Veritas Baptist College Inc
- Assets
- $660.1k
- Revenue
- $1.4m
- Investments
- $0.0
- Employees
- 50
- Location
- Lawrenceburg, IN
- Founding
- 12/2010
- Data as of
- 06/2024
- EIN
- 27-2918042
Organization Overview
Veritas Baptist College Inc is located in Lawrenceburg, IN. The organization was established in 2010. According to its NTEE Classification (B50) the organization is classified as: Graduate & Professional Schools, under the broad grouping of Education and related organizations. As of 06/2024, Veritas Baptist College Inc employed 50 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Veritas Baptist College Inc is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
For the year ending 06/2024, Veritas Baptist College Inc generated $1.4m in total revenue. This organization has experienced exceptional growth, as over the past 8 years, it has increased revenue by an average of 11.6% each year . All expenses for the organization totaled $1.3m during the year ending 06/2024. While expenses have increased by 11.1% per year over the past 8 years. They've been increasing with an increasing level of total revenue. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2024
Describe the Organization's Mission:
Part 3 - Line 1
VERITAS BAPTIST COLLEGE EXISTS TO EQUIP MEN AND WOMEN FOR DYNAMIC CHRISTIAN SERVICE AND LEADERSHIP IN BIBLE-BELIEVING CHURCHES BY PROVIDING HIGHER EDUCATION THAT EMPHASIZES ACADEMIC EXCELLENCE, SPIRITUAL DEVELOPMENT, AND PREPARATION FOR MINISTRY, BOTH LAY AND PROFESSIONAL.
Describe the Organization's Program Activity:
Part 3 - Line 4a
VERITAS BAPTIST COLLEGE EXISTS TO AID LOCAL CHURCHES IN THEIR TASK OF EQUIPPING CHRISTIANS TO FULFILL THE GREAT COMMISSION. GOD HAS GRACIOUSLY GATHERED A DEDICATED AND QUALIFIED FACULTY TO EQUIP BELIEVERS TO DO THE WORK OF THE MINISTRY IN ORDER TO BUILD THE BODY OF CHRIST. THE GOAL IS MORE THAN IMPARTING ACADEMIC KNOWLEDGE; IT IS LEADING EACH STUDENT TO SPIRITUAL MATURITY AND CHRIST-LIKENESS. THE COLLEGE CURRICULUM IS ORGANIZED TO PURSUE THIS OBJECTIVE IN A FOURFOLD MANNER. 1.TO TRAIN LEADERS AND WORKERS TO SERVE IN LOCAL CHURCHES AND CHRISTIAN SCHOOLS. 2.TO TRAIN PASTORS AND MISSIONARIES TO PLANT AND LEAD LOCAL CHURCHES. 3.TO PROVIDE CONTINUING EDUCATION FOR PASTORS AND CHURCH STAFF MEMBERS WHO ARE SERVING IN LOCAL CHURCHES. 4.TO PROVIDE CHRISTIANS THE OPPORTUNITY FOR SPIRITUAL GROWTH AND SPIRITUAL ENRICHMENT. SINCE 1984, FACULTY AND ADMINISTRATION OF VERITAS HAVE DEVELOPED PERSONAL MENTORING RELATIONSHIPS WITH THEIR STUDENTSFOCUSING ON STUDENTS UNIQUE PERSONAL AND MINISTRY NEEDS. VBC CONTINUES TO ACCOMPLISH ITS PURPOSE WITH 334 GRADUATES IN 46 STATES, 2 US TERRITORIES, AND 15 FOREIGN COUNTRIES ACROSS 6 PROGRAMS AND 20 SPECIALIZATIONS. IN THE 2021-2022 SCHOOL YEAR, WE HAD THE PRIVILEGE TO HELP TRAIN 251 STUDENTS. AT VERITAS BAPTIST COLLEGE, WE BELIEVE THE COST OF EDUCATION SHOULDNT BE A BARRIER TO CHRISTS SERVANTS. WE BELIEVE IT SHOULD BE AFFORDABLE AND FLEXIBLE. TO THAT END, WE ARE COMMITTED TO BRINGING TRUSTED LEADERS DIRECTLY TO STUDENTS. STAY HOME, SERVE LOCALLY, AND CONNECT GLOBALLY WITH OTHER LIKE-MINDED BELIEVERS PURSUING THEIR TRAINING. ONE BACHELORS GRADUATE WHO HAS RETURNED FOR AN ADVANCED DEGREE STATED, THROUGH VERITAS I HAVE EARNED A DEGREE, I HAVE GROWN IN THE GRACE AND KNOWLEDGE OF CHRIST, I HAVE GAINED FRIENDSHIPS WITH PEOPLE ALL ACROSS THE WORLD, AND I HAVE GAINED MANY VALUABLE LESSONS THAT HAVE SHAPED WHO I AM TODAY ALL WHILE SERVING EXACTLY WHERE GOD HAS CALLED ME RIGHT HERE RIGHT NOW.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Mike Lester President | OfficerTrustee | 40 | $85,797 |
Sherry Davis CFO | Officer | 40 | $66,012 |
Brent Armstrong Director | Trustee | 1 | $0 |
Kenny Baldwin Director | Trustee | 1 | $0 |
Andrew Bunnell Director | Trustee | 1 | $0 |
Fred Christian Director | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $77,882 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $77,882 |
| Total Program Service Revenue | $1,290,487 |
| Investment income | $13,512 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $1,382,284 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $175,106 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $151,809 |
| Compensation of current officers, directors, key employees. | $45,166 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $653,285 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $8,953 |
| Payroll taxes | $58,809 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $694 |
| Fees for services: Accounting | $11,000 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $8,684 |
| Office expenses | $3,945 |
| Information technology | $66,416 |
| Royalties | $0 |
| Occupancy | $8,519 |
| Travel | $60,140 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $12,669 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $6,938 |
| Insurance | $8,530 |
| All other expenses | $0 |
| Total functional expenses | $1,317,694 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $529,835 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $76,739 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $38,107 |
| Net Land, buildings, and equipment | $15,379 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $660,060 |
| Accounts payable and accrued expenses | $21,820 |
| Grants payable | $0 |
| Deferred revenue | $153,710 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $175,530 |
| Net assets without donor restrictions | $484,530 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $660,060 |