Veritas Academy
- Assets
- $9.2m
- Revenue
- $409.8k
- Investments
- $0.0
- Employees
- 0
- Location
- North Branch, MN
- Founding
- Data as of
- 12/2021
- EIN
- 38-3878375
Organization Overview
Veritas Academy is located in North Branch, MN. Veritas Academy is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
For the year ending 12/2021, Veritas Academy generated $409.8k in total revenue. All expenses for the organization totaled $815.2k during the year ending 12/2021.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2021
Describe the Organization's Mission:
Part 3 - Line 1
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.
Describe the Organization's Program Activity:
Part 3 - Line 4a
IN 2020 VERITAS ACADEMY RECEIVED THE GIFT OF A LARGE FACILITY FROM A LARGE HEALTH ORGANIZATION. MUCH OF 2021 WAS SPENT PREPARING THIS SPACE FOR EDUCATIONAL USE. WE BEGAN OUR EDUCATIONAL USE OF THE SPACE IN AUGUST 2021. MUCH MORE WORK ON THE SPACE CONTINUES INTO THE PRESENT.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Susie Brooks President And Founder | Officer | 60 | $0 |
Bruce Spangler Board Member | Officer | 6 | $0 |
Steven Brooks Director Of Spiritual Formation And Teacher | Officer | 60 | $0 |
Nancy Spangler Board Member | Officer | 6 | $0 |
Sharon Peterson Advisor To The President | Officer | 6 | $0 |
Jules Jensen-Johnson Board Member | Officer | 6 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $111,923 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $111,923 |
| Total Program Service Revenue | $81,628 |
| Investment income | $0 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $216,252 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $409,803 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $124,569 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $7,271 |
| Fees for services: Accounting | $0 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $30,813 |
| Office expenses | $6,963 |
| Information technology | $5,436 |
| Royalties | $0 |
| Occupancy | $348,107 |
| Travel | $17,871 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $205,108 |
| Insurance | $0 |
| All other expenses | $0 |
| Total functional expenses | $815,204 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $15,477 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $20,686 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $179,887 |
| Net Land, buildings, and equipment | $8,987,836 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $9,203,886 |
| Accounts payable and accrued expenses | $750 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $58,716 |
| Total liabilities | $59,466 |
| Net assets without donor restrictions | $9,144,420 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $9,203,886 |
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