AZTEC SHOPS LTD

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Financial Vulnerability Assessment (Tuckman-Chang)

4 risk indicators measuring financial stability and operational resilience

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Financial Trends

Organization Details

Formation Year

1931

Legal Domicile

Principal Officer

TODD SUMMER

Phone

6195946954

Tax Period

2024-07-01 to 2025-06-30

AZTEC SHOPS LTD, founded in 1931, is a mid-sized nonprofit in the Education sector that reported $94.5M in total revenue in fiscal year 2024. Revenue grew 9% year-over-year, indicating healthy expansion. Expenses of $85.9M left a modest 9% surplus.

Mission

TO PROVIDE HIGH-QUALITY COMMERCIAL SUPPORT SERVICES TO THE SAN DIEGO STATE UNIVERSITY COMMUNITY, INCLUDING THE VENDING AND SALE OF FOOD, SUPPLIES, AND RESALE MERCHANDISE ANYWHERE ON BEHALF OF THE UNIVERSITY; HOUSING, PROPERTY ACQUISITION AND DEVELOPMENT, AND ADMINISTRATION OF OTHER BUSINESS ACTIVITIES AS DETERMINED BY THE VICE PRESIDENT FOR BUSINESS AND FINANCIAL AFFAIRS OF SAN DIEGO STATE UNIVERSITY, WHEN IT IS DEEMED TO BE MORE EFFECTIVE TO ACCOMPLISH SUCH FUNCTIONS AND ACTIVITIES THROUGH AZTEC SHOPS.

Program Service Accomplishments

Program 1

Expenses: $37,629,707 Revenue: $33,884,961

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...

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 AS FOOD AND BEVERAGE AT SNAPDRAGON STADIUM.

Program 2

Expenses: $19,586,158 Revenue: $22,630,806

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...

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.

Program 3

Expenses: $7,076,514 Revenue: $12,065,399

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...

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.

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Trantor Score

Financial Health Score (300–850) · Liquidity · Solvency · Sustainability · Efficiency

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Liquidity (40%) • Solvency (30%) • Sustainability (20%) • Efficiency (10%)

Financial Overview (2024)

Revenue Breakdown

Contributions & Grants $0

Program Service Revenue $36,253,925

Investment Income $652,340

Other Revenue $57,569,553

TOTAL REVENUE $94,475,818

Expense Breakdown

Grants Paid $870,000

Salaries & Benefits $34,135,718

Fundraising Expenses $0

Program Expenses $71,629,697

Other Expenses $50,872,772

TOTAL EXPENSES $85,878,490

Year-over-Year Comparison

	2024	2023	Change
Revenue	$94,475,818	$86,782,964	+0.1%
Expenses	$85,878,490	$78,557,414	+0.1%
Net Income	$8,597,328	$8,225,550	+0.0%

Key Indicators

✓ Grants to Organizations ✗ Grants to Individuals ✗ Lobbying ✗ Political Activity ✗ Foreign Activities ✗ Donor Advised Fund ✗ Schedule B Required

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Financial Health Indicators

Comprehensive financial analysis: Altman Z-Score, liquidity, solvency, sustainability, efficiency, and growth metrics

Financial Distress Indicator

Liquidity & Cash Position

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Altman Z-Score • Liquidity Ratios • Solvency Analysis • Growth Indicators • Efficiency Metrics

Governance

Voting Members

Independent Members

Employees

2250

Volunteers

Governance Policies

✓ Conflict of Interest Policy

✓ Whistleblower Policy

✓ Document Retention Policy

Special Practices & Reported Activities

✗ Operated a School

✗ Operated a Hospital

✗ Provided First Class Travel

✗ Reported Conflict of Interest

✗ Reported Asset Diversion

✗ Excess Benefit Transaction

✗ Made Political Expenditures

✗ Engaged in Lobbying

✗ Operated Donor Advised Fund

✗ Maintained Art Collections

✗ Filed Form 720

Compensation of Officers, Directors & Key Employees

Total Officers

$1,941,936

Total Directors

$1,438,177

Key Employees

$268,467

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
NIKHIL VARAIYA - BOARD	MEMBER (SDSU EMP) - THRU 06/2025	2.00	Director	$0	$0	$82,374
DR CHRIS MANNING	UNIV BOARD MEMBER (SDSU EMP)	2.00	Director	$0	$69,637	$309,097
CARL WINSTON	CHAIRPERSON (SDSU EMP)	2.00	Officer Director	$0	$73,055	$264,660
AGNES WONG NICKERSON	SEC/TREASURER (SDSU EMP)	2.00	Officer Director	$0	$119,205	$475,729
BRITTANY SANTOS-DERIEG	BOARD MEMBER (SDSU EMP)	2.00	Director	$0	$78,468	$306,317
TYLER MORGAN	STUDENT BOARD MEMBER	2.00	Director	$0	$0	$0
KATARINA HERNANDEZ	STUDENT VICE CHAIR - THRU 04/2025	2.00	Director	$0	$0	$0
LEILANI ANDERSON	STUDENT BOARD MEMBER - THRU 06/2025	2.00	Director	$0	$0	$0
SABRINA SIMON	STUDENT BOARD MEMBER - THRU 06/2025	2.00	Director	$0	$0	$0
ELLIOT SCOTT	COMM. BOARD MEMBER	2.00	Director	$0	$0	$0
RYLIE RIDPATH	STUDENT BOARD MEMBER - AS OF 09/2024	2.00	Director	$0	$0	$0
VINCENT LIN	STUDENT BOARD MEMBER - AS OF 09/2024	2.00	Director	$0	$0	$0
COLIN MILLER	DIR. REAL EST & BD - THRU 11/2024	40.00	Officer	$204,126	$23,612	$227,738
DAWN STOEBE	DIRECTOR IT - AS OF 05/2025	40.00	Officer	$157,998	$44,435	$202,433
TODD SUMMER	CHIEF EXECUTIVE OFFICER	40.00	Officer	$284,599	$86,556	$371,155
JANELLE TEMNICK	DIRECTOR CONTRACTS & RISK MGT	40.00	Officer	$116,038	$32,121	$148,159
HEATHER HAWKINS	CHIEF FINANCIAL OFFICER	40.00	Officer	$217,701	$34,361	$252,062
JAHAN JAMSHIDI	DIRECTOR IT	40.00	Key Emp	$220,850	$47,617	$268,467
ROBERT ISNER	DIR. DINING SERVICES - AS OF 05/2025	40.00	Highest	$140,236	$41,390	$181,626
KATHY BROWN	DIRECTOR CAMPUS STORES	40.00	Highest	$178,456	$48,275	$226,731
JENNIFER LAKIN	DIRECTOR HUMAN RESOURCES	40.00	Highest	$185,429	$26,867	$212,296
BENJAMIN EISENSTEIN	DIRECTOR MARKETING	40.00	Highest	$137,098	$21,710	$158,808
ALYSSA LONGEUAY	DIR. REAL EST & BD - AS OF 05/2025	40.00	Highest	$144,807	$11,754	$156,561

Note: Compensation data is self-reported by the organization on their Form 990. "Reportable Comp" includes salary, bonuses, and other reportable compensation from the organization and related organizations. "Other Comp" includes benefits, deferred compensation, and non-taxable benefits.

Historical Data

Year	Revenue	Expenses	Assets	Net Income
2025	$94,475,818	$85,878,490	$211,095,442	$8,597,328
2024	$86,782,964	$78,557,414	$201,763,575	$8,225,550
2023	$80,839,776	$68,129,234	$157,300,395	$12,710,542
2022	$47,783,129	$41,089,688	$101,965,757	$6,693,441
2021	$29,018,122	$29,664,583	$98,008,748	$-646,461
2020	$42,587,259	$44,379,578	$98,212,583	$-1,792,319
2019	$49,053,989	$48,288,592	$101,601,805	$765,397
2018	$48,856,248	$44,008,805	$101,693,959	$4,847,443