Civic Intelligence

Veritas Academy

990 • Fiscal year 2021 • EIN 38-3878375

Jan 01, 2021 to Dec 31, 2021 • Filed on Oct 15, 2022

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

18th percentile

0.01x

Higher debt load relative to assets than 18% of similar nonprofits.

2021 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2021

Liabilities / Revenue

48th percentile

0.15x

Higher debt load relative to revenue than 48% of similar nonprofits.

2021 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2021

Net Margin

3rd percentile

-99%

Higher net margin than 3% of similar nonprofits.

2021 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2021

Top Officer Pay

22nd percentile

$0

Higher top officer pay than 22% of similar nonprofits.

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

2021 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2021

Asset Growth

24th percentile

0.0%

Faster asset growth than 24% of similar nonprofits.

2021 filings • 501(c)3 • $5M-$10M nonprofits • Annualized from 2020 to 2021

Revenue Growth

1st percentile

-95%

Faster revenue growth than 1% of similar nonprofits.

2021 filings • 501(c)3 • $5M-$10M nonprofits • Annualized from 2020 to 2021

Balance Sheet
Liabilities / Assets18th percentile

Assets

Flat

$9,203,886

Flat from 2020

Net Assets

Up

$9,144,420

Up $599,936 (+7.0%) from 2020

Liabilities

Down

$59,466

Down $599,936 (-91%) from 2020

Revenue And Expenses
Liabilities / Revenue48th percentileNet Margin3rd percentile

Revenue

Down

$409,803

Down $8,323,077 (-95%) from 2020

Expenses

Up

$815,204

Up $626,808 (+333%) from 2020

Net Income

Down

-$405,401

Down $8,949,885 (-105%) from 2020

Historical Trend

Balance Sheet Trend

Asset Growth24th percentile

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

2021

Assets$9,203,886
Liabilities$59,466
Net Assets$9,144,420
Open 2021 Filing

Operations Trend

Revenue Growth1st percentile

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

2021

Revenue$409,803
Expenses$815,204
Net Income-$405,401
Open 2021 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2021 to Dec 31, 2021
Signed
Oct 15, 2022
Return Version
2021v4.0
Gross Receipts
$409,803
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$9,168,130$8,987,836▼ $180,294
Prepaid Expenses and Deferred Charges$0$179,887▲ $179,887
Accounts Receivable$0$20,686▲ $20,686
Cash and Non-Interest-Bearing Accounts$35,756$15,477▼ $20,279
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-
Investments Program Related-$0-
Investments in Publicly Traded Securities-$0-
Intangible Assets-$0-
Inventories for Sale or Use$0$0→ $0
Loans From Officers Directors$0$0→ $0
Total Assets$9,203,886$9,203,886→ $0
Other Assets Total-$0-
Liabilities
Other Liabilities-$58,716-
Accounts Payable and Accrued Expenses$21,830$750▼ $21,080
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$21,830$59,466▲ $37,636
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$9,182,056$9,144,420▼ $37,636
Net Assets With Donor Restrictions$0$0→ $0
Total Net Assets Fund Balance$9,182,056$9,144,420▼ $37,636
Total Liabilities and Net Assets / Fund Balance$9,203,886$9,203,886→ $0

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$7,828,281$263,709$8,091,990
Land$969,110-$969,110
Equipment$151,036$0$151,036
Leasehold Improvements$35,380$0$35,380
Other Land Buildings$4,029$0$4,029
Compensation and Service Providers
Top Officer Pay22nd 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
$111,923
Program Service Revenue
$81,628
Investment Income
$0
Other Revenue
$216,252
All Other Contributions
$111,923
Change in Net Assets
$-405,401
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$690,635
Salaries, Compensation, and Employee Benefits$124,569
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Occupancy$0$348,107$0$348,107
Depreciation Depletion$0$205,108$0$205,108
Current Officers, Directors, Trustees, and Key Employees$124,569--$124,569
Advertising$30,813$0$0$30,813
Travel$17,871$0$0$17,871
Other Expenses$17,630$0$0$17,630
Fees for Services Legal$0$7,271$0$7,271
Office Expenses$0$6,963$0$6,963
Information Technology$5,436$0$0$5,436
Total Functional Expenses$245,962$569,242$0$815,204
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
Equipment loan payable$24,845
Bonds/Notes Payable - Current$18,000
Accrued interest payable$4,210
Accounts payable$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 the Academy, and Steven Brooks, Director of Spiritual Formation, Board Secretary and Director of Facilities, are husband and wife. Seraiah Brooks, Student Representative Board Member, is son to the previous mentioned President and Director of Spiritual Formation.”

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 members are reminded to declare any conflict of interest that may have arisen between meetings. None were ever recorded.”

Form 990, Part VI, Section C, Line 19

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

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
2022-10-15

Organization Details

Principal Officer
Susie Brooks
Formed
2012
Legal Domicile
Mn
Voting Board Members
6
Independent Board Members
0
Employees
0
Volunteers
6
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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
IRS990/Form990PartVIISectionAGrp/TitleTxt1Director of Spiritual Formation and Teacher
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IRS990/NetAssetsOrFundBalancesBOYAmt09182056
IRS990/NetAssetsOrFundBalancesEOYAmt09144420
IRS990/NetGainOrLossInvestmentsGrp/ExclusionAmt00
IRS990/NetGainOrLossInvestmentsGrp/RelatedOrExemptFuncIncomeAmt00
IRS990/NetGainOrLossInvestmentsGrp/TotalRevenueColumnAmt00
IRS990/NetGainOrLossInvestmentsGrp/UnrelatedBusinessRevenueAmt00
IRS990/NetIncmFromFundraisingEvtGrp/ExclusionAmt00
IRS990/NetIncmFromFundraisingEvtGrp/TotalRevenueColumnAmt00
IRS990/NetIncmFromFundraisingEvtGrp/UnrelatedBusinessRevenueAmt00
IRS990/NetIncomeFromGamingGrp/ExclusionAmt00
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/RelatedOrExemptFuncIncomeAmt0216252
IRS990/NetRentalIncomeOrLossGrp/TotalRevenueColumnAmt0216252
IRS990/NetRentalIncomeOrLossGrp/UnrelatedBusinessRevenueAmt00
IRS990/NetUnrelatedBusTxblIncmAmt00
IRS990/NetUnrlzdGainsLossesInvstAmt00
IRS990/NoDonorRestrictionNetAssetsGrp/BOYAmt09182056
IRS990/NoDonorRestrictionNetAssetsGrp/EOYAmt09144420
IRS990/NoncashContributionsAmt00
IRS990/NondeductibleContributionsInd00
IRS990/OccupancyGrp/FundraisingAmt00
IRS990/OccupancyGrp/ManagementAndGeneralAmt0348107
IRS990/OccupancyGrp/ProgramServicesAmt00
IRS990/OccupancyGrp/TotalAmt0348107
IRS990/OfficeExpensesGrp/FundraisingAmt00
IRS990/OfficeExpensesGrp/ManagementAndGeneralAmt06963
IRS990/OfficeExpensesGrp/ProgramServicesAmt00
IRS990/OfficeExpensesGrp/TotalAmt06963
IRS990/OfficerMailingAddressInd00
IRS990/OperateHospitalInd00
IRS990/Organization501c3Ind0X
IRS990/OrganizationFollowsFASB117Ind0X
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IRS990/OtherChangesInNetAssetsAmt00
IRS990/OtherEmployeeBenefitsGrp/ProgramServicesAmt00
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IRS990/OtherExpensesGrp/Desc1Gifts & Donations
IRS990/OtherExpensesGrp/Desc2Bank charges
IRS990/OtherExpensesGrp/Desc3Other program expenses
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IRS990/OtherExpensesGrp/FundraisingAmt10
IRS990/OtherExpensesGrp/FundraisingAmt20
IRS990/OtherExpensesGrp/FundraisingAmt30
IRS990/OtherExpensesGrp/ManagementAndGeneralAmt00
IRS990/OtherExpensesGrp/ManagementAndGeneralAmt10
IRS990/OtherExpensesGrp/ManagementAndGeneralAmt21793
IRS990/OtherExpensesGrp/ManagementAndGeneralAmt30
IRS990/OtherExpensesGrp/ProgramServicesAmt045056
IRS990/OtherExpensesGrp/ProgramServicesAmt14587
IRS990/OtherExpensesGrp/ProgramServicesAmt20
IRS990/OtherExpensesGrp/ProgramServicesAmt317630
IRS990/OtherExpensesGrp/TotalAmt045056
IRS990/OtherExpensesGrp/TotalAmt14587
IRS990/OtherExpensesGrp/TotalAmt21793
IRS990/OtherExpensesGrp/TotalAmt317630
IRS990/OtherLiabilitiesGrp/EOYAmt058716
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IRS990/OthNotesLoansReceivableNetGrp/EOYAmt00
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IRS990/PaymentsToAffiliatesGrp/ManagementAndGeneralAmt00
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IRS990/PledgesAndGrantsReceivableGrp/BOYAmt00
IRS990/PledgesAndGrantsReceivableGrp/EOYAmt00
IRS990/PoliticalCampaignActyInd00
IRS990/PrepaidExpensesDefrdChargesGrp/BOYAmt00
IRS990/PrepaidExpensesDefrdChargesGrp/EOYAmt0179887
IRS990/PrincipalOfficerNm0Susie Brooks
IRS990/PriorPeriodAdjustmentsAmt00
IRS990/ProfessionalFundraisingInd00
IRS990/ProgramServiceRevenueGrp/BusinessCd0611110
IRS990/ProgramServiceRevenueGrp/Desc0Student Tuition
IRS990/ProgramServiceRevenueGrp/ExclusionAmt00
IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt081628
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt081628
IRS990/ProgramServiceRevenueGrp/UnrelatedBusinessRevenueAmt00
IRS990/ProhibitedTaxShelterTransInd00
IRS990/PYBenefitsPaidToMembersAmt00
IRS990/PYContributionsGrantsAmt08690172
IRS990/PYExcessBenefitTransInd00
IRS990/PYGrantsAndSimilarPaidAmt00
IRS990/PYInvestmentIncomeAmt00
IRS990/PymtTravelEntrtnmntPubOfclGrp/FundraisingAmt00
IRS990/PymtTravelEntrtnmntPubOfclGrp/ManagementAndGeneralAmt00
IRS990/PymtTravelEntrtnmntPubOfclGrp/ProgramServicesAmt00
IRS990/PymtTravelEntrtnmntPubOfclGrp/TotalAmt00
IRS990/PYOtherExpensesAmt0142397
IRS990/PYOtherRevenueAmt00
IRS990/PYProgramServiceRevenueAmt042708
IRS990/PYRevenuesLessExpensesAmt08544484
IRS990/PYSalariesCompEmpBnftPaidAmt045999
IRS990/PYTotalExpensesAmt0188396
IRS990/PYTotalProfFndrsngExpnsAmt00
IRS990/PYTotalRevenueAmt08732880
IRS990/RcvblFromDisqualifiedPrsnGrp/BOYAmt00
IRS990/RcvblFromDisqualifiedPrsnGrp/EOYAmt00
IRS990/ReceivablesFromOfficersEtcGrp/BOYAmt00
IRS990/ReceivablesFromOfficersEtcGrp/EOYAmt00
IRS990/ReconcilationRevenueExpnssAmt0-405401
IRS990/RegularMonitoringEnfrcInd01
IRS990/RelatedEntityInd00
IRS990/RelatedOrganizationCtrlEntInd00
IRS990/RelatedOrganizationsAmt00
IRS990/RentalIncomeOrLossGrp/PersonalAmt00
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IRS990/ReportInvestmentsOtherSecInd00
IRS990/ReportLandBuildingEquipmentInd01
IRS990/ReportOtherAssetsInd00

Document Assets

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Filings

Displayed year

2021 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$9,203,886
Liabilities
$59,466
Net assets
$9,144,420
Revenue
$409,803
Expenses
$815,204
Net income
-$405,401
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
2021Detailed filing. Detailed filing data is available for this year.$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
Peer Organizations

Similar nonprofits based on the same Siviq industry and scale cohort. 2021 filings • 501(c)3 • $5M-$10M nonprofits