Civic Intelligence

Veritas Academy

990 • Fiscal year 2020 • EIN 38-3878375

Jan 01, 2020 to Dec 31, 2020 • Filed on Jun 20, 2021

Organization Profilewww.veritasclassical.org
34888 Kable AvenueNorth Branch, MN 55056

(651) 462-3894

Siviq Scores

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

Liabilities / Assets

36th percentile

0.07x

Higher debt load relative to assets than 36% of similar nonprofits.

2020 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2020

Liabilities / Revenue

26th percentile

0.08x

Higher debt load relative to revenue than 26% of similar nonprofits.

2020 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2020

Net Margin

99th percentile

98%

Higher net margin than 99% of similar nonprofits.

2020 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2020

Top Officer Pay

21st percentile

$0

Higher top officer pay than 21% of similar nonprofits.

Top officer pay equals 0.0% of source-year revenue.

2020 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2020

Asset Growth

Score unavailable

No value available

No earlier valid filing was available within the previous three public years.

Source year 2020

Revenue Growth

Score unavailable

No value available

No earlier valid filing was available within the previous three public years.

Source year 2020

Balance Sheet
Liabilities / Assets36th percentile

Assets

$9,203,886

No earlier filing loaded for comparison.

Net Assets

$8,544,484

No earlier filing loaded for comparison.

Liabilities

$659,402

No earlier filing loaded for comparison.

Revenue And Expenses
Liabilities / Revenue26th percentileNet Margin99th percentile

Revenue

$8,732,880

No earlier filing loaded for comparison.

Expenses

$188,396

No earlier filing loaded for comparison.

Net Income

$8,544,484

No earlier filing loaded for comparison.

Historical Trend

Balance Sheet Trend

Asset GrowthScore unavailable

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

$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

2020

Assets$9,203,886
Liabilities$659,402
Net Assets$8,544,484
Open 2020 Filing

Operations Trend

Revenue GrowthScore unavailable

Revenue, expenses, and net income across loaded years, with this 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

2020

Revenue$8,732,880
Expenses$188,396
Net Income$8,544,484
Open 2020 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2020 to Dec 31, 2020
Signed
Jun 20, 2021
Return Version
2020v4.0
Gross Receipts
$8,732,880
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$522,231$9,168,130▲ $8,645,899
Loans From Officers Directors$513,000$637,572▲ $124,572
Cash and Non-Interest-Bearing Accounts$1,029$35,756▲ $34,727
Total Assets$523,260$9,203,886▲ $8,680,626
Liabilities
Accounts Payable and Accrued Expenses$10,260$21,830▲ $11,570
Total Liabilities$523,260$659,402▲ $136,142
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$0$8,544,484▲ $8,544,484
Net Assets With Donor Restrictions$0$0→ $0
Total Net Assets Fund Balance$0$8,544,484▲ $8,544,484
Total Liabilities and Net Assets / Fund Balance$523,260$9,203,886▲ $8,680,626

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$8,150,591$-58,601$0
Other Land Buildings$4,100$0$0
Land$969,110-$0
Equipment$8,949$0$0
Leasehold Improvements$35,380$0$0
Compensation and Service Providers
Top Officer Pay21st percentile

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
$8,690,172
Program Service Revenue
$42,708
Investment Income
$0
Other Revenue
$0
All Other Contributions
$8,690,172
Change in Net Assets
$8,544,484

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
Real Estate Commercial1$8,493,787Comparable Sales
Total Noncash Contributions1$8,493,787-
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$142,397
Salaries, Compensation, and Employee Benefits$45,999
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Current Officers, Directors, Trustees, and Key Employees$45,999$0$0$45,999
Interest$26,040$0$0$26,040
Advertising$22,626$0$0$22,626
Travel$21,188$0$0$21,188
Fees for Services Legal$12,731$0$0$12,731
Depreciation Depletion$12,403$0$0$12,403
All Other Expenses$5,742$0$0$5,742
Information Technology$4,971$0$0$4,971
Insurance$4,696--$4,696
Office Expenses$3,240$0$0$3,240
Other Expenses$3,142$0$0$3,142
Total Functional Expenses$188,396$0$0$188,396
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$513,000$637,572▲ $124,572
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
Yes
Annual disclosure for covered persons
Yes
Audit committee
Yes
Backup withholding compliance
No
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 and teacher, are husband and wife. Seraiah Brooks, Student Representative Board Member, is son to the previous two.”

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

“The drafted return of Form 990 and its supporting schedules are made available to all board members before being submitted to the IRS.”

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

“At all board meetings, members attending and voting are reminded to declare any conflict of interest that may have arisen between meetings. None was ever recorded.”

Form 990, Part VI, Section C, Line 19

“All governing documents are available to anyone who requests them at any time during regular business hours.”

Form 990, Part VI, Section C, Line 20

“Susie Brooks, Veritas Academy, 34888 Kable Avenue, North Branch MN 55056”

Form 990, Part VIII, Line 1G

“The amount of $8,493,787 represents the non-cash donation of the property and land located at 11725 Stinson Avenue, Chisago City MN 55013 by Fairview Health Services to Veritas Academy on September 16, 2020/”

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
2021-06-20

Organization Details

Principal Officer
Susie J Brooks
Formed
2012
Legal Domicile
Mn
Voting Board Members
7
Independent Board Members
0
Employees
0
Volunteers
8
Supplemental Narrative

Financial Statement Notes

Schedule D, Part VI, Line 1A

“Veritas Academy received the donation of the property held by Fairview Health Systems at 11725A Stinson Avenue, North Branch MN 55056, on Sep. 16, 2020.”

Schedule D, Part VI, Line 1B

“Veritas Academy received the donation of the property held by Fairview Health Systems at 11725A Stinson Avenue, North Branch MN 55056, on Sep. 16, 2020.”

Schedule D, Part VI, Line 1C

“Veritas Academy received the donation of the property held by Fairview Health Systems at 11725A Stinson Avenue, North Branch MN 55056, on Sep. 16, 2020.”

Schedule D, Part VI, Line 1D

“Veritas Academy received the donation of the property held by Fairview Health Systems at 11725A Stinson Avenue, North Branch MN 55056, on Sep. 16, 2020.”

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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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IRS990/Form990PartVIISectionAGrp/TitleTxt0President and Founder
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IRS990/NetIncomeFromGamingGrp/RelatedOrExemptFuncIncomeAmt00
IRS990/NetIncomeFromGamingGrp/TotalRevenueColumnAmt00
IRS990/NetIncomeFromGamingGrp/UnrelatedBusinessRevenueAmt00
IRS990/NetIncomeOrLossGrp/ExclusionAmt00
IRS990/NetIncomeOrLossGrp/RelatedOrExemptFuncIncomeAmt00
IRS990/NetIncomeOrLossGrp/TotalRevenueColumnAmt00
IRS990/NetIncomeOrLossGrp/UnrelatedBusinessRevenueAmt00
IRS990/NetRentalIncomeOrLossGrp/ExclusionAmt00
IRS990/NetRentalIncomeOrLossGrp/RelatedOrExemptFuncIncomeAmt00
IRS990/NetRentalIncomeOrLossGrp/TotalRevenueColumnAmt00
IRS990/NetRentalIncomeOrLossGrp/UnrelatedBusinessRevenueAmt00
IRS990/NetUnrelatedBusTxblIncmAmt00
IRS990/NetUnrlzdGainsLossesInvstAmt00
IRS990/NoDonorRestrictionNetAssetsGrp/BOYAmt00
IRS990/NoDonorRestrictionNetAssetsGrp/EOYAmt08544484
IRS990/NoncashContributionsAmt08493787
IRS990/NondeductibleContributionsInd00
IRS990/OccupancyGrp/FundraisingAmt00
IRS990/OccupancyGrp/ManagementAndGeneralAmt00
IRS990/OccupancyGrp/ProgramServicesAmt00
IRS990/OccupancyGrp/TotalAmt00
IRS990/OfficeExpensesGrp/FundraisingAmt00
IRS990/OfficeExpensesGrp/ManagementAndGeneralAmt00
IRS990/OfficeExpensesGrp/ProgramServicesAmt03240
IRS990/OfficeExpensesGrp/TotalAmt03240
IRS990/OfficerMailingAddressInd00
IRS990/OperateHospitalInd00
IRS990/Organization501c3Ind0X
IRS990/OrganizationFollowsFASB117Ind0X
IRS990/OtherChangesInNetAssetsAmt00
IRS990/OtherEmployeeBenefitsGrp/FundraisingAmt00
IRS990/OtherEmployeeBenefitsGrp/ManagementAndGeneralAmt00
IRS990/OtherEmployeeBenefitsGrp/ProgramServicesAmt00
IRS990/OtherEmployeeBenefitsGrp/TotalAmt00
IRS990/OtherExpensesGrp/Desc0Curriculum
IRS990/OtherExpensesGrp/Desc1Meals and Entertainment
IRS990/OtherExpensesGrp/Desc2Gifts and Donations
IRS990/OtherExpensesGrp/Desc3Dues and Subscriptions
IRS990/OtherExpensesGrp/FundraisingAmt00
IRS990/OtherExpensesGrp/FundraisingAmt10
IRS990/OtherExpensesGrp/FundraisingAmt20
IRS990/OtherExpensesGrp/FundraisingAmt30
IRS990/OtherExpensesGrp/ManagementAndGeneralAmt00
IRS990/OtherExpensesGrp/ManagementAndGeneralAmt10
IRS990/OtherExpensesGrp/ManagementAndGeneralAmt20
IRS990/OtherExpensesGrp/ManagementAndGeneralAmt30
IRS990/OtherExpensesGrp/ProgramServicesAmt012452
IRS990/OtherExpensesGrp/ProgramServicesAmt16388
IRS990/OtherExpensesGrp/ProgramServicesAmt26778
IRS990/OtherExpensesGrp/ProgramServicesAmt33142
IRS990/OtherExpensesGrp/TotalAmt012452
IRS990/OtherExpensesGrp/TotalAmt16388
IRS990/OtherExpensesGrp/TotalAmt26778
IRS990/OtherExpensesGrp/TotalAmt33142
IRS990/OtherRevenueTotalAmt00
IRS990/OtherSalariesAndWagesGrp/FundraisingAmt00
IRS990/OtherSalariesAndWagesGrp/ManagementAndGeneralAmt00
IRS990/OtherSalariesAndWagesGrp/ProgramServicesAmt00
IRS990/OtherSalariesAndWagesGrp/TotalAmt00
IRS990/PartialLiquidationInd00
IRS990/PaymentsToAffiliatesGrp/FundraisingAmt00
IRS990/PaymentsToAffiliatesGrp/ManagementAndGeneralAmt00
IRS990/PaymentsToAffiliatesGrp/ProgramServicesAmt00
IRS990/PaymentsToAffiliatesGrp/TotalAmt00
IRS990/PayrollTaxesGrp/FundraisingAmt00
IRS990/PayrollTaxesGrp/ManagementAndGeneralAmt00
IRS990/PayrollTaxesGrp/ProgramServicesAmt00
IRS990/PayrollTaxesGrp/TotalAmt00
IRS990/PensionPlanContributionsGrp/FundraisingAmt00
IRS990/PensionPlanContributionsGrp/ManagementAndGeneralAmt00
IRS990/PensionPlanContributionsGrp/ProgramServicesAmt00
IRS990/PensionPlanContributionsGrp/TotalAmt00
IRS990/PoliticalCampaignActyInd00
IRS990/PrincipalOfficerNm0Susie J Brooks
IRS990/PriorPeriodAdjustmentsAmt00
IRS990/ProfessionalFundraisingInd00
IRS990/ProgramServiceRevenueGrp/BusinessCd0611110
IRS990/ProgramServiceRevenueGrp/Desc0Education
IRS990/ProgramServiceRevenueGrp/ExclusionAmt00
IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt042708
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt042708
IRS990/ProgramServiceRevenueGrp/UnrelatedBusinessRevenueAmt00
IRS990/ProhibitedTaxShelterTransInd00
IRS990/PYContributionsGrantsAmt0128464
IRS990/PYExcessBenefitTransInd00
IRS990/PymtTravelEntrtnmntPubOfclGrp/FundraisingAmt00
IRS990/PymtTravelEntrtnmntPubOfclGrp/ManagementAndGeneralAmt00
IRS990/PymtTravelEntrtnmntPubOfclGrp/ProgramServicesAmt00
IRS990/PymtTravelEntrtnmntPubOfclGrp/TotalAmt00
IRS990/PYOtherExpensesAmt08391
IRS990/PYProgramServiceRevenueAmt031125
IRS990/PYRevenuesLessExpensesAmt0109878
IRS990/PYSalariesCompEmpBnftPaidAmt041320
IRS990/PYTotalExpensesAmt049711
IRS990/PYTotalRevenueAmt0159589
IRS990/ReconcilationRevenueExpnssAmt08544484
IRS990/RegularMonitoringEnfrcInd01
IRS990/RelatedEntityInd00
IRS990/RelatedOrganizationCtrlEntInd00
IRS990/RelatedOrganizationsAmt00
IRS990/RentalIncomeOrLossGrp/PersonalAmt00
IRS990/RentalIncomeOrLossGrp/RealAmt00
IRS990/ReportInvestmentsOtherSecInd00
IRS990/ReportLandBuildingEquipmentInd01
IRS990/ReportOtherAssetsInd00
IRS990/ReportOtherLiabilitiesInd00
IRS990/ReportProgramRelatedInvstInd00
IRS990/RevenueAmt08544484
IRS990/RoyaltiesGrp/FundraisingAmt00
IRS990/RoyaltiesGrp/ManagementAndGeneralAmt00
IRS990/RoyaltiesGrp/ProgramServicesAmt00
IRS990/RoyaltiesGrp/TotalAmt00
IRS990/RoyaltiesRevenueGrp/ExclusionAmt00
IRS990/RoyaltiesRevenueGrp/RelatedOrExemptFuncIncomeAmt00
IRS990/RoyaltiesRevenueGrp/TotalRevenueColumnAmt00
IRS990/RoyaltiesRevenueGrp/UnrelatedBusinessRevenueAmt00
IRS990ScheduleA/SchoolInd0X
IRS990ScheduleB/ContributorInformationGrp/ContributorBusinessName/BusinessNameLine10RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorNum0RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/AddressLine10RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/AddressLine20RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/City0RESTRICTED

Document Assets

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Filings

Displayed year

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

Open filing
Assets
$9,203,886
Liabilities
$659,402
Net assets
$8,544,484
Revenue
$8,732,880
Expenses
$188,396
Net income
$8,544,484
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
2020Detailed filing. Detailed filing data is available for this year.$9.20$0.66$8.54$8.73$0.19$8.54