Veritas Academy Inc
- Assets
- $5.7m
- Revenue
- $3.5m
- Investments
- $0.0
- Employees
- 79
- Location
- Leola, PA
- Founding
- 09/1997
- Data as of
- 06/2022
- EIN
- 59-3333430
Organization Overview
Veritas Academy Inc is located in Leola, PA. The organization was established in 1997. According to its NTEE Classification (B20) the organization is classified as: Elementary & Secondary Schools, under the broad grouping of Education and related organizations. As of 06/2022, Veritas Academy Inc employed 79 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Veritas Academy Inc 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 06/2022, Veritas Academy Inc generated $3.5m in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 11.1% each year . All expenses for the organization totaled $3.0m during the year ending 06/2022. While expenses have increased by 8.9% per year over the past 7 years. They've been increasing with an increasing level of total revenue. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2022
Describe the Organization's Mission:
Part 3 - Line 1
CLASSICAL CHRISTIAN K-12 SCHOOL TEACHING GRAMMAR, DIALECTIC AND RHETORIC.
Describe the Organization's Program Activity:
Part 3 - Line 4a
OUR SCHOOLS MISSION IS TO CULTIVATE LOVING, SERVING, AND THINKING STUDENTS THROUGH CLASSICAL CHRISTIAN EDUCATION. OUR SALARIES THAT WE PAY OUR DEDICATED STAFF, OUR MARKETING, FIELD TRIPS, EXTRA CURRICULAR ACTIVITIES, AND THE LUNCH PROGRAM ARE JUST SEVERAL WAYS THAT WE STRIVE TO ACCOMPLISH OUR MISSION.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Charles Heath Secretary | OfficerTrustee | 2 | $0 |
Stephen Mark Moses Treasurer | OfficerTrustee | 2 | $0 |
Kevin Ream Vice Chair | OfficerTrustee | 2 | $0 |
Dan Spanjer Chairman | OfficerTrustee | 2 | $0 |
David Aungst Board Member | Trustee | 2 | $0 |
Scott Forbes Board Member | Trustee | 2 | $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 | $1,261,995 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $1,261,995 |
| Total Program Service Revenue | $2,282,845 |
| Investment income | $671 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $344 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $3,545,855 |
| 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. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $1,774,742 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $140,684 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $15,494 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $13,170 |
| Advertising and promotion | $117,442 |
| Office expenses | $61,827 |
| Information technology | $30,902 |
| Royalties | $0 |
| Occupancy | $252,247 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $2,558 |
| Interest | $104,363 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $133,678 |
| Insurance | $18,313 |
| All other expenses | $66,964 |
| Total functional expenses | $2,954,906 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $963,230 |
| Savings and temporary cash investments | $10,188 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $57,521 |
| 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 | $80,439 |
| Net Land, buildings, and equipment | $4,454,747 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $99,953 |
| Total assets | $5,666,078 |
| Accounts payable and accrued expenses | $153,089 |
| Grants payable | $0 |
| Deferred revenue | $26,539 |
| 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 | $3,155,020 |
| Other liabilities | $0 |
| Total liabilities | $3,334,648 |
| Net assets without donor restrictions | $2,291,877 |
| Net assets with donor restrictions | $39,553 |
| 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 | $5,666,078 |
Grants Recieved
Over the last fiscal year, we have identified 3 grants that Veritas Academy Inc has recieved totaling $321,813.
| Awarding Organization | Amount |
|---|---|
Lancaster County Community Foundation Lancaster, PA PURPOSE: DESIGNATED FOR GENERAL OPERATING SUPPORT | $215,346 |
National Christian Charitable Foundation Inc Alpharetta, GA PURPOSE: GROWTH | $106,030 |
Amazonsmile Foundation Seattle, WA PURPOSE: GENERAL SUPPORT | $437 |
Endowment Analysis
| Earnings | -$1,641 |
| Net Contributions | $1,100 |
| Ending Balance | $10,188 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Executive Education Academy Charter School Allentown, PA | $63,584,076 | $23,169,797 |
Foundation Academy Charter School Trenton, NJ | $16,120,573 | $21,345,321 |
Albany Academy Albany, NY | $58,726,077 | $27,181,105 |
Tatnall School Inc Wilmington, DE | $48,687,568 | $19,526,911 |
Elisabeth Morrow School Englewood, NJ | $43,835,854 | $20,290,882 |
Yeshiva Ktana Of Passaic Passaic, NJ | $33,764,196 | $20,538,079 |
Franklintown Charter High School Philadelphia, PA | $47,616,708 | $24,090,071 |
Nichols School Of Buffalo Buffalo, NY | $102,003,479 | $42,213,694 |
Yeshiva Shaare Torah Inc Brooklyn, NY | $32,363,623 | $20,724,747 |
Yeshivat Heatid Inc Teaneck, NJ | $17,160,980 | $19,921,065 |
Ideal School Of Manhattan New York, NY | $22,538,816 | $19,239,739 |
Peck School Morristown, NJ | $71,516,691 | $18,101,005 |