2011-05-16T13:44:52-05:00 2010-06-30 Atchley & Associates LLP 6850 Austin Center Blvd Ste 180 Austin TX 787313129 990 2009-07-01 201632745 VERITAS ACADEMY VERI 5128911673 PO BOX 90517 AUSTIN TX 787090517 jef fowler 5128911673 2011-05-12 1 KAREN E ATCHLEY 5123462086 2009 2016-02-24 21:20:13Z STUART NOLLEY PO BOX 90517 AUSTIN TX 787090517 1896087 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.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 2010, VERITAS ENROLLED 428 STUDENTS IN GRADES PRE-K THROUGH 11. 8 5 98 100 0 0 154410 88726 1493624 1761710 7893 4100 19389 33013 1675316 1887549 3902 47490 0 1135746 1353131 14100 14128 333431 438725 1473079 1853446 202237 34103 1367592 1470768 765274 834347 602318 636421 The mission of Veritas Academy is to minister to families by partnering with Christian parents to provide for the education founded upon a biblical worldview so that their 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 professional instruction with parent mentored study and character development to achieve a college preparatory level of academic excellence. 0 0 1483537 1794723 THE SCHOOL PROVIDES A UNIVERSITY-MODEL APPROACH TO EDUCATION THAT INTEGRATES PROFESSIONAL INSTRUCTION WITH PARENT-MENTORED STUDY. 1483537 1 1 0 0 0 0 0 0 0 1 1 0 1 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 4 0 1 98 1 0 0 0 0 0 0 0 0 0 8 5 1 0 0 0 0 0 0 1 1 0 0 1 1 1 1 0 0 1 1 0 X Debbi Toh 5128911675 4220 Monterey Oaks Blvd Austin TX 78749 STUART NOLLEY 10.00 X X 10000 0 0 DAX MCCRACKEN 0.10 X X 0 0 0 Jef Fowler 55.00 X X 63000 0 15357 Rex White 0.10 X X 0 0 0 SUSAN NOLLEY 0.10 X 173 0 0 JENNIFER MCCRACKEN 0.10 X 0 0 0 STARRLA FOWLERvp of grammar school 30.00 X 32500 0 0 Terri White 0.10 X 0 0 0 105673 0 15357 0 0 0 0 0 88726 88726 TUITION AND FEES 900099 1672047 1672047 ATHLETICS 900099 45390 45390 FACILITIES FEES 900099 22500 22500 ACTIVITIES 900099 21773 21773 1761710 4100 4100 18113 18113 18113 18113 18995 8538 10457 10457 CHILDCARE FOR ACTIVITI 900099 2318 2318 MISCELLANEOUS 900099 1426 1426 BOOK FAIR INCOME 900099 699 699 4443 1887549 1794723 0 4100 47490 47490 106972 40972 66000 1107784 942684 165100 40424 40424 97951 61331 36620 12512 12512 14100 14100 4149 4149 1845 1845 7558 7558 106955 106266 689 1376 1376 46748 46748 17601 6942 10659 SUPPLIES 115290 114644 646 TEACHER & STAFF TRAININ 26823 26823 DUES & SUBSCRIPTIONS 19246 19246 STUDENT ACTIVITIES 16981 16981 SPORTING EXPENSES 13666 13666 47975 38698 9249 28 1853446 1483537 355781 14128 119789 99383 1045776 1236208 83122 26682 4894 8222 6760 6778 30035 16152 163328 105884 57317 57444 17899 17899 2000 2000 1367592 1470768 31797 47329 733477 787018 765274 834347 X 359960 383687 242358 252734 602318 636421 1367592 1470768 X 0 1 1 X 0 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 163328 105884 57444 57444 1887549 1853446 34103 0 34103 1845607 5548 5548 1840059 47490 47490 1887549 1811504 5548 5548 1805956 47490 47490 1853446 Part X: Description of Uncertain Tax Positions Under FIN 48: 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: 47490. Part XIII, Line 4b - Other Adjustments: financial aid tuition assistance: 47490. 1 1 1 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. 1 1 1 1 0 0 0 0 0 0 0 0 0 0 1 1 tuition assistance 27 47490 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 once they have been awarded tuition assistance by the Board of Trustees. 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 ELLEN SCHUKNECHT (Dean of Family Ministry) IS THE MOTHER OF TROY SCHUKNECHT (Head of Schools of Logic & Rhetoric) 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 COMPENSATION OF OTHER SCHOOLS OF SIMILAR AGE,SIZE,DEMOGRAPHICS AND TUITION REVENUE WERE CONSIDERED IN DETERMINING THE COMPENSATION FOR THE THREE BOARD MEMBERS WHO ARE ALSO EMPLOYEES OF THE SCHOOL. ONLY INDEPENDENT TRUSTEES VOTED TO APPROVE THE COMPENSATION FOR THOSE THREE BOARD MEMBERS. TRUSTEES ARE NOT COMPENSATED FOR BEING BOARD MEMBERS, NOR DO THEY RECEIVE BENEFITS OF ANY KIND. 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 VI, Section B, Line 14 Veritas is in the process of writing a formal document retention policy.