Civic Intelligence

Veritas Catholic Network Inc.

990 • Fiscal year 2021 • EIN 82-2807737

Jan 01, 2021 to Dec 31, 2021 • Filed on Nov 15, 2022

Organization ProfileN/A
PO Box 861Georgetown, CT 06829-0861

(203) 249-8421

Siviq Scores

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

Liabilities / Assets

79th percentile

0.12x

Higher debt load relative to assets than 79% of similar nonprofits.

2021 filings • 501(c)3 • <$500k nonprofits • Source year 2021

Liabilities / Revenue

82nd percentile

0.15x

Higher debt load relative to revenue than 82% of similar nonprofits.

2021 filings • 501(c)3 • <$500k nonprofits • Source year 2021

Net Margin

47th percentile

6.3%

Higher net margin than 47% of similar nonprofits.

2021 filings • 501(c)3 • <$500k nonprofits • Source year 2021

Top Officer Pay

99th percentile

$137,819

Higher top officer pay than 99% of similar nonprofits.

Top officer pay equals 54.6% of source-year revenue.

2021 filings • 501(c)3 • <$500k nonprofits • Source year 2021

Asset Growth

29th percentile

-6.6%

Faster asset growth than 29% of similar nonprofits.

2021 filings • 501(c)3 • <$500k nonprofits • Annualized from 2020 to 2021

Revenue Growth

53rd percentile

7.0%

Faster revenue growth than 53% of similar nonprofits.

2021 filings • 501(c)3 • <$500k nonprofits • Annualized from 2020 to 2021

Balance Sheet
Liabilities / Assets79th percentile

Assets

Down

$327,989

Down $23,203 (-6.6%) from 2020

Net Assets

Up

$289,756

Up $15,937 (+5.8%) from 2020

Liabilities

Down

$38,233

Down $39,140 (-51%) from 2020

Revenue And Expenses
Liabilities / Revenue82nd percentileNet Margin47th percentile

Revenue

Up

$252,571

Up $16,444 (+7.0%) from 2020

Expenses

Up

$236,634

Up $8,658 (+3.8%) from 2020

Net Income

Up

$15,937

Up $7,786 (+96%) from 2020

Historical Trend

Balance Sheet Trend

Asset Growth29th percentile

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

$400K$300K$200K$100K$0Assets 2018: $43,445Liabilities 2018: $0Net Assets 2018: $43,4452018Assets 2020: $351,192Liabilities 2020: $77,373Net Assets 2020: $273,8192020Assets 2021: $327,989Liabilities 2021: $38,233Net Assets 2021: $289,7562021Assets 2022: $335,485Liabilities 2022: $11,666Net Assets 2022: $323,8192022Assets 2023: $302,033Liabilities 2023: $0Net Assets 2023: $302,0332023Assets 2024: $333,788Liabilities 2024: $0Net Assets 2024: $333,7882024

Highlighted filing

2021

Assets$327,989
Liabilities$38,233
Net Assets$289,756
Open 2021 Filing

Operations Trend

Revenue Growth53rd percentile

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

$600K$400K$200K$0-$200KRevenue 2018: $53,830Expenses 2018: $10,385Net Income 2018: $43,4452018Revenue 2020: $236,127Expenses 2020: $227,976Net Income 2020: $8,1512020Revenue 2021: $252,571Expenses 2021: $236,634Net Income 2021: $15,9372021Revenue 2022: $379,634Expenses 2022: $345,571Net Income 2022: $34,0632022Revenue 2023: $279,296Expenses 2023: $301,082Net Income 2023: -$21,7862023Revenue 2024: $404,038Expenses 2024: $372,283Net Income 2024: $31,7552024

Highlighted filing

2021

Revenue$252,571
Expenses$236,634
Net Income$15,937
Open 2021 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2021 to Dec 31, 2021
Signed
Nov 15, 2022
Return Version
2021v4.2
Gross Receipts
$252,571
Mission and Program Overview

Mission

The mission of the veritas catholic network is to share the truth of the gospel and fullness of the catholic faith by broadcasting faithful and entertaining programs on multiple media platforms including radio, mobile, social networking, and through community engagement.

To share the truth of the Gospel and fullness of the Catholic faith by broadcasting faithful and entertaining programs through media and community engagement.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$300,000$300,000→ $0
Cash and Non-Interest-Bearing Accounts$51,192$27,989▼ $23,203
Savings and Temporary Cash Investments$0$0→ $0
Accounts Receivable$0$0→ $0
Other Notes and Loans Receivable, Net$0$0→ $0
Pledges and Grants Receivable$0$0→ $0
Receivable From Disqualified Prsn$0$0→ $0
Receivables From Officers Etc$0$0→ $0
Investments Other Securities$0$0→ $0
Investments Program Related$0$0→ $0
Investments in Publicly Traded Securities$0$0→ $0
Intangible Assets$0$0→ $0
Inventories for Sale or Use$0$0→ $0
Loans From Officers Directors$0$0→ $0
Prepaid Expenses and Deferred Charges$0$0→ $0
Total Assets$351,192$327,989▼ $23,203
Other Assets Total$0$0→ $0
Liabilities
Mortgage Notes Payable Secured by Investment Property$51,673$38,233▼ $13,440
Unsecured Notes Loans Payable$25,700$0▼ $25,700
Accounts Payable and Accrued Expenses$0$0→ $0
Grants Payable$0$0→ $0
Other Liabilities$0$0→ $0
Deferred Revenue$0$0→ $0
Escrow Account Liability$0$0→ $0
Tax Exempt Bond Liabilities$0$0→ $0
Total Liabilities$77,373$38,233▼ $39,140
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$273,819$289,756▲ $15,937
Net Assets With Donor Restrictions$0$0→ $0
Total Net Assets Fund Balance$273,819$289,756▲ $15,937
Total Liabilities and Net Assets / Fund Balance$351,192$327,989▼ $23,203

Asset Categories

AssetBook ValueDepreciationBasis
Equipment$300,000-$300,000
Compensation and Service Providers
Top Officer Pay99th percentile

Employees

NameTitleFull / Part TimeBaseOtherTotal
Steven Y LeePresident & CEOFT$129,862$7,957$137,819

Board Members and Trustees

NameTitle
John MitchellChairman
Bishop Frank J CaggianoDirector
Patrick EganDirector
Thomas HeckelSecretary
Christopher LeeTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$252,571
Program Service Revenue
$0
Investment Income
$0
Other Revenue
$0
All Other Contributions
$206,038
Change in Net Assets
$15,937
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$154,370
Other Expenses$82,264
Total Fundraising Expense$23,663
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Current Officers, Directors, Trustees, and Key Employees$103,890$12,986$12,986$129,862
Occupancy$15,201$1,900$1,900$19,001
Advertising$13,505$1,688$1,688$16,881
Payroll Taxes$11,240$1,405$1,405$14,050
Information Technology$9,308$1,164$1,164$11,636
Other Employee Benefits$6,366$796$796$7,958
Insurance$4,599$575$575$5,749
Office Expenses$4,458$557$557$5,572
Other Salaries and Wages$2,000$250$250$2,500
Interest$1,817$227$227$2,271
Fees for Services Legal$1,800$225$225$2,250
Fees for Services Accounting$960$120$120$1,200
Other Expenses$665$83$83$831
Total Functional Expenses$189,308$23,663$23,663$236,634
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Fundraising Direct Expenses$0
Fundraising Gross Income$0
Gaming Direct Expenses$0
Gaming Gross Income$0
Professional Fundraising Fees$0
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
No
Subject to proxy tax
No
Insider Transactions and Loans

Loans and Receivables

Line ItemBeginningEndChange
Loans from Officers, Directors, Trustees, and Key Employees$0$0→ $0
Receivables from Disqualified Persons$0$0→ $0
Receivables from Officers, Directors, Trustees, and Key Employees$0$0→ $0
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Business relationship with 35% controlled entity
No
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
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 11B

“Draft of 990 is E-mailed to all officers for review before the 990 is submitted.”

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

“Each year the officers disclose any potential conflict of interest.”

Form 990, Part VI, Section B, Line 15A

“In determining compensation, the board will research in order to recommend the compensation of the president & CEO. The board will approve and document in the minutes when the compensation is approved.”

Form 990, Part VI, Section C, Line 19

“Veritas Catholic Network Inc makes the most recent copy of their Form 990 and other governing documents and financial statements available upon request.”

Filing and Contact Details

Filer

Filer Name
Veritas Catholic Network Inc
EIN
82-2807737
In Care Of
% STEVEN Y LEE
Phone
2032498421
Address
PO Box 861, Georgetown, CT 06829-0861

Signing Officer

Name
Steven Y Lee
Title
President & CEO
Phone
2032498421
Signed
2022-11-15
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Steven Y Lee
Formed
2018
Legal Domicile
Ct
Voting Board Members
5
Independent Board Members
5
Employees
1
Volunteers
10

Preparer

Firm
Nanavaty Davenport Studley White
Address
123 South Main St Suite 140, Newtown, CT 06470
Preparer
Glenn J Nanavaty
Phone
2034268500
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IRS990/OthNotesLoansReceivableNetGrp/BOYAmt00
IRS990/OthNotesLoansReceivableNetGrp/EOYAmt00
IRS990/PartialLiquidationInd0false
IRS990/PaymentsToAffiliatesGrp/TotalAmt00
IRS990/PayPremiumsPrsnlBnftCntrctInd0false
IRS990/PayrollTaxesGrp/FundraisingAmt01405
IRS990/PayrollTaxesGrp/ManagementAndGeneralAmt01405
IRS990/PayrollTaxesGrp/ProgramServicesAmt011240
IRS990/PayrollTaxesGrp/TotalAmt014050
IRS990/PensionPlanContributionsGrp/TotalAmt00
IRS990/PledgesAndGrantsReceivableGrp/BOYAmt00
IRS990/PledgesAndGrantsReceivableGrp/EOYAmt00
IRS990/PoliticalCampaignActyInd0false
IRS990/PrepaidExpensesDefrdChargesGrp/BOYAmt00
IRS990/PrepaidExpensesDefrdChargesGrp/EOYAmt00
IRS990/PrincipalOfficerNm0Steven Y Lee
IRS990/ProfessionalFundraisingInd0false
IRS990/ProhibitedTaxShelterTransInd0false
IRS990/PYBenefitsPaidToMembersAmt00
IRS990/PYContributionsGrantsAmt0236127
IRS990/PYExcessBenefitTransInd0false
IRS990/PYGrantsAndSimilarPaidAmt00
IRS990/PYInvestmentIncomeAmt00
IRS990/PymtTravelEntrtnmntPubOfclGrp/TotalAmt00
IRS990/PYOtherExpensesAmt054234
IRS990/PYOtherRevenueAmt00
IRS990/PYProgramServiceRevenueAmt00
IRS990/PYRevenuesLessExpensesAmt08151
IRS990/PYSalariesCompEmpBnftPaidAmt0173742
IRS990/PYTotalExpensesAmt0227976
IRS990/PYTotalProfFndrsngExpnsAmt00
IRS990/PYTotalRevenueAmt0236127
IRS990/QuidProQuoContributionsInd0false
IRS990/RcvblFromDisqualifiedPrsnGrp/BOYAmt00
IRS990/RcvblFromDisqualifiedPrsnGrp/EOYAmt00
IRS990/RcvFndsToPayPrsnlBnftCntrctInd0false
IRS990/ReceivablesFromOfficersEtcGrp/BOYAmt00
IRS990/ReceivablesFromOfficersEtcGrp/EOYAmt00
IRS990/ReconcilationRevenueExpnssAmt015937
IRS990/RegularMonitoringEnfrcInd0true
IRS990/RelatedEntityInd0false
IRS990/RelatedOrganizationCtrlEntInd0false
IRS990/RentalIncomeOrLossGrp/PersonalAmt00
IRS990/RentalIncomeOrLossGrp/RealAmt00
IRS990/ReportInvestmentsOtherSecInd0false
IRS990/ReportLandBuildingEquipmentInd0true
IRS990/ReportOtherAssetsInd0false
IRS990/ReportOtherLiabilitiesInd0false
IRS990/ReportProgramRelatedInvstInd0false
IRS990/RoyaltiesGrp/TotalAmt00
IRS990/RoyaltiesRevenueGrp/TotalRevenueColumnAmt00
IRS990/SavingsAndTempCashInvstGrp/BOYAmt00
IRS990/SavingsAndTempCashInvstGrp/EOYAmt00
IRS990ScheduleA/First5Years170Ind0X
IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearAmt0252571
IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearMinus1YearAmt0236127
IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearMinus2YearsAmt0255800
IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearMinus3YearsAmt053830
IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearMinus4YearsAmt00
IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/TotalAmt0798328
IRS990ScheduleA/GovtFurnSrvcFcltsVl170Grp/TotalAmt00
IRS990ScheduleA/GrossInvestmentIncome170Grp/TotalAmt00
IRS990ScheduleA/OtherIncome170Grp/TotalAmt00
IRS990ScheduleA/PublicOrganization170Ind0X
IRS990ScheduleA/PublicSupportTotal170Amt0798328
IRS990ScheduleA/SubstantialContributorsTotAmt00
IRS990ScheduleA/TaxRevLeviedOrgnztnlBnft170Grp/TotalAmt00
IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearAmt0252571
IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearMinus1YearAmt0236127
IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearMinus2YearsAmt0255800
IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearMinus3YearsAmt053830
IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearMinus4YearsAmt00
IRS990ScheduleA/TotalCalendarYear170Grp/TotalAmt0798328
IRS990ScheduleA/TotalSupportAmt0798328
IRS990ScheduleA/UnrelatedBusinessNetIncm170Grp/TotalAmt00
IRS990ScheduleB/ContributorInformationGrp/ContributorBusinessName/BusinessNameLine10RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorNum0RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/AddressLine10RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/AddressLine20RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/City0RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/State0RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/ZIPCode0RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/TotalContributionsAmt0RESTRICTED
IRS990/ScheduleBRequiredInd0true
IRS990ScheduleD/EquipmentGrp/BookValueAmt0300000
IRS990ScheduleD/EquipmentGrp/OtherCostOrOtherBasisAmt0300000
IRS990ScheduleD/TotalBookValueLandBuildingsAmt0300000
IRS990/ScheduleJRequiredInd0false
IRS990/ScheduleORequiredInd0true
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0Draft of 990 is E-mailed to all officers for review before the 990 is submitted.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1Each year the officers disclose any potential conflict of interest.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2In determining compensation, the board will research in order to recommend the compensation of the president & CEO. The board will approve and document in the minutes when the compensation is approved.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3Veritas Catholic Network Inc makes the most recent copy of their Form 990 and other governing documents and financial statements available upon request.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0Form 990, Part VI, Section B, Line 11b
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1Form 990, Part VI, Section B, Line 12c
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2FORM 990, PART VI, SECTION B, LINE 15A
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3FORM 990, PART VI, SECTION C, LINE 19
IRS990/SchoolOperatingInd0false
IRS990/SignificantChangeInd0false
IRS990/SignificantNewProgramSrvcInd0false
IRS990/StatesWhereCopyOfReturnIsFldCd0CT
IRS990/SubjectToExcsTaxNetInvstIncInd0false
IRS990/SubjectToProxyTaxInd0false
IRS990/TaxablePartyNotificationInd0false
IRS990/TaxExemptBondLiabilitiesGrp/BOYAmt00
IRS990/TaxExemptBondLiabilitiesGrp/EOYAmt00
IRS990/TaxExemptBondsInd0false
IRS990/TerminateOperationsInd0false
IRS990/TotalAssetsBOYAmt0351192
IRS990/TotalAssetsEOYAmt0327989
IRS990/TotalAssetsGrp/BOYAmt0351192
IRS990/TotalAssetsGrp/EOYAmt0327989
IRS990/TotalCompGreaterThan150KInd0false
IRS990/TotalContributionsAmt0252571
IRS990/TotalEmployeeCnt01
IRS990/TotalFunctionalExpensesGrp/FundraisingAmt023663
IRS990/TotalFunctionalExpensesGrp/ManagementAndGeneralAmt023663
IRS990/TotalFunctionalExpensesGrp/ProgramServicesAmt0189308
IRS990/TotalFunctionalExpensesGrp/TotalAmt0236634
IRS990/TotalGrossUBIAmt00
IRS990/TotalLiabilitiesBOYAmt077373
IRS990/TotalLiabilitiesEOYAmt038233
IRS990/TotalLiabilitiesGrp/BOYAmt077373
IRS990/TotalLiabilitiesGrp/EOYAmt038233
IRS990/TotalNetAssetsFundBalanceGrp/BOYAmt0273819
IRS990/TotalNetAssetsFundBalanceGrp/EOYAmt0289756
IRS990/TotalOtherCompensationAmt07957
IRS990/TotalProgramServiceExpensesAmt0189308
IRS990/TotalProgramServiceRevenueAmt00

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Filings

Displayed year

2021 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$327,989
Liabilities
$38,233
Net assets
$289,756
Revenue
$252,571
Expenses
$236,634
Net income
$15,937
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Facts available. Structured filing facts are available, but richer extracted sections are limited.$3.34$0.00$3.34$4.04$3.72$0.32
2023Detailed filing. Detailed filing data is available for this year.$3.02$0.00$3.02$2.79$3.01$0.22
2022Detailed filing. Detailed filing data is available for this year.$3.35$0.12$3.24$3.80$3.46$0.34
2021Detailed filing. Detailed filing data is available for this year.$3.28$0.38$2.90$2.53$2.37$0.16
2020Detailed filing. Detailed filing data is available for this year.$3.51$0.77$2.74$2.36$2.28$0.08
2018Detailed filing. Detailed filing data is available for this year.$0.43$0.00$0.43$0.54$0.10$0.43