Civic Intelligence

Veritas Academy

990 • Fiscal year 2020 • EIN 26-3751359

Jul 01, 2019 to Jun 30, 2020 • Filed on Sep 30, 2022

Organization ProfileVERITASACADEMYTXK.COM
20 Northridge CircleTexarkana, TX 75503

(903) 278-5643

Siviq Scores

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

Liabilities / Assets

77th percentile

0.32x

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

2020 filings • 501(c)3 • $500k-$1M nonprofits • Source year 2020

Liabilities / Revenue

90th percentile

1.04x

Higher debt load relative to revenue than 90% of similar nonprofits.

2020 filings • 501(c)3 • $500k-$1M nonprofits • Source year 2020

Net Margin

10th percentile

-36%

Higher net margin than 10% of similar nonprofits.

2020 filings • 501(c)3 • $500k-$1M nonprofits • Source year 2020

Top Officer Pay

65th percentile

$48,000

Higher top officer pay than 65% of similar nonprofits.

Top officer pay equals 29.0% of source-year revenue.

2020 filings • 501(c)3 • $500k-$1M nonprofits • Source year 2020

Asset Growth

13th percentile

-8.7%

Faster asset growth than 13% of similar nonprofits.

2020 filings • 501(c)3 • $500k-$1M nonprofits • Annualized from 2019 to 2020

Revenue Growth

4th percentile

-72%

Faster revenue growth than 4% of similar nonprofits.

2020 filings • 501(c)3 • $500k-$1M nonprofits • Annualized from 2019 to 2020

Balance Sheet
Liabilities / Assets77th percentile

Assets

Down

$533,623

Down $50,654 (-8.7%) from 2019

Net Assets

Down

$361,607

Down $60,184 (-14%) from 2019

Liabilities

Up

$172,016

Up $9,530 (+5.9%) from 2019

Revenue And Expenses
Liabilities / Revenue90th percentileNet Margin10th percentile

Revenue

Down

$165,568

Down $432,828 (-72%) from 2019

Expenses

Up

$225,752

Up $45,300 (+25%) from 2019

Net Income

Down

-$60,184

Down $478,128 (-114%) from 2019

Historical Trend

Balance Sheet Trend

Asset Growth13th 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

2020

Assets$533,623
Liabilities$172,016
Net Assets$361,607
Open 2020 Filing

Operations Trend

Revenue Growth4th 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

2020

Revenue$165,568
Expenses$225,752
Net Income-$60,184
Open 2020 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2019 to Jun 30, 2020
Signed
Sep 30, 2022
Return Version
2019v5.0
Gross Receipts
$165,568
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$513,936$503,877▼ $10,059
Cash and Non-Interest-Bearing Accounts$14,779$19,637▲ $4,858
Savings and Temporary Cash Investments$49,622$7,699▼ $41,923
Accounts Receivable$5,940$2,410▼ $3,530
Total Assets$584,277$533,623▼ $50,654
Liabilities
Mortgage Notes Payable Secured by Investment Property$142,165$133,795▼ $8,370
Unsecured Notes Loans Payable-$29,200-
Deferred Revenue$13,910--
Accounts Payable and Accrued Expenses$6,411$9,021▲ $2,610
Total Liabilities$162,486$172,016▲ $9,530
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$421,791$361,607▼ $60,184
Total Net Assets Fund Balance$421,791$361,607▼ $60,184
Total Liabilities and Net Assets / Fund Balance$584,277$533,623▼ $50,654

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$271,026$8,974$280,000
Land$220,000-$220,000
Other Land Buildings$11,388$25,959$37,347
Leasehold Improvements-$11,784$11,784
Equipment$1,463$5,090$6,553
Compensation and Service Providers
Top Officer Pay65th percentile

Employees

NameTitleFull / Part TimeBaseTotal
Joe Ben HouseHeadmasterFT$48,000$48,000

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
$16,690
Program Service Revenue
$148,806
Investment Income
$72
Other Revenue
$0
All Other Contributions
$16,690
Change in Net Assets
$-60,184
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$155,357
Other Expenses$70,395
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$144,135--$144,135
Occupancy$20,992--$20,992
Payroll Taxes$11,222--$11,222
Depreciation Depletion$10,773--$10,773
Insurance$6,858--$6,858
Fees for Services Other$6,098--$6,098
Fees for Services Accounting$5,760--$5,760
Interest$5,202--$5,202
Office Expenses$4,476--$4,476
All Other Expenses$858--$858
Information Technology$796--$796
Other Expenses$698--$698
Advertising$400--$400
Travel$109--$109
Total Functional Expenses$225,752$0$0$225,752
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
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Business relationship with 35% controlled entity
No
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
9032785643
Address
20 NORTHRIDGE CIRCLE, TEXARKANA, TX 75503

Signing Officer

Name
Richard Hornok
Title
Board Secretary
Phone
9032785643
Signed
2022-09-30
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Richard Hornok
Formed
1996
Legal Domicile
Ar
Voting Board Members
6
Independent Board Members
5
Employees
14
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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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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IRS990ScheduleE/SupplementalInformationDetail/ExplanationTxt0THE ACADEMY'S NONDISCRIMINATION POLICY IS PUBLISHED ON IT'S WEBSITE VERITASACADEMYTXK.COM AND A COPY OF THE POLICY IS INCLUDED IN ALL MATERIALS DISTRIBUTED TO PROSPECTIVE STUDENTS.
IRS990ScheduleE/SupplementalInformationDetail/FormAndLineReferenceDesc0SCHEDULE E, LINE 3
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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
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0FORM 990 - ORGANIZATION'S MISSION
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1FORM 990, PAGE 6, PART VI, LINE 2
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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IRS990/USAddress/StateAbbreviationCd0TX
IRS990/USAddress/ZIPCd075503
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IRS990/WebsiteAddressTxt0VERITASACADEMYTXK.COM
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ReturnHeader/BuildTS02022-09-23 18:48:47Z
ReturnHeader/BusinessOfficerGrp/DiscussWithPaidPreparerInd0true
ReturnHeader/BusinessOfficerGrp/PersonNm0RICHARD HORNOK
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0BOARD SECRETARY
ReturnHeader/BusinessOfficerGrp/PhoneNum09032785643
ReturnHeader/BusinessOfficerGrp/SignatureDt02022-09-30
ReturnHeader/Filer/BusinessName/BusinessNameLine1Txt0VERITAS ACADEMY
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ReturnHeader/PreparerFirmGrp/PreparerFirmName/BusinessNameLine1Txt0HOLLIDAY LEMONS & COX PC
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/AddressLine1Txt02001 MOORES LANE
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/CityNm0TEXARKANA
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/StateAbbreviationCd0TX
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/ZIPCd075503
ReturnHeader/PreparerPersonGrp/PhoneNum09038232727
ReturnHeader/PreparerPersonGrp/PreparationDt02022-10-16
ReturnHeader/PreparerPersonGrp/PreparerPersonNm0TROY D LEMONS
ReturnHeader/ReturnTs02022-10-17T00:27:15-04:00
ReturnHeader/ReturnTypeCd0990
ReturnHeader/TaxPeriodBeginDt02019-07-01
ReturnHeader/TaxPeriodEndDt02020-06-30
ReturnHeader/TaxYr02019

Document Assets

No mirrored PDF or thumbnail assets are attached yet.

Filings

Displayed year

2020 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$533,623
Liabilities
$172,016
Net assets
$361,607
Revenue
$165,568
Expenses
$225,752
Net income
-$60,184
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