Civic Intelligence

Veritas Catholic Network Inc.

990 • Fiscal year 2022 • EIN 82-2807737

Jan 01, 2022 to Dec 31, 2022 • Filed on Nov 15, 2023

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

73rd percentile

0.03x

Higher debt load relative to assets than 73% of similar nonprofits.

2022 filings • 501(c)3 • <$500k nonprofits • Source year 2022

Liabilities / Revenue

74th percentile

0.03x

Higher debt load relative to revenue than 74% of similar nonprofits.

2022 filings • 501(c)3 • <$500k nonprofits • Source year 2022

Net Margin

57th percentile

9.0%

Higher net margin than 57% of similar nonprofits.

2022 filings • 501(c)3 • <$500k nonprofits • Source year 2022

Top Officer Pay

99th percentile

$163,656

Higher top officer pay than 99% of similar nonprofits.

Top officer pay equals 43.1% of source-year revenue.

2022 filings • 501(c)3 • <$500k nonprofits • Source year 2022

Asset Growth

52nd percentile

2.3%

Faster asset growth than 52% of similar nonprofits.

2022 filings • 501(c)3 • <$500k nonprofits • Annualized from 2021 to 2022

Revenue Growth

73rd percentile

50%

Faster revenue growth than 73% of similar nonprofits.

2022 filings • 501(c)3 • <$500k nonprofits • Annualized from 2021 to 2022

Balance Sheet
Liabilities / Assets73rd percentile

Assets

Up

$335,485

Up $7,496 (+2.3%) from 2021

Net Assets

Up

$323,819

Up $34,063 (+12%) from 2021

Liabilities

Down

$11,666

Down $26,567 (-69%) from 2021

Revenue And Expenses
Liabilities / Revenue74th percentileNet Margin57th percentile

Revenue

Up

$379,634

Up $127,063 (+50%) from 2021

Expenses

Up

$345,571

Up $108,937 (+46%) from 2021

Net Income

Up

$34,063

Up $18,126 (+114%) from 2021

Historical Trend

Balance Sheet Trend

Asset Growth52nd 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

2022

Assets$335,485
Liabilities$11,666
Net Assets$323,819
Open 2022 Filing

Operations Trend

Revenue Growth73rd 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

2022

Revenue$379,634
Expenses$345,571
Net Income$34,063
Open 2022 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2022 to Dec 31, 2022
Signed
Nov 15, 2023
Return Version
2022v5.0
Gross Receipts
$404,577
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$27,989$35,485▲ $7,496
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$327,989$335,485▲ $7,496
Other Assets Total$0$0→ $0
Liabilities
Mortgage Notes Payable Secured by Investment Property$38,233$11,666▼ $26,567
Accounts Payable and Accrued Expenses$0$0→ $0
Grants Payable$0$0→ $0
Unsecured Notes Loans 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$38,233$11,666▼ $26,567
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$289,756$323,819▲ $34,063
Net Assets With Donor Restrictions$0$0→ $0
Total Net Assets Fund Balance$289,756$323,819▲ $34,063
Total Liabilities and Net Assets / Fund Balance$327,989$335,485▲ $7,496

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$150,000$13,656$163,656

Board Members and Trustees

NameTitle
John MitchellChairman
Bishop Frank J CaggianoDirector
Erika MorroDirector
Alex RussoDiector
Revenue and Support

Revenue Composition

Contributions and Grants
$358,407
Program Service Revenue
$0
Investment Income
$0
Other Revenue
$21,227
All Other Contributions
$315,607
Change in Net Assets
$34,063
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$176,857
Other Expenses$168,714
Total Fundraising Expense$34,556
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Current Officers, Directors, Trustees, and Key Employees$130,924$16,366$16,366$163,656
Fees for Services Other$46,947$5,869$5,868$58,684
Information Technology$20,614$2,577$2,576$25,767
Occupancy$16,724$2,090$2,090$20,904
Office Expenses$15,691$1,961$1,961$19,613
Other Expenses$10,924$1,366$1,366$13,656
Payroll Taxes$10,561$1,320$1,320$13,201
Advertising$9,471$1,184$1,184$11,839
Insurance$4,044$506$506$5,056
All Other Expenses$3,510$439$439$4,388
Fees for Services Accounting$2,400$300$300$3,000
Interest$1,600$200$200$2,000
Total Functional Expenses$276,457$34,558$34,556$345,571
Fundraising, Events, and Gaming
Fundraising activities
Yes
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Fundraising Gross Income$46,170
Fundraising Direct Expenses$24,943
Gaming Direct Expenses$0
Gaming Gross Income$0
Professional Fundraising Fees$0

Fundraising Events

EventGross ReceiptsGross RevenueDirect ExpensesNet Income
Gala$88,970$46,170$24,943$21,227
Total Events$88,970$46,170$24,943$21,227
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
2023-11-15
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Steven Y Lee
Formed
2018
Legal Domicile
Ct
Voting Board Members
4
Independent Board Members
4
Employees
1
Volunteers
12

Preparer

Firm
Nanavaty Davenport Studley White
Address
123 South Main St Suite 140, NEWTOWN, CT 06470
Preparer
Glenn J Nanavaty
Phone
2034268500
Supplemental Narrative

Additional Explanations

Form 990 Part IX Line 11G

“Description:office assistance total fees:58684”

Raw XML AppendixShowing 400 of 480 raw XML fields

This appendix keeps the raw XML leaves available for debugging and edge-case review. The human report above is the primary experience.

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IRS990/MissionDesc0THE 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.
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IRS990/OthNotesLoansReceivableNetGrp/EOYAmt00
IRS990/PartialLiquidationInd0false
IRS990/PaymentsToAffiliatesGrp/TotalAmt00
IRS990/PayPremiumsPrsnlBnftCntrctInd0false
IRS990/PayrollTaxesGrp/FundraisingAmt01320
IRS990/PayrollTaxesGrp/ManagementAndGeneralAmt01320
IRS990/PayrollTaxesGrp/ProgramServicesAmt010561
IRS990/PayrollTaxesGrp/TotalAmt013201
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/PYContributionsGrantsAmt0252571
IRS990/PYExcessBenefitTransInd0false
IRS990/PYGrantsAndSimilarPaidAmt00
IRS990/PYInvestmentIncomeAmt00
IRS990/PymtTravelEntrtnmntPubOfclGrp/TotalAmt00
IRS990/PYOtherExpensesAmt082264
IRS990/PYOtherRevenueAmt00
IRS990/PYProgramServiceRevenueAmt00
IRS990/PYRevenuesLessExpensesAmt015937
IRS990/PYSalariesCompEmpBnftPaidAmt0154370
IRS990/PYTotalExpensesAmt0236634
IRS990/PYTotalProfFndrsngExpnsAmt00
IRS990/PYTotalRevenueAmt0252571
IRS990/QuidProQuoContributionsInd0false
IRS990/RcvblFromDisqualifiedPrsnGrp/BOYAmt00
IRS990/RcvblFromDisqualifiedPrsnGrp/EOYAmt00
IRS990/RcvFndsToPayPrsnlBnftCntrctInd0false
IRS990/ReceivablesFromOfficersEtcGrp/BOYAmt00
IRS990/ReceivablesFromOfficersEtcGrp/EOYAmt00
IRS990/ReconcilationRevenueExpnssAmt034063
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/CurrentTaxYearAmt0358407
IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearMinus1YearAmt0252571
IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearMinus2YearsAmt0236127
IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearMinus3YearsAmt0255800
IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearMinus4YearsAmt053830
IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/TotalAmt01156735
IRS990ScheduleA/GovtFurnSrvcFcltsVl170Grp/TotalAmt00
IRS990ScheduleA/GrossInvestmentIncome170Grp/TotalAmt00
IRS990ScheduleA/OtherIncome170Grp/CurrentTaxYearAmt046170
IRS990ScheduleA/OtherIncome170Grp/TotalAmt046170
IRS990ScheduleA/PublicOrganization170Ind0X
IRS990ScheduleA/PublicSupportTotal170Amt01156735
IRS990ScheduleA/SubstantialContributorsTotAmt00
IRS990ScheduleA/TaxRevLeviedOrgnztnlBnft170Grp/TotalAmt00
IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearAmt0358407
IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearMinus1YearAmt0252571
IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearMinus2YearsAmt0236127
IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearMinus3YearsAmt0255800
IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearMinus4YearsAmt053830
IRS990ScheduleA/TotalCalendarYear170Grp/TotalAmt01156735
IRS990ScheduleA/TotalSupportAmt01202905
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
IRS990ScheduleG/FundraisingEventInformationGrp/CharitableContributionsTotAmt042800
IRS990ScheduleG/FundraisingEventInformationGrp/CharitableContriEvent1Amt042800
IRS990ScheduleG/FundraisingEventInformationGrp/DirectExpenseSummaryEventsAmt024943
IRS990ScheduleG/FundraisingEventInformationGrp/Event1Nm0GALA
IRS990ScheduleG/FundraisingEventInformationGrp/GrossReceiptsEvent1Amt088970
IRS990ScheduleG/FundraisingEventInformationGrp/GrossReceiptsTotalAmt088970
IRS990ScheduleG/FundraisingEventInformationGrp/GrossRevenueEvent1Amt046170
IRS990ScheduleG/FundraisingEventInformationGrp/GrossRevenueTotalEventsAmt046170
IRS990ScheduleG/FundraisingEventInformationGrp/NetIncomeSummaryAmt021227
IRS990ScheduleG/FundraisingEventInformationGrp/OthDirectExpnssTotalEventsAmt024943
IRS990ScheduleG/FundraisingEventInformationGrp/OtherDirectExpensesEvent1Amt024943
IRS990ScheduleG/FundraisingEventInformationGrp/OtherEventsTotalCnt00
IRS990ScheduleJ/AnyNonFixedPaymentsInd0false
IRS990ScheduleJ/BoardOrCommitteeApprovalInd0X
IRS990ScheduleJ/CompBasedOnRevenueOfFlngOrgInd0false
IRS990ScheduleJ/CompBsdNetEarnsFlngOrgInd0false
IRS990ScheduleJ/CompBsdNetEarnsRltdOrgsInd0false
IRS990ScheduleJ/CompBsdOnRevRelatedOrgsInd0false
IRS990ScheduleJ/EquityBasedCompArrngmInd0false
IRS990ScheduleJ/InitialContractExceptionInd0false
IRS990/ScheduleJRequiredInd0true
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/BaseCompensationFilingOrgAmt0150000
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/DeferredCompensationFlngOrgAmt013656
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/PersonNm0Steven Y Lee
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TitleTxt0President & CEO
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TotalCompensationFilingOrgAmt0163656
IRS990ScheduleJ/SeverancePaymentInd0false
IRS990ScheduleJ/SupplementalNonqualRtrPlanInd0false
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/ExplanationTxt4DESCRIPTION:OFFICE ASSISTANCE TOTAL FEES:58684
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
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc4FORM 990 PART IX LINE 11G
IRS990/SchoolOperatingInd0false
IRS990/SignificantChangeInd0false
IRS990/SignificantNewProgramSrvcInd0false
IRS990/StatesWhereCopyOfReturnIsFldCd0CT
IRS990/SubjectToExcsTaxNetInvstIncInd0false

Document Assets

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Filings

Displayed year

2022 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$335,485
Liabilities
$11,666
Net assets
$323,819
Revenue
$379,634
Expenses
$345,571
Net income
$34,063
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