSICAL EDUCATION SO THAT THESE CHILDREN MAY COMMENCE A LIFELONG PURSUIT OF KNOWLEDGE, WISDOM AND UNDERSTANDING IN THEIR PURPOSEFUL AND PASSIONATE SERVICE OF JESUS CHRIST, FOR THE GLORY OF GOD. VERITAS ACADEMY HAS ADOPTED A UNIVERSITY-MODEL APPROACH THAT INTEGRATES PROFESSION INSTRUCTION WITH PARENT MENTORED STUDY AND CHARACTER DEVELOPMENT TO ACHIEVE A COLLEGE PREPARATORY LEVEL OF ACADEMIC EXCELLENCE. |
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| IRS990ScheduleD/Form990ScheduleDPartXIV/Explanation | 0 | EFFECTIVE JULY 1, 2009, THE SCHOOL ADOPTED FASB ASC 740-10, ACCOUNTING FOR UNCERTAINTY IN INCOME TAXES. THAT STANDARD PRESCRIBES A MINIMUM RECOGNITION THRESHOLD AND MEASUREMENT METHODOLOGY THAT A TAX POSITION TAKEN OR EXPECTED TO BE TAKEN IN A TAX RETURN IS REQUIRED TO MEET BEFORE BEING RECOGNIZED IN FINANCIAL STATEMENTS. IT ALSO PROVIDES GUIDANCE FOR DE-RECOGNITION, CLASSIFICATION, INTEREST AND PENALTIES, ACCOUNTING IN INTERIM PERIODS, DISCLOSURES, AND TRANSITION. THE CUMULATIVE EFFECT OF THIS CHANGE IN ACCOUNTING PRINCIPLE WAS IMMATERIAL. |
| IRS990ScheduleD/Form990ScheduleDPartXIV/Explanation | 1 | FINANCIAL AID TUITION ASSISTANCE 93,487. FUNDRAISING EXPENSES INCLUDED IN REVENUE -20,209. |
| IRS990ScheduleD/Form990ScheduleDPartXIV/Explanation | 2 | FINANCIAL AID TUITION ASSISTANCE 93,487. FUNDRAISING EXPENSES INCLUDED IN REVENUE -20,209. |
| IRS990ScheduleD/Form990ScheduleDPartXIV/Identifier | 0 | DESCRIPTION OF UNCERTAIN TAX POSITIONS UNDER FIN 48: |
| IRS990ScheduleD/Form990ScheduleDPartXIV/Identifier | 1 | PART XII, LINE 4B - OTHER ADJUSTMENTS: |
| IRS990ScheduleD/Form990ScheduleDPartXIV/Identifier | 2 | PART XIII, LINE 4B - OTHER ADJUSTMENTS: |
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| IRS990ScheduleD/TotalExpensesPerForm990 | 0 | 2217149 |
| IRS990ScheduleD/TotalOfBookValueLandBuildings | 0 | 64262 |
| IRS990ScheduleD/TotalRevenue | 0 | 2214334 |
| IRS990ScheduleD/TotalRevenuePerForm990 | 0 | 2214334 |
| IRS990ScheduleD/TotExpensesEtcAuditedFinclStmt | 0 | 2154532 |
| IRS990ScheduleD/TotRevenueEtcAuditedFinclStmt | 0 | 2151717 |
| IRS990ScheduleE/ComplianceWithRevProc7550 | 0 | 1 |
| IRS990ScheduleE/DiscriminateRaceAdmissPolicies | 0 | 0 |
| IRS990ScheduleE/DiscriminateRaceAthleticProg | 0 | 0 |
| IRS990ScheduleE/DiscriminateRaceEducPolicies | 0 | 0 |
| IRS990ScheduleE/DiscriminateRaceEmplmnFaculty | 0 | 0 |
| IRS990ScheduleE/DiscriminateRaceOtherActy | 0 | 0 |
| IRS990ScheduleE/DiscriminateRaceScholarships | 0 | 0 |
| IRS990ScheduleE/DiscriminateRaceStudentsRights | 0 | 0 |
| IRS990ScheduleE/DiscriminateRaceUseOfFclts | 0 | 0 |
| IRS990ScheduleE/Form990ScheduleEPartII/Explanation | 0 | THE SCHOOL PUBLISHES A NOTICE, AS SPECIFIED IN REV PROC 75-50, IN THE FRONT SECTION OF THE PREDOMINANT NEWSPAPER IN OUR AREA DURING THE TIME THAT STUDENTS ARE BEING SOLICITED. |
| IRS990ScheduleE/Form990ScheduleEPartII/Identifier | 0 | EXPLANATION OF NONDISCRIMINATORY POLICY PUBLICATION |
| IRS990ScheduleE/Form990ScheduleEPartII/ReturnReference | 0 | SCHEDULE E, PART I, LINE 3 |
| IRS990ScheduleE/GovernmentFinancialAidReceived | 0 | 0 |
| IRS990ScheduleE/GovernmentFinancialAidRevoked | 0 | 0 |
| IRS990ScheduleE/MaintCopiesOfAllSolicitations | 0 | 1 |
| IRS990ScheduleE/MaintCopiesOfBrochuresEtc | 0 | 1 |
| IRS990ScheduleE/MaintRacialCompositionRecords | 0 | 1 |
| IRS990ScheduleE/MaintScholarshipsRecords | 0 | 1 |
| IRS990ScheduleE/NondiscriminatoryPolicyStmt | 0 | 1 |
| IRS990ScheduleE/PolicyPublViaBroadcastMedia | 0 | 1 |
| IRS990ScheduleE/PolicyStatementInBrochuresEtc | 0 | 1 |
| IRS990ScheduleG/EventsInformation/CharitableContributionsEvent1 | 0 | 4490 |
| IRS990ScheduleG/EventsInformation/CharitableContributionsTotal | 0 | 4490 |
| IRS990ScheduleG/EventsInformation/DirectExpenseSummaryEvents | 0 | 20209 |
| IRS990ScheduleG/EventsInformation/GrossReceiptsEvent1 | 0 | 73206 |
| IRS990ScheduleG/EventsInformation/GrossReceiptsTotal | 0 | 73206 |
| IRS990ScheduleG/EventsInformation/GrossRevenueEvent1 | 0 | 68716 |
| IRS990ScheduleG/EventsInformation/GrossRevenueTotalEvents | 0 | 68716 |
| IRS990ScheduleG/EventsInformation/NameOfEvent1 | 0 | LEGACY GALA |
| IRS990ScheduleG/EventsInformation/NetIncomeSummary | 0 | 48507 |
| IRS990ScheduleG/EventsInformation/OtherDirectExpensesEvent1 | 0 | 6663 |
| IRS990ScheduleG/EventsInformation/OtherDirectExpensesTotalEvents | 0 | 6663 |
| IRS990ScheduleG/EventsInformation/RentFacilityCostsEvent1 | 0 | 13546 |
| IRS990ScheduleG/EventsInformation/RentFacilityCostsTotalEvents | 0 | 13546 |
| IRS990ScheduleI/Form990ScheduleIPartIII/AmountOfCashGrant | 0 | 93487 |
| IRS990ScheduleI/Form990ScheduleIPartIII/DescriptionOfNonCashAssistance | 0 | CREDIT APPLIED TO TUITION INVOICE |
| IRS990ScheduleI/Form990ScheduleIPartIII/MethodOfValuation | 0 | FMV |
| IRS990ScheduleI/Form990ScheduleIPartIII/NumberOfRecipients | 0 | 51 |
| IRS990ScheduleI/Form990ScheduleIPartIII/TypeOfGrant | 0 | TUITION ASSISTANCE |
| IRS990ScheduleI/Form990ScheduleIPartIV/Explanation | 0 | SCHEDULE I, PART I, LINE 2: VERITAS USES AN INDEPENDENT, THIRD PARTY TO PROVIDE A RECOMMENDATION AS TO THE AMOUNT OF AID IT SHOULD CONSIDER PROVIDING A FAMILY BASED ON THE THIRD PARTY'S ASSESSMENT OF THE FAMILY'S FINANCIAL NEEDS. THE THIRD PARTY BASES THEIR RECOMMENDATION ON THE FINANCIAL DOCUMENTS PROVIDED BY THE FAMILY. VERITAS DOES NOT GIVE CASH AWARDS TO THE FAMILIES. INSTEAD, THE SCHOOL IMMEDIATELY APPLIES CREDITS AGAINST FAMILIES' TUITION INVOICES. |
| IRS990ScheduleI/Form990ScheduleIPartIV/Identifier | 0 | PROCEDURE FOR MONITORING GRANTS IN THE U.S.: |
| IRS990ScheduleI/Form990ScheduleIPartIV/ReturnReference | 0 | PART I, LINE 2: |
| IRS990ScheduleI/RecordsMaintained | 0 | 1 |
| IRS990/ScheduleJRequired | 0 | 0 |
| IRS990ScheduleO/GeneralExplanation/Explanation | 0 | JEF FOWLER (SECRETARY/TRUSTEE/HEAD OF SCHOOL) & STARRLA FOWLER (TRUSTEE) ARE MARRIED STUART NOLLEY (CHAIRMAN) & SUSAN NOLLEY (TRUSTEE) ARE MARRIED DAX MCCRACKEN (VICE CHAIRMAN) & JENNIFER MCCRACKEN (TRUSTEE) ARE MARRIED REX WHITE (TREASURER) & TERRI WHITE (TRUSTEE) ARE MARRIED |
| IRS990ScheduleO/GeneralExplanation/Explanation | 1 | THE CONTROLLER REVIEWS THE 990 FIRST TO IDENTIFY ANY PROBLEMS OR ERRORS AND BRINGS THEM TO THE ACCOUNTANT'S ATTENTION. ONCE THE CONTROLLER APPROVES THE 990, IT IS REVIEWED WITH THE HEAD OF SCHOOL AND TREASURER AND THEN IT IS PRESENTED TO THE FINANCE COMMITTEE AND BOARD OF TRUSTEES. IF THERE ARE ANY ISSUES THAT NEED TO BE ADDRESSED BY THE BOARD OF TRUSTEES, A SPECIAL MEETING WILL BE CALLED. |
| IRS990ScheduleO/GeneralExplanation/Explanation | 2 | THE BOARD DISCUSSES ANY POTENTIAL CONFLICT OF INTEREST SITUATIONS AND VOTES TO GO FORWARD OR NOT WITH THE PROPOSED SITUATION. EACH YEAR, EVERY OFFICER AND TRUSTEE IS REQUIRED TO COMPLETE A "DISCLOSURE OF POTENTIAL CONFLICTS OF INTEREST" STATEMENT. |
| IRS990ScheduleO/GeneralExplanation/Explanation | 3 | KEY EMPLOYEE SALARIES: KEY EMPLOYEES' SALARIES ARE SET AND APPROVED BY THE BOARD OF TRUSTEES. PERIODICALLY, A SALARY SURVEY IS CONDUCTED TO DETERMINE IF THE SALARIES BEING PAID ARE COMPETITIVE. |
| IRS990ScheduleO/GeneralExplanation/Explanation | 4 | THE GOVERNING DOCUMENTS, FINANCIAL STATEMENTS, FORM 1023, FORM 990 AND 990T (IF APPLICABLE) ARE AVAILABLE TO THE PUBLIC UPON REQUEST. |
| IRS990ScheduleO/GeneralExplanation/Explanation | 5 | VERITAS OPENED ITS DOORS ON THE CAMPUS OF FIRST EVANGELICAL FREE CHURCH (FEFC) IN SOUTHWEST AUSTIN IN AUGUST 2005. MORE THAN 130 STUDENTS, GRADES K-5, WERE ENROLLED IN THAT FIRST YEAR. BY AUGUST 2011, VERITAS ENROLLED 471 STUDENTS IN GRADES PRE-K THROUGH 12. CURRENTLY, OUR STUDENTS ATTEND CLASSES ON ONE CHURCH CAMPUS IN SOUTHWEST AUSTIN. VERITAS IS ACTIVELY SEEKING A PERMANENT CAMPUS NEAR SOUTHWEST AUSTIN TO HOST ITS ENTIRE STUDENT BODY. |
| IRS990ScheduleO/GeneralExplanation/Explanation | 6 | VERITAS IS IN THE PROCESS OF WRITING A FORMAL DOCUMENT RETENTION POLICY AND IN THE MEANTIME WILL CONTINUE TO ADHERE TO IRS STANDARDS. |
| IRS990ScheduleO/GeneralExplanation/Identifier | 0 | FORM 990, PART VI, SECTION A, LINE 2 |
| IRS990ScheduleO/GeneralExplanation/Identifier | 1 | FORM 990, PART VI, SECTION B, LINE 11 |
| IRS990ScheduleO/GeneralExplanation/ReturnReference | 0 | FORM 990, PART VI, SECTION B, LINE 12C |
| IRS990ScheduleO/GeneralExplanation/ReturnReference | 1 | FORM 990, PART VI, SECTION B, LINE 15 |
| IRS990ScheduleO/GeneralExplanation/ReturnReference | 2 | FORM 990, PART VI, SECTION C, LINE 19 |
| IRS990ScheduleO/GeneralExplanation/ReturnReference | 3 | FORM 990, PART I, LINE 1, DESCRIPTION OF ORGANIZATION MISSION CONTINUED: |
Document Assets
No mirrored PDF or thumbnail assets are attached yet.
Filings
Displayed year
2011 • Form 990Facts available. Structured filing facts are available, but richer extracted sections are limited.
- Assets
- $1,730,867
- Liabilities
- $1,097,261
- Net assets
- $633,606
- Revenue
- -
- Expenses
- $2,217,149
- Net income
- -