Civic Intelligence

Verite Inc.

990 • Fiscal year 2015 • EIN 04-3304538

Jan 01, 2015 to Dec 31, 2015 • Filed on Jul 20, 2016

44 Belchertown RoadAmherst, MA 01002

(413) 253-9227

Siviq Scores

Precomputed percentiles for this filing year versus similar nonprofits in the same peer cohort.

Liabilities / Assets

72nd percentile

0.47x

Higher debt load relative to assets than 72% of similar nonprofits.

2015 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2015

Liabilities / Revenue

55th percentile

0.23x

Higher debt load relative to revenue than 55% of similar nonprofits.

2015 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2015

Net Margin

41st percentile

0.6%

Higher net margin than 41% of similar nonprofits.

2015 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2015

Top Officer Pay

67th percentile

$160,547

Higher top officer pay than 67% of similar nonprofits.

Top officer pay equals 2.6% of source-year revenue.

2015 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2015

Asset Growth

81st percentile

16%

Faster asset growth than 81% of similar nonprofits.

2015 filings • 501(c)3 • $5M-$10M nonprofits • Annualized from 2014 to 2015

Revenue Growth

22nd percentile

-8.7%

Faster revenue growth than 22% of similar nonprofits.

2015 filings • 501(c)3 • $5M-$10M nonprofits • Annualized from 2014 to 2015

Assets

Up

$3,016,638

Up $416,450 (+16%) from 2014

Net Assets

Up

$1,594,061

Up $36,133 (+2.3%) from 2014

Liabilities

Up

$1,422,577

Up $380,317 (+36%) from 2014

Revenue

Down

$6,109,566

Down $582,090 (-8.7%) from 2014

Expenses

Up

$6,073,433

Up $176,021 (+3.0%) from 2014

Net Income

Down

$36,133

Down $758,111 (-95%) from 2014

Historical Trend

Balance Sheet Trend

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

$8.0M$6.0M$4.0M$2.0M$0Assets 2011: $1,098,364Liabilities 2011: $549,554Net Assets 2011: $548,8102011Assets 2012: $2,208,744Liabilities 2012: $586,187Net Assets 2012: $1,622,5572012Assets 2013: $1,534,755Liabilities 2013: $771,071Net Assets 2013: $763,6842013Assets 2014: $2,600,188Liabilities 2014: $1,042,260Net Assets 2014: $1,557,9282014Assets 2015: $3,016,638Liabilities 2015: $1,422,577Net Assets 2015: $1,594,0612015Assets 2016: $3,109,392Liabilities 2016: $1,144,151Net Assets 2016: $1,965,2412016Assets 2017: $4,683,656Liabilities 2017: $1,620,574Net Assets 2017: $3,063,0822017Assets 2018: $5,313,440Liabilities 2018: $1,776,730Net Assets 2018: $3,536,7102018Assets 2019: $5,060,115Liabilities 2019: $2,467,870Net Assets 2019: $2,592,2452019Assets 2020: $4,736,675Liabilities 2020: $2,524,513Net Assets 2020: $2,212,1622020Assets 2021: $6,111,457Liabilities 2021: $2,335,099Net Assets 2021: $3,776,3582021Assets 2022: $5,458,819Liabilities 2022: $2,374,234Net Assets 2022: $3,084,5852022Assets 2023: $5,282,808Liabilities 2023: $1,504,613Net Assets 2023: $3,778,1952023Assets 2024: $5,031,174Liabilities 2024: $2,103,396Net Assets 2024: $2,927,7782024

Highlighted filing

2015

Assets$3,016,638
Liabilities$1,422,577
Net Assets$1,594,061

Operations Trend

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

$15M$10M$5.0M$0-$5.0MRevenue 2011: $4,171,498Expenses 2011: $4,754,294Net Income 2011: -$582,7962011Revenue 2012: $4,641,510Expenses 2012: $3,567,763Net Income 2012: $1,073,7472012Revenue 2013: $3,635,018Expenses 2013: $4,493,891Net Income 2013: -$858,8732013Revenue 2014: $6,691,656Expenses 2014: $5,897,412Net Income 2014: $794,2442014Revenue 2015: $6,109,566Expenses 2015: $6,073,433Net Income 2015: $36,1332015Revenue 2016: $6,957,131Expenses 2016: $6,585,951Net Income 2016: $371,1802016Revenue 2017: $8,044,270Expenses 2017: $6,946,429Net Income 2017: $1,097,8412017Revenue 2018: $7,976,418Expenses 2018: $7,502,790Net Income 2018: $473,6282018Revenue 2019: $8,517,792Expenses 2019: $9,462,257Net Income 2019: -$944,4652019Revenue 2020: $7,953,074Expenses 2020: $8,333,157Net Income 2020: -$380,0832020Revenue 2021: $10,354,968Expenses 2021: $8,750,222Net Income 2021: $1,604,7462021Revenue 2022: $9,956,684Expenses 2022: $10,648,457Net Income 2022: -$691,7732022Revenue 2023: $13,460,433Expenses 2023: $12,766,824Net Income 2023: $693,6092023Revenue 2024: $11,821,768Expenses 2024: $12,672,185Net Income 2024: -$850,4172024

Highlighted filing

2015

Revenue$6,109,566
Expenses$6,073,433
Net Income$36,133
Jump To
Filing Snapshot
Filing Period
Jan 1, 2015 to Dec 31, 2015
Signed
Jul 20, 2016
Return Version
2015v2.1
Gross Receipts
$6,109,566
Mission and Program Overview

Mission

To ensure that people worldwide work under safe, fair and legal working conditions and to develop concrete steps to correct identified exploitation of workers or health and safety violations in the workplace through a combination of trainings for management and workers, education programs and remediation programs.

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

Balance Sheet Detail
LineBeginningEndChange
Assets
Accounts Receivable$1,356,115$1,770,832▲ $414,717
Savings and Temporary Cash Investments$476,619$883,166▲ $406,547
Cash and Non-Interest-Bearing Accounts$236,944$256,884▲ $19,940
Prepaid Expenses and Deferred Charges$37,317$40,846▲ $3,529
Land, Buildings, and Equipment, Net$37,628$24,610▼ $13,018
Pledges and Grants Receivable$437,500$22,235▼ $415,265
Total Assets$2,600,188$3,016,638▲ $416,450
Other Assets Total$18,065$18,065→ $0
Liabilities
Accounts Payable and Accrued Expenses$672,297$952,814▲ $280,517
Deferred Revenue$369,963$469,763▲ $99,800
Total Liabilities$1,042,260$1,422,577▲ $380,317
Net Assets / Fund Balance
Temporarily Rstr Net Assets$1,696,907$939,776▼ $757,131
Unrestricted Net Assets$-138,979$654,285▲ $793,264
Total Net Assets Fund Balance$1,557,928$1,594,061▲ $36,133
Total Liabilities and Net Assets / Fund Balance$2,600,188$3,016,638▲ $416,450

Asset Categories

AssetBook ValueDepreciationBasis
Equipment$21,296$524,449$545,745
Other Land Buildings$0$11,659$11,659
Leasehold Improvements$3,314$2,744$6,058
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseOtherTotal
Daniel ViedermanCEOFT$156,253$4,294$160,547
Michael VaudreuilDirector of Consulting and TrainingFT$111,128$16,379$127,507

Board Members and Trustees

NameTitle
Mike MusuracaChairperson
David LeviDirector
Doug CahnDirector
Jeffrey HollenderDirector
Katie FordDirector
Liddy MansonDirector
Joseph BohanTreasurer

Highest Paid Contractors

ContractorServicesLocationCompensation
Verite Southeast AsiaProgram ConsultantONE DUPONT CIRCLE NW STE 700, Washington, DC 20036, Rp$1,002,347
Association For Stimulating Know-howProgram ConsultantV-30/3 DLF PHASE - III, Gurgaon, ONTARIO, In$183,044
Aspen InstituteProgram Consultant600-630 MONTREAL STREET V8V4Y2, Victoria, Ca$109,907
-Program Consultant67 GORE VALE AVE, Toronto, Ca$109,164
-Program Consultant-$106,037
Revenue and Support

Revenue Composition

Contributions and Grants
$930,181
Program Service Revenue
$5,177,828
Investment Income
$1,557
Other Revenue
$0
All Other Contributions
$930,181
Change in Net Assets
$36,133

Audited Revenue Reconciliation

Revenue per Audited Statements
$6,109,566
Revenue Not Reported on Financial Statements
$0
Revenue Not Reported on Form 990
$0
Total Revenue per Audited Statements
$6,109,566
Total Revenue per Form 990
$6,109,566
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$3,988,725
Salaries, Compensation, and Employee Benefits$2,084,708
Total Fundraising Expense$65,766
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Expenses$2,807,494$33,429$9,461$2,850,384
Other Salaries and Wages$1,422,512$23,784$10,747$1,457,043
Travel$780,260$6,832$5,454$792,546
Current Officers, Directors, Trustees, and Key Employees$179,342$62,673$25,688$267,703
Other Employee Benefits$211,933$4,061$4,033$220,027
Payroll Taxes$133,201$4,157$2,577$139,935
Office Expenses$87,880$10,893$2,139$100,912
Occupancy$74,198$23,535$2,353$100,086
Insurance$58,356$8,690$2,238$69,284
Fees for Services Accounting$16,217$6,873$309$23,399
Conferences and Meetings$15,323$3,170$388$18,881
Fees for Services Legal$18,071$492$77$18,640
Depreciation Depletion$8,671$4,050$297$13,018
Advertising$1,502$68$5$1,575
Total Functional Expenses$5,814,960$192,707$65,766$6,073,433

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$6,073,433
Total Expenses per Audited Statements$6,073,433
Total Expenses per Form 990$6,073,433
Expenses Not Reported on Financial Statements$0
Expenses Not Reported on Form 990$0
International Activity

International Summary

Offices
1
Employees
2
Spending
$1,968,451

International Compliance

Activity in boycott countries
No
Foreign corporation ownership
No
Foreign partnership interest
No
Interest in foreign trust
No
Passive foreign investment company interest
No
Transfers to foreign corporations
No

International Activities

RegionActivityServicesOfficesEmployeesSpending
East Asia and the PacificProgram ServicesAudit and Training12$1,440,302
South AsiaProgram ServicesAudit and Training00$238,865
South AmericaProgram ServicesAudit and Training00$196,768
EuropeProgram ServicesAudit and Training00$92,516
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Professional Fundraising Fees$0
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
No
Subject to proxy tax
No
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 family members
No
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
No
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Form 990, Part VI, Section B, Line 11

A copy of the tax return is submitted to the board chair and treasurer immediately upon receipt for their review and signature. Copies are sent to the entire board along with the completed audit. It is not known if a board meeting will be held prior to the filing due date.

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

Each board member, officer, staff member, and volunteer shall sign and date the conflict of interest policy at the beginning of his/her term of service or employment and each year thereafter.

Form 990, Part VI, Section B, Line 15

The ceo's salary is discussed and approved by the board of directors in a confidential session. Any salary increase awarded is based on performance as well as what the market rate is for the area of operation. All other employee compensation is set by the ceo after discussions with appropriate parties such as the treasurer, cfo and/or program managers as part of the annual budget and/or review processes.

Form 990, Part VI, Section C, Line 19

Any public document requested can be viewed at the verite office at a mutually acceptable time after a request in writing has been submitted to the ceo.

Filing and Contact Details

Filer

Filer Name
Verite Inc
EIN
04-3304538
Phone
4132539227
Address
44 BELCHERTOWN ROAD, AMHERST, MA 01002

Signing Officer

Name
Shawn Macdonald
Title
CEO
Phone
4132539227
Signed
2016-07-20
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Shawn Macdonald
Formed
1996
Legal Domicile
Ma
Voting Board Members
7
Independent Board Members
7
Employees
29
Volunteers
29

Preparer

Firm
Whittlesey & Hadley Pc
Address
14 BOBALA RD, HOLYOKE, MA 01040
Preparer
Steve C Erickson
Phone
4135363970
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IRS990/Desc0U.S. COMPANIES OUTSOURCING PRODUCTION ENGAGED VERITE, INC. TO INSPECT LABOR PRACTICES IN FACTORIES AND ON FARMS OVERSEAS AND IN THE U.S. TO INFORM THEM OF HUMAN RIGHTS ABUSES, PROVIDE RECOMMENDATIONS FOR IMPROVEMENTS AND REMEDIATION GUIDELINES AND TO DEVELOP AND PRESENT TRAININGS TO STAFF ON APPROPRIATE PROCEDURES AND PRACTICES. CONDUCTED 394 ENGAGEMENTS FOR 52 CLIENTS IN 30 COUNTRIES FOR MONITORING SERVICES, ASSESSMENTS AND SPECIAL INVESTIGATIONS IMPACTING SEVERAL HUNDRED THOUSAND FACTORY WORKERS DIRECTLY. SUPPLIER TRAININGS: CONDUCTED 34 TRAINING SESSIONS ATTENDED BY 650 SUPPLIER STAFF OF 50 BRANDS IMPACTING AN ADDITIONAL SEVERAL HUNDRED THOUSAND WORKERS, TRAINED 182 AUDITORS FOR 35 BRANDS, CONDUCTED WORKER MOBILE VAN EDUCATION TRAININGS FOR 2000 WORKERS.
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IRS990/Form990PartVIISectionAGrp/TitleTxt7CEO
IRS990/Form990PartVIISectionAGrp/TitleTxt8DIR OF CONSULTING AND TRAINING
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IRS990/MissionDesc0TO ENSURE THAT PEOPLE WORLDWIDE WORK UNDER SAFE, FAIR AND LEGAL WORKING CONDITIONS AND TO DEVELOP CONCRETE STEPS TO CORRECT IDENTIFIED EXPLOITATION OF WORKERS OR HEALTH AND SAFETY VIOLATIONS IN THE WORKPLACE THROUGH A COMBINATION OF TRAININGS FOR MANAGEMENT AND WORKERS, EDUCATION PROGRAMS AND REMEDIATION PROGRAMS.
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IRS990/ProgSrvcAccomActy2Grp/Desc0DEVELOP AND EMPLOY A QUANTITATIVE SYSTEM (LABOR CONDITIONS MATRIX) TO EVALUATE LABOR CONDITIONS WITHIN CERTAIN COUNTRIES FOR THE EXISTENCE AND EFFECTIVENESS OF PROHIBITIONS OF ABUSIVE LABOR PRACTICES.
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IRS990/ProgSrvcAccomActy3Grp/Desc0CONDUCTING RESEARCH TO IDENTIFY SLAVERY PRONE COMMUNITIES TO ENABLE PRIORITIZING OF CORPORATE ACCOUNTABILITY AND DECISION MAKING.
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IRS990/ProgSrvcAccomActy3Grp/RevenueAmt0885343
IRS990/ProgSrvcAccomActyOtherGrp/Desc0VERITE, INC. IS IMPLEMENTING A PROGRAM TO COLLECT RELIABLE DATA ON, AND ADDRESS THE ROOT CAUSES OF EXPLOITIVE AND FORCED LABOR IN SEVEN COUNTRIES IN LATIN AMERICAN, ASIA AND AFRICA. THIS PROJECT LEVERAGES VERITE'S EXPERIENCE IN RESEARCHING AND SOLVING WORKPLACE HUMAN RIGHTS VIOLATIONS IN MULTINATIONAL SUPPLY CHAINS. THIS INITIATIVE ENABLES VERITE TO ILLUMINATE THE CAUSES OF FORCED LABOR IN SEVERAL SECTORS, AND IDENTIFY SOLUTIONS FOR ADOPTION BY GOVERNMENTS, BUSINESSES AND NON-GOVERNMENTAL ORGANIZATIONS. A PARALLEL VERITE PROJECT IS TARGETING RESEARCH ON FORCED LABOR THAT OCCURS AS A RESULT OF WORKERS ENTERING THE WORKFORCE THROUGH CONTRACT WITH A LABOR BROKER, WITH RESEARCH FOCUSING ON INDIA, SOUTHEAST ASIA AND THE UNITED STATES. THESE PROGRAMS BOTH BEGAN WITH IN-DEPTH RESEARCH TO EXAMINE THE SCOPE AND CAUSES OF FORCED LABOR IN THE SUPPLY CHAINS OF BOTH MANUFACTURED GOODS AND NATURAL RESOURCE COMMODITIES. BY UNCOVERING THE MECHANISMS BY WHICH PEOPLE ARE COERCED INTO AND HELD IN FORCED LABOR, THE PROGRAM IS IDENTIFYING STEPS FOR IMPLEMENTATION BY GOVERNMENTS, INTERNATIONAL ORGANIZATIONS, AND LOCAL AND MULTINATIONAL COMPANIES THAT CAN RESOLVE PROBLEMS TO THE BENEFIT OF MILLIONS OF WORKERS AROUND THE WORLD.
IRS990/ProgSrvcAccomActyOtherGrp/Desc1VERITE IS ENGAGAED IN APROJECT TO INDENTIFY AREAS OF GREATEST RSK OF TRAFFICKING IN GLOBAL SUPPLY CHAINS WHICH WILL RESULT IN A REPORT ON INDUSTRIES A THAT HAVE A HISTORY OR EVIDENCE OF SUPPORTING OR PROMOTING TRAFFICKING AND TRAFFICKING RELATED ACTIVITES. A TOOL FOR BUSINESSES WILL BE DEVLOPED TO HELP ANALYZE THE PORTENTIAL RISK OF TRAFFICKING IN THEIR SUPPLY CHAINS AND PROVIDE NEXT STEP COMPLAIANCE PLANS WHICH ALIGN WITH EXECUTIVE ORDER 13627. THE PROJECT WILL INVOLVE SEVERAL BROAD STAKEHOLDER MEETINGS. VERITE WILL ENAGAGE WITH KEY BUSINESS ENTITIES IN THE FISHING INDUSTRY TO DESIGN AND IMPLEMENT A PILOT PROJECT TO ADAPT GUIDANCE FOR FISHING SECTOR COMPANIES.
IRS990/ProgSrvcAccomActyOtherGrp/Desc2VERITE PROVIDED CONSULTING, ADMINISTRATIVE SUPPORT, RESEARCH,COORDINATION AND TRAINING TO A CONSORTIUM OF INDUSTRY PARTICIPANTS IN THEIR EFFORTS TO ASSESS, MONITOR AND ULTIMATELY ERADICATE CHILD LABOR IN THE AGRICULTURAL PRODUCTION OF TOBACCO IN VARIOUS COUNTRIES. CONDUCTED ASSESSMENTS AT 150 TOBACCO FARMS WORLDWIDE, REPORTED FINDINGS AT SEVERAL MULTI-STAKEHOLDER MEETINGS AND DEVELOPED AGRICULTURAL LABOR PRACTICES CODE FOR FARM LEVEL IMPLEMENTATION.
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IRS990/ProgSrvcAccomActyOtherGrp/ExpenseAmt1377167
IRS990/ProgSrvcAccomActyOtherGrp/ExpenseAmt2374194
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IRS990/ProgSrvcAccomActyOtherGrp/RevenueAmt1377167
IRS990/ProgSrvcAccomActyOtherGrp/RevenueAmt2623657
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IRS990/ReconcilationRevenueExpnssAmt036133
IRS990/RegularMonitoringEnfrcInd01
IRS990/RelatedEntityInd00
IRS990/RelatedOrganizationCtrlEntInd00
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IRS990ScheduleA/GiftsGrantsContrisRcvd509Grp/CurrentTaxYearMinus3YearsAmt01825680
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Filings

Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Facts available. Structured filing facts are available, but richer extracted sections are limited.$5.03$2.10$2.93$11.8$12.7$0.85
2023Detailed filing. Detailed filing data is available for this year.$5.28$1.50$3.78$13.5$12.8$0.69
2022Detailed filing. Detailed filing data is available for this year.$5.46$2.37$3.08$9.96$10.6$0.69
2021Detailed filing. Detailed filing data is available for this year.$6.11$2.34$3.78$10.4$8.75$1.60
2020Detailed filing. Detailed filing data is available for this year.$4.74$2.52$2.21$7.95$8.33$0.38
2019Detailed filing. Detailed filing data is available for this year.$5.06$2.47$2.59$8.52$9.46$0.94
2018Detailed filing. Detailed filing data is available for this year.$5.31$1.78$3.54$7.98$7.50$0.47
2017Detailed filing. Detailed filing data is available for this year.$4.68$1.62$3.06$8.04$6.95$1.10
2016Detailed filing. Detailed filing data is available for this year.$3.11$1.14$1.97$6.96$6.59$0.37
2015Detailed filing. Detailed filing data is available for this year.$3.02$1.42$1.59$6.11$6.07$0.04
2014Summary only. Only limited summary data is available for this year.$2.60$1.04$1.56$6.69$5.90$0.79
2013Summary only. Only limited summary data is available for this year.$1.53$0.77$0.76$3.64$4.49$0.86
2012Summary only. Only limited summary data is available for this year.$2.21$0.59$1.62$4.64$3.57$1.07
2011Summary only. Only limited summary data is available for this year.$1.10$0.55$0.55$4.17$4.75$0.58