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Aztec Shops Ltd

EIN 95-0516240 · San Diego, CA

Public records show a registered, tax-exempt organization in good standing.

LegitimacyPassesRegistration and standingFinancial healthWeak47 out of 100GovernanceGood80 out of 100Impact evidenceDescribes programsHow well its results are evidenced

What it says it does

SEE SCHEDULE O

Income
$94.5 million
Spending
$85.9 million
Spent on programs
83%
Reserves
-17.8 months of spending
Largest source of income
other income, 61%
Employees
2,250
Volunteers
7
Highest pay
$475,729, sec/treasurer (sdsu emp)

Source: Form 990 for the year ending June 30, 2025, filed with the Internal Revenue Service. Rating method 2026.2. How we rate

Financial health

Weak: 47 out of 100. Higher than 25% of charities in its peer group (education, $10m to $100m).

  • Reserves

    0 of 35

    Spendable reserves are negative: it owes or has committed more than it holds.

  • Debt

    2 of 20

    It owes 80% of what it owns.

  • Living within its means

    15 of 15

    Income exceeded spending by 9% of income.

  • Income trend

    15 of 15

    Income rose 9% on the year before.

  • Spending floor

    15 of 15

    83% of spending went to programs.

Source: Form 990 for the year ending June 30, 2025, filed with the Internal Revenue Service. Rating method 2026.2. How we rate

Governance

Good: 80 out of 100. Higher than 11% of charities in its peer group (education, $10m to $100m).

  • Independent board

    5 of 25

    4 of 8 voting board members are independent.

  • Conflict of interest policy

    15 of 15

    Has a written conflict of interest policy.

  • Whistleblower policy

    8 of 8

    Has a written whistleblower policy.

  • Record keeping policy

    7 of 7

    Has a written policy on keeping and destroying records.

  • Board minutes

    5 of 5

    Keeps minutes of board meetings.

  • Board sees the tax return

    10 of 10

    Gave the board a copy of this return before filing it.

  • Pay set independently

    5 of 5

    Sets its chief executive's pay through independent review and comparison.

  • Independent check of accounts

    15 of 15

    Its accounts were audited by an independent accountant.

  • No reported misuse

    10 of 10

    Reports no diversion of assets, excess benefits or loans to insiders.

Source: Form 990 for the year ending June 30, 2025, filed with the Internal Revenue Service. Rating method 2026.2. How we rate

Impact evidence

Describes programs. Its tax return describes what it does but we have found no measurable results in it.

Programs described in its return (8)
  1. $37.6 million spent. 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.
  2. $19.6 million spent. 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.
  3. $7.1 million spent. 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.
  4. $4.1 million spent. UNIVERSITY TOWERS RESIDENCE HALLAZTEC SHOPS OWNS AND OPERATES, IN CONJUNCTION WITH SAN DIEGO STATE UNIVERSITY'S OFFICE OF HOUSING ADMINISTRATION, THE UNIVERSITY TOWERS RESIDENCE HALL ON THE CAMPUS OF SAN DIEGO STATE UNIVERSITY. UNIVERSITY TOWERS WAS THE "HOME AWAY FROM HOME" FOR MORE THAN 500 STUDENTS OF SAN DIEGO STATE DURING THE 2024-2025 ACADEMIC YEAR, PROVIDING A LIVING ENVIRONMENT FOSTERING ACADEMIC EXCELLENCE AND PERSONAL GROWTH.
  5. $2.3 million spent. CONFERENCE SERVICESSDSU CONFERENCE SERVICES SERVES GROUPS RANGING IN SIZE FROM 10 TO 12,000 ATTENDING CONFERENCES AND WORKSHOPS ON CAMPUS, PRIMARILY DURING THE SUMMER MONTHS. TO HELP MAKE EACH GATHERING A SUCCESS, SDSU CONFERENCE SERVICES FOCUSES ON ADVANCE PREPARATION AND PLANNING ASSISTANCE. CONFERENCE PLANNING ENCOMPASSES VARIOUS ON-CAMPUS SERVICES, INCLUDING FACILITIES, INSTRUCTIONAL MEDIA ASSISTANCE, DINING SERVICES, AND HOUSING ACCOMMODATIONS.
  6. MISCELLANEOUS INCOMERECEIPTS AND REIMBURSEMENTS FOR VARIOUS COMMERCIAL SERVICES PROVIDED BY AZTEC SHOPS TO THE SAN DIEGO STATE UNIVERSITY CAMPUS COMMUNITY.
  7. RENTAL OF FACILITIES SDSU'S WORLD CAMPUS OFFERS CERTIFICATE PROGRAMS FOR CAREER ADVANCEMENT, MASTER'S DEGREE PROGRAMS AND ESL INSTRUCTION. AZTEC SHOPS PROVIDES FACILITIES FOR RENT TO SAN DIEGO STATE UNIVERSITY FOR THEIR WORLD CAMPUS.
  8. $870,000 spent. GRANT ALLOCATIONSAZTEC SHOPS, AT THE DISCRETION OF ITS BOARD OF DIRECTORS, PROVIDES FOR ANNUAL ALLOCATIONS TO SAN DIEGO STATE UNIVERSITY AND ITS AFFILIATED ORGANIZATIONS. DURING THE CURRENT YEAR, ALLOCATIONS WERE MADE TO THE ASSOCIATED STUDENTS OF SAN DIEGO STATE UNIVERSITY AND SAN DIEGO STATE UNIVERSITY.

Source: Form 990 for the year ending June 30, 2025, filed with the Internal Revenue Service. Rating method 2026.2. How we rate

Legitimacy checks

  1. Is it registered with the IRS? Passed.

    Listed in the IRS master file of tax-exempt organizations as a 501(c)(3) charitable organization.

    Source: Exempt Organizations Business Master File, Internal Revenue Service, file dated September 7, 2026.

  2. Has the IRS revoked its tax-exempt status? Passed.

    Not on the IRS automatic revocation list.

    Source: Automatic revocation of exemption list, Internal Revenue Service, file dated September 30, 2026.

  3. Are donations tax-deductible? Passed.

    On the IRS list of organizations eligible to receive tax-deductible contributions.

    Source: Publication 78 data: organizations eligible for tax-deductible contributions, Internal Revenue Service, file dated September 10, 2026.

  4. Is it keeping up with its IRS filings? Passed.

    Most recent return on file covers the year ending June 2025.

    Source: Exempt Organizations Business Master File, Internal Revenue Service, file dated September 7, 2026.

  5. How long has it been tax-exempt? Passed.

    Recognized by the IRS since April 1953.

    Source: Exempt Organizations Business Master File, Internal Revenue Service, file dated September 7, 2026.

  6. Is it in good standing with state regulators? Passed.

    Not on California's list of charities barred from soliciting. Other states are not yet checked.

    Source: May Not Operate or Solicit for Charitable Purposes list, California Attorney General, Registry of Charities and Fundraisers, file dated October 7, 2026.

Ratings and checks are our reading of public records, using the published method. They are not a statement about anyone's honesty. If you work for this organization, you can send corrections or results, confirm you want gifts through Veridonate, or ask to be removed from giving.