2012-05-15T12:17:02-05:00 2011-06-30 ATCHLEY & ASSOCIATES LLP 6850 AUSTIN CENTER BLVD STE 180 AUSTIN TX 787313129 990 2010-07-01 201632745 VERITAS ACADEMY VERI 5128911673 PO BOX 90517 AUSTIN TX 787090517 JEF FOWLER 5128911673 2012-05-15 1 KAREN E ATCHLEY 5123462086 2010 2016-02-24 21:20:13Z STUART NOLLEY PO BOX 90517 AUSTIN TX 787090517 2241061 0 X WWW.VERITASACADEMY.NET X 2004 TX VERITAS ACADEMY (VERITAS) IS A UNIVERSITY-MODEL COLLEGE PREPARATORY SCHOOL THAT INTEGRATES PROFESSIONAL INSTRUCTION WITH PARENT MENTORED STUDY. VERITAS WAS INCORPORATED IN THE STATE OF TEXAS IN AUGUST 2004. THE MISSION IS TO MINISTER TO FAMILIES BY PARTNERING WITH CHRISTIAN PARENTS TO PROVIDE FOR THEIR CHILDREN A CLASSICAL EDUCATION FOUNDED UPON A BIBLICAL WORLDVIEW SO THAT THESE CHILDREN MAY COMMENCE A LIFELONG PURSUIT OF SERVICE OF JESUS CHRIST, FOR THE GLORY OF GOD. VERITAS ACADEMY HAS ADOPTED A UNIVERSITY-MODEL APPROACH THAT INTEGRATES PROFESSIONAL INSTRUCTION WITH PARENT MENTORED STUDY AND CHARACTER DEVELOPMENT TO ACHIEVE A COLLEGE PREPARATORY LEVEL OF ACADEMIC EXCELLENCE. 8 6 119 100 0 0 88726 54876 1761710 2078980 4100 4076 33013 76402 1887549 2214334 47490 93487 0 0 1353131 1591009 14100 7129 23055 438725 525524 1853446 2217149 34103 -2815 1470768 1730867 834347 1097261 636421 633606 X THE MISSION OF VERITAS ACADEMY IS TO MINISTER TO FAMILIES BY PARTNERING WITH CHRISTIAN PARENTS TO PROVIDE FOR THEIR CHILDREN A CLASSICAL EDUCATION SO THAT THESE CHILDREN MAY COMMENCE A LIFELONG PURSUIT OF KNOWLEDGE, WISDOM AND UNDERSTANDING IN THEIR PURPOSEFUL AND PASSIONATE SERVICE OF JESUS CHRIST, FOR THE GLORY OF GOD. VERITAS ACADEMY HAS ADOPTED A UNIVERSITY-MODEL APPROACH THAT INTEGRATES PROFESSION INSTRUCTION WITH PARENT MENTORED STUDY AND CHARACTER DEVELOPMENT TO ACHIEVE A COLLEGE PREPARATORY LEVEL OF ACADEMIC EXCELLENCE. 0 0 1863578 93487 2106875 THE SCHOOL PROVIDES A UNIVERSITY-MODEL APPROACH TO EDUCATION THAT INTEGRATES PROFESSIONAL INSTRUCTION WITH PARENT-MENTORED STUDY. 1863578 1 1 0 0 0 0 0 0 0 1 0 0 0 0 1 1 0 1 0 0 0 0 0 1 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 18 0 1 119 1 0 0 0 0 0 0 0 0 0 0 X 8 6 1 0 0 0 0 0 0 1 1 0 0 1 1 1 1 0 0 1 1 0 X ALLISON MILLION 5128911675 4220 MONTEREY OAKS BLVD AUSTIN TX 78749 STUART NOLLEY 10.00 X X 0 0 0 DAX MCCRACKEN 0.10 X X 0 0 0 JEF FOWLER 55.00 X X 67071 0 22782 REX WHITE 0.10 X X 0 0 0 SUSAN NOLLEY 0.10 X 34 0 0 JENNIFER MCCRACKEN 0.10 X 0 0 0 STARRLA FOWLER 30.00 X 33069 0 0 TERRI WHITE 0.10 X 0 0 0 100174 0 22782 0 0 0 0 0 4490 50386 54876 TUITION AND FEES 900099 1985823 1985823 ATHLETICS 900099 57062 57062 FACILITIES FEES 900099 24100 24100 ACTIVITIES 900099 11995 11995 2078980 4076 4076 19410 19410 19410 19410 68716 4490 20209 48507 48507 11523 6518 5005 5005 MISCELLANEOUS 900099 3480 3480 3480 2214334 2106875 0 52583 93487 93487 112310 44249 68061 1301101 1143642 148959 8500 60059 60059 117539 97938 18862 739 10309 10309 7129 7129 4527 4527 657 114 543 9874 9874 117303 117127 176 8865 8865 33032 33032 36993 36993 20107 7714 12393 SUPPLIES 157012 157012 STUDENT ACTIVITIES 27526 27526 DUES & SUBSCRIPTIONS 22296 22296 BAD DEBTS 14705 8148 6557 OTHER 14215 12993 1222 48103 32997 14976 130 2217149 1863578 330516 23055 99383 331136 1236208 1274705 26682 14949 8222 13217 6778 5724 16152 6975 207139 142877 57444 64262 17899 17899 2000 2000 1470768 1730867 47329 89896 787018 1007365 834347 1097261 X 383687 359555 252734 274051 636421 633606 1470768 1730867 -2815 0 X 0 1 1 X 0 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 207139 142877 64262 64262 2214334 2217149 -2815 0 -2815 2151717 10661 10661 2141056 73278 73278 2214334 2154532 10661 10661 2143871 73278 73278 2217149 DESCRIPTION OF UNCERTAIN TAX POSITIONS UNDER FIN 48: PART X: EFFECTIVE JULY 1, 2009, THE SCHOOL ADOPTED FASB ASC 740-10, ACCOUNTING FOR UNCERTAINTY IN INCOME TAXES. THAT STANDARD PRESCRIBES A MINIMUM RECOGNITION THRESHOLD AND MEASUREMENT METHODOLOGY THAT A TAX POSITION TAKEN OR EXPECTED TO BE TAKEN IN A TAX RETURN IS REQUIRED TO MEET BEFORE BEING RECOGNIZED IN FINANCIAL STATEMENTS. IT ALSO PROVIDES GUIDANCE FOR DE-RECOGNITION, CLASSIFICATION, INTEREST AND PENALTIES, ACCOUNTING IN INTERIM PERIODS, DISCLOSURES, AND TRANSITION. THE CUMULATIVE EFFECT OF THIS CHANGE IN ACCOUNTING PRINCIPLE WAS IMMATERIAL. PART XII, LINE 4B - OTHER ADJUSTMENTS: FINANCIAL AID TUITION ASSISTANCE 93,487. FUNDRAISING EXPENSES INCLUDED IN REVENUE -20,209. PART XIII, LINE 4B - OTHER ADJUSTMENTS: FINANCIAL AID TUITION ASSISTANCE 93,487. FUNDRAISING EXPENSES INCLUDED IN REVENUE -20,209. 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 0 0 1 EXPLANATION OF NONDISCRIMINATORY POLICY PUBLICATION SCHEDULE E, PART I, LINE 3 THE SCHOOL PUBLISHES A NOTICE, AS SPECIFIED IN REV PROC 75-50, IN THE FRONT SECTION OF THE PREDOMINANT NEWSPAPER IN OUR AREA DURING THE TIME THAT STUDENTS ARE BEING SOLICITED. LEGACY GALA 73206 4490 68716 13546 6663 73206 4490 68716 13546 6663 20209 48507 1 TUITION ASSISTANCE 51 93487 FMV CREDIT APPLIED TO TUITION INVOICE PROCEDURE FOR MONITORING GRANTS IN THE U.S.: PART I, LINE 2: SCHEDULE I, PART I, LINE 2: VERITAS USES AN INDEPENDENT, THIRD PARTY TO PROVIDE A RECOMMENDATION AS TO THE AMOUNT OF AID IT SHOULD CONSIDER PROVIDING A FAMILY BASED ON THE THIRD PARTY'S ASSESSMENT OF THE FAMILY'S FINANCIAL NEEDS. THE THIRD PARTY BASES THEIR RECOMMENDATION ON THE FINANCIAL DOCUMENTS PROVIDED BY THE FAMILY. VERITAS DOES NOT GIVE CASH AWARDS TO THE FAMILIES. INSTEAD, THE SCHOOL IMMEDIATELY APPLIES CREDITS AGAINST FAMILIES' TUITION INVOICES. FORM 990, PART VI, SECTION A, LINE 2 JEF FOWLER (SECRETARY/TRUSTEE/HEAD OF SCHOOL) & STARRLA FOWLER (TRUSTEE) ARE MARRIED STUART NOLLEY (CHAIRMAN) & SUSAN NOLLEY (TRUSTEE) ARE MARRIED DAX MCCRACKEN (VICE CHAIRMAN) & JENNIFER MCCRACKEN (TRUSTEE) ARE MARRIED REX WHITE (TREASURER) & TERRI WHITE (TRUSTEE) ARE MARRIED FORM 990, PART VI, SECTION B, LINE 11 THE CONTROLLER REVIEWS THE 990 FIRST TO IDENTIFY ANY PROBLEMS OR ERRORS AND BRINGS THEM TO THE ACCOUNTANT'S ATTENTION. ONCE THE CONTROLLER APPROVES THE 990, IT IS REVIEWED WITH THE HEAD OF SCHOOL AND TREASURER AND THEN IT IS PRESENTED TO THE FINANCE COMMITTEE AND BOARD OF TRUSTEES. IF THERE ARE ANY ISSUES THAT NEED TO BE ADDRESSED BY THE BOARD OF TRUSTEES, A SPECIAL MEETING WILL BE CALLED. FORM 990, PART VI, SECTION B, LINE 12C THE BOARD DISCUSSES ANY POTENTIAL CONFLICT OF INTEREST SITUATIONS AND VOTES TO GO FORWARD OR NOT WITH THE PROPOSED SITUATION. EACH YEAR, EVERY OFFICER AND TRUSTEE IS REQUIRED TO COMPLETE A "DISCLOSURE OF POTENTIAL CONFLICTS OF INTEREST" STATEMENT. FORM 990, PART VI, SECTION B, LINE 15 KEY EMPLOYEE SALARIES: KEY EMPLOYEES' SALARIES ARE SET AND APPROVED BY THE BOARD OF TRUSTEES. PERIODICALLY, A SALARY SURVEY IS CONDUCTED TO DETERMINE IF THE SALARIES BEING PAID ARE COMPETITIVE. FORM 990, PART VI, SECTION C, LINE 19 THE GOVERNING DOCUMENTS, FINANCIAL STATEMENTS, FORM 1023, FORM 990 AND 990T (IF APPLICABLE) ARE AVAILABLE TO THE PUBLIC UPON REQUEST. FORM 990, PART I, LINE 1, DESCRIPTION OF ORGANIZATION MISSION CONTINUED: VERITAS OPENED ITS DOORS ON THE CAMPUS OF FIRST EVANGELICAL FREE CHURCH (FEFC) IN SOUTHWEST AUSTIN IN AUGUST 2005. MORE THAN 130 STUDENTS, GRADES K-5, WERE ENROLLED IN THAT FIRST YEAR. BY AUGUST 2011, VERITAS ENROLLED 471 STUDENTS IN GRADES PRE-K THROUGH 12. CURRENTLY, OUR STUDENTS ATTEND CLASSES ON ONE CHURCH CAMPUS IN SOUTHWEST AUSTIN. VERITAS IS ACTIVELY SEEKING A PERMANENT CAMPUS NEAR SOUTHWEST AUSTIN TO HOST ITS ENTIRE STUDENT BODY. FORM 990, PART VI, SECTION B, LINE 14: VERITAS IS IN THE PROCESS OF WRITING A FORMAL DOCUMENT RETENTION POLICY AND IN THE MEANTIME WILL CONTINUE TO ADHERE TO IRS STANDARDS.