Veritas Preparatory Academy

Analysis

Veritas Preparatory Academy is a registered charity in United States, based in Phoenix, AZ. It received its IRS tax-exemption ruling in February 2003, 23 years ago. Its declared purposes cover education, which this site groups under education and training. The IRS classifies it as a school under section 501(c)(3), and contributions to it are listed as tax-deductible.

In the financial year ending June 2023, Veritas Preparatory Academy reported income of $10.0m and spending of $9.5m, spending 95% of its income. Across the 5 years on record, from June 2019 to June 2023, income grew from $7.5m to $10.0m (+34%), an average of +7.7% a year. Over the whole period it spent 97% of the income it received.

Among 66,972 United States charities whose main cause is education and training and that reported income, Veritas Preparatory Academy sits at the 93rd percentile: it is larger than about 93% of them. Against every charity in United States with reported income it ranks in the 95th percentile, and in the 94th percentile within AZ. Charities of a similar size with the same main cause include Excell Academy for Higher Learning Inc ($10.0m), Noble Academy ($10.0m) and Northland Christian Education System ($10.0m).

On its Form 990 for the period ending June 2023, revenue came from contributions and grants 15% and program service revenue 79% of the total. Compensation of current officers, directors and key employees was $106k (1.1% of expenses). Other salaries and wages came to $4.3m. At year end it held assets of $13.9m against liabilities of $11.3m, net assets of $2.6m.