Verite Inc
- Assets
- $6.1m
- Revenue
- $10.4m
- Investments
- $0.0
- Employees
- 52
- Location
- Amherst, MA
- Founding
- 08/1996
- Data as of
- 12/2021
- EIN
- 04-3304538
Organization Overview
Verite Inc is located in Amherst, MA. The organization was established in 1996. According to its NTEE Classification (A05) the organization is classified as: Research Institutes & Public Policy Analysis, under the broad grouping of Arts, Culture & Humanities and related organizations. As of 12/2021, Verite Inc employed 52 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Verite Inc is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
For the year ending 12/2021, Verite Inc generated $10.4m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 7.8% each year. All expenses for the organization totaled $8.8m during the year ending 12/2021. While expenses have increased by 5.4% per year over the past 7 years. They've been increasing with an increasing level of total revenue. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2021
Describe the Organization's Mission:
Part 3 - Line 1
TO PROVIDE WORLD-WIDE INSPECTION, VERIFICATION AND CERTIFICATION OF NON-ABUSIVE LABOR PRACTICES OF MANUFACTURERS PRODUCING CONSUMER GOODS FOR THE U.S. MARKET.
Describe the Organization's Program Activity:
Part 3 - Line 4a
VERITE UNDERTOOK 27 INDEPENDENT, HIGH-QUALITY, ORIGINAL RESEARCH PROJECTS FOR 20 FUNDERS IN MULTIPLE COUNTRIES PROVIDING ORIGINAL RESEARCH ON KEY ISSUES AND CHALLENGES IN RESPONSIBLE SUPPLY CHAIN SOURCING. WE LEVERAGED OUR GRASSROOTS ACCESS TO PROVIDE A UNIQUE, BOTTOM-UP, OBJECTIVE VIEW OF LABOR CONDITIONS AT THE COMMODITY, PRODUCT, SECTOR AND COUNTRY LEVEL.
VERITE CONDUCTED 287 COMPREHENSIVE AUDITS, INVESTIGATIONS, SCREENINGS AND REVIEWS TO PROVIDE INSIGHT INTO WORKING CONDITIONS - INCLUDING FORCED LABOR, HUMAN TRAFFICKING, AND CHILD LABOR - IN GLOBAL SUPPLY CHAINS FOR 28 CLIENTS IN MORE THAN 30 COUNTRIES. OUR APPROACH CENTERED ON WORKERS' VOICES AND PROVIDED STAKEHOLDERS WITH ACTIONABLE RECOMMENDATIONS TO ADDRESS ROOT CAUSES OF NON-COMPLIANCE.
VERITE COMPLETED 89 CONSULTING ENGAGEMENTS FOR 33 CLIENTS GUIDING COMPANIES IN STRENGTHENING INTERNAL AND SUPPLY CHAIN MANAGEMENT SYSTEMS THAT PROACTIVELY CONTROLLED RISKS TO THE BUSINESS AND ITS EMPLOYEES. OUR BROAD EXPERTISE ALLOWED US TO SUPPORT CLIENTS ACROSS INDUSTRIES IN STRATEGIC PLANNING, INTEGRATING SOCIAL RESPONSIBILITY REQUIREMENTS INTO SOURCING DECISIONS, AND CASCADING ACCOUNTABILITY THROUGHOUT THEIR VALUE CHAINS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Shawn Macdonald Chief Executive Officer | Officer | 35 | $155,890 |
Michael Vaudreuil Senior Program Director | 35 | $122,691 | |
Elizabeth Garland Cheif Program Officer | 35 | $113,784 | |
Gabriela Delgadilla Cheif Program Officer | 35 | $113,784 | |
Declan Croucher Director Of Advisory Servi | 35 | $112,821 | |
Victoria Healy CFO | 35 | $104,014 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Verite Southeast Asia Program Consultant | 12/30/21 | $1,150,991 |
Golden Scheider Lpa Program Consultant | 12/30/21 | $290,440 |
Verite China Program Consultant | 12/30/21 | $196,627 |
World Vision Inc Program Consultant | 12/30/21 | $203,893 |
Impaq International Llc Program Consultant | 12/30/21 | $240,817 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $620,850 |
| All other contributions, gifts, grants, and similar amounts not included above | $861,004 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $1,481,854 |
| Total Program Service Revenue | $8,871,698 |
| Investment income | $1,416 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $10,354,968 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $180,175 |
| Compensation of current officers, directors, key employees. | $30,629 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $3,127,119 |
| Pension plan accruals and contributions | $33,940 |
| Other employee benefits | $506,831 |
| Payroll taxes | $293,393 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $8,728 |
| Fees for services: Accounting | $52,735 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $11,581 |
| Office expenses | $175,833 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $131,729 |
| Travel | $154,856 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $16,066 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $12,279 |
| Insurance | $80,000 |
| All other expenses | $55 |
| Total functional expenses | $8,750,222 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $2,513,199 |
| Savings and temporary cash investments | $939,469 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $2,604,432 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $19,204 |
| Net Land, buildings, and equipment | $18,219 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $16,934 |
| Total assets | $6,111,457 |
| Accounts payable and accrued expenses | $1,291,871 |
| Grants payable | $0 |
| Deferred revenue | $1,043,228 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $2,335,099 |
| Net assets without donor restrictions | $2,524,580 |
| Net assets with donor restrictions | $1,251,778 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $6,111,457 |
Grants Recieved
Over the last fiscal year, we have identified 4 grants that Verite Inc has recieved totaling $151,000.
| Awarding Organization | Amount |
|---|---|
Skoll Foundation Palo Alto, CA PURPOSE: GENERAL OPERATING SUPPORT | $75,000 |
Avina Americas Inc Washington, DC PURPOSE: MIGRATIONS | $36,000 |
Humanity United San Francisco, CA PURPOSE: HUMAN TRAFFICKING | $32,000 |
Humanity United Action San Francisco, CA PURPOSE: Human trafficking | $8,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Verite Inc Amherst, MA | $6,111,457 | $10,354,968 |
Hospital Clinic Home Center Brooklyn, NY | $999,110 | $2,359,599 |
Ukrainian Studies Chair Fund Inc New York, NY | $2,540,300 | $173,856 |
International Foundation For Art Research Inc New York, NY | $1,137,288 | $1,210,814 |
Center For Black Brown And Queer Studies Inc Cambridge, MA | $232,247 | $703,024 |
Law And Society Association Amherst, MA | $3,562,557 | $894,389 |
Marc Galler Research Foundation Inc New York, NY | $8,045,002 | $250,351 |
Jozef Pilsudski Institute Of Americ A For Research In The Modern Histo Brooklyn, NY | $1,880,904 | $356,673 |
Society Of Ethnobiology Inc Boston, MA | $285,145 | $0 |
Cultural Heritage Research Inc Boston, MA | $37,177 | $0 |
Media Literacy Now Watertown, MA | $83,566 | $0 |
Thames Valley Sustainable Connections Inc New London, CT | $0 | $16,011 |