Civic Intelligence

Veritas Academy

EIN 38-3878375 • 501(c)3 • North Branch, MN

Profile

Veritas Academy seeks to establish and equip students to become mature adults who value truth, acknowledge God's beauty, and do good. Our methods and content train them to think clearly, cultivate wisdom and understanding, and eventually, to lead with clarity and virtue.

34888 Kable AvenueNorth Branch, MN 55056
Siviq Scores

Precomputed percentiles relative to similar nonprofits. These scores are descriptive rather than judgmental.

Liabilities / Assets

20th percentile

0.01x

Higher debt load relative to assets than 20% of similar nonprofits.

501(c)3 • $5M-$10M nonprofits • Source year 2022

Liabilities / Revenue

50th percentile

0.16x

Higher debt load relative to revenue than 50% of similar nonprofits.

501(c)3 • $5M-$10M nonprofits • Source year 2022

Net Margin

9th percentile

-34%

Higher net margin than 9% of similar nonprofits.

501(c)3 • $5M-$10M nonprofits • Source year 2022

Top Officer Pay

Score unavailable

No value available

No filing with officer rows is available for this organization yet.

Asset Growth

20th percentile

-4.3%

Faster asset growth than 20% of similar nonprofits.

501(c)3 • $5M-$10M nonprofits • Annualized from 2021 to 2022

Revenue Growth

83rd percentile

41%

Faster revenue growth than 83% of similar nonprofits.

501(c)3 • $5M-$10M nonprofits • Annualized from 2021 to 2022

Balance Sheet
Liabilities / Assets20th percentile

Assets

Up

$8,970,617

Up $160,258 (+1.8%) from 2022

Liabilities

Up

$132,097

Up $41,291 (+45%) from 2022

Net Assets

Up

$8,838,520

Up $118,967 (+1.4%) from 2022

Operations
Liabilities / Revenue50th percentileNet Margin9th percentile

Revenue

Up

$732,644

Up $156,548 (+27%) from 2022

Expenses

Down

$683,613

Down $86,987 (-11%) from 2022

Net Income

Up

$49,031

Up $243,535 (+125%) from 2022

Trend Graphs

Balance Sheet Trend

Asset Growth20th percentile

Grouped bars show assets, liabilities, and net assets across loaded filings.

$10M$5.0M$0Assets 2020: $9,203,886Liabilities 2020: $659,402Net Assets 2020: $8,544,4842020Assets 2021: $9,203,886Liabilities 2021: $59,466Net Assets 2021: $9,144,4202021Assets 2022: $8,810,359Liabilities 2022: $90,806Net Assets 2022: $8,719,5532022Assets 2023: $8,970,617Liabilities 2023: $132,097Net Assets 2023: $8,838,5202023

Highlighted filing

2023

Assets$8,970,617
Liabilities$132,097
Net Assets$8,838,520
Open 2023 Filing

Operations Trend

Revenue Growth83rd percentile

Revenue, expenses, and net income by year, with the latest filing highlighted.

$10M$5.0M$0-$5.0MRevenue 2020: $8,732,880Expenses 2020: $188,396Net Income 2020: $8,544,4842020Revenue 2021: $409,803Expenses 2021: $815,204Net Income 2021: -$405,4012021Revenue 2022: $576,096Expenses 2022: $770,600Net Income 2022: -$194,5042022Revenue 2023: $732,644Expenses 2023: $683,613Net Income 2023: $49,0312023

Highlighted filing

2023

Revenue$732,644
Expenses$683,613
Net Income$49,031
Open 2023 Filing

Filings

Most recent year

2023 • Form 990XML pending. An XML filing is linked for this year, but detailed extraction is still pending.

Open filing
Assets
$8,970,617
Liabilities
$132,097
Net assets
$8,838,520
Revenue
$732,644
Expenses
$683,613
Net income
$49,031
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2023XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$8.97$0.13$8.84$0.73$0.68$0.05
2022Detailed filing. Detailed filing data is available for this year.$8.81$0.09$8.72$0.58$0.77$0.19
2021Import issue. A filing source exists for this year, but detailed import did not complete cleanly.$9.20$0.06$9.14$0.41$0.82$0.41
2020Import issue. A filing source exists for this year, but detailed import did not complete cleanly.$9.20$0.66$8.54$8.73$0.19$8.54
Latest Detailed Filing

The latest 2023 filing currently has linked XML that has not been fully parsed yet. Showing the latest detailed filing from 2022 below.

Jump To
Filing Snapshot
Filing Period
Jan 1, 2022 to Dec 31, 2022
Signed
Nov 14, 2023
Return Version
2022v5.0
Gross Receipts
$576,096
Mission and Program Overview

Mission

Veritas Academy seeks to establish and equip students to become mature adults who value truth, acknowledge God's beauty, and do good. Our methods and content train them to think clearly, cultivate wisdom and understanding, and eventually, to lead with clarity and virtue.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$8,987,836$8,755,023▼ $232,813
Prepaid Expenses and Deferred Charges$179,887$0▼ $179,887
Accounts Receivable$20,686$46,314▲ $25,628
Cash and Non-Interest-Bearing Accounts$15,477$9,022▼ $6,455
Savings and Temporary Cash Investments$0$0→ $0
Other Notes and Loans Receivable, Net$0$0→ $0
Pledges and Grants Receivable$0$0→ $0
Receivable From Disqualified Prsn$0$0→ $0
Receivables From Officers Etc$0$0→ $0
Investments Other Securities$0$0→ $0
Investments Program Related$0$0→ $0
Investments in Publicly Traded Securities$0$0→ $0
Intangible Assets$0$0→ $0
Inventories for Sale or Use$0$0→ $0
Loans From Officers Directors$0$0→ $0
Total Assets$9,203,886$8,810,359▼ $393,527
Other Assets Total$0$0→ $0
Liabilities
Accounts Payable and Accrued Expenses$750$67,056▲ $66,306
Other Liabilities$58,716$23,750▼ $34,966
Grants Payable$0$0→ $0
Mortgage Notes Payable Secured by Investment Property$0$0→ $0
Unsecured Notes Loans Payable$0$0→ $0
Deferred Revenue$0$0→ $0
Escrow Account Liability$0$0→ $0
Tax Exempt Bond Liabilities$0$0→ $0
Total Liabilities$59,466$90,806▲ $31,340
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$9,144,420$8,719,553▼ $424,867
Net Assets With Donor Restrictions$0$0→ $0
Total Net Assets Fund Balance$9,144,420$8,719,553▼ $424,867
Total Liabilities and Net Assets / Fund Balance$9,203,886$8,810,359▼ $393,527

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$8,106,990$0$0
Other Land Buildings$-468,817$468,817$0
Land$973,685-$0
Equipment$103,039$0$0
Leasehold Improvements$40,126$0$0
Compensation and Service Providers
Top Officer PayScore unavailable

Board Members and Trustees

NameTitle
Sharon PetersonAdvisor to the President
Susie BrooksPresident and Founder
Bruce SpanglerBoard Member
Jules Jensen-JohnsonBoard Member
Nancy SpanglerBoard Member
Seraiah BrooksBoard Member
Tonya EricksonBoard Member
Steven BrooksDirector of Spiritual Formation and Teacher
Revenue and Support

Revenue Composition

Contributions and Grants
$481,611
Program Service Revenue
$94,485
Investment Income
$0
Other Revenue
$0
All Other Contributions
$481,611
Change in Net Assets
$-194,504
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$506,382
Salaries, Compensation, and Employee Benefits$264,218
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Occupancy$234,923$0$0$234,923
Depreciation Depletion$205,108$0$0$205,108
Current Officers, Directors, Trustees, and Key Employees$174,381$0$0$174,381
Payroll Taxes$89,837$0$0$89,837
Advertising$12,863$0$0$12,863
Insurance$10,801$0$0$10,801
Office Expenses$10,093$0$0$10,093
Information Technology$8,521$0$0$8,521
Fees for Services Legal$8,009$0$0$8,009
Travel$5,671$0$0$5,671
Other Expenses$0$2,704$0$2,704
Total Functional Expenses$767,896$2,704$0$770,600
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

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

Loans and Receivables

Line ItemBeginningEndChange
Loans from Officers, Directors, Trustees, and Key Employees$0$0→ $0
Receivables from Disqualified Persons$0$0→ $0
Receivables from Officers, Directors, Trustees, and Key Employees$0$0→ $0
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Bonds/Notes Payable$20,000
Accrued interest payable$3,750
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
Yes
Annual disclosure for covered persons
Yes
Audit committee
Yes
Backup withholding compliance
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, Part VI, Section A, Line 2

“Susie Brooks, President and Founder of the Academy, and Steven Brooks, Director of Spiritual Formation, Board Secretary, and Director of Facilities, are husband and wife. Seraiah Brooks, Board Member, is son to the previously mentioned President and the Director of Spiritual Formation.”

Form 990, Part VI, Section B, Line 11B

“All board members have the right to request the in-process 990 submission at any time. Once completed, they are informed by email that it is ready for submission to the IRS.”

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

“All board members are encouraged at the start of board meetings to declare if they have any conflict of interest that could lead to a conflict of interest.”

Form 990, Part VI, Section C, Line 19

“All returns are available for inspection upon request at the organizational headquarters during normal business hours.”

Filing and Contact Details

Filer

Filer Name
Veritas Academy
EIN
38-3878375
Phone
6514623894
Address
34888 Kable Avenue, North Branch, MN 55056

Signing Officer

Name
Susie Brooks
Title
President
Phone
6514623894
Signed
2023-11-14

Organization Details

Principal Officer
Susie J Brooks
Formed
2012
Legal Domicile
Mn
Voting Board Members
6
Independent Board Members
0
Employees
0
Volunteers
3
Raw XML AppendixShowing 400 of 580 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.

Path#Value
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IRS990/Desc0Veritas Academy continued growing into and rehabing the very large space we obtained for our educational services in 2020. The expenses represent our commitment to providing excellence in education to our students.
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IRS990/Form990PartVIISectionAGrp/PersonNm1Steven Brooks
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IRS990/Form990PartVIISectionAGrp/PersonNm3Nancy Spangler
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IRS990/Form990PartVIISectionAGrp/PersonNm7Sharon Peterson
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IRS990/Form990PartVIISectionAGrp/TitleTxt0President and Founder
IRS990/Form990PartVIISectionAGrp/TitleTxt1Director of Spiritual Formation and Teacher
IRS990/Form990PartVIISectionAGrp/TitleTxt2Board Member
IRS990/Form990PartVIISectionAGrp/TitleTxt3Board Member
IRS990/Form990PartVIISectionAGrp/TitleTxt4Board Member
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