Verite INC FY2023 filing

Tax-deductible

Northampton, MA501(c)(3)Since 1996Arts & CultureEIN 04-3304538

To provide world-wide inspection, verification and certification of non-abusive labor practices of manufacturers producing consumer goods for the u.s. Market.

501(c)(3) charity; gifts are tax-deductible.
93¢ of each $1 spent went to programs.
$690K paid to officers and key staff.
Mission: Form 990 Part I, line 1 · Status: IRS Pub. 78 · Programs: Part IX · Pay: Part VII

Before you give

FY2023 · Form 990Independent: from IRS data, not the org
Download 990
IRS status
501(c)(3)
not on the IRS revocation list
Looks good: listed by the IRS and not on the revocation list.
IRS BMF · Auto-Revocation List
Tax-deductible gifts
Yes
Donations are tax-deductible
Looks good: the IRS lists gifts to it as deductible.
IRS Pub. 78 · IRS BMF
Latest return
FY2024
latest Form 990
Looks good: the latest return is for FY2024, 2 tax years back; within 2 tax years.
IRS e-file · Filing history
Surplus or deficit
2 of 5
filings with a surplus
Average surplus $75K a year · under 1% of revenue · last 5 filings
Worth a look: a surplus in 2 of the last 5 filings.
Pt I · Ln 19 · 5 filings
Spent on programs
93%
of spending
Looks good: 93% of spending went to programs; 75% or more.
Pt IX · Ln 25 · col B
Pay to officers and key staff
$690K
to officers and key staff · 5% of spending
Looks good: pay to officers and key staff is 5% of spending; 15% or less.
Pt VII · Sec A
Cash reserves
2 mo
of spending, in cash
Fine: 2.2 months of spending in cash; 1 to 3.
Pt X · Ln 1–2 · Pt I · Ln 18
Named funders
1
named funder · $68K
Fine: 1 funder names it on their filings; under 3.
Funders’ Sch. I, 990-PF
Liabilities
$1.5M
28% of total assets
Looks good: liabilities are 28% of assets; 50% or less.
Pt X · Ln 26
Independent board members
12
of 12 voting members
Looks good: 12 of 12 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$13.5M
+35% vs prior year
Spent
$12.8M
To programs
93%
Net assets
$3.8M
By yearFY2020–FY2024
Revenue
$13.5M
FY2023▲ +35%
Revenue by fiscal year
FY2020$8.0M
FY2021$10.4M
FY2022$10.0M
FY2023$13.5M
FY2024$11.8M
Expenses
$12.8M
FY2023▲ +20%
Expenses by fiscal year
FY2020$8.3M
FY2021$8.8M
FY2022$10.6M
FY2023$12.8M
FY2024$12.7M
Net assets
$3.8M
FY2023▲ +22%
Net assets by fiscal year
FY2020$2.2M
FY2021$3.8M
FY2022$3.1M
FY2023$3.8M
FY2024$2.9M

From the FY2023 Form 990 · figures checked against the IRS filing · see the original

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You’re viewing the FY2023 filing — not the latest on file. See the latest (FY2024) →

Is it real?

Yes. Never revoked by the IRS. Latest filing on record: FY2024. IRS ruling in Aug 1996.

IRS Pub. 78 · IRS Auto-Revocation List · IRS Business Master File

Where the money goes

93 cents of each dollar spent went to programs.

Program services 93% · $11.8M Management & general 7% · $931K Fundraising 0% · $486

Form 990 Part IX, line 25, columns B–D. Every line is in By the numbers.

Who runs it and what they're paid

17 people listed on the 990; $690K paid to officers and key staff.

Part VII, Section A · reportable compensation
Chief Executive Officer
$166,173Pt VII · Sec A
Cheif Program Officer
$133,053Pt VII · Sec A
Cheif Program Officer
$133,053Pt VII · Sec A
Senior Program Director
$130,451Pt VII · Sec A
Chief Commercial Officer
$127,731Pt VII · Sec A
$0Pt VII · Sec A
Treasurer
$0Pt VII · Sec A
$0Pt VII · Sec A

Shawn Macdonald’s $166K as Chief Executive Officer is at the 9th percentile of top reported officer pay among 749 $10–100M arts & culture 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 · 7 named individuals · Part VII

NameFY2024FY2023FY2022FY2021FY2020
Shawn Macdonald$166,281$166,173$150,208$155,890$153,628
Elizabeth Garland$137,729$133,053$125,000$113,784—
Gabriela Delgadilla$137,729$133,053$125,000$113,784—
Michael Vaudreuil$135,041$130,451$122,510$122,691$119,954
Declan Croucher$132,230$127,731$120,000$112,821$107,649
Lydia Long————$107,649
Victoria Healy———$104,014—

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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Questions the 990 asks

The form asks each of these directly. These are the filed answers.

  • Family or business ties among officersPt VI · Ln 2No
  • Top official's pay set by an independent reviewPt VI · Ln 15aYes

Programs and updates

Certifies manufacturers worldwide ensure fair labor practices for U.S. consumer goods.

Provided by the organization

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3 program services account for $11.4M of program spending, described in the organization's own filed words · FY2023.
01

Verite undertook 22 independent, high-quality, original research projects for 11 funders in multiple countries providing original research on key issues and challenges in responsible supply chain sourcing.

$7.1Mprogram expense
02

Verite conducted 208 comprehensive audits, investigations, screenings, and reviews to provide insight into working conditions - including forced labor, human trafficking, and child labor - in global supply chains for 24 clients in more than 32 countries.

$2.5Mprogram expense
03

Verite completed 66 consulting engagements for 21 clients guiding companies in strengthening internal and supply chain management systems that proactively controlled risks to the business and its employees.

$1.8Mprogram expense

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Funders

Who pays for it.

From grant filings on record. Receipts are incomplete: individual donors are never listed.

Grants

Schedule I · funders on record
Grants received · FY2025
Total grants receivedfrom 1 funder$68K

By the numbers

The FY2023 990, line by line.

1The main four
Money inPt VIII
$13.5M
Ln 12
Fees for servicesLn 2g$11.9M
Other incomeLn 4–11$801K
Gifts and grantsLn 1h$781K
Money outPt IX
$12.8M
Ln 25
Programscol B$11.8M
Managementcol C$931K
Fundraisingcol D$486
Owns and owesPt X
$3.8M
net assets · Ln 32
Cash and savingsLn 1–2$2.3M
Total assetsLn 16$5.3M
LiabilitiesLn 26$1.5M
PeoplePt VI, VII
17
listed · VII A
PaidVII A5
Voting boardVI 1a12
IndependentVI 1b12
2In more detail
Revenue in detailPt VIII
Gifts and grantsLn 1h$781K
Fees for servicesLn 2g$11.9M
Investment incomeLn 3$268
Other incomeLn 4–11$801K
Total revenueLn 12$13.5M
Assets in detailPt X, end of year
CashLn 1$2.2M
SavingsLn 2$91K
Cash and savings togetherLn 1–2$2.3M
Land, buildings, equipmentLn 10c$49K
Other assetsLn 15$17K
Total assetsLn 16$5.3M
LiabilitiesLn 26$1.5M
Net assetsLn 32$3.8M
OperationsPt I, VI
EmployeesI 552
VolunteersI 637
Fiscal year endsHeaderDecember
Conflict-of-interest policyVI 12aYes
Whistleblower policyVI 13Yes
Records policyVI 14Yes
3Year over year
Balance sheet, start vs end of yearPt X · col A, B
LineStart FY23End FY23
Cash and savingsLn 1–2$2.6M$2.3M
Land, buildings, equipmentLn 10c$44K$49K
Total assetsLn 16$5.5M$5.3M
LiabilitiesLn 26$2.4M$1.5M
Net assetsLn 32$3.1M$3.8M
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Pay of current officers, directors and key staffLn 5$196K$163K$33K
Other salaries and wagesLn 7$3.7M$3.2M$471K$321
Pension plan contributionsLn 8$36K$30K$6K
Other employee benefitsLn 9$710K$621K$89K$53
Payroll taxesLn 10$307K$281K$25K$19
Legal feesLn 11b$9K$6K$3K
Accounting feesLn 11c$60K$38K$22K$3
Advertising and promotionLn 12$2K$2K$515
Office expensesLn 13$385K$338K$46K$24
OccupancyLn 16$165K$112K$53K$9
TravelLn 17$1.3M$1.3M$19K
Conferences, conventions and meetingsLn 19$27K$24K$3K
Depreciation, depletion and amortizationLn 22$15K$10K$4K$2
InsuranceLn 23$79K$45K$35K$18
Other expenses (24a–d)Ln 24$5.8M$5.6M$120K$37
All other expensesLn 24e$2K$1K$415
Total functional expensesLn 25$12.8M$11.8M$931K$486

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2024 Latest $11.8M$12.7M−$850K$2.9M 990 PDF
FY2023 Viewing $13.5M$12.8M$694K$3.8M 990 PDF
FY2022 $10.0M$10.6M−$692K$3.1M 990 PDF
FY2021 $10.4M$8.8M$1.6M$3.8M 990 PDF
FY2020 $8.0M$8.3M−$380K$2.2M 990 PDF

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Schedules filed Part IV

III · Programs I · Grants R · Related orgs G · Fundraising L · Interested persons A · Public support F · Foreign M · Noncash
See the full FY2023 990 (4 parts)
Part VIII · Statement of revenue $13,460,433 across 6 lines filed
VIII-1f All other contributions, gifts and grants$781,474
VIII-1h Total contributions, gifts and grants$781,474
VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $11,877,911$11,877,911
VIII-3 Investment incomeExcluded from tax $268$268
VIII-11a-d Other revenue, itemized rows (sum of 11a–11d as filed)Excluded from tax $800,780$800,780
VIII-12 Total revenueRelated to mission $11,877,911 · Unrelated business $0 · Excluded from tax $801,048$13,460,433
Part IX · Statement of functional expenses $12,766,824 across 16 lines filed
IX-5 Pay of current officers, directors and key staffPrograms $163,001 · Management $33,385$196,386
IX-7 Other salaries and wagesPrograms $3,192,051 · Management $470,538 · Fundraising $321$3,662,910
IX-8 Pension plan contributionsPrograms $30,041 · Management $6,153$36,194
IX-9 Other employee benefitsPrograms $621,109 · Management $88,685 · Fundraising $53$709,847
IX-10 Payroll taxesPrograms $281,451 · Management $25,357 · Fundraising $19$306,827
IX-11b Legal feesPrograms $5,748 · Management $3,376$9,124
IX-11c Accounting feesPrograms $37,981 · Management $22,306 · Fundraising $3$60,290
IX-12 Advertising and promotionPrograms $1,790 · Management $515$2,305
IX-13 Office expensesPrograms $338,363 · Management $46,205 · Fundraising $24$384,592
IX-16 OccupancyPrograms $112,368 · Management $52,888 · Fundraising $9$165,265
IX-17 TravelPrograms $1,323,408 · Management $19,124$1,342,532
IX-19 Conferences, conventions and meetingsPrograms $23,704 · Management $2,823$26,527
IX-22 Depreciation, depletion and amortizationPrograms $10,409 · Management $4,357 · Fundraising $2$14,768
IX-23 InsurancePrograms $44,522 · Management $34,797 · Fundraising $18$79,337
IX-24 Other expenses (24a–d)Programs $5,648,058 · Management $120,205 · Fundraising $37$5,768,300
IX-24e All other expensesPrograms $1,205 · Management $415$1,620
IX-25 Total functional expensesPrograms $11,835,209 · Management $931,129 · Fundraising $486$12,766,824
Part X · Balance sheet $5,282,808 assets, 15 lines filed
X-1 Cash, non-interest-bearingStart of year $1,880,732$2,208,431
X-2 Savings and temporary cash investmentsStart of year $695,613$91,098
X-4 Accounts receivableStart of year $2,542,352$2,868,179
X-9 Prepaid expenses and deferred chargesStart of year $46,576$48,680
X-10c Land, buildings and equipment, netStart of year $43,503$49,486
X-15 Other assetsStart of year $250,043$16,934
X-16 Total assetsStart of year $5,458,819$5,282,808
X-17 Accounts payable and accrued expensesStart of year $1,392,808$1,277,791
X-19 Deferred revenueStart of year $745,926$226,822
X-25 Other liabilitiesStart of year $235,500$0
X-26 Total liabilitiesStart of year $2,374,234$1,504,613
X-27 Net assets without donor restrictionsStart of year $2,570,177$2,730,835
X-28 Net assets with donor restrictionsStart of year $514,408$1,047,360
X-32 Total net assets or fund balancesStart of year $3,084,585$3,778,195
X-33 Total liabilities and net assetsStart of year $5,458,819$5,282,808
Part XI · Reconciliation of net assets $3,778,195 net assets at year end
XI-1 Total revenue$13,460,433
XI-2 Total expenses$12,766,824
XI-3 Revenue less expenses$693,609
XI-4 Net assets at start of year$3,084,585
XI-9 Other changes in net assets$0
XI-10 Net assets at end of year$3,778,195

Form 990 e-file (XML) FY2023 from the IRS · Classification, formation year and address from the IRS Business Master File

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