Veritas Academy

Analysis

Veritas Academy is a registered charity in United States, based in Austin, TX. It received its IRS tax-exemption ruling in August 2005, 21 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 Academy reported income of $9.5m and spending of $8.1m, spending 85% of its income. Across the 5 years on record, from June 2019 to June 2023, income grew from $5.5m to $9.5m (+71%), an average of +14% a year. The sharpest change came in the year to June 2021, when income rose by 31%. Over the whole period it spent 95% of the income it received.

Among 66,972 United States charities whose main cause is education and training and that reported income, Veritas 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 96th percentile within TX. Charities of a similar size with the same main cause include Institute for the Future ($9.5m), Children at Play Early Intervention Center ($9.5m) and Educator Academy Inc ($9.5m).

On its Form 990 for the period ending June 2023, revenue came from contributions and grants 19% and program service revenue 81% of the total. Compensation of current officers, directors and key employees was $506k (6.2% of expenses). Other salaries and wages came to $3.6m. At year end it held assets of $21.7m against liabilities of $12.0m, net assets of $9.7m. It reported 296 employees.