Civic Intelligence

Veritas Academy

990 • Fiscal year 2019 • EIN 26-3751359

Jul 01, 2018 to Jun 30, 2019 • Filed on May 12, 2020

Organization ProfileVERITASACADEMYTXK.COM
2101 E 50th StTexarkana, AR 71854

(870) 772-0646

Siviq Scores

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

Liabilities / Assets

77th percentile

0.28x

Higher debt load relative to assets than 77% of similar nonprofits.

2019 filings • 501(c)3 • $500k-$1M nonprofits • Source year 2019

Liabilities / Revenue

80th percentile

0.27x

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

2019 filings • 501(c)3 • $500k-$1M nonprofits • Source year 2019

Net Margin

95th percentile

70%

Higher net margin than 95% of similar nonprofits.

2019 filings • 501(c)3 • $500k-$1M nonprofits • Source year 2019

Top Officer Pay

67th percentile

$52,000

Higher top officer pay than 67% of similar nonprofits.

Top officer pay equals 8.7% of source-year revenue.

2019 filings • 501(c)3 • $500k-$1M nonprofits • Source year 2019

Asset Growth

100th percentile

3175%

Faster asset growth than 100% of similar nonprofits.

2019 filings • 501(c)3 • $500k-$1M nonprofits • Annualized from 2018 to 2019

Revenue Growth

96th percentile

210%

Faster revenue growth than 96% of similar nonprofits.

2019 filings • 501(c)3 • $500k-$1M nonprofits • Annualized from 2018 to 2019

Balance Sheet
Liabilities / Assets77th percentile

Assets

Up

$584,277

Up $566,435 (+3175%) from 2018

Net Assets

Up

$421,791

Up $417,944 (+10864%) from 2018

Liabilities

Up

$162,486

Up $148,491 (+1061%) from 2018

Revenue And Expenses
Liabilities / Revenue80th percentileNet Margin95th percentile

Revenue

Up

$598,396

Up $405,479 (+210%) from 2018

Expenses

Down

$180,452

Down $17,824 (-9.0%) from 2018

Net Income

Up

$417,944

Up $423,303 (+7899%) from 2018

Historical Trend

Balance Sheet Trend

Asset Growth100th percentile

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

$600K$400K$200K$0Assets 2018: $17,842Liabilities 2018: $13,995Net Assets 2018: $3,8472018Assets 2019: $584,277Liabilities 2019: $162,486Net Assets 2019: $421,7912019Assets 2020: $533,623Liabilities 2020: $172,016Net Assets 2020: $361,6072020Assets 2022: $48,051Net Assets 2022: $48,0512022

Highlighted filing

2019

Assets$584,277
Liabilities$162,486
Net Assets$421,791
Open 2019 Filing

Operations Trend

Revenue Growth96th percentile

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

$600K$400K$200K$0-$200KRevenue 2018: $192,917Expenses 2018: $198,276Net Income 2018: -$5,3592018Revenue 2019: $598,396Expenses 2019: $180,452Net Income 2019: $417,9442019Revenue 2020: $165,568Expenses 2020: $225,752Net Income 2020: -$60,1842020Revenue 2022: $5Expenses 2022: $97,187Net Income 2022: -$97,1822022

Highlighted filing

2019

Revenue$598,396
Expenses$180,452
Net Income$417,944
Open 2019 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2018 to Jun 30, 2019
Signed
May 12, 2020
Return Version
2018v3.2
Gross Receipts
$598,396
Mission and Program Overview

Mission

The primary exempt purpose of the corporation is to operate a school (kindergarten through 12th grade), that closely adheres to the statement of faith and purpose as set out in sections 1 and 2 of article ii of the corporations by laws.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$963$513,936▲ $512,973
Savings and Temporary Cash Investments$4,226$49,622▲ $45,396
Cash and Non-Interest-Bearing Accounts$5,147$14,779▲ $9,632
Accounts Receivable$1,476$5,940▲ $4,464
Total Assets$17,842$584,277▲ $566,435
Other Assets Total$6,030--
Liabilities
Mortgage Notes Payable Secured by Investment Property-$142,165-
Deferred Revenue$2,779$13,910▲ $11,131
Accounts Payable and Accrued Expenses$11,216$6,411▼ $4,805
Total Liabilities$13,995$162,486▲ $148,491
Net Assets / Fund Balance
Unrestricted Net Assets$3,847$421,791▲ $417,944
Total Net Assets Fund Balance$3,847$421,791▲ $417,944
Total Liabilities and Net Assets / Fund Balance$17,842$584,277▲ $566,435

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$278,205$1,795$280,000
Land$220,000-$220,000
Other Land Buildings$13,878$22,755$36,633
Leasehold Improvements-$11,784$11,784
Equipment$1,853$4,700$6,553
Compensation and Service Providers
Top Officer Pay67th percentile

Employees

NameTitleFull / Part TimeBaseTotal
Joe Ben HouseHeadmasterFT$52,000$52,000

Board Members and Trustees

NameTitle
Jon CarnesBoard Chairm
Richard HornokBoard Secret
Chanse McguireDirector
Kay MccrawDirector
Paula McguireDirector
Revenue and Support

Revenue Composition

Contributions and Grants
$384,527
Program Service Revenue
$170,896
Investment Income
$33,173
Other Revenue
$9,800
All Other Contributions
$384,527
Change in Net Assets
$417,944

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 Amount
Real Estate Commercial1$357,215
Other Non Cash Contri Table9$15,900
Total Noncash Contributions10$373,115
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$147,951
Other Expenses$32,501
Total Fundraising Expense$3,453
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$137,437--$137,437
Payroll Taxes$10,514--$10,514
Fees for Services Accounting$5,310--$5,310
Depreciation Depletion$2,927--$2,927
All Other Expenses$2,843--$2,843
Fees for Services Other$2,793--$2,793
Office Expenses$1,852--$1,852
Insurance$1,764--$1,764
Interest$1,670--$1,670
Occupancy$1,569--$1,569
Information Technology$1,488--$1,488
Fees for Services Legal$1,230--$1,230
Other Expenses$1,098-$3,453$1,098
Travel$316--$316
Advertising$98--$98
Total Functional Expenses$176,999$0$3,453$180,452
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Gaming Gross Income$9,800
Professional Fundraising Fees$0
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
No
Subject to proxy tax
No
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Business relationship with family members
No
Business relationship with organization members
No
Material changes to governing documents
No
Compensation from other sources disclosed
No
CEO compensation reviewed
No
Other officer compensation reviewed
No
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, Page 6, Part VI, Line 2

“Chanse mcguire paula mcguire director director spouse”

Form 990, Page 6, Part VI, Line 8B

“No committee has authority to act on behalf of the governing body.”

Form 990, Page 6, Part VI, Line 11B

“Form 990 emailed to directors”

Form 990, Page 6, Part VI, Line 12C

“Reviewed by the board at least annually”

Form 990, Page 6, Part VI, Line 19

“Made available upon request”

Filing and Contact Details

Filer

Filer Name
Veritas Academy
EIN
26-3751359
Phone
8707720646
Address
2101 E 50TH ST, TEXARKANA, AR 71854

Signing Officer

Name
Richard Hornok
Title
Board Secretary
Phone
8707720646
Signed
2020-05-12
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Jon Carnes
Formed
1996
Legal Domicile
Ar
Voting Board Members
6
Independent Board Members
5
Employees
12
Volunteers
22

Preparer

Firm
Holliday Lemons & Cox Pc
Address
2001 MOORES LANE, TEXARKANA, TX 75503
Preparer
Troy D Lemons
Phone
9038232727
Supplemental Narrative

Additional Explanations

FORM 990 - ORGANIZATION'S MISSION

“The primary exempt purpose of the corporation is to operate a school (kindergarten through 12th grade), that closely adheres to the statement of faith and purpose as set out in sections 1 and 2 of article ii of the corporations by laws.”

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IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0THE PRIMARY EXEMPT PURPOSE OF THE CORPORATION IS TO OPERATE A SCHOOL (KINDERGARTEN THROUGH 12TH GRADE), THAT CLOSELY ADHERES TO THE STATEMENT OF FAITH AND PURPOSE AS SET OUT IN SECTIONS 1 AND 2 OF ARTICLE II OF THE CORPORATIONS BY LAWS.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1CHANSE MCGUIRE PAULA MCGUIRE DIRECTOR DIRECTOR SPOUSE
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2NO COMMITTEE HAS AUTHORITY TO ACT ON BEHALF OF THE GOVERNING BODY.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3FORM 990 EMAILED TO DIRECTORS
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4REVIEWED BY THE BOARD AT LEAST ANNUALLY
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt5MADE AVAILABLE UPON REQUEST
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IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2FORM 990, PAGE 6, PART VI, LINE 8B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3FORM 990, PAGE 6, PART VI, LINE 11B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc4FORM 990, PAGE 6, PART VI, LINE 12C
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc5FORM 990, PAGE 6, PART VI, LINE 19
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ReturnHeader/BusinessOfficerGrp/PersonNm0RICHARD HORNOK
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0BOARD SECRETARY
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ReturnHeader/BusinessOfficerGrp/SignatureDt02020-05-12
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ReturnHeader/FilingSecurityInformation/IPDt02020-05-14
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ReturnHeader/FilingSecurityInformation/IPTm010:09:08
ReturnHeader/PreparerFirmGrp/PreparerFirmEIN0752240394
ReturnHeader/PreparerFirmGrp/PreparerFirmName/BusinessNameLine1Txt0HOLLIDAY LEMONS & COX PC
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/AddressLine1Txt02001 MOORES LANE
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/CityNm0TEXARKANA
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ReturnHeader/PreparerPersonGrp/PhoneNum09038232727
ReturnHeader/PreparerPersonGrp/PreparationDt02020-05-14
ReturnHeader/PreparerPersonGrp/PreparerPersonNm0TROY D LEMONS
ReturnHeader/ReturnTs02020-05-14T10:09:08-05:00
ReturnHeader/ReturnTypeCd0990
ReturnHeader/TaxPeriodBeginDt02018-07-01

Document Assets

No mirrored PDF or thumbnail assets are attached yet.

Filings

Displayed year

2019 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$584,277
Liabilities
$162,486
Net assets
$421,791
Revenue
$598,396
Expenses
$180,452
Net income
$417,944
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2022Detailed filing. Detailed filing data is available for this year.$0.48$0.48$0.00$0.97$0.97
2020Detailed filing. Detailed filing data is available for this year.$5.34$1.72$3.62$1.66$2.26$0.60
2019Detailed filing. Detailed filing data is available for this year.$5.84$1.62$4.22$5.98$1.80$4.18
2018Detailed filing. Detailed filing data is available for this year.$0.18$0.14$0.04$1.93$1.98$0.05