Civic Intelligence

Veritas Academy

990 • Fiscal year 2015 • EIN 20-1632745

Jul 01, 2014 to Jun 30, 2015 • Filed on May 16, 2016

Organization ProfileWWW.VERITASACADEMY.NET

View Organization Page

PO Box 90517Austin, TX 78709-0517

(512) 891-1673

Siviq Scores

Precomputed percentiles for this filing year versus similar nonprofits in the same peer cohort.

Liabilities / Assets

79th percentile

0.61x

Higher debt load relative to assets than 79% of similar nonprofits.

2015 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2015

Liabilities / Revenue

80th percentile

0.95x

Higher debt load relative to revenue than 80% of similar nonprofits.

2015 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2015

Net Margin

36th percentile

-0.3%

Higher net margin than 36% of similar nonprofits.

2015 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2015

Top Officer Pay

53rd percentile

$124,926

Higher top officer pay than 53% of similar nonprofits.

Top officer pay equals 3.3% of source-year revenue.

2015 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2015

Asset Growth

56th percentile

2.0%

Faster asset growth than 56% of similar nonprofits.

2015 filings • 501(c)3 • $5M-$10M nonprofits • Annualized from 2014 to 2015

Revenue Growth

68th percentile

12%

Faster revenue growth than 68% of similar nonprofits.

2015 filings • 501(c)3 • $5M-$10M nonprofits • Annualized from 2014 to 2015

Balance Sheet
Liabilities / Assets79th percentile

Assets

Up

$5,803,279

Up $111,369 (+2.0%) from 2014

Net Assets

Down

$2,253,865

Down $29,548 (-1.3%) from 2014

Liabilities

Up

$3,549,414

Up $140,917 (+4.1%) from 2014

Revenue And Expenses
Liabilities / Revenue80th percentileNet Margin36th percentile

Revenue

Up

$3,743,782

Up $387,281 (+12%) from 2014

Expenses

Up

$3,755,429

Up $474,347 (+14%) from 2014

Net Income

Down

-$11,647

Down $87,066 (-115%) from 2014

Historical Trend

Balance Sheet Trend

Asset Growth56th percentile

The highlighted filing sits inside the broader history for assets, liabilities, and net assets.

$30M$20M$10M$0Assets 2010: $1,470,768Liabilities 2010: $834,347Net Assets 2010: $636,4212010Assets 2011: $1,730,867Liabilities 2011: $1,097,261Net Assets 2011: $633,6062011Assets 2012: $1,677,996Liabilities 2012: $1,093,777Net Assets 2012: $584,2192012Assets 2013: $5,661,569Liabilities 2013: $3,453,575Net Assets 2013: $2,207,9942013Assets 2014: $5,691,910Liabilities 2014: $3,408,497Net Assets 2014: $2,283,4132014Assets 2015: $5,803,279Liabilities 2015: $3,549,414Net Assets 2015: $2,253,8652015Assets 2016: $7,922,148Liabilities 2016: $3,660,707Net Assets 2016: $4,261,4412016Assets 2017: $11,137,492Liabilities 2017: $4,297,018Net Assets 2017: $6,840,4742017Assets 2018: $19,229,923Liabilities 2018: $11,963,165Net Assets 2018: $7,266,7582018Assets 2019: $19,122,198Liabilities 2019: $12,322,643Net Assets 2019: $6,799,5552019Assets 2020: $18,834,548Liabilities 2020: $12,574,036Net Assets 2020: $6,260,5122020Assets 2021: $19,003,336Liabilities 2021: $11,649,099Net Assets 2021: $7,354,2372021Assets 2022: $19,478,165Liabilities 2022: $11,784,357Net Assets 2022: $7,693,8082022Assets 2023: $21,727,722Liabilities 2023: $11,981,735Net Assets 2023: $9,745,9872023Assets 2024: $27,084,202Liabilities 2024: $11,783,985Net Assets 2024: $15,300,2172024

Highlighted filing

2015

Assets$5,803,279
Liabilities$3,549,414
Net Assets$2,253,865
Open 2015 Filing

Operations Trend

Revenue Growth68th percentile

Revenue, expenses, and net income across loaded years, with this filing highlighted.

$15M$10M$5.0M$0-$5.0MExpenses 2010: $1,853,4462010Expenses 2011: $2,217,1492011Expenses 2012: $2,763,2412012Expenses 2013: $2,945,0602013Revenue 2014: $3,356,501Expenses 2014: $3,281,082Net Income 2014: $75,4192014Revenue 2015: $3,743,782Expenses 2015: $3,755,429Net Income 2015: -$11,6472015Revenue 2016: $6,423,217Expenses 2016: $4,415,641Net Income 2016: $2,007,5762016Revenue 2017: $7,258,571Expenses 2017: $4,679,538Net Income 2017: $2,579,0332017Revenue 2018: $5,401,493Expenses 2018: $4,975,209Net Income 2018: $426,2842018Revenue 2019: $5,541,481Expenses 2019: $6,008,684Net Income 2019: -$467,2032019Revenue 2020: $5,688,437Expenses 2020: $6,227,480Net Income 2020: -$539,0432020Revenue 2021: $7,462,193Expenses 2021: $6,368,468Net Income 2021: $1,093,7252021Revenue 2022: $7,504,873Expenses 2022: $7,165,302Net Income 2022: $339,5712022Revenue 2023: $9,480,000Expenses 2023: $8,100,758Net Income 2023: $1,379,2422023Revenue 2024: $14,176,830Expenses 2024: $8,725,072Net Income 2024: $5,451,7582024

Highlighted filing

2015

Revenue$3,743,782
Expenses$3,755,429
Net Income-$11,647
Open 2015 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2014 to Jun 30, 2015
Signed
May 16, 2016
Return Version
2014v6.0
Gross Receipts
$3,755,316
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.

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.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$4,042,832$4,266,622▲ $223,790
Cash and Non-Interest-Bearing Accounts$838,989$855,881▲ $16,892
Savings and Temporary Cash Investments$298,194$326,345▲ $28,151
Pledges and Grants Receivable$388,778$259,222▼ $129,556
Accounts Receivable$71,756$59,750▼ $12,006
Prepaid Expenses and Deferred Charges$19,219$25,256▲ $6,037
Investments Other Securities$17,899--
Inventories for Sale or Use$12,243$9,203▼ $3,040
Total Assets$5,691,910$5,803,279▲ $111,369
Other Assets Total$2,000$1,000▼ $1,000
Liabilities
Mortgage Notes Payable Secured by Investment Property$1,979,441$1,742,580▼ $236,861
Deferred Revenue$1,249,125$1,554,910▲ $305,785
Accounts Payable and Accrued Expenses$179,931$251,924▲ $71,993
Total Liabilities$3,408,497$3,549,414▲ $140,917
Net Assets / Fund Balance
Temporarily Rstr Net Assets$1,896,393$1,969,027▲ $72,634
Unrestricted Net Assets$387,020$284,838▼ $102,182
Total Net Assets Fund Balance$2,283,413$2,253,865▼ $29,548
Total Liabilities and Net Assets / Fund Balance$5,691,910$5,803,279▲ $111,369

Asset Categories

AssetBook ValueDepreciationBasis
Land$3,651,303-$3,651,303
Other Land Buildings$399,961$95,148$495,109
Buildings$124,785$242,383$367,168
Equipment$90,573$197,993$288,566
Compensation and Service Providers
Top Officer Pay53rd percentile

Employees

NameTitleFull / Part TimeBaseOtherTotal
Jef FowlerHead of School/school Board MemberFT$87,204$37,722$124,926
Starrla FowlerSchool Board MemberFT$50,850-$50,850
Christi WilsonSecretary/school Board Member-$4,685-$4,685

Board Members and Trustees

NameTitle
Jordan VimontSchool Board President
Scott ElequinSchool Board Member
Susan SprouseSchool Board Member
Josh WheelockSchool Board VP/treasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$72,600
Program Service Revenue
$3,656,371
Investment Income
$182
Other Revenue
$14,629
All Other Contributions
$72,600
Change in Net Assets
$-11,647

Audited Revenue Reconciliation

Revenue per Audited Statements
$3,599,274
Revenue Not Reported on Financial Statements
$144,508
Revenue Not Reported on Form 990
$-17,901
Other Revenue Adjustments
$144,508
Total Revenue per Audited Statements
$3,581,373
Total Revenue per Form 990
$3,743,782
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$2,419,395
Other Expenses$1,191,526
Grants and Similar Amounts Paid$144,508
Total Fundraising Expense$132,062
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$1,733,870$176,784-$1,910,654
Occupancy$245,414--$245,414
Current Officers, Directors, Trustees, and Key Employees$103,511$96,214-$199,725
Payroll Taxes$164,546$23,563-$188,109
Grants to Domestic Individuals$144,508--$144,508
Fees for Services Management--$125,300$125,300
Other Employee Benefits$120,907--$120,907
Depreciation Depletion$77,243$25,748-$102,991
Interest-$98,800-$98,800
All Other Expenses$52,512$23,969$6,762$83,243
Conferences and Meetings$43,667--$43,667
Information Technology-$37,567-$37,567
Other Expenses$30,895$34,387-$30,895
Insurance$7,320$20,829-$28,149
Travel$21,593--$21,593
Fees for Services Accounting-$12,452-$12,452
Advertising-$2,411-$2,411
Total Functional Expenses$3,029,526$593,841$132,062$3,755,429

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Form 990$3,755,429
Expenses per Audited Statements$3,610,921
Total Expenses per Audited Statements$3,610,921
Expenses Not Reported on Financial Statements$144,508
Other Expense Adjustments$144,508
Expenses Not Reported on Form 990$0
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Professional Fundraising Fees$0
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
No
Subject to proxy tax
No
Insider Transactions and Loans

Interested-Person Transactions

Interested PartyRelationshipDescriptionShared RevenueAmount
Melonie ElequinMelonie Is the Wife of Board Member Scott Elequin and a Paid TeacherCompensation for Teaching PositionNo$32,140
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
Yes
Backup withholding compliance
Yes
Business relationship with family members
Yes
Business relationship with organization members
No
Material changes to governing documents
No
Compensation from other sources disclosed
No
CEO compensation reviewed
Yes
Other officer compensation reviewed
Yes
Conflict-of-interest policy
Yes
Audited financial statements prepared
No
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Form 990, Part VI, Section A, Line 2

“Jef fowler (trustee/head of school) & starrla fowler (trustee/head of school of logic/principal) are married.”

Form 990, Part VI, Section B, Line 11

“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 school board. If there are any issues that need to be addressed by the school board, a special meeting will be called.”

Form 990, Part VI, Section B, Line 12C

“The board discusses any potential conflict of interest situations and votes to go forward or not with the proposed situation. Each year, every officer, trustee, and school board member is required to complete a "disclosure of potential conflicts of interest" statement.”

Form 990, Part VI, Section B, Line 15

“Key employee salaries: key employees' salaries are set and approved by the school board. Periodically, a salary survey is conducted to determine if the salaries being paid are competitive. The compensation of jef fowler and starrla fowler for their work as school administrators are analyzed and set by the board. Jef and starrla fowler are excluded from the board vote on determining both of their compensation packages.”

Form 990, Part VI, Section C, Line 19

“These documents are kept in the controller's office and can be viewed by the public upon request.”

Form 990, Part VI, Section A, Line 1A

“The school's governing body is comprised of a school board and a board of trustees. The school board has complete oversight over the affairs of veritas academy and can take any action that does not alter veritas academy's five foundational commitments (i.e., that veritas academy remains christian, classical, university-model, a family ministry, and a resource school for other similar schools). The exclusive role of the board of trustees is to pass resolutions to ensure that the school board does not allow veritas academy to deviate from these five foundational commitments.”

Filing and Contact Details

Filer

Filer Name
Veritas Academy
EIN
20-1632745
Phone
5128911673
Address
PO BOX 90517, AUSTIN, TX 78709-0517

Signing Officer

Name
Jef Fowler
Title
Head of School
Phone
5128911673
Signed
2016-05-16
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Jordan Vimont
Formed
2004
Legal Domicile
TX
Voting Board Members
7
Independent Board Members
3
Employees
153
Volunteers
100

Preparer

Firm
Atchley & Associates Llp
Address
6850 AUSTIN CENTER BLVD STE 180, AUSTIN, TX 78731-3129
Preparer
Karen E Atchley
Phone
5123462086
Supplemental Narrative

Additional Explanations

FORM 990, PART XII, LINE 2C:

“The oversight policies and selection of an independent accountant by the audit committee has not changed since the prior year.”

Financial Statement Notes

PART X, LINE 2:

“The school has 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, disclosure, and transition.”

PART XI, LINE 4B - OTHER ADJUSTMENTS:

“Financial aid tuition assistance 144,508.”

PART XII, LINE 4B - OTHER ADJUSTMENTS:

“Financial aid tuition assistance 144,508.”

Raw XML AppendixShowing 400 of 479 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/ActivityOrMissionDesc0VERITAS 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/InventoriesForSaleOrUseGrp/EOYAmt09203
IRS990/InvestmentIncomeGrp/ExclusionAmt0349
IRS990/InvestmentIncomeGrp/TotalRevenueColumnAmt0349
IRS990/InvestmentInJointVentureInd00
IRS990/InvestmentsOtherSecuritiesGrp/BOYAmt017899
IRS990/IRPDocumentCnt016
IRS990/IRPDocumentW2GCnt00
IRS990/LandBldgEquipAccumDeprecAmt0535524
IRS990/LandBldgEquipBasisNetGrp/BOYAmt04042832
IRS990/LandBldgEquipBasisNetGrp/EOYAmt04266622
IRS990/LandBldgEquipCostOrOtherBssAmt04802146
IRS990/LegalDomicileStateCd0TX
IRS990/LessCostOthBasisSalesExpnssGrp/SecuritiesAmt07432
IRS990/LessRentalExpensesGrp/PersonalAmt00
IRS990/LoanOutstandingInd00
IRS990/LobbyingActivitiesInd00
IRS990/LocalChaptersInd00
IRS990/MaterialDiversionOrMisuseInd00
IRS990/MembersOrStockholdersInd00
IRS990/MethodOfAccountingAccrualInd0X
IRS990/MinutesOfCommitteesInd01
IRS990/MinutesOfGoverningBodyInd01
IRS990/MissionDesc0THE 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.
IRS990/MoreThan5000KToIndividualsInd00
IRS990/MoreThan5000KToOrgInd00
IRS990/MortgNotesPyblScrdInvstPropGrp/BOYAmt01979441
IRS990/MortgNotesPyblScrdInvstPropGrp/EOYAmt01742580
IRS990/NetAssetsOrFundBalancesBOYAmt02283413
IRS990/NetAssetsOrFundBalancesEOYAmt02253865
IRS990/NetGainOrLossInvestmentsGrp/ExclusionAmt0-167
IRS990/NetGainOrLossInvestmentsGrp/TotalRevenueColumnAmt0-167
IRS990/NetIncomeOrLossGrp/RelatedOrExemptFuncIncomeAmt05588
IRS990/NetIncomeOrLossGrp/TotalRevenueColumnAmt05588
IRS990/NetRentalIncomeOrLossGrp/RelatedOrExemptFuncIncomeAmt095
IRS990/NetRentalIncomeOrLossGrp/TotalRevenueColumnAmt095
IRS990/NetUnrelatedBusTxblIncmAmt00
IRS990/NetUnrlzdGainsLossesInvstAmt0-17901
IRS990/NoncashContributionsAmt08434
IRS990/NondeductibleContributionsInd00
IRS990/OccupancyGrp/ProgramServicesAmt0245414
IRS990/OccupancyGrp/TotalAmt0245414
IRS990/OfficerMailingAddressInd00
IRS990/OperateHospitalInd00
IRS990/Organization501c3Ind0X
IRS990/OrganizationFollowsSFAS117Ind0X
IRS990/OtherAssetsTotalGrp/BOYAmt02000
IRS990/OtherAssetsTotalGrp/EOYAmt01000
IRS990/OtherChangesInNetAssetsAmt00
IRS990/OtherEmployeeBenefitsGrp/ProgramServicesAmt0120907
IRS990/OtherEmployeeBenefitsGrp/TotalAmt0120907
IRS990/OtherExpensesGrp/Desc0SUPPLIES
IRS990/OtherExpensesGrp/Desc1ATHLETIC PROGRAM EXPENS
IRS990/OtherExpensesGrp/Desc2OTHER
IRS990/OtherExpensesGrp/Desc3STUDENT ACTIVITIES
IRS990/OtherExpensesGrp/ManagementAndGeneralAmt041117
IRS990/OtherExpensesGrp/ManagementAndGeneralAmt134387
IRS990/OtherExpensesGrp/ProgramServicesAmt0113575
IRS990/OtherExpensesGrp/ProgramServicesAmt1147862
IRS990/OtherExpensesGrp/ProgramServicesAmt222103
IRS990/OtherExpensesGrp/ProgramServicesAmt330895
IRS990/OtherExpensesGrp/TotalAmt0154692
IRS990/OtherExpensesGrp/TotalAmt1147862
IRS990/OtherExpensesGrp/TotalAmt256490
IRS990/OtherExpensesGrp/TotalAmt330895
IRS990/OtherRevenueMiscGrp/BusinessCd0900099
IRS990/OtherRevenueMiscGrp/Desc0MISCELLANEOUS
IRS990/OtherRevenueMiscGrp/RelatedOrExemptFuncIncomeAmt08946
IRS990/OtherRevenueMiscGrp/TotalRevenueColumnAmt08946
IRS990/OtherRevenueTotalAmt08946
IRS990/OtherSalariesAndWagesGrp/ManagementAndGeneralAmt0176784
IRS990/OtherSalariesAndWagesGrp/ProgramServicesAmt01733870
IRS990/OtherSalariesAndWagesGrp/TotalAmt01910654
IRS990/PartialLiquidationInd00
IRS990/PayPremiumsPrsnlBnftCntrctInd00
IRS990/PayrollTaxesGrp/ManagementAndGeneralAmt023563
IRS990/PayrollTaxesGrp/ProgramServicesAmt0164546
IRS990/PayrollTaxesGrp/TotalAmt0188109
IRS990/PledgesAndGrantsReceivableGrp/BOYAmt0388778
IRS990/PledgesAndGrantsReceivableGrp/EOYAmt0259222
IRS990/PoliticalCampaignActyInd00
IRS990/PrepaidExpensesDefrdChargesGrp/BOYAmt019219
IRS990/PrepaidExpensesDefrdChargesGrp/EOYAmt025256
IRS990/PrincipalOfficerNm0JORDAN VIMONT
IRS990/ProfessionalFundraisingInd00
IRS990/ProgramServiceRevenueGrp/BusinessCd0900099
IRS990/ProgramServiceRevenueGrp/BusinessCd1900099
IRS990/ProgramServiceRevenueGrp/BusinessCd2900099
IRS990/ProgramServiceRevenueGrp/BusinessCd3900099
IRS990/ProgramServiceRevenueGrp/Desc0TUITION AND FEES
IRS990/ProgramServiceRevenueGrp/Desc1FACILITIES FEES
IRS990/ProgramServiceRevenueGrp/Desc2ATHLETICS
IRS990/ProgramServiceRevenueGrp/Desc3ACTIVITIES
IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt03345262
IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt1154000
IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt2139500
IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt317609
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt03345262
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt1154000
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt2139500
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt317609
IRS990/ProhibitedTaxShelterTransInd00
IRS990/PYBenefitsPaidToMembersAmt00
IRS990/PYContributionsGrantsAmt0241708
IRS990/PYExcessBenefitTransInd00
IRS990/PYGrantsAndSimilarPaidAmt0126858
IRS990/PYInvestmentIncomeAmt0656
IRS990/PYOtherExpensesAmt0954287
IRS990/PYOtherRevenueAmt039011
IRS990/PYProgramServiceRevenueAmt03075126
IRS990/PYRevenuesLessExpensesAmt075419
IRS990/PYSalariesCompEmpBnftPaidAmt02199937
IRS990/PYTotalExpensesAmt03281082
IRS990/PYTotalProfFndrsngExpnsAmt00
IRS990/PYTotalRevenueAmt03356501
IRS990/QuidProQuoContributionsInd01
IRS990/QuidProQuoContriDisclInd01
IRS990/RcvFndsToPayPrsnlBnftCntrctInd00
IRS990/ReconcilationRevenueExpnssAmt0-11647
IRS990/RegularMonitoringEnfrcInd01
IRS990/RelatedEntityInd00
IRS990/RelatedOrganizationCtrlEntInd00
IRS990/RentalIncomeOrLossGrp/PersonalAmt095
IRS990/ReportInvestmentsOtherSecInd00
IRS990/ReportLandBuildingEquipmentInd01
IRS990/ReportOtherAssetsInd00
IRS990/ReportOtherLiabilitiesInd00
IRS990/ReportProgramRelatedInvstInd00
IRS990/RevenueAmt03671000
IRS990/SavingsAndTempCashInvstGrp/BOYAmt0298194
IRS990/SavingsAndTempCashInvstGrp/EOYAmt0326345
IRS990ScheduleA/SchoolInd0X
IRS990ScheduleB/ContributorInformationGrp/ContributorBusinessName/BusinessNameLine10RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorNum0RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/AddressLine10RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/AddressLine20RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/City0RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/State0RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/ZIPCode0RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/TotalContributionsAmt0RESTRICTED
IRS990/ScheduleBRequiredInd01
IRS990ScheduleD/BuildingsGrp/BookValueAmt0124785
IRS990ScheduleD/BuildingsGrp/DepreciationAmt0242383
IRS990ScheduleD/BuildingsGrp/OtherCostOrOtherBasisAmt0367168
IRS990ScheduleD/EquipmentGrp/BookValueAmt090573
IRS990ScheduleD/EquipmentGrp/DepreciationAmt0197993
IRS990ScheduleD/EquipmentGrp/OtherCostOrOtherBasisAmt0288566
IRS990ScheduleD/ExpensesNotReportedAmt00
IRS990ScheduleD/ExpensesNotRptFinclStmtAmt0144508
IRS990ScheduleD/ExpensesSubtotalAmt03610921
IRS990ScheduleD/FootnoteTextInd0X
IRS990ScheduleD/LandGrp/BookValueAmt03651303
IRS990ScheduleD/LandGrp/OtherCostOrOtherBasisAmt03651303
IRS990ScheduleD/NetUnrealizedGainsInvstAmt0-17901
IRS990ScheduleD/OtherExpensesNotIncludedAmt0144508
IRS990ScheduleD/OtherLandBuildingsGrp/BookValueAmt0399961
IRS990ScheduleD/OtherLandBuildingsGrp/DepreciationAmt095148
IRS990ScheduleD/OtherLandBuildingsGrp/OtherCostOrOtherBasisAmt0495109
IRS990ScheduleD/OtherRevenuesNotIncludedAmt0144508
IRS990ScheduleD/RevenueNotReportedAmt0-17901
IRS990ScheduleD/RevenueNotReportedFinclStmtAmt0144508
IRS990ScheduleD/RevenueSubtotalAmt03599274
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0THE SCHOOL HAS 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, DISCLOSURE, AND TRANSITION.
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt1FINANCIAL AID TUITION ASSISTANCE 144,508.
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt2FINANCIAL AID TUITION ASSISTANCE 144,508.
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0PART X, LINE 2:
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc1PART XI, LINE 4B - OTHER ADJUSTMENTS:
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc2PART XII, LINE 4B - OTHER ADJUSTMENTS:
IRS990ScheduleD/TotalBookValueLandBuildingsAmt04266622
IRS990ScheduleD/TotalExpensesPerForm990Amt03755429
IRS990ScheduleD/TotalRevenuePerForm990Amt03743782
IRS990ScheduleD/TotalRevEtcAuditedFinclStmtAmt03581373
IRS990ScheduleD/TotExpnsEtcAuditedFinclStmtAmt03610921
IRS990ScheduleE/ComplianceWithRevProc7550Ind01
IRS990ScheduleE/DiscriminateRaceAdmissPlcyInd00
IRS990ScheduleE/DiscriminateRaceAthltProgInd00
IRS990ScheduleE/DiscriminateRaceEducPlcyInd00
IRS990ScheduleE/DiscriminateRaceEmplmFcultyInd00
IRS990ScheduleE/DiscriminateRaceOtherActyInd00
IRS990ScheduleE/DiscriminateRaceSchsInd00
IRS990ScheduleE/DiscriminateRaceStdntsRghtsInd00
IRS990ScheduleE/DiscriminateRaceUseOfFcltsInd00
IRS990ScheduleE/GovernmentFinancialAidRcvdInd00
IRS990ScheduleE/GovernmentFinancialAidRvkdInd00
IRS990ScheduleE/MaintainCpyOfAllSolInd01
IRS990ScheduleE/MaintainCpyOfBrochuresEtcInd01
IRS990ScheduleE/MaintainRacialCompRecsInd01
IRS990ScheduleE/MaintainScholarshipsRecsInd01
IRS990ScheduleE/NondiscriminatoryPolicyStmtInd01
IRS990ScheduleE/PlcyPblczdViaBroadcastMediaInd00
IRS990ScheduleE/PolicyStmtInBrochuresEtcInd01
IRS990ScheduleE/SupplementalInformationDetail/ExplanationTxt0THE SCHOOL PUBLISHES ITS RACIALLY NONDISCRIMINATION POLICY IN MULTIPLE PLACES ON ITS WEBSITE WHICH SERVES AS THE SCHOOL'S PRIMARY MARKETING AND PROMOTIONAL VEHICLE.
IRS990ScheduleE/SupplementalInformationDetail/FormAndLineReferenceDesc0SCHEDULE E, PART I, LINE 3
IRS990ScheduleI/GrantRecordsMaintainedInd01
IRS990ScheduleI/GrantsOtherAsstToIndivInUSGrp/GrantTypeTxt0TUITION ASSISTANCE
IRS990ScheduleI/GrantsOtherAsstToIndivInUSGrp/NonCashAssistanceAmt0144508
IRS990ScheduleI/GrantsOtherAsstToIndivInUSGrp/NonCashAssistanceDesc0CREDIT APPLIED TO TUITION INVOICE
IRS990ScheduleI/GrantsOtherAsstToIndivInUSGrp/RecipientCnt070
IRS990ScheduleI/GrantsOtherAsstToIndivInUSGrp/ValuationMethodUsedDesc0FMV
IRS990ScheduleI/SupplementalInformationDetail/ExplanationTxt0VERITAS 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/SupplementalInformationDetail/FormAndLineReferenceDesc0PART I, LINE 2:
IRS990/ScheduleJRequiredInd00
IRS990ScheduleL/BusTrInvolveInterestedPrsnGrp/NameOfInterested/PersonNm0MELONIE ELEQUIN
IRS990ScheduleL/BusTrInvolveInterestedPrsnGrp/RelationshipDescriptionTxt0MELONIE IS THE WIFE OF BOARD MEMBER SCOTT ELEQUIN AND A PAID TEACHER
IRS990ScheduleL/BusTrInvolveInterestedPrsnGrp/SharingOfRevenuesInd00
IRS990ScheduleL/BusTrInvolveInterestedPrsnGrp/TransactionAmt032140
IRS990ScheduleL/BusTrInvolveInterestedPrsnGrp/TransactionDesc0COMPENSATION FOR TEACHING POSITION
IRS990/ScheduleORequiredInd01
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0JEF FOWLER (TRUSTEE/HEAD OF SCHOOL) & STARRLA FOWLER (TRUSTEE/HEAD OF SCHOOL OF LOGIC/PRINCIPAL) ARE MARRIED.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1THE 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 SCHOOL BOARD. IF THERE ARE ANY ISSUES THAT NEED TO BE ADDRESSED BY THE SCHOOL BOARD, A SPECIAL MEETING WILL BE CALLED.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2THE BOARD DISCUSSES ANY POTENTIAL CONFLICT OF INTEREST SITUATIONS AND VOTES TO GO FORWARD OR NOT WITH THE PROPOSED SITUATION. EACH YEAR, EVERY OFFICER, TRUSTEE, AND SCHOOL BOARD MEMBER IS REQUIRED TO COMPLETE A "DISCLOSURE OF POTENTIAL CONFLICTS OF INTEREST" STATEMENT.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3KEY EMPLOYEE SALARIES: KEY EMPLOYEES' SALARIES ARE SET AND APPROVED BY THE SCHOOL BOARD. PERIODICALLY, A SALARY SURVEY IS CONDUCTED TO DETERMINE IF THE SALARIES BEING PAID ARE COMPETITIVE. THE COMPENSATION OF JEF FOWLER AND STARRLA FOWLER FOR THEIR WORK AS SCHOOL ADMINISTRATORS ARE ANALYZED AND SET BY THE BOARD. JEF AND STARRLA FOWLER ARE EXCLUDED FROM THE BOARD VOTE ON DETERMINING BOTH OF THEIR COMPENSATION PACKAGES.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4THESE DOCUMENTS ARE KEPT IN THE CONTROLLER'S OFFICE AND CAN BE VIEWED BY THE PUBLIC UPON REQUEST.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt5THE OVERSIGHT POLICIES AND SELECTION OF AN INDEPENDENT ACCOUNTANT BY THE AUDIT COMMITTEE HAS NOT CHANGED SINCE THE PRIOR YEAR.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt6THE SCHOOL'S GOVERNING BODY IS COMPRISED OF A SCHOOL BOARD AND A BOARD OF TRUSTEES. THE SCHOOL BOARD HAS COMPLETE OVERSIGHT OVER THE AFFAIRS OF VERITAS ACADEMY AND CAN TAKE ANY ACTION THAT DOES NOT ALTER VERITAS ACADEMY'S FIVE FOUNDATIONAL COMMITMENTS (I.E., THAT VERITAS ACADEMY REMAINS CHRISTIAN, CLASSICAL, UNIVERSITY-MODEL, A FAMILY MINISTRY, AND A RESOURCE SCHOOL FOR OTHER SIMILAR SCHOOLS). THE EXCLUSIVE ROLE OF THE BOARD OF TRUSTEES IS TO PASS RESOLUTIONS TO ENSURE THAT THE SCHOOL BOARD DOES NOT ALLOW VERITAS ACADEMY TO DEVIATE FROM THESE FIVE FOUNDATIONAL COMMITMENTS.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0FORM 990, PART VI, SECTION A, LINE 2
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1FORM 990, PART VI, SECTION B, LINE 11
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2FORM 990, PART VI, SECTION B, LINE 12C
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3FORM 990, PART VI, SECTION B, LINE 15
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc4FORM 990, PART VI, SECTION C, LINE 19
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc5FORM 990, PART XII, LINE 2C:
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc6FORM 990, PART VI, SECTION A, LINE 1A
IRS990/SchoolOperatingInd01
IRS990/SignificantChangeInd00
IRS990/SignificantNewProgramSrvcInd00
IRS990/SubjectToProxyTaxInd00

Document Assets

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Filings

Displayed year

2015 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$5,803,279
Liabilities
$3,549,414
Net assets
$2,253,865
Revenue
$3,743,782
Expenses
$3,755,429
Net income
-$11,647
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$27.1$11.8$15.3$14.2$8.73$5.45
2023Detailed filing. Detailed filing data is available for this year.$21.7$12.0$9.75$9.48$8.10$1.38
2022Detailed filing. Detailed filing data is available for this year.$19.5$11.8$7.69$7.50$7.17$0.34
2021Detailed filing. Detailed filing data is available for this year.$19.0$11.6$7.35$7.46$6.37$1.09
2020Detailed filing. Detailed filing data is available for this year.$18.8$12.6$6.26$5.69$6.23$0.54
2019Detailed filing. Detailed filing data is available for this year.$19.1$12.3$6.80$5.54$6.01$0.47
2018Detailed filing. Detailed filing data is available for this year.$19.2$12.0$7.27$5.40$4.98$0.43
2017Detailed filing. Detailed filing data is available for this year.$11.1$4.30$6.84$7.26$4.68$2.58
2016Detailed filing. Detailed filing data is available for this year.$7.92$3.66$4.26$6.42$4.42$2.01
2015Detailed filing. Detailed filing data is available for this year.$5.80$3.55$2.25$3.74$3.76$0.01
2014Detailed filing. Detailed filing data is available for this year.$5.69$3.41$2.28$3.36$3.28$0.08
2013Facts available. Structured filing facts are available, but richer extracted sections are limited.$5.66$3.45$2.21$2.95
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$1.68$1.09$0.58$2.76
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$1.73$1.10$0.63$2.22
2010Facts available. Structured filing facts are available, but richer extracted sections are limited.$1.47$0.83$0.64$1.85