Civic Intelligence

Veritas Classical Academy

990 • Fiscal year 2022 • EIN 46-2170232

Jan 01, 2022 to Dec 31, 2022 • Filed on May 05, 2023

Organization ProfileWWW.VERITASCLASSICALACADEMY.ORG
PO Box 5344Beaumont, TX 77726

(409) 225-9107

Siviq Scores

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

Liabilities / Assets

54th percentile

0.03x

Higher debt load relative to assets than 54% of similar nonprofits.

2022 filings • 501(c)3 • $500k-$1M nonprofits • Source year 2022

Liabilities / Revenue

45th percentile

0.01x

Higher debt load relative to revenue than 45% of similar nonprofits.

2022 filings • 501(c)3 • $500k-$1M nonprofits • Source year 2022

Net Margin

51st percentile

6.9%

Higher net margin than 51% of similar nonprofits.

2022 filings • 501(c)3 • $500k-$1M nonprofits • Source year 2022

Top Officer Pay

53rd percentile

$0

Higher top officer pay than 53% of similar nonprofits.

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

2022 filings • 501(c)3 • $500k-$1M nonprofits • Source year 2022

Asset Growth

71st percentile

16%

Faster asset growth than 71% of similar nonprofits.

2022 filings • 501(c)3 • $500k-$1M nonprofits • Annualized from 2021 to 2022

Revenue Growth

36th percentile

-1.8%

Faster revenue growth than 36% of similar nonprofits.

2022 filings • 501(c)3 • $500k-$1M nonprofits • Annualized from 2021 to 2022

Balance Sheet
Liabilities / Assets54th percentile

Assets

Up

$442,793

Up $61,205 (+16%) from 2021

Net Assets

Up

$430,655

Up $58,570 (+16%) from 2021

Liabilities

Up

$12,138

Up $2,635 (+28%) from 2021

Revenue And Expenses
Liabilities / Revenue45th percentileNet Margin51st percentile

Revenue

Down

$957,905

Down $17,706 (-1.8%) from 2021

Expenses

Up

$892,199

Up $3,885 (+0.4%) from 2021

Net Income

Down

$65,706

Down $21,591 (-25%) from 2021

Historical Trend

Balance Sheet Trend

Asset Growth71st percentile

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

$600K$400K$200K$0Assets 2013: $24,002Liabilities 2013: $0Net Assets 2013: $24,0022013Assets 2014: $33,615Liabilities 2014: $0Net Assets 2014: $33,6152014Assets 2015: $50,267Liabilities 2015: $5,553Net Assets 2015: $44,7142015Assets 2016: $205,553Liabilities 2016: $2,972Net Assets 2016: $202,5812016Assets 2017: $287,794Liabilities 2017: $9,029Net Assets 2017: $278,7652017Assets 2018: $280,451Liabilities 2018: $11,328Net Assets 2018: $269,1232018Assets 2019: $234,510Liabilities 2019: $6,753Net Assets 2019: $227,7572019Assets 2020: $292,099Liabilities 2020: $10,340Net Assets 2020: $281,7592020Assets 2021: $381,588Liabilities 2021: $9,503Net Assets 2021: $372,0852021Assets 2022: $442,793Liabilities 2022: $12,138Net Assets 2022: $430,6552022Assets 2023: $448,805Liabilities 2023: $12,059Net Assets 2023: $436,7462023Assets 2024: $522,673Liabilities 2024: $7,195Net Assets 2024: $515,4782024

Highlighted filing

2022

Assets$442,793
Liabilities$12,138
Net Assets$430,655
Open 2022 Filing

Operations Trend

Revenue Growth36th percentile

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

$1.5M$1.0M$500K$0-$500KRevenue 2013: $123,757Expenses 2013: $99,755Net Income 2013: $24,0022013Revenue 2014: $240,091Expenses 2014: $230,478Net Income 2014: $9,6132014Revenue 2015: $414,775Expenses 2015: $403,676Net Income 2015: $11,0992015Revenue 2016: $634,753Expenses 2016: $476,235Net Income 2016: $158,5182016Revenue 2017: $650,923Expenses 2017: $578,493Net Income 2017: $72,4302017Revenue 2018: $656,349Expenses 2018: $662,646Net Income 2018: -$6,2972018Revenue 2019: $873,993Expenses 2019: $921,902Net Income 2019: -$47,9092019Revenue 2020: $983,528Expenses 2020: $933,734Net Income 2020: $49,7942020Revenue 2021: $975,611Expenses 2021: $888,314Net Income 2021: $87,2972021Revenue 2022: $957,905Expenses 2022: $892,199Net Income 2022: $65,7062022Revenue 2023: $963,893Expenses 2023: $960,229Net Income 2023: $3,6642023Revenue 2024: $1,179,667Expenses 2024: $1,100,504Net Income 2024: $79,1632024

Highlighted filing

2022

Revenue$957,905
Expenses$892,199
Net Income$65,706
Open 2022 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2022 to Dec 31, 2022
Signed
May 5, 2023
Return Version
2022v5.0
Gross Receipts
$957,905
Mission and Program Overview

Mission

We aim to partner with families to fulfill the calling to educate our children. We aim to graduate young men and women who listen carefully, reason soundly, and articulate precisely. We aim to have students master a core body of knowledge and possess a life-long passion for learning. We desire them to lead and serve with humility, gratitude, and grace. We aim to encourage them to engage and shape the culture with the truth of the gospel and to evaluate all human knowledge and experience in light of the scriptures.

Veritas classical academy seeks to partner with families by providing a distinctive christian education, utilizing classical methodology and content, with a university-type schedule. On-campus classes meet two days per week, with at-home learning occurring on alternating days. Veritas classical academy offers classes for pre-k through 12th grade.

Balance Sheet Detail
LineBeginningEndChange
Assets
Cash and Non-Interest-Bearing Accounts$342,082$406,103▲ $64,021
Land, Buildings, and Equipment, Net$1,115$5,568▲ $4,453
Total Assets$381,588$442,793▲ $61,205
Other Assets Total$38,391$31,122▼ $7,269
Liabilities
Other Liabilities$9,503$12,138▲ $2,635
Total Liabilities$9,503$12,138▲ $2,635
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$344,133$402,703▲ $58,570
Net Assets With Donor Restrictions$27,952$27,952→ $0
Total Net Assets Fund Balance$372,085$430,655▲ $58,570
Total Liabilities and Net Assets / Fund Balance$381,588$442,793▲ $61,205

Asset Categories

AssetBook ValueDepreciationBasis
Equipment$5,568$29,491$35,059
Other Assets Org$31,122--

Endowment Activity

PeriodBeginningContrib.Gain/LossOther UsesEnd
2022$38,391-▼ $7,136-$31,255
2021$35,362-▲ $3,029-$38,391
2020$31,154-▲ $4,208-$35,362
2019$24,609-▲ $6,545-$31,154
2018$27,952-▼ $3,343-$24,609
Compensation and Service Providers
Top Officer Pay53rd percentile

Board Members and Trustees

NameTitle
Tom OwensChairman of
Sarah OwensSecretary
Lauren CavettTreasurer
Lindy MerrillVice Preside
Jason R WillisVoting Membe
Josh FultsVoting Membe
Joshua CavettVoting Membe
Lucy MerrillVoting Membe
Revenue and Support

Revenue Composition

Contributions and Grants
$104,466
Program Service Revenue
$853,377
Investment Income
$0
Other Revenue
$62
All Other Contributions
$104,466
Change in Net Assets
$65,706
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$701,217
Other Expenses$190,982
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$649,950--$649,950
Payroll Taxes$51,267--$51,267
Occupancy$48,003--$48,003
Insurance$20,282--$20,282
Fees for Services Other$14,288--$14,288
Other Expenses$11,407--$11,407
Conferences and Meetings$11,389--$11,389
Fees for Services Accounting-$10,133-$10,133
Advertising-$8,280-$8,280
All Other Expenses$1,360--$1,360
Travel$1,357--$1,357
Office Expenses-$602-$602
Total Functional Expenses$873,184$19,015$0$892,199
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
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Credit Card$6,534
Payroll Liabilities$5,604
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
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, Page 6, Part VI, Line 2

“Tom owens sarah owens chairman secretary married joshua cavett lauren cavett board member treasurer married lindy merrill lucy merrill vice preside board member married”

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

“A copy of the entire form 990 will be provided to an officer on the board. The officers of the board of directors will review and approve the form 990 prior to it being filed.”

Form 990, Page 6, Part VI, Line 19

“The organization will make its governing documents, conflict of interest policy and/or financial statements available to the public upon request.”

Filing and Contact Details

Filer

Filer Name
Veritas Classical Academy
EIN
46-2170232
Phone
4092259107
Address
PO BOX 5344, BEAUMONT, TX 77726

Signing Officer

Name
Lauren Cavett
Title
Treasurer
Phone
4092259107
Signed
2023-05-05
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Tom Owens
Formed
2013
Legal Domicile
TX
Voting Board Members
8
Independent Board Members
3
Employees
64

Preparer

Firm
Pollans & Cohen Pc
Address
PO BOX 7759, BEAUMONT, TX 77726
Preparer
Jana Uribe
Phone
4098327400
Supplemental Narrative

Additional Explanations

FORM 990 - ORGANIZATION'S MISSION

“Veritas classical academy seeks to partner with families by providing a distinctive christian education, utilizing classical methodology and content, with a university-type schedule. On-campus classes meet two days per week, with at-home learning occurring on alternating days. Veritas classical academy offers classes for pre-k through 12th grade.”

Financial Statement Notes

Schedule D, Page 2, Part V, Line 4

“These designated funds are for the future growth of the school.”

Raw XML Appendix375 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.

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IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1TOM OWENS SARAH OWENS CHAIRMAN SECRETARY MARRIED JOSHUA CAVETT LAUREN CAVETT BOARD MEMBER TREASURER MARRIED LINDY MERRILL LUCY MERRILL VICE PRESIDE BOARD MEMBER MARRIED
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2A COPY OF THE ENTIRE FORM 990 WILL BE PROVIDED TO AN OFFICER ON THE BOARD. THE OFFICERS OF THE BOARD OF DIRECTORS WILL REVIEW AND APPROVE THE FORM 990 PRIOR TO IT BEING FILED.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3THE ORGANIZATION WILL MAKE ITS GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY AND/OR FINANCIAL STATEMENTS AVAILABLE TO THE PUBLIC UPON REQUEST.
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ReturnHeader/TaxYr02022

Document Assets

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Filings

Displayed year

2022 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$442,793
Liabilities
$12,138
Net assets
$430,655
Revenue
$957,905
Expenses
$892,199
Net income
$65,706
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$0.52$0.01$0.52$1.18$1.10$0.08
2023Detailed filing. Detailed filing data is available for this year.$0.45$0.01$0.44$0.96$0.96$0.00
2022Detailed filing. Detailed filing data is available for this year.$0.44$0.01$0.43$0.96$0.89$0.07
2021Detailed filing. Detailed filing data is available for this year.$0.38$0.01$0.37$0.98$0.89$0.09
2020Detailed filing. Detailed filing data is available for this year.$0.29$0.01$0.28$0.98$0.93$0.05
2019Detailed filing. Detailed filing data is available for this year.$0.23$0.01$0.23$0.87$0.92$0.05
2018Detailed filing. Detailed filing data is available for this year.$0.28$0.01$0.27$0.66$0.66$0.01
2017Detailed filing. Detailed filing data is available for this year.$0.29$0.01$0.28$0.65$0.58$0.07
2016Summary only. Only limited summary data is available for this year.$0.21$0.00$0.20$0.63$0.48$0.16
2015Detailed filing. Detailed filing data is available for this year.$0.05$0.01$0.04$0.41$0.40$0.01
2014Detailed filing. Detailed filing data is available for this year.$0.03$0.00$0.03$0.24$0.23$0.01
2013Detailed filing. Detailed filing data is available for this year.$0.02$0.00$0.02$0.12$0.10$0.02