Civic Intelligence

Veritas Academy

990 • Fiscal year 2016 • EIN 20-1632745

Jul 01, 2015 to Jun 30, 2016 • Filed on May 15, 2017

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

72nd percentile

0.46x

Higher debt load relative to assets than 72% of similar nonprofits.

2016 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2016

Liabilities / Revenue

72nd percentile

0.57x

Higher debt load relative to revenue than 72% of similar nonprofits.

2016 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2016

Net Margin

87th percentile

31%

Higher net margin than 87% of similar nonprofits.

2016 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2016

Top Officer Pay

58th percentile

$137,784

Higher top officer pay than 58% of similar nonprofits.

Top officer pay equals 2.1% of source-year revenue.

2016 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2016

Asset Growth

91st percentile

37%

Faster asset growth than 91% of similar nonprofits.

2016 filings • 501(c)3 • $5M-$10M nonprofits • Annualized from 2015 to 2016

Revenue Growth

92nd percentile

72%

Faster revenue growth than 92% of similar nonprofits.

2016 filings • 501(c)3 • $5M-$10M nonprofits • Annualized from 2015 to 2016

Balance Sheet
Liabilities / Assets72nd percentile

Assets

Up

$7,922,148

Up $2,118,869 (+37%) from 2015

Net Assets

Up

$4,261,441

Up $2,007,576 (+89%) from 2015

Liabilities

Up

$3,660,707

Up $111,293 (+3.1%) from 2015

Revenue And Expenses
Liabilities / Revenue72nd percentileNet Margin87th percentile

Revenue

Up

$6,423,217

Up $2,679,435 (+72%) from 2015

Expenses

Up

$4,415,641

Up $660,212 (+18%) from 2015

Net Income

Up

$2,007,576

Up $2,019,223 (+17337%) from 2015

Historical Trend

Balance Sheet Trend

Asset Growth91st 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

2016

Assets$7,922,148
Liabilities$3,660,707
Net Assets$4,261,441
Open 2016 Filing

Operations Trend

Revenue Growth92nd 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

2016

Revenue$6,423,217
Expenses$4,415,641
Net Income$2,007,576
Open 2016 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2015 to Jun 30, 2016
Signed
May 15, 2017
Return Version
2015v3.0
Gross Receipts
$6,480,784
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$4,266,622$4,537,719▲ $271,097
Pledges and Grants Receivable$259,222$1,831,051▲ $1,571,829
Cash and Non-Interest-Bearing Accounts$855,881$1,142,565▲ $286,684
Savings and Temporary Cash Investments$326,345$288,499▼ $37,846
Accounts Receivable$59,750$78,789▲ $19,039
Prepaid Expenses and Deferred Charges$25,256$17,277▼ $7,979
Inventories for Sale or Use$9,203$16,248▲ $7,045
Total Assets$5,803,279$7,922,148▲ $2,118,869
Other Assets Total$1,000$10,000▲ $9,000
Liabilities
Deferred Revenue$1,554,910$1,775,816▲ $220,906
Mortgage Notes Payable Secured by Investment Property$1,742,580$1,632,576▼ $110,004
Accounts Payable and Accrued Expenses$251,924$252,315▲ $391
Total Liabilities$3,549,414$3,660,707▲ $111,293
Net Assets / Fund Balance
Unrestricted Net Assets$284,838$4,261,441▲ $3,976,603
Temporarily Rstr Net Assets$1,969,027$0▼ $1,969,027
Total Net Assets Fund Balance$2,253,865$4,261,441▲ $2,007,576
Total Liabilities and Net Assets / Fund Balance$5,803,279$7,922,148▲ $2,118,869

Asset Categories

AssetBook ValueDepreciationBasis
Land$3,651,304-$3,651,304
Other Land Buildings$670,040$115,904$785,944
Buildings$125,635$310,458$436,093
Equipment$90,740$201,782$292,522
Compensation and Service Providers
Top Officer Pay58th percentile

Employees

NameTitleFull / Part TimeBaseOtherTotal
Jef FowlerHead of School/school Board MemberFT$96,682$41,102$137,784
Starrla FowlerSchool Board MemberFT$55,825-$55,825
Christi WilsonSecretary/school Board Member-$6,084-$6,084

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
$2,043,516
Program Service Revenue
$4,359,411
Investment Income
$26
Other Revenue
$20,264
All Other Contributions
$2,043,516
Change in Net Assets
$2,007,576

Noncash Contribution Practices

Property subject to holding requirements
No
Reviewed unusual noncash gifts
No
Third parties used for noncash contributions
No

Noncash Contributions

Contribution TypeContribution CountReported AmountValuation Method
Securities Publicly Traded2$51,808Fair Market Value
Total Noncash Contributions2$51,808-

Audited Revenue Reconciliation

Revenue per Audited Statements
$6,237,696
Revenue Not Reported on Financial Statements
$185,521
Revenue Not Reported on Form 990
$0
Other Revenue Adjustments
$185,521
Total Revenue per Audited Statements
$6,237,696
Total Revenue per Form 990
$6,423,217
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$2,851,026
Other Expenses$1,379,094
Grants and Similar Amounts Paid$185,521
Total Fundraising Expense$120,447
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$2,041,852$268,025-$2,309,877
Occupancy$259,682--$259,682
Current Officers, Directors, Trustees, and Key Employees$111,850$103,412-$215,262
Payroll Taxes$171,677$30,047-$201,724
Grants to Domestic Individuals$185,521--$185,521
Other Employee Benefits$119,116$5,047-$124,163
Fees for Services Management--$114,500$114,500
Interest-$98,300-$98,300
Depreciation Depletion$69,466$23,155-$92,621
All Other Expenses$51,887$34,367$5,947$92,201
Conferences and Meetings$55,719--$55,719
Other Expenses$44,095$26,253-$44,095
Information Technology-$31,662-$31,662
Insurance$3,398$20,938-$24,336
Travel$20,805--$20,805
Fees for Services Accounting-$12,405-$12,405
Advertising-$100-$100
Total Functional Expenses$3,631,394$663,800$120,447$4,415,641

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Form 990$4,415,641
Expenses per Audited Statements$4,230,120
Total Expenses per Audited Statements$4,230,120
Expenses Not Reported on Financial Statements$185,521
Other Expense Adjustments$185,521
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$29,472
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
2017-05-15
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
171
Volunteers
100

Preparer

Firm
Atchley & Associates Llp
Address
1005 LA POSADA DRIVE, AUSTIN, TX 78752
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:

“Accounting principles generally accepted in the united states of america require management to evaluate tax positions taken by the school and recognize a tax liability if the school has taken an uncertain position that more likely than not would not be sustained upon examination by the internal revenue service. The school is subject to routine audits by taxing jurisdictions; however, there are currently no audits for any tax periods in progress. The tax returns for the years ended june 30, 2013, and after are open to examination by federal and local authorities.”

PART XI, LINE 4B - OTHER ADJUSTMENTS:

“Financial aid tuition assistance 185,521.”

PART XII, LINE 4B - OTHER ADJUSTMENTS:

“Financial aid tuition assistance 185,521.”

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/InsuranceGrp/ManagementAndGeneralAmt020938
IRS990/InsuranceGrp/ProgramServicesAmt03398
IRS990/InsuranceGrp/TotalAmt024336
IRS990/InterestGrp/ManagementAndGeneralAmt098300
IRS990/InterestGrp/TotalAmt098300
IRS990/InventoriesForSaleOrUseGrp/BOYAmt09203
IRS990/InventoriesForSaleOrUseGrp/EOYAmt016248
IRS990/InvestmentIncomeGrp/ExclusionAmt0316
IRS990/InvestmentIncomeGrp/TotalRevenueColumnAmt0316
IRS990/InvestmentInJointVentureInd00
IRS990/IRPDocumentCnt013
IRS990/IRPDocumentW2GCnt00
IRS990/LandBldgEquipAccumDeprecAmt0628144
IRS990/LandBldgEquipBasisNetGrp/BOYAmt04266622
IRS990/LandBldgEquipBasisNetGrp/EOYAmt04537719
IRS990/LandBldgEquipCostOrOtherBssAmt05165863
IRS990/LegalDomicileStateCd0TX
IRS990/LessCostOthBasisSalesExpnssGrp/SecuritiesAmt052777
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/BOYAmt01742580
IRS990/MortgNotesPyblScrdInvstPropGrp/EOYAmt01632576
IRS990/NetAssetsOrFundBalancesBOYAmt02253865
IRS990/NetAssetsOrFundBalancesEOYAmt04261441
IRS990/NetGainOrLossInvestmentsGrp/ExclusionAmt0-290
IRS990/NetGainOrLossInvestmentsGrp/TotalRevenueColumnAmt0-290
IRS990/NetIncomeOrLossGrp/RelatedOrExemptFuncIncomeAmt011451
IRS990/NetIncomeOrLossGrp/TotalRevenueColumnAmt011451
IRS990/NetUnrelatedBusTxblIncmAmt00
IRS990/NoncashContributionsAmt051808
IRS990/NondeductibleContributionsInd00
IRS990/OccupancyGrp/ProgramServicesAmt0259682
IRS990/OccupancyGrp/TotalAmt0259682
IRS990/OfficerMailingAddressInd00
IRS990/OperateHospitalInd00
IRS990/Organization501c3Ind0X
IRS990/OrganizationFollowsSFAS117Ind0X
IRS990/OtherAssetsTotalGrp/BOYAmt01000
IRS990/OtherAssetsTotalGrp/EOYAmt010000
IRS990/OtherChangesInNetAssetsAmt00
IRS990/OtherEmployeeBenefitsGrp/ManagementAndGeneralAmt05047
IRS990/OtherEmployeeBenefitsGrp/ProgramServicesAmt0119116
IRS990/OtherEmployeeBenefitsGrp/TotalAmt0124163
IRS990/OtherExpensesGrp/Desc0ATHLETIC PROGRAM EXPENS
IRS990/OtherExpensesGrp/Desc1SUPPLIES
IRS990/OtherExpensesGrp/Desc2OTHER
IRS990/OtherExpensesGrp/Desc3STUDENT ACTIVITIES
IRS990/OtherExpensesGrp/ManagementAndGeneralAmt010089
IRS990/OtherExpensesGrp/ManagementAndGeneralAmt126253
IRS990/OtherExpensesGrp/ProgramServicesAmt0303514
IRS990/OtherExpensesGrp/ProgramServicesAmt1154294
IRS990/OtherExpensesGrp/ProgramServicesAmt238518
IRS990/OtherExpensesGrp/ProgramServicesAmt344095
IRS990/OtherExpensesGrp/TotalAmt0303514
IRS990/OtherExpensesGrp/TotalAmt1164383
IRS990/OtherExpensesGrp/TotalAmt264771
IRS990/OtherExpensesGrp/TotalAmt344095
IRS990/OtherRevenueMiscGrp/BusinessCd0900099
IRS990/OtherRevenueMiscGrp/Desc0MISCELLANEOUS
IRS990/OtherRevenueMiscGrp/RelatedOrExemptFuncIncomeAmt08813
IRS990/OtherRevenueMiscGrp/TotalRevenueColumnAmt08813
IRS990/OtherRevenueTotalAmt08813
IRS990/OtherSalariesAndWagesGrp/ManagementAndGeneralAmt0268025
IRS990/OtherSalariesAndWagesGrp/ProgramServicesAmt02041852
IRS990/OtherSalariesAndWagesGrp/TotalAmt02309877
IRS990/PartialLiquidationInd00
IRS990/PayPremiumsPrsnlBnftCntrctInd00
IRS990/PayrollTaxesGrp/ManagementAndGeneralAmt030047
IRS990/PayrollTaxesGrp/ProgramServicesAmt0171677
IRS990/PayrollTaxesGrp/TotalAmt0201724
IRS990/PledgesAndGrantsReceivableGrp/BOYAmt0259222
IRS990/PledgesAndGrantsReceivableGrp/EOYAmt01831051
IRS990/PoliticalCampaignActyInd00
IRS990/PrepaidExpensesDefrdChargesGrp/BOYAmt025256
IRS990/PrepaidExpensesDefrdChargesGrp/EOYAmt017277
IRS990/PrincipalOfficerNm0JORDAN VIMONT
IRS990/ProfessionalFundraisingInd00
IRS990/ProgramServiceRevenueGrp/BusinessCd0900099
IRS990/ProgramServiceRevenueGrp/BusinessCd1900099
IRS990/ProgramServiceRevenueGrp/BusinessCd2900099
IRS990/ProgramServiceRevenueGrp/BusinessCd3900099
IRS990/ProgramServiceRevenueGrp/Desc0TUITION AND FEES
IRS990/ProgramServiceRevenueGrp/Desc1ATHLETICS
IRS990/ProgramServiceRevenueGrp/Desc2FACILITIES FEES
IRS990/ProgramServiceRevenueGrp/Desc3ACTIVITIES
IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt03977210
IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt1203119
IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt2162500
IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt316582
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt03977210
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt1203119
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt2162500
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt316582
IRS990/ProhibitedTaxShelterTransInd00
IRS990/PYBenefitsPaidToMembersAmt00
IRS990/PYContributionsGrantsAmt072600
IRS990/PYExcessBenefitTransInd00
IRS990/PYGrantsAndSimilarPaidAmt0144508
IRS990/PYInvestmentIncomeAmt0182
IRS990/PYOtherExpensesAmt01191526
IRS990/PYOtherRevenueAmt014629
IRS990/PYProgramServiceRevenueAmt03656371
IRS990/PYRevenuesLessExpensesAmt0-11647
IRS990/PYSalariesCompEmpBnftPaidAmt02419395
IRS990/PYTotalExpensesAmt03755429
IRS990/PYTotalProfFndrsngExpnsAmt00
IRS990/PYTotalRevenueAmt03743782
IRS990/QuidProQuoContributionsInd01
IRS990/QuidProQuoContriDisclInd01
IRS990/RcvFndsToPayPrsnlBnftCntrctInd00
IRS990/ReconcilationRevenueExpnssAmt02007576
IRS990/RegularMonitoringEnfrcInd01
IRS990/RelatedEntityInd00
IRS990/RelatedOrganizationCtrlEntInd00
IRS990/ReportInvestmentsOtherSecInd00
IRS990/ReportLandBuildingEquipmentInd01
IRS990/ReportOtherAssetsInd00
IRS990/ReportOtherLiabilitiesInd00
IRS990/ReportProgramRelatedInvstInd00
IRS990/RevenueAmt04379675
IRS990/SavingsAndTempCashInvstGrp/BOYAmt0326345
IRS990/SavingsAndTempCashInvstGrp/EOYAmt0288499
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/BookValueAmt0125635
IRS990ScheduleD/BuildingsGrp/DepreciationAmt0310458
IRS990ScheduleD/BuildingsGrp/OtherCostOrOtherBasisAmt0436093
IRS990ScheduleD/EquipmentGrp/BookValueAmt090740
IRS990ScheduleD/EquipmentGrp/DepreciationAmt0201782
IRS990ScheduleD/EquipmentGrp/OtherCostOrOtherBasisAmt0292522
IRS990ScheduleD/ExpensesNotReportedAmt00
IRS990ScheduleD/ExpensesNotRptFinclStmtAmt0185521
IRS990ScheduleD/ExpensesSubtotalAmt04230120
IRS990ScheduleD/FootnoteTextInd0X
IRS990ScheduleD/LandGrp/BookValueAmt03651304
IRS990ScheduleD/LandGrp/OtherCostOrOtherBasisAmt03651304
IRS990ScheduleD/OtherExpensesNotIncludedAmt0185521
IRS990ScheduleD/OtherLandBuildingsGrp/BookValueAmt0670040
IRS990ScheduleD/OtherLandBuildingsGrp/DepreciationAmt0115904
IRS990ScheduleD/OtherLandBuildingsGrp/OtherCostOrOtherBasisAmt0785944
IRS990ScheduleD/OtherRevenuesNotIncludedAmt0185521
IRS990ScheduleD/RevenueNotReportedAmt00
IRS990ScheduleD/RevenueNotReportedFinclStmtAmt0185521
IRS990ScheduleD/RevenueSubtotalAmt06237696
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0ACCOUNTING PRINCIPLES GENERALLY ACCEPTED IN THE UNITED STATES OF AMERICA REQUIRE MANAGEMENT TO EVALUATE TAX POSITIONS TAKEN BY THE SCHOOL AND RECOGNIZE A TAX LIABILITY IF THE SCHOOL HAS TAKEN AN UNCERTAIN POSITION THAT MORE LIKELY THAN NOT WOULD NOT BE SUSTAINED UPON EXAMINATION BY THE INTERNAL REVENUE SERVICE. THE SCHOOL IS SUBJECT TO ROUTINE AUDITS BY TAXING JURISDICTIONS; HOWEVER, THERE ARE CURRENTLY NO AUDITS FOR ANY TAX PERIODS IN PROGRESS. THE TAX RETURNS FOR THE YEARS ENDED JUNE 30, 2013, AND AFTER ARE OPEN TO EXAMINATION BY FEDERAL AND LOCAL AUTHORITIES.
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt1FINANCIAL AID TUITION ASSISTANCE 185,521.
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt2FINANCIAL AID TUITION ASSISTANCE 185,521.
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0PART X, LINE 2:
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc1PART XI, LINE 4B - OTHER ADJUSTMENTS:
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc2PART XII, LINE 4B - OTHER ADJUSTMENTS:
IRS990ScheduleD/TotalBookValueLandBuildingsAmt04537719
IRS990ScheduleD/TotalExpensesPerForm990Amt04415641
IRS990ScheduleD/TotalRevenuePerForm990Amt06423217
IRS990ScheduleD/TotalRevEtcAuditedFinclStmtAmt06237696
IRS990ScheduleD/TotExpnsEtcAuditedFinclStmtAmt04230120
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/CashGrantAmt0185521
IRS990ScheduleI/GrantsOtherAsstToIndivInUSGrp/GrantTypeTxt0TUITION ASSISTANCE
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/TransactionAmt029472
IRS990ScheduleL/BusTrInvolveInterestedPrsnGrp/TransactionDesc0COMPENSATION FOR TEACHING POSITION
IRS990ScheduleM/AnyPropertyThatMustBeHeldInd00
IRS990ScheduleM/ReviewProcessUnusualNCGiftsInd00
IRS990ScheduleM/SecuritiesPubliclyTradedGrp/ContributionCnt02
IRS990ScheduleM/SecuritiesPubliclyTradedGrp/MethodOfDeterminingRevenuesTxt0FAIR MARKET VALUE
IRS990ScheduleM/SecuritiesPubliclyTradedGrp/NonCashCheckboxInd0X
IRS990ScheduleM/SecuritiesPubliclyTradedGrp/NoncashContributionsRptF990Amt051808
IRS990ScheduleM/ThirdPartiesUsedInd00
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

2016 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$7,922,148
Liabilities
$3,660,707
Net assets
$4,261,441
Revenue
$6,423,217
Expenses
$4,415,641
Net income
$2,007,576
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