Aztec Shops, Ltd.

Legal name: Aztec Shops Ltd

Nonprofit profile at a glance

EIN
950516240
IRS 990 coverage
2009–2024
Official website data refreshed
Sep 2026
Forms available
Form 990 2024, Form 990-T 2024
Location
San Diego, CA, US
Phone
(619) 594-7500
Rating
80
Verdict
STRONG
Rating confidence
Moderate
Sector
Single Organization Support

Official website

Reported finances

Revenue
$94,475,818
Expenses
$85,878,490
Assets
$211,095,442
Liabilities
$169,044,948

Source: IRS Form 990. Selected filing: tax year 2024. Amounts in USD.

Leadership & pay

23 people listed

Executive titles in this filing

  • TODD SUMMER (CHIEF EXECUTIVE OFFICER)

Highest reported compensation

  • AGNES WONG NICKERSON (SEC/TREASURER (SDSU EMP)): $475,729 total reported compensation
  • TODD SUMMER (CHIEF EXECUTIVE OFFICER): $371,155 total reported compensation
  • DR CHRIS MANNING (UNIV BOARD MEMBER (SDSU EMP)): $309,097 total reported compensation

Source: IRS Form 990. Selected filing: tax year 2024. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

Aztec Shops, Ltd. is a non-profit auxiliary of San Diego State University that operates without subsidy from the University or the State. The corporation manages a diverse portfolio of services including operation of the SDSU Bookstore, SDSU Dining, SDSU Conference Services, SDSU Licensing, and Commercial and Residential Real Estate properties surrounding campus. It is committed to sustainable and innovative practices and is responsive to the SDSU community, contributing strategically and financially for the greater good of the University, its students and student programs.

What it reported doing in 2024

Campus storesthe sdsu bookstore is one of the largest volume campus bookstores in the country. The 25,000 square foot facility provides course materials for every class taught at san diego state university. Aztec shops also operates the aztec store at our imperial valley campus in calexico, California. Through the bookstore, satellite store, and its website, aztec shops is the preferred provider of sdsu imprinted clothing and merchandise for current students as well as more than 200,000 living alumni of san diego state university.

Operating model

Revenue model
Earned-program. 96% of the money available for current operations came from fees and other program revenue.
Distribution model
Direct operator. The filing allocates 99% of reported program-service expenses outside its grant, affiliate-payment, and member-benefit lines. This expense classification does not rule out separately announced grant awards.

The verdict

STRONG - A large share of available resources goes toward mission work and the filed numbers largely add up. A relatively small share of voting board members are independent and liabilities are high compared with assets.

Rating breakdown

  • Financial Efficiency: 83
  • Transparency & Controls: 82
  • Accountability: 71
  • Sustainability: 60
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 100%; rating input score 100
  • Program expense ratio: 83.4%; rating input score 83
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 68th percentile among comparable filings
  • Pay-setting controls: 3 of 6 controls in place; rating input score 50
    • Compensation committee: Pass
    • Independent consultant: Missing
    • Other Form 990s reviewed: Missing
    • Written employment contract: Missing
    • Compensation survey or study: Pass
    • Board or committee approval: Pass
  • Foreign activity oversight: Limited
  • Grant itemization coverage: 100%; rating input score 100; 77th percentile among comparable filings
  • Major donor itemization: Limited
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 50%; rating input score 50; 13th percentile among comparable filings
  • Governance controls: 9 of 9 controls in place; rating input score 100
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • Document-retention policy: Pass
    • CEO compensation review process: Pass
    • Other executive compensation review process: Pass
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Pass
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: 9.1%; rating input score 70; 70th percentile among comparable filings
  • Total-asset coverage ratio: 2.46; rating input score 70; 70th percentile among comparable filings
  • Liabilities to assets ratio: 0.8; rating input score 17; 17th percentile among comparable filings
  • Officer compensation ratio: 3.2%; rating input score 35; 35th percentile among comparable filings

Growth

  • Program expense growth: 6.9% per year; rating input score 100; 56th percentile among comparable filings
  • Revenue growth: 6.9% per year; rating input score 100; 59th percentile among comparable filings
  • Asset growth: 6.6% per year; rating input score 100; 49th percentile among comparable filings

Details

  • What they do: 7 programs and campaigns described on the official site · 1 operating location identified
  • Where the money goes: 100% of revenue deployed · 83.4% of spending went to programs
  • Governance: 4 of 8 board members independent · 9 of 9 filing controls reported
  • Programs: 8 filed program accomplishments · $71.6M in reported program spending
  • Leadership: top reported pay $476K · 23 people listed · 3 of 6 pay-setting controls reported
  • Highest-paid contractors: 5 contractors listed · $9.5M reported
  • Consistency: 37 of 37 current checks pass
  • Schedules: 6 filed schedules · includes grants and executive pay
  • Filing history: 16 filing years from 2009 to 2024
  • Contacts: How to reach this organization
  • Money network: 13 filed money-flow records
  • Related organizations: 3 filed related-organization links
  • Grant readiness: Federal tax and exclusion status, award history, and grant-maker relationships.
  • People: Everyone the filings name, and which of them the filings identify by more than a name.
  • Staff and benefit plans: Retirement and health plans the organization files with the Department of Labor, and the people in them.

Key Signals

Signals prioritize questions for review. They are not findings of misconduct.

  • Review — Accountability: Independent voting board scored 50/100.
  • High — Sustainability: Liabilities to assets ratio scored 17/100.
  • Moderate — Sustainability: Officer compensation ratio scored 35/100.