Veterans Inc.

990 • Fiscal year 2021 • EIN 04-3098024

Jul 01, 2020 to Jun 30, 2021 • Filed on May 13, 2022

Organization Profile WWW.VETERANSINC.ORG

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69 Grove StreetWorcester, MA 01605

(800) 482-2565

Siviq Scores

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Balance Sheet

Assets

$18,232,415

Up $1,108,569 (+6.5%) from 2020

Net Assets

$12,786,850

Up $2,418,779 (+23%) from 2020

Liabilities

Down

$5,445,565

Down $1,310,210 (-19%) from 2020

Revenue And Expenses

Revenue

$18,421,251

Up $5,762,939 (+46%) from 2020

Expenses

$16,015,492

Up $4,300,841 (+37%) from 2020

Net Income

$2,405,759

Up $1,462,098 (+155%) from 2020

Historical Trend

Balance Sheet Trend

The highlighted filing sits inside the broader history for assets, liabilities, and net assets.

Highlighted filing

2021

Assets$18,232,415

Liabilities$5,445,565

Net Assets$12,786,850

Open 2021 Filing

Operations Trend

Revenue, expenses, and net income across loaded years, with this filing highlighted.

Highlighted filing

2021

Revenue$18,421,251

Expenses$16,015,492

Net Income$2,405,759

Open 2021 Filing

Jump To

Filing Snapshot

Filing Period: Jul 1, 2020 to Jun 30, 2021
Signed: May 13, 2022
Return Version: 2020v4.2
Gross Receipts: $18,485,534

Mission and Program Overview

Mission

Veterans inc. Is a private non-profit organization dedicated to providing a wide array of programs and supportive services to veterans, service members, and their families and is the largest one-stop veterans housing, outreach, and supportive services program in new england.

Balance Sheet Detail

Line	Beginning	End	Change
Assets
Land, Buildings, and Equipment, Net	$10,881,540	$10,593,330	▼ $288,210
Cash and Non-Interest-Bearing Accounts	$4,469,318	$5,782,693	▲ $1,313,375
Accounts Receivable	$1,546,856	$1,595,897	▲ $49,041
Prepaid Expenses and Deferred Charges	$132,280	$146,813	▲ $14,533
Savings and Temporary Cash Investments	$82,557	$98,865	▲ $16,308
Inventories for Sale or Use	$11,295	$14,817	▲ $3,522
Total Assets	$17,123,846	$18,232,415	▲ $1,108,569
Liabilities
Mortgage Notes Payable Secured by Investment Property	$5,768,417	$4,703,460	▼ $1,064,957
Accounts Payable and Accrued Expenses	$520,256	$550,539	▲ $30,283
Deferred Revenue	$467,102	$191,566	▼ $275,536
Total Liabilities	$6,755,775	$5,445,565	▼ $1,310,210
Net Assets / Fund Balance
Net Assets Without Donor Restrictions	$8,790,847	$11,209,626	▲ $2,418,779
Net Assets With Donor Restrictions	$1,577,224	$1,577,224	→ $0
Total Net Assets Fund Balance	$10,368,071	$12,786,850	▲ $2,418,779
Total Liabilities and Net Assets / Fund Balance	$17,123,846	$18,232,415	▲ $1,108,569

Asset Categories

Asset	Book Value	Depreciation	Basis
Buildings	$9,774,169	$3,207,787	$12,981,956
Equipment	$47,156	$953,889	$1,001,045
Land	$772,005	-	$772,005

Compensation and Service Providers

Employees

Name	Title	Full / Part Time	Base	Other	Total
Vincent Perrone	President & CEO	FT	$199,453	$27,024	$226,477
Denis M Leary	VP & Exec. Director	FT	$171,252	$32,110	$203,362
Allison Alaimo	VP Fin. Dev. & Admin	FT	$152,179	$22,600	$174,779

Board Members and Trustees

Name	Title
Barbara Rugo Focht	Director
Edward D Burkart Jr	Director
Patrick Murphy	Director
Ralph D Sabatino	Director
Victoria Vitucci	Director
Roland Bercume	Secretary
George Bourisk	Treasurer

Revenue and Support

Revenue Composition

Contributions and Grants: $14,541,945
Program Service Revenue: $3,574,363
Investment Income: $9,062
Other Revenue: $295,881
All Other Contributions: $2,113,209
Change in Net Assets: $2,405,759

Noncash Contribution Practices

Property subject to holding requirements: No
Reviewed unusual noncash gifts: Yes
Third parties used for noncash contributions: No

Noncash Contributions

Contribution Type	Reported Amount	Valuation Method
Clothing and Household Goods	$181,365	Management Estimate
Other Non Cash Contri Table	$125,918	-
Food Inventory	$47,392	Cost Per Pound
Total Noncash Contributions	$354,675	-

Audited Revenue Reconciliation

Revenue per Audited Statements: $18,421,251
Revenue Not Reported on Financial Statements: $0
Revenue Not Reported on Form 990: $77,303
Total Revenue per Audited Statements: $18,498,554
Total Revenue per Form 990: $18,421,251

Expenses and Functional Allocation

Major Expense Lines

Line Item	Amount
Salaries, Compensation, and Employee Benefits	$9,195,283
Other Expenses	$5,228,192
Grants and Similar Amounts Paid	$1,592,017
Total Fundraising Expense	$156,710
Professional Fundraising Fees	$0

Functional Expense Allocation

Line Item	Program	Management	Fundraising	Total
Other Salaries and Wages	$7,021,252	-	-	$7,021,252
Grants to Domestic Individuals	$1,592,017	-	-	$1,592,017
Occupancy	$1,482,837	$49,001	$44,885	$1,576,723
Other Employee Benefits	$754,605	$7,570	-	$762,175
Current Officers, Directors, Trustees, and Key Employees	$472,111	$237,795	-	$709,906
Payroll Taxes	$700,057	$1,484	-	$701,541
Depreciation Depletion	$373,692	$13,089	-	$386,781
Office Expenses	$203,263	$52,547	$587	$256,397
Travel	$233,499	$1,854	$185	$235,538
Information Technology	$160,498	$17,775	$2,125	$180,398
Fees for Services Legal	$74,097	$64,342	$2,000	$140,439
Insurance	$15,843	$120,399	$878	$137,120
Other Expenses	$515,669	$124,727	$26,700	$124,727
Fees for Services Other	$113,844	-	-	$113,844
Fees for Services Accounting	-	$52,071	-	$52,071
All Other Expenses	$23,414	$140	$20,462	$44,016
Conferences and Meetings	$10,961	-	-	$10,961
Advertising	$1,125	-	-	$1,125
Pension Plan Contributions	-	$409	-	$409
Total Functional Expenses	$15,080,427	$778,355	$156,710	$16,015,492

Audited Expense Reconciliation

Line Item	Amount
Total Expenses per Audited Statements	$16,079,774
Total Expenses per Form 990	$16,015,492
Expenses per Audited Statements	$16,015,491
Expenses Not Reported on Form 990	$64,283
Expenses Not Reported on Financial Statements	$1
Other Expense Adjustments	$1

Fundraising, Events, and Gaming

Fundraising activities: Yes
Gaming activities: No
Professional fundraiser used: No

Fundraising and Gaming Totals

Line Item	Amount
Fundraising Direct Expenses	$64,283
Fundraising Gross Income	$61,008
Professional Fundraising Fees	$0

Fundraising Events

Event	Gross Receipts	Gross Revenue	Direct Expenses	Net Income
Gala Dinner	$144,473	$40,155	$1,104	$39,051
Golf Tournament	$69,474	$19,353	$3,940	$15,413
Total Events	$238,704	$61,008	$64,283	$-3,275

Political and Lobbying Activity

Political campaign activity: No
Lobbying activity: Yes
Subject to proxy tax: No

Insider Transactions and Loans

Interested-Person Transactions

Interested Party	Relationship	Description	Shared Revenue	Amount
Samuel Perrone	Child of CEO	Wages	No	$61,903
Daniel Alaimo	Brother of Officer	Wages	No	$59,703
Vincent Perrone Iii	Child of CEO	Wages	No	$42,824

Organization	Type	Method	Amount
Massachusetts Veterans Inc	K	Fmv	$26,833

Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant: No
Annual disclosure for covered persons: Yes
Audit committee: Yes
Backup withholding compliance: Yes
Business relationship with 35% controlled entity: No
Business relationship with family members: Yes
Business relationship with organization members: No
Material changes to governing documents: No
Compensation from other sources disclosed: No
CEO compensation reviewed: Yes
Other officer compensation reviewed: Yes
Conflict-of-interest policy: Yes
Audited financial statements prepared: Yes
Key decisions subject to board approval: No
Management duties delegated: No

Governance Explanations

Form 990, Part VI, Section B, Line 11B

“Organization's process to review form 990 a draft copy of the organization's form 990 is reviewed with the governing body prior to submission.”

Form 990, Part VI, Section B, Line 12C

“The policy is reviewed annually with all officers, directors and key employees.”

Form 990, Part VI, Section B, Line 15

“A compensation committee annually reviews the ceo and executive director's salaries based on comparability information and other factors. A compensation committee annually reviews officers and key employees salaries based on comparability information and other information.”

Form 990, Part VI, Section C, Line 19

“All governing documents, policies and financial statements are available upon written request to the executive director of the organization.”

Filing and Contact Details

Filer

Filer Name: Veterans Inc
EIN: 04-3098024
Phone: 8004822565
Address: 69 GROVE STREET, WORCESTER, MA 01605

Signing Officer

Name: Vincent Perrone
Title: President & CEO
Phone: 8004822565
Signed: 2022-05-13
Discuss with paid preparer: Yes

Organization Details

Principal Officer: Vincent Perrone
Formed: 1990
Legal Domicile: Ma
Voting Board Members: 9
Independent Board Members: 7
Employees: 173
Volunteers: 50

Preparer

Firm: Marcum Llp
Address: 53 STATE STREET, BOSTON, MA 02109
Preparer: Douglas Farrington
Phone: 6178075000

Supplemental Narrative

Financial Statement Notes

PART X, LINE 2:

“The organization was incorporated under the provisions of chapter 180 of the general laws of the commonwealth of massachusetts. The organization has been granted a tax-exempt status by the internal revenue service under code section 501(c) (3). The organization is not a private foundation. The preparation of financial statements in conformity with accounting principles generally accepted in the united states of america requires the organization to report information regarding its exposure to various tax positions taken by the organization. The organization has determined whether any tax positions have met the recognition threshold and have measured the organization's exposure to those tax positions. Management believes that the organization has adequately addressed all relevant tax positions and that there are no unrecorded tax liabilities. Federal and state tax authorities generally have the right to examine and audit the previous three years of tax returns filed. Any interest or penalties assessed to the organization are recorded in operating expenses. No interest or penalties from federal or state tax authorities were recorded in the accompanying financial statements. The open tax years are years ended 2017 to 2020. The june 30, 2018 tax year was examined by federal authorities.”

PART XI, LINE 2D - OTHER ADJUSTMENTS:

“Special event expenses 64,283.”

PART XII, LINE 2D - OTHER ADJUSTMENTS: