Civic Intelligence

Velocity Network Foundation

EIN 84-2596283 • 501(c)6 • Denver, CO

Profile

The organization's primary purpose is to advance the human resources industry by using technology and shared data protocols to improve credential verification and workforce conditions.

4610 S Ulster St Suite 150Denver, CO 80237

www.velocitynetwork.foundation

Siviq Scores

Precomputed percentiles relative to similar nonprofits. These scores are descriptive rather than judgmental.

Liabilities / Assets

100th percentile

14.43x

Higher debt load relative to assets than 100% of similar nonprofits.

501(c)6 • $500k-$1M nonprofits • Source year 2024

Liabilities / Revenue

100th percentile

5.59x

Higher debt load relative to revenue than 100% of similar nonprofits.

501(c)6 • $500k-$1M nonprofits • Source year 2024

Net Margin

1st percentile

-186%

Higher net margin than 1% of similar nonprofits.

501(c)6 • $500k-$1M nonprofits • Source year 2024

Top Officer Pay

Score unavailable

No value available

No filing with officer rows is available for this organization yet.

Asset Growth

8th percentile

-26%

Faster asset growth than 8% of similar nonprofits.

501(c)6 • $500k-$1M nonprofits • Annualized from 2023 to 2024

Revenue Growth

Score unavailable

No value available

A valid growth rate could not be computed from the available filing history.

Annualized from 2023 to 2024

Balance Sheet
Liabilities / Assets100th percentile

Assets

Down

$203,092

Down $70,621 (-26%) from 2023

Liabilities

Up

$2,929,776

Up $902,463 (+45%) from 2023

Net Assets

Down

-$2,726,684

Down $973,084 (-55%) from 2023

Operations
Liabilities / Revenue100th percentileNet Margin1st percentile

Revenue

Up

$524,176

Up $1,099,684 (+191%) from 2023

Expenses

Up

$1,497,260

Up $1,443,374 (+2679%) from 2023

Net Income

Down

-$973,084

Down $343,690 (-55%) from 2023

Trend Graphs

Balance Sheet Trend

Asset Growth8th percentile

Grouped bars show assets, liabilities, and net assets across loaded filings.

$4.0M$2.0M$0-$2.0M-$4.0MAssets 2023: $273,713Liabilities 2023: $2,027,313Net Assets 2023: -$1,753,6002023Assets 2024: $203,092Liabilities 2024: $2,929,776Net Assets 2024: -$2,726,6842024

Highlighted filing

2024

Assets$203,092
Liabilities$2,929,776
Net Assets-$2,726,684
Open 2024 Filing

Operations Trend

Revenue GrowthScore unavailable

Revenue, expenses, and net income by year, with the latest filing highlighted.

$2.0M$1.0M$0-$1.0MRevenue 2023: -$575,508Expenses 2023: $53,886Net Income 2023: -$629,3942023Revenue 2024: $524,176Expenses 2024: $1,497,260Net Income 2024: -$973,0842024

Highlighted filing

2024

Revenue$524,176
Expenses$1,497,260
Net Income-$973,084
Open 2024 Filing

Filings

Most recent year

2024 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$203,092
Liabilities
$2,929,776
Net assets
-$2,726,684
Revenue
$524,176
Expenses
$1,497,260
Net income
-$973,084
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$0.20$2.93$2.73$0.52$1.50$0.97
2023Detailed filing. Detailed filing data is available for this year.$0.27$2.03$1.75$0.58$0.05$0.63
Latest Filing Detail
Jump To
Filing Snapshot
Filing Period
Jan 1, 2024 to Dec 31, 2024
Signed
Nov 14, 2025
Return Version
2024v5.2
Gross Receipts
$524,176
Mission and Program Overview

Mission

The organization's primary purpose is to advance the human resources industry by using technology and shared data protocols to improve credential verification and workforce conditions.

The organization partners with government (e.g state of arkansas), non-profits (e.g. Aacrao, us chamber of commerce foundation) and for profit companies (e.g. Randstad) to advance the adoption of verifiable digital credentials in the global labor market.

Balance Sheet Detail
LineBeginningEndChange
Assets
Accounts Receivable$202,723$172,080▼ $30,643
Cash and Non-Interest-Bearing Accounts$70,990$31,012▼ $39,978
Pd in Cap Srpls Land Bldg Eqp Fund$0$0→ $0
Cap Stk Tr Prin Current Funds$0$0→ $0
Rtn Earn Endowment Incm Other Fnds$-1,753,600$-2,726,684▼ $973,084
Total Assets$273,713$203,092▼ $70,621
Liabilities
Accounts Payable and Accrued Expenses$1,771,040$2,686,579▲ $915,539
Deferred Revenue$256,273$238,897▼ $17,376
Other Liabilities$0$4,300▲ $4,300
Total Liabilities$2,027,313$2,929,776▲ $902,463
Net Assets / Fund Balance
Total Net Assets Fund Balance$-1,753,600$-2,726,684▼ $973,084
Total Liabilities and Net Assets / Fund Balance$273,713$203,092▼ $70,621
Compensation and Service Providers
Top Officer PayScore unavailable

Employees

NameTitleFull / Part TimeBaseTotal
Olivia MelonasSecretary/treasurerPT$18,000$18,000

Board Members and Trustees

NameTitle
Jim OwensPresident
Dror GurevichCEO and Director
Bill HughesDirector
Chris GoodsonDirector
Deb EverhartDirector
Gianna PffiffnerDirector
Glen CatheyDirector
Henry MackDirector
Hermine WongDirector
Jean-marc LaouchezDirector
Jouko Van AggelenDirector
Manoj KuttyDirector
Marc JansenDirector
Marty ReedDirector
Meagan TreadwayDirector
Michelle AinsworthDirector
Robert McgoughDirector
Sanjoe JoseDirector
Siddhartha BhattacharyaDirector
Zach DaigleDirector
Etan BernsteinHead of Ecosystem
Andres OlaveHead of Product and Tech

Highest Paid Contractors

ContractorServicesLocationCompensation
Velocity Career LabsTechnical, Support, Professional, And Ma4610 S ULSTER ST SUITE 150, Denver, CO 80237$493,600
Revenue and Support

Revenue Composition

Contributions and Grants
$297,607
Program Service Revenue
$226,569
Investment Income
$0
Other Revenue
$0
Change in Net Assets
$-973,084
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$1,479,260
Salaries, Compensation, and Employee Benefits$18,000
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Fees for Services Other$29,700$35,180-$64,880
Advertising-$58,151-$58,151
Information Technology-$34,339-$34,339
Other Expenses$120,000$22,607-$22,607
Current Officers, Directors, Trustees, and Key Employees-$18,000-$18,000
Fees for Services Accounting-$8,618-$8,618
Fees for Services Legal-$1,315-$1,315
All Other Expenses-$1,006-$1,006
Insurance-$996-$996
Conferences and Meetings-$929-$929
Office Expenses-$618-$618
Total Functional Expenses$1,246,921$250,339$0$1,497,260
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
Subject to proxy tax
No
Insider Transactions and Loans

Interested-Person Transactions

Interested PartyRelationshipDescriptionShared RevenueAmount
-Anres Olave, Officer of the Organization, Owns Aluuma TrustIt Consulting ServicesNo$29,700
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Customer Prepayments$4,300
Governance and Compliance

Governance Checklist

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

Governance Explanations

Form 990, Part VI, Section A, Line 3

“Velocity network foundation has a service agreement in place with velocity career labs to provide a variety of technical, support, professional & managerial services.”

Form 990, Part VI, Section A, Line 6

“The organization is a membership organization with approximately 50 members.”

Form 990, Part VI, Section A, Line 7A

“The members of the organization elect the board of directors in annual elections.”

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

“No review will be conducted.”

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

“As board members are elected annually for a 2-year tenure, an update to the disclosure is completed following each election cycle.”

Form 990, Part VI, Section B, Line 15

“Ceo and other officers are voluntary roles. The secretary/treasurer, and the vnf head of product and tech are the only paid officers and their compensations were approved by the bod.”

Form 990, Part VI, Section C, Line 19

“AVAILABLE UPON REQUEST.”

Filing and Contact Details

Filer

Filer Name
Velocity Network Foundation
EIN
84-2596283
Phone
6197576719
Address
4610 S ULSTER ST SUITE 150, DENVER, CO 80237

Signing Officer

Name
Dror Gurevich
Title
Director
Phone
6197576719
Signed
2025-11-14
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Dror Gurevich
Formed
2019
Legal Domicile
De
Voting Board Members
20
Independent Board Members
19
Employees
0
Volunteers
21

Preparer

Firm
Considine & Considine
Address
8989 RIO SAN DIEGO DRIVE SUITE 250, SAN DIEGO, CA 92108-1604
Preparer
Lukas Davis
Phone
6192311977
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IRS990/Form990PartVIISectionAGrp/TitleTxt8DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt9DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt10DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt11DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt12DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt13DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt14DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt15DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt16DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt17DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt18DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt19DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt20DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt21DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt22HEAD OF PRODUCT AND TECH
IRS990/Form990ProvidedToGvrnBodyInd00
IRS990/FormationYr02019
IRS990/FormerOfcrEmployeesListedInd00
IRS990/FSAuditedInd00
IRS990/FundraisingActivitiesInd00
IRS990/GamingActivitiesInd00
IRS990/GoverningBodyVotingMembersCnt020
IRS990/GrantsToIndividualsInd00
IRS990/GrantsToOrganizationsInd00
IRS990/GrantToRelatedPersonInd00
IRS990/GrossReceiptsAmt0524176
IRS990/GroupReturnForAffiliatesInd00
IRS990/IncludeFIN48FootnoteInd00
IRS990/IndependentAuditFinclStmtInd00
IRS990/IndependentVotingMemberCnt019
IRS990/IndivRcvdGreaterThan100KCnt00
IRS990/IndoorTanningServicesInd00
IRS990/InfoInScheduleOPartIIIInd0X
IRS990/InfoInScheduleOPartVIInd0X
IRS990/InformationTechnologyGrp/ManagementAndGeneralAmt034339
IRS990/InformationTechnologyGrp/TotalAmt034339
IRS990/InsuranceGrp/ManagementAndGeneralAmt0996
IRS990/InsuranceGrp/TotalAmt0996
IRS990/InvestmentInJointVentureInd00
IRS990/IRPDocumentCnt02
IRS990/IRPDocumentW2GCnt00
IRS990/LegalDomicileStateCd0DE
IRS990/LoanOutstandingInd00
IRS990/LocalChaptersInd00
IRS990/MaterialDiversionOrMisuseInd00
IRS990/MembershipDuesAmt0297607
IRS990/MembersOrStockholdersInd01
IRS990/MethodOfAccountingAccrualInd0X
IRS990/MinutesOfCommitteesInd01
IRS990/MinutesOfGoverningBodyInd01
IRS990/MissionDesc0THE ORGANIZATION'S PRIMARY PURPOSE IS TO ADVANCE THE HUMAN RESOURCES INDUSTRY BY USING TECHNOLOGY AND SHARED DATA PROTOCOLS TO IMPROVE CREDENTIAL VERIFICATION AND WORKFORCE CONDITIONS.
IRS990/MoreThan5000KToIndividualsInd00
IRS990/MoreThan5000KToOrgInd00
IRS990/NetAssetsOrFundBalancesBOYAmt0-1753600
IRS990/NetAssetsOrFundBalancesEOYAmt0-2726684
IRS990/NetUnrelatedBusTxblIncmAmt00
IRS990/NondeductibleContributionsInd00
IRS990/OfficeExpensesGrp/ManagementAndGeneralAmt0618
IRS990/OfficeExpensesGrp/TotalAmt0618
IRS990/OfficerMailingAddressInd00
IRS990/OperateHospitalInd00
IRS990/Organization501cInd0X
IRS990/OrgDoesNotFollowFASB117Ind0X
IRS990/OtherChangesInNetAssetsAmt00
IRS990/OtherExpensesGrp/Desc0NETWORK OPERATIONS EXPE
IRS990/OtherExpensesGrp/Desc1ADOPTION LEADERS
IRS990/OtherExpensesGrp/Desc2MEMBER ACQUISITION, ONB
IRS990/OtherExpensesGrp/Desc3SECRETARIAL EXPENSES
IRS990/OtherExpensesGrp/ManagementAndGeneralAmt068580
IRS990/OtherExpensesGrp/ManagementAndGeneralAmt122607
IRS990/OtherExpensesGrp/ProgramServicesAmt0617221
IRS990/OtherExpensesGrp/ProgramServicesAmt1480000
IRS990/OtherExpensesGrp/ProgramServicesAmt2120000
IRS990/OtherExpensesGrp/TotalAmt0685801
IRS990/OtherExpensesGrp/TotalAmt1480000
IRS990/OtherExpensesGrp/TotalAmt2120000
IRS990/OtherExpensesGrp/TotalAmt322607
IRS990/OtherLiabilitiesGrp/BOYAmt00
IRS990/OtherLiabilitiesGrp/EOYAmt04300
IRS990/PartialLiquidationInd00
IRS990/PdInCapSrplsLandBldgEqpFundGrp/BOYAmt00
IRS990/PdInCapSrplsLandBldgEqpFundGrp/EOYAmt00
IRS990/PoliticalCampaignActyInd00
IRS990/PrincipalOfficerNm0DROR GUREVICH
IRS990/ProfessionalFundraisingInd00
IRS990/ProgramServiceRevenueGrp/BusinessCd0900099
IRS990/ProgramServiceRevenueGrp/Desc0PROGRAM SERVICE REVENU
IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt0226569
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt0226569
IRS990/ProgSrvcAccomActy2Grp/Desc0NETWORK GOVERNANCE - FACILITATE VELOCITY NETWORK GOVERNANCE FORUMS INCLUDING COMMITTEES, WORKGROUPS, BOARD OF DIRECTORS. MANAGE ANNUAL ELECTION PROCESS.
IRS990/ProgSrvcAccomActy2Grp/ExpenseAmt0216000
IRS990/ProgSrvcAccomActy3Grp/Desc0MAINTAIN VELOCITY NETWORK INFRASTRUCTURE - MAINTAIN OPEN SOURCE SOFTWARE, NODES OF THE NETWORK TECHNICAL DOCUMENTATION, SUPPORTING SOFTWARE ELEMENTS (WALLETS, CORE BANKING SYSTEM).
IRS990/ProgSrvcAccomActy3Grp/ExpenseAmt0763951
IRS990/ProgSrvcAccomActyOtherGrp/Desc0SUPPORT SERVICES TO ENABLE VELOCITY'S USERS TO OPERATE AND IMPLEMENT THE TECHNOLOGY EFFECTIVELY.
IRS990/ProgSrvcAccomActyOtherGrp/ExpenseAmt026970
IRS990/ProgSrvcAccomActyOtherGrp/RevenueAmt027669
IRS990/ProhibitedTaxShelterTransInd00
IRS990/PYBenefitsPaidToMembersAmt00
IRS990/PYContributionsGrantsAmt00
IRS990/PYGrantsAndSimilarPaidAmt00
IRS990/PYInvestmentIncomeAmt00
IRS990/PYOtherExpensesAmt035630
IRS990/PYOtherRevenueAmt0-575508
IRS990/PYProgramServiceRevenueAmt00
IRS990/PYRevenuesLessExpensesAmt0-629394
IRS990/PYSalariesCompEmpBnftPaidAmt010500
IRS990/PYTotalExpensesAmt053886
IRS990/PYTotalProfFndrsngExpnsAmt07756
IRS990/PYTotalRevenueAmt0-575508
IRS990/ReconcilationRevenueExpnssAmt0-973084
IRS990/RegularMonitoringEnfrcInd01
IRS990/RelatedEntityInd01
IRS990/RelatedOrganizationCtrlEntInd01
IRS990/ReportInvestmentsOtherSecInd00
IRS990/ReportLandBuildingEquipmentInd00
IRS990/ReportOtherAssetsInd00
IRS990/ReportOtherLiabilitiesInd01
IRS990/ReportProgramRelatedInvstInd00
IRS990/RevenueAmt0198900
IRS990/RtnEarnEndowmentIncmOthFndsGrp/BOYAmt0-1753600
IRS990/RtnEarnEndowmentIncmOthFndsGrp/EOYAmt0-2726684
IRS990/ScheduleBRequiredInd00
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt04300
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc0CUSTOMER PREPAYMENTS
IRS990ScheduleD/TotalBookValueLandBuildingsAmt00
IRS990ScheduleD/TotalLiabilityAmt04300
IRS990/ScheduleJRequiredInd00
IRS990ScheduleL/BusTrInvolveInterestedPrsnGrp/NameOfInterested/BusinessName/BusinessNameLine1Txt0ALUUMA TRUST
IRS990ScheduleL/BusTrInvolveInterestedPrsnGrp/RelationshipDescriptionTxt0ANRES OLAVE, OFFICER OF THE ORGANIZATION, OWNS ALUUMA TRUST
IRS990ScheduleL/BusTrInvolveInterestedPrsnGrp/SharingOfRevenuesInd00
IRS990ScheduleL/BusTrInvolveInterestedPrsnGrp/TransactionAmt029700
IRS990ScheduleL/BusTrInvolveInterestedPrsnGrp/TransactionDesc0IT CONSULTING SERVICES
IRS990/ScheduleORequiredInd01
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0VELOCITY NETWORK FOUNDATION HAS A SERVICE AGREEMENT IN PLACE WITH VELOCITY CAREER LABS TO PROVIDE A VARIETY OF TECHNICAL, SUPPORT, PROFESSIONAL & MANAGERIAL SERVICES.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1THE ORGANIZATION IS A MEMBERSHIP ORGANIZATION WITH APPROXIMATELY 50 MEMBERS.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2THE MEMBERS OF THE ORGANIZATION ELECT THE BOARD OF DIRECTORS IN ANNUAL ELECTIONS.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3NO REVIEW WILL BE CONDUCTED.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4AS BOARD MEMBERS ARE ELECTED ANNUALLY FOR A 2-YEAR TENURE, AN UPDATE TO THE DISCLOSURE IS COMPLETED FOLLOWING EACH ELECTION CYCLE.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt5CEO AND OTHER OFFICERS ARE VOLUNTARY ROLES. THE SECRETARY/TREASURER, AND THE VNF HEAD OF PRODUCT AND TECH ARE THE ONLY PAID OFFICERS AND THEIR COMPENSATIONS WERE APPROVED BY THE BOD.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt6AVAILABLE UPON REQUEST.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0FORM 990, PART VI, SECTION A, LINE 3
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1FORM 990, PART VI, SECTION A, LINE 6
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2FORM 990, PART VI, SECTION A, LINE 7A
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3FORM 990, PART VI, SECTION B, LINE 11B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc4FORM 990, PART VI, SECTION B, LINE 12C
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc5FORM 990, PART VI, SECTION B, LINE 15
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc6FORM 990, PART VI, SECTION C, LINE 19
IRS990ScheduleR/AssetExchangeInd00
IRS990ScheduleR/AssetPurchaseFromOtherOrgInd00
IRS990ScheduleR/AssetSaleToOtherOrgInd00
IRS990ScheduleR/DivRelatedOrganizationInd00
IRS990ScheduleR/GiftGrntCapContriFromOthOrgInd00
IRS990ScheduleR/GiftGrntOrCapContriToOthOrgInd00
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/ControlledOrganizationInd01
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/DirectControllingEntityName/BusinessNameLine1Txt0VELOCITY NETWORK FOUNDATION
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/DisregardedEntityName/BusinessNameLine1Txt0VELOCITY CHARITABLE FOUNDATION
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/EIN0933447025
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/ExemptCodeSectionTxt0501(C)3
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/LegalDomicileStateCd0CO
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/PrimaryActivitiesTxt0TO FUNDRAISE PROJECTS FOR VELOCITY NETWORK FOUNDATION OR OTHER ORGANIZATIONS
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/PublicCharityStatusTxt0LINE 7
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/USAddress/AddressLine1Txt04610 S ULSTER ST STE 150
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/USAddress/CityNm0DENVER
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/USAddress/StateAbbreviationCd0CO

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