Veritas Christian Academy Inc
Nonprofit profile at a glance
- EIN
- 562089482
- IRS 990 coverage
- 2009–2024
- Forms available
- Form 990 2024
- Location
- Fletcher, NC, USA
- Phone
- 8286810546
- Rating
- 88
- Verdict
- STRONG
- Rating confidence
- Standard
- Sector
- Primary, Elementary Schools
- Affiliation
- Christianity
Reported finances
- Revenue
- $4,640,884
- Expenses
- $4,434,260
- Assets
- $5,146,504
- Liabilities
- $1,350,889
Source: IRS Form 990. Selected filing: tax year 2024. Amounts in USD.
Leadership & pay
5 people listed
Highest reported compensation
- Dr Robert Woods (School Headmaster): $141,998 total reported compensation
Source: IRS Form 990. Selected filing: tax year 2024. Names and roles reflect this filing, not necessarily current officeholders.
Overview
Mission
Intelligent Faith: Equipping minds and engaging hearts for Gods Kingdom purposes. Please see our website for our philosophy and additional information.
What it reported doing in 2024
During the 2024-2025 school year, Veritas Christian Academy experienced a year of growth and tragedy. In late September our area was affected by Hurricane Helene and Veritas had to shut down for about a week. Many homes and businesses were flooded and a lot of people had to evacuate Western North Carolina altogether to have access to food, water and power. Veritas was able to reopen before most other schools because its location was restored quicker than others. Even with reopening some of our families struggled with some not able to return. Our community became closer during this time and our families became even stronger. . But, in the midst of hardship God remains faithful and true His blessings were ever present. Our enrollment had risen to 395 students with the largest graduating senior class that we have ever had. The festivities began with Welcome Back picnic and before we knew it the holidays were here with Lessons and Carols ringing through the church. By Spring the classic of The Music Man became alive on stage and was a beautiful production put on for all to see.
Operating model
- Revenue model
- Earned-program. 67% of the money available for current operations came from fees and other program revenue.
- Distribution model
- Direct operator. The filing allocates 100% 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.
- Includes noncash contributions: Reported contributions include donated property or goods.
The verdict
STRONG - A large share of available resources goes toward mission work and the filed numbers largely add up. Fundraising costs are high for each dollar raised and some filing-based governance responses are negative or unanswered.
Rating breakdown
- Financial Efficiency: 82
- Transparency & Controls: 100
- Accountability: 90
- Sustainability: 48
- Growth: 100
Detailed rating inputs
Financial Efficiency
- Mission deployment rate: 86.2%; rating input score 86
- Program expense ratio: 90.2%; rating input score 90
- Fundraising efficiency: $11.02 raised per $1 spent on fundraising; rating input score 41; 41st percentile among comparable filings
Transparency & Controls
- Consistency checks: 100%; rating input score 100; 63rd percentile among comparable filings
- Pay-setting controls: Limited
- Foreign activity oversight: Limited
- Grant itemization coverage: Limited
- Major donor itemization: Yes; rating input score 100
- Related-party transparency: Limited
Accountability
- Independent voting board: 100%; rating input score 100; 63rd percentile among comparable filings
- Governance controls: 6 of 8 controls in place; rating input score 75
- Conflict-of-interest policy: Pass
- Whistleblower policy: Pass
- Document-retention policy: Pass
- CEO compensation review process: NotApplicable
- Other executive compensation review process: Fail
- Form 990 shared with the board: Pass
- Board meeting minutes documented: Pass
- Audit committee oversight: Pass
- Independent financial-statement audit: Fail
Sustainability
- Operating margin: 4.5%; rating input score 49; 49th percentile among comparable filings
- Total-asset coverage ratio: 1.16; rating input score 42; 42nd percentile among comparable filings
- Liabilities to assets ratio: 0.26; rating input score 37; 37th percentile among comparable filings
- Officer compensation ratio: 3.2%; rating input score 67; 67th percentile among comparable filings
Growth
- Program expense growth: 2.4% per year; rating input score 100; 24th percentile among comparable filings
- Revenue growth: 1.9% per year; rating input score 100; 20th percentile among comparable filings
- Asset growth: 4.9% per year; rating input score 100; 34th percentile among comparable filings
Details
- Where the money goes: 86.2% of revenue deployed · 90.2% of spending went to programs
- Governance: 4 of 4 board members independent · 6 of 8 filing controls reported
- Programs: 3 filed program accomplishments · $4M in reported program spending
- Leadership: top reported pay $142K · 5 people listed
- Consistency: 29 of 29 current checks pass
- Schedules: 7 filed schedules · includes major donors
- Filing history: 16 filing years from 2009 to 2024
- Contacts: How to reach this organization
- Money network: 1 filed money-flow record
- Related organizations: Filed and resolved organization relationships.
- 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.
- Moderate — Financial Efficiency: Fundraising efficiency scored 41/100.
- Review — Accountability: Governance controls: 2 of 8 not reported.
- Moderate — Sustainability: Operating margin scored 49/100.
- Moderate — Sustainability: Total-asset coverage ratio scored 42/100.
- Moderate — Sustainability: Liabilities to assets ratio scored 37/100.