Civic Intelligence

Veritas Community School Inc

990 • Fiscal year 2016 • EIN 46-3823049

Jul 01, 2015 to Jun 30, 2016 • Filed on Jan 19, 2017

Organization Profileveritascommunityschool.com
2600 Grimes StreetCharlotte, NC 28206

(980) 333-1939

Siviq Scores

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

Liabilities / Assets

98th percentile

2.12x

Higher debt load relative to assets than 98% of similar nonprofits.

2016 filings • NTEE B • $1M-$5M nonprofits • Source year 2016

Liabilities / Revenue

83rd percentile

0.60x

Higher debt load relative to revenue than 83% of similar nonprofits.

2016 filings • NTEE B • $1M-$5M nonprofits • Source year 2016

Net Margin

5th percentile

-41%

Higher net margin than 5% of similar nonprofits.

2016 filings • NTEE B • $1M-$5M nonprofits • Source year 2016

Top Officer Pay

32nd percentile

$0

Higher top officer pay than 32% of similar nonprofits.

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

2016 filings • NTEE B • $1M-$5M nonprofits • Source year 2016

Asset Growth

96th percentile

211%

Faster asset growth than 96% of similar nonprofits.

2016 filings • NTEE B • $1M-$5M nonprofits • Annualized from 2015 to 2016

Revenue Growth

99th percentile

817%

Faster revenue growth than 99% of similar nonprofits.

2016 filings • NTEE B • $1M-$5M nonprofits • Annualized from 2015 to 2016

Balance Sheet
Liabilities / Assets98th percentile

Assets

Up

$307,104

Up $208,396 (+211%) from 2015

Net Assets

-$343,714

No earlier filing loaded for comparison.

Liabilities

Up

$650,818

Up $648,868 (+33275%) from 2015

Revenue And Expenses
Liabilities / Revenue83rd percentileNet Margin5th percentile

Revenue

Up

$1,080,904

Up $963,022 (+817%) from 2015

Expenses

Up

$1,521,376

Up $1,496,467 (+6008%) from 2015

Net Income

Down

-$440,472

Down $533,445 (-574%) from 2015

Historical Trend

Balance Sheet Trend

Asset Growth96th percentile

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

$1.0M$500K$0-$500KAssets 2014: $3,875Liabilities 2014: $902014Assets 2015: $98,708Liabilities 2015: $1,9502015Assets 2016: $307,104Liabilities 2016: $650,818Net Assets 2016: -$343,7142016Assets 2017: $271,231Liabilities 2017: $598,507Net Assets 2017: -$327,2762017Assets 2018: $206,986Liabilities 2018: $574,878Net Assets 2018: -$367,8922018Assets 2019: $176,104Liabilities 2019: $464,550Net Assets 2019: -$288,4462019Assets 2020: $152,686Liabilities 2020: $432,267Net Assets 2020: -$279,5812020Assets 2021: $274,606Liabilities 2021: $324,153Net Assets 2021: -$49,5472021Assets 2022: $407,151Liabilities 2022: $202,234Net Assets 2022: $204,9172022Assets 2023: $425,405Liabilities 2023: $171,392Net Assets 2023: $254,0132023

Highlighted filing

2016

Assets$307,104
Liabilities$650,818
Net Assets-$343,714
Open 2016 Filing

Operations Trend

Revenue Growth99th percentile

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

$3.0M$2.0M$1.0M$0-$1.0MRevenue 2014: $10,000Expenses 2014: $6,215Net Income 2014: $3,7852014Revenue 2015: $117,882Expenses 2015: $24,909Net Income 2015: $92,9732015Revenue 2016: $1,080,904Expenses 2016: $1,521,376Net Income 2016: -$440,4722016Revenue 2017: $1,436,980Expenses 2017: $1,463,196Net Income 2017: -$26,2162017Revenue 2018: $1,686,044Expenses 2018: $1,726,660Net Income 2018: -$40,6162018Revenue 2019: $1,575,312Expenses 2019: $1,495,866Net Income 2019: $79,4462019Revenue 2020: $1,337,883Expenses 2020: $1,329,018Net Income 2020: $8,8652020Revenue 2021: $1,631,986Expenses 2021: $1,401,952Net Income 2021: $230,0342021Revenue 2022: $2,013,633Expenses 2022: $1,759,169Net Income 2022: $254,4642022Revenue 2023: $2,141,689Expenses 2023: $2,092,593Net Income 2023: $49,0962023

Highlighted filing

2016

Revenue$1,080,904
Expenses$1,521,376
Net Income-$440,472
Open 2016 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2015 to Jun 30, 2016
Signed
Jan 19, 2017
Return Version
2015v3.0
Gross Receipts
$1,080,904
Mission and Program Overview

Mission

Operation of a public charter school.

Balance Sheet Detail
LineBeginningEndChange
Assets
Cash and Non-Interest-Bearing Accounts$61,931$263,340▲ $201,409
Accounts Receivable-$33,175-
Prepaid Expenses and Deferred Charges-$810-
Total Assets$98,708$307,104▲ $208,396
Other Assets Total$36,777$9,779▼ $26,998
Liabilities
Unsecured Notes Loans Payable-$644,577-
Accounts Payable and Accrued Expenses$1,950$6,241▲ $4,291
Total Liabilities$1,950$650,818▲ $648,868
Net Assets / Fund Balance
Unrestricted Net Assets$96,758$-343,714▼ $440,472
Total Net Assets Fund Balance$96,758$-343,714▼ $440,472
Total Liabilities and Net Assets / Fund Balance$98,708$307,104▲ $208,396
Compensation and Service Providers
Top Officer Pay32nd percentile

Board Members and Trustees

NameTitle
Barbara ParrishChairperson
Ramesh NayarVice Chairperson
Laura ThomasBoard Member
Tracy MottBoard Member
Vanecie DelvaBoard Member
Lisa WrightSecretary
Jason ColeTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$276,944
Program Service Revenue
$803,960
Investment Income
$0
Other Revenue
$0
All Other Contributions
$62,165
Change in Net Assets
$-440,472

Audited Revenue Reconciliation

Revenue per Audited Statements
$1,080,904
Revenue Not Reported on Form 990
$96,758
Total Revenue per Audited Statements
$1,177,662
Total Revenue per Form 990
$1,080,904
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$900,544
Salaries, Compensation, and Employee Benefits$620,832
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$524,715--$524,715
Occupancy$209,903$69,967-$279,870
Fees for Services Legal-$68,359-$68,359
Payroll Taxes$44,575--$44,575
Other Employee Benefits$43,736--$43,736
Other Expenses$41,983$131,804-$41,983
Conferences and Meetings$37,266--$37,266
Insurance-$22,230-$22,230
Advertising-$16,935-$16,935
Fees for Services Accounting-$12,500-$12,500
Office Expenses-$8,564-$8,564
Pension Plan Contributions$7,806--$7,806
Total Functional Expenses$1,139,711$381,665$0$1,521,376

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$1,521,376
Total Expenses per Audited Statements$1,521,376
Total Expenses per Form 990$1,521,376
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
Federal income taxes-
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
Yes
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
Yes
Other officer compensation reviewed
Yes
Conflict-of-interest policy
Yes
Audited financial statements prepared
No
Key decisions subject to board approval
No
Management duties delegated
Yes

Governance Explanations

Form 990, Part VI, Section A, Line 3

“Acadia NorthStar, LLC - accounting and business services”

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

“The board treasurer reviews 990 and reports to the board of directors prior to filing.”

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

“Each board member is required to execute a conflict of interest statement and confidentiality agreement annually. Any potential conflict of interest is reviewed and resolved by the board of directors.”

Form 990, Part VI, Section B, Line 15A

“Compensation for top officials is approved by the board of directors and is based on review of area comparability data and the experience and expertise of the individual.”

Form 990, Part VI, Section B, Line 15B

“Compensation for key employees is approved by the board of directors and is based on review of area comparability data and the experience and expertise of the individual.”

Form 990, Part VI, Section C, Line 19

“Governing documents, school policies and financial statements are available for viewing by the public at the Schools office upon request.”

Filing and Contact Details

Filer

Filer Name
VERITAS Community School Inc
EIN
46-3823049
Phone
9803331939
Address
2600 Grimes Street, Charlotte, NC 28206

Signing Officer

Name
Jason Cole
Title
Treasurer
Signed
2017-01-19
Discuss with paid preparer
No

Organization Details

Principal Officer
Katy Ridnouer
Formed
2013
Legal Domicile
Nc
Voting Board Members
7
Independent Board Members
7
Employees
22
Volunteers
42

Preparer

Firm
Rebekah Barr CPA PC
Address
5422 Boswellville Road, Wilson, NC 27893
Preparer
Rebekah Barr
Phone
2522306294
Supplemental Narrative

Financial Statement Notes

XI 2D

“This amount has been previously reported on the 990 and included in beginning balances, but not reported in the audited financial statements until the current year.”

Raw XML Appendix379 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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IRS990ScheduleE/PolicyStmtInBrochuresEtcInd0true
IRS990ScheduleE/SupplementalInformationDetail/ExplanationTxt0North Carolina Charter Schools are funded by the State and Local Governments. The School also receives various federal grants.
IRS990ScheduleE/SupplementalInformationDetail/FormAndLineReferenceDesc06a
IRS990/ScheduleJRequiredInd0false
IRS990/ScheduleORequiredInd0true
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0Acadia NorthStar, LLC - accounting and business services
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1The board treasurer reviews 990 and reports to the board of directors prior to filing.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2Each board member is required to execute a conflict of interest statement and confidentiality agreement annually. Any potential conflict of interest is reviewed and resolved by the board of directors.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3Compensation for top officials is approved by the board of directors and is based on review of area comparability data and the experience and expertise of the individual.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4Compensation for key employees is approved by the board of directors and is based on review of area comparability data and the experience and expertise of the individual.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt5Governing documents, school policies and financial statements are available for viewing by the public at the Schools office upon request.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0Form 990, Part VI, Section A, Line 3
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1Form 990, Part VI, Section B, Line 11b
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2Form 990, Part VI, Section B, Line 12c
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3Form 990, Part VI, Section B, Line 15a
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc4Form 990, Part VI, Section B, Line 15b
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc5Form 990, Part VI, Section C, Line 19
IRS990/SchoolOperatingInd0true
IRS990/SignificantChangeInd0false
IRS990/SignificantNewProgramSrvcInd0false
IRS990/SubjectToProxyTaxInd0false
IRS990/TaxableDistributionsInd0false
IRS990/TaxablePartyNotificationInd0false
IRS990/TaxExemptBondsInd0false
IRS990/TempOrPermanentEndowmentsInd0false
IRS990/TerminateOperationsInd0false
IRS990/TotalAssetsBOYAmt098708
IRS990/TotalAssetsEOYAmt0307104
IRS990/TotalAssetsGrp/BOYAmt098708
IRS990/TotalAssetsGrp/EOYAmt0307104
IRS990/TotalCompGreaterThan150KInd0false
IRS990/TotalContributionsAmt0276944
IRS990/TotalEmployeeCnt022
IRS990/TotalFunctionalExpensesGrp/FundraisingAmt00
IRS990/TotalFunctionalExpensesGrp/ManagementAndGeneralAmt0381665
IRS990/TotalFunctionalExpensesGrp/ProgramServicesAmt01139711
IRS990/TotalFunctionalExpensesGrp/TotalAmt01521376
IRS990/TotalGrossUBIAmt00
IRS990/TotalLiabilitiesBOYAmt01950
IRS990/TotalLiabilitiesEOYAmt0650818
IRS990/TotalLiabilitiesGrp/BOYAmt01950
IRS990/TotalLiabilitiesGrp/EOYAmt0650818
IRS990/TotalNetAssetsFundBalanceGrp/BOYAmt096758
IRS990/TotalNetAssetsFundBalanceGrp/EOYAmt0-343714
IRS990/TotalProgramServiceExpensesAmt01139711
IRS990/TotalProgramServiceRevenueAmt0803960
IRS990/TotalRevenueGrp/TotalRevenueColumnAmt01080904
IRS990/TotalVolunteersCnt042
IRS990/TotLiabNetAssetsFundBalanceGrp/BOYAmt098708
IRS990/TotLiabNetAssetsFundBalanceGrp/EOYAmt0307104
IRS990/TravelGrp/TotalAmt00
IRS990/TrnsfrExmptNonChrtblRltdOrgInd0false
IRS990/TypeOfOrganizationCorpInd0X
IRS990/UnrelatedBusIncmOverLimitInd0false
IRS990/UnrestrictedNetAssetsGrp/BOYAmt096758
IRS990/UnrestrictedNetAssetsGrp/EOYAmt0-343714
IRS990/UnsecuredNotesLoansPayableGrp/EOYAmt0644577
IRS990/UponRequestInd0X
IRS990/USAddress/AddressLine1Txt02600 Grimes Street
IRS990/USAddress/CityNm0Charlotee
IRS990/USAddress/StateAbbreviationCd0NC
IRS990/USAddress/ZIPCd028206
IRS990/VotingMembersGoverningBodyCnt07
IRS990/VotingMembersIndependentCnt07
IRS990/WebsiteAddressTxt0veritascommunityschool.com
IRS990/WhistleblowerPolicyInd0false
ReturnHeader/BuildTS02017-02-10 21:41:12Z
ReturnHeader/BusinessOfficerGrp/DiscussWithPaidPreparerInd0false
ReturnHeader/BusinessOfficerGrp/PersonNm0Jason Cole
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0Treasurer
ReturnHeader/BusinessOfficerGrp/SignatureDt02017-01-19
ReturnHeader/Filer/BusinessName/BusinessNameLine1Txt0VERITAS Community School Inc
ReturnHeader/Filer/BusinessNameControlTxt0VERI
ReturnHeader/Filer/EIN0463823049
ReturnHeader/Filer/PhoneNum09803331939
ReturnHeader/Filer/USAddress/AddressLine1Txt02600 Grimes Street
ReturnHeader/Filer/USAddress/CityNm0Charlotte
ReturnHeader/Filer/USAddress/StateAbbreviationCd0NC
ReturnHeader/Filer/USAddress/ZIPCd028206
ReturnHeader/PreparerFirmGrp/PreparerFirmName/BusinessNameLine1Txt0Rebekah Barr CPA PC
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/AddressLine1Txt05422 Boswellville Road
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/CityNm0Wilson
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/StateAbbreviationCd0NC
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/ZIPCd027893
ReturnHeader/PreparerPersonGrp/PhoneNum02522306294
ReturnHeader/PreparerPersonGrp/PreparationDt02017-01-19
ReturnHeader/PreparerPersonGrp/PreparerPersonNm0Rebekah Barr
ReturnHeader/ReturnTs02017-01-19T01:41:29-00:00
ReturnHeader/ReturnTypeCd0990
ReturnHeader/TaxPeriodBeginDt02015-07-01
ReturnHeader/TaxPeriodEndDt02016-06-30
ReturnHeader/TaxYr02015

Document Assets

No mirrored PDF or thumbnail assets are attached yet.

Filings

Displayed year

2016 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$307,104
Liabilities
$650,818
Net assets
-$343,714
Revenue
$1,080,904
Expenses
$1,521,376
Net income
-$440,472
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2023XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$0.43$0.17$0.25$2.14$2.09$0.05
2022Facts available. Structured filing facts are available, but richer extracted sections are limited.$0.41$0.20$0.20$2.01$1.76$0.25
2021XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$0.27$0.32$0.05$1.63$1.40$0.23
2020XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$0.15$0.43$0.28$1.34$1.33$0.01
2019XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$0.18$0.46$0.29$1.58$1.50$0.08
2018Detailed filing. Detailed filing data is available for this year.$0.21$0.57$0.37$1.69$1.73$0.04
2017XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$0.27$0.60$0.33$1.44$1.46$0.03
2016Detailed filing. Detailed filing data is available for this year.$0.31$0.65$0.34$1.08$1.52$0.44
2015Summary only. Only limited summary data is available for this year.$0.10$0.00$0.12$0.02$0.09
2014Summary only. Only limited summary data is available for this year.$0.00$0.00$0.01$0.01$0.00