Aztec Shops Ltd EIN 95-0516240 Form 990 (PDF) Claim this org

Aztec Shops Ltd

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Operates university bookstore, dining, and housing services. For fiscal year 2024 it reported $94.5M in revenue, $85.9M in expenses, and $42.1M in net assets.Pt I

Founded
1931
Type
Supporting organization · Education
Location
San Diego, CA
Website
www.aztecshops.com
Filings
5 on file (2020–2024)
Revenue
$94.5MFY2024
Expenses
$85.9M
Net assets
$42.1M
People
23
Filings
5
Updates
0
More identity details & actions ⌄
EIN  95-0516240 Supporting organization San Diego, CA Founded 1931
Form 990 (PDF)
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Figures match the IRS filing checked 7/7/26 · see original: IRS
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Size
$10–100M
What they do
Operates university bookstore, dining, and housing services.
Leadership
Todd Summer · Chief Executive Officer · $285K
Money in and out
$94.5M revenue, $85.9M expenses
Bottom line
+9% net inflow
Money in and out · FY2024
Total revenue
$94.5M
Pt VIII · Ln 12
Total expenses
$85.9M
Pt IX · Ln 25
Net assets
$42.1M
Pt X · Ln 32
Revenue less expenses (Pt I · Ln 19): $8.6M
Where spending went · Part IX cols B–D
Program services $0.83 Management & general $0.17
Net inflow
+9%
revenue over expenses, this year▼ -4% vs prior filing year
Pass-through gifts
0%
of revenue from contributions▼ -100% vs prior filing year
Program spending
83%
of expenses reach stated programs▼ -2% vs prior filing year

Summary of the Filing

Part I · fiscal year 2024 · Form 990
Revenue
$94.5M
FY2024▲ +9%
Expenses
$85.9M
FY2024▲ +9%
Total assets
$211.1M
FY2024▲ +5%
Total liabilities
$169.0M
FY2024+0.4%
Total revenue
$94.5M
Pt VIII · Ln 12
Total expenses
$85.9M
Pt IX · Ln 25
Net assets
$42.1M
Pt X · Ln 32
Revenue less expensesPt I · Ln 19$8.6M
Total assetsPt X · Ln 16$211.1M
Program-expense ratioPt IX · col B83%
Voting members of governing bodyPt I · Ln 38
Independent voting membersPt I · Ln 44

Identity & Classification

Form 990 Header · IRS Business Master File
Legal nameHdr · item CAztec Shops Ltd
EINHdr · item D95-0516240
Principal addressHdr · item CSan Diego, CA
WebsiteHdr · item Jwww.aztecshops.com
Year of formationHdr · item L1931
State of legal domicileHdr · item MCA
Exempt statusHdr · item I501(c)(3) · active
NTEE classificationIRS BMFEducation (B113)
Ruling yearIRS BMFApr 1953

Governance & Policies

Part VI
Voting members of the governing bodyPt VI · Ln 1a8
Independent voting membersPt VI · Ln 1b4
Conflict-of-interest policyPt VI · Ln 12aYes
Whistleblower policyPt VI · Ln 13Yes
Document retention policyPt VI · Ln 14Yes
CEO/top-official compensation independently reviewedPt VI · Ln 15aYes
Family or business relationships among officers/directorsPt VI · Ln 2No

Officers, Directors & Key Employees

Part VII, Section A · reportable compensation
Chief Executive Officer
$284,599Pt VII · Sec A
Director IT
$220,850Pt VII · Sec A
Chief Financial Officer
$217,701Pt VII · Sec A
Dir. Real Est & Bd - Thru 11/2024
$204,126Pt VII · Sec A
Director Human Resources
$185,429Pt VII · Sec A
Director Campus Stores
$178,456Pt VII · Sec A
Director IT - as of 05/2025
$157,998Pt VII · Sec A
Dir. Real Est & Bd - as of 05/2025
$144,807Pt VII · Sec A

Todd Summer’s $285K as Chief Executive Officer is at the 61st percentile of top reported officer pay among 3683 $10–100M education nonprofits. Peer set: organizations in the same NTEE major field of work and revenue-size band, compared on each org’s own highest-paid officer/key-employee, from Form 990 Part VII / 990-PF Part VIII. Descriptive placement, not a verdict on whether the pay is appropriate.

Compensation history total reportable pay by year · 8 named individuals · Part VII

NameFY2024FY2024FY2023FY2022FY2021FY2020
Todd Summer$284,599$270,133$257,400
Jahan Jamshidi$220,850$223,719$213,614
Summer Todd - Chief$182,627$179,560$218,961
Heather Hawkins$217,701$180,443$165,065
Robert Williams$207,093$166,968
Colin Miller$204,126
Jamshidi Jahan$167,918$155,955$195,461
Jennifer Lakin$185,429$179,441$165,381

Total reportable compensation (Form 990 Part VII column D / Schedule J column E) by filing year, matched by name within this organization. The Schedule J base / bonus / deferred breakdown is not parsed into this dataset.

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Mission & Programs · Part III

Where the work happens

3 program services account for $64.3M of program spending, described in the organization's own filed words · FY2024.
01

Dining services aztec shops is responsible for all restaurants and food service outlets serving almost 40,000 students, faculty and staff of san diego state university. The organization operates sdsu's meal plan program, residence hall dining programs, campus catering department, our own branded restaurants and convenience stores as well…

$37.6Mprogram expense
02

Student apartmentsaztec shops owns several apartment complexes adjacent to san diego state university. All tenants in the apartments during the 2023-24 academic year were sdsu students, with approximately 90% of the units rented directly by the university for use by its office of housing administration.

$19.6Mprogram expense
03

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.

$7.1Mprogram expense

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Statement of Revenue

Part VIII
Other revenue$57.6M · 61%
Program service revenue$36.3M · 38%
Investment income$652K · 1%
Other revenue61%$57.6M
Program service revenue38%$36.3M
Investment income1%$652K
Total revenueLn 12$94.5M

Statement of Functional Expenses

Part IX · allocated across program, management, and fundraising
Allocation · columns B–D
Program services $0.83 Management & general $0.17
Program services83%$71.6M
Management & general17%$14.2M
Total functional expensesLn 25$85.9M

Balance Sheet

Part X · end of year
CashLn 1$21.1M
Total assetsLn 16$211.1M
Total liabilitiesLn 26$169.0M
Total net assetsLn 32$42.1M
Months of cash on handcomputed2.9

Financial Metrics

Form 990 · FY2024 · each ratio shown with the dollars behind it
Liquidity & Payout
Operating runway
Highly liquid reserves $21.1M · Operating expenses/yr $85.9M
2.9 months
Where the money goes
Program services
Program services $71.6M · Total expenses $85.9M
83%
Management & General
Management & general $14.2M · Total expenses $85.9M
17%
Fundraising
Fundraising $0 · Total expenses $85.9M
0%
Cost to raise $1
Fundraising expense (3-yr avg) $0 · Solicited contributions (3-yr avg) $0
Solicited contributions below reporting floor
Where the money comes from
Contribution dependence
Contributions & grants $0 · Total revenue $94.5M
0%
Government reliance
Government grants — · Total revenue $94.5M
Earned-income share
Program service revenue $36.3M · Total revenue $94.5M
38%
Investment reliance
Investment income $652K · Total revenue $94.5M
+0.7%
Program self-sufficiency
Program service revenue $36.3M · Total expenses $85.9M
42%
Growth & trend
Revenue growth (YoY)
This year $94.5M · Prior year $86.8M
+9%
Revenue CAGR
FY2019 $42.6M · FY2024 $94.5M
+17%
Net-asset trend (YoY)
End of year $42.1M · Beginning of year —
Beginning net assets not meaningfully positive — showing dollar change
Balance sheet
Surplus Margin
Revenue $94.5M · Expenses $85.9M
+9%
Liabilities-to-Assets
Total liabilities — · Total assets $211.1M
Net-asset ratio
Net assets $42.1M · Total assets $211.1M
20%
Marketable Investment Share
Publicly traded securities (Pt X, ln 11) — · Other securities (Pt X, ln 12) — · Total assets (Pt X, ln 16) $211.1M
Excludes program-related investments (Pt X, ln 13)
People & payroll
Highest Reported Total Compensation
Individual Todd Summer · Reported title CHIEF EXECUTIVE OFFICER · Highest reported compensation $285K · Total expenses $85.9M
0.3%
Personnel share
Salaries, benefits & payroll (Pt IX 5-10) $34.1M · Total expenses $85.9M
40%
Peer comparison

Same NTEE category, revenue band, and state where available. Descriptive — not a grade.

MetricThis orgPeer medianPercentile
Program ratio 83%
Overhead ratio 17%
Revenue growth 9%

Straight from the Form 990 — descriptive, not an evaluation. A ratio is hidden when its base is zero or too small to be meaningful; the dollars are always shown.

Grants

Schedule I · this organization's grantmaking
Grants paid · 12 grants · $3.7M · 2019–2024
San Diego State UniversityFY2024$810,000
San Diego State UniversityFY2023$810,000
San Diego State UniversityFY2022$810,000
San Diego State UniversityFY2021$310,000
San Diego State UniversityFY2020$310,000
San Diego State UniversityFY2019$310,000

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Filings & Schedule Manifest

Part IV
III · Programs I · Grants R · Related orgs G · Fundraising L · Interested persons A · Public support F · Foreign M · Noncash
FY2024$86.8M revenue · ⤓ 990 PDF
FY2023$80.8M revenue · ⤓ 990 PDF
FY2022$47.8M revenue · ⤓ 990 PDF
FY2021$29.0M revenue · ⤓ 990 PDF
FY2020$42.6M revenue · ⤓ 990 PDF

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Sources

Every figure above is drawn from these filings
Form 990 e-file (XML) · FY2024IRS
Classification, formation year, addressIRS Business Master File
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