Verite Inc
- Assets
- $5.5m
- Revenue
- $10.0m
- Investments
- $0.0
- Employees
- 54
- Location
- Amherst, MA
- Founding
- 08/1996
- Data as of
- 12/2022
- 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 12/2022, Verite Inc employed 54 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 12/2022, Verite Inc generated $10.0m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 6.3% each year. All expenses for the organization totaled $10.6m during the year ending 12/2022. While expenses have increased by 7.3% per year over the past 8 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
2022
Describe the Organization's Mission:
Part 3 - Line 1
TO ENSURE THAT PEOPLE WORLDWIDE WORK UNDER SAFE, FAIR AND LEGAL WORKING CONDITIONS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
VERITE UNDERTOOK 21 INDEPENDENT, HIGH-QUALITY, ORIGINAL RESEARCH PROJECTS FOR 13 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 DESIGNED AND DELIVERED IN-PERSON, REMOTE AND WEB-BASED SOLUTION-ORIENTED TRAINING PROGRAMS, PROVIDED GOVERNMENT AND TECHNICAL ASSISTANCE AND PROMTOED POLICY ADVACACY ON 21 PROJECTS WITH 18 PARTNERS IN MULTIPLE COUNTRIES.
VERITE CONDUCTED 231 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 25 CLIENTS IN MORE THAN 29 COUNTRIES. OUR APPROACH CENTERED ON WORKERS' VOICES AND PROVIDED STAKEHOLDERS WITH ACTIONABLE RECOMMENDATIONS TO ADDRESS ROOT CAUSES OF NON-COMPLIANCE.
VERITE COMPLETED 66 CONSULTING ENGAGEMENTS FOR 28 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 |
|---|---|---|---|
Doug Cahn Director | Trustee | 1 | $0 |
David Levi Director | Trustee | 1 | $0 |
Daniel Viederman Director | Trustee | 1 | $0 |
Katie Ford Director | Trustee | 1 | $0 |
Liddy Manson Chairperson | OfficerTrustee | 1 | $0 |
Laura Leedy Gansler Director | Trustee | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Verite Southeast Asia Program Consultant | 12/30/22 | $1,369,344 |
Goldenberg Schneider Lpa Program Consultant | 12/30/22 | $479,339 |
Better Cotton Initiative Program Consultant | 12/30/22 | $340,754 |
Responsible Sourcing Network (Rsn) Program Consultant | 12/30/22 | $197,763 |
American Institutes For Research (Air) Program Consultant | 12/30/22 | $280,826 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $266,284 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $266,284 |
| Total Program Service Revenue | $9,630,645 |
| Investment income | $1,363 |
| 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 | $9,956,684 |
| 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. | $177,171 |
| Compensation of current officers, directors, key employees. | $17,717 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $3,102,074 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $687,355 |
| Payroll taxes | $265,049 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $23,248 |
| Fees for services: Accounting | $84,905 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $28,987 |
| Office expenses | $236,985 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $150,283 |
| Travel | $675,975 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $13,231 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $12,414 |
| Insurance | $78,654 |
| All other expenses | $530 |
| Total functional expenses | $10,648,457 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,880,732 |
| Savings and temporary cash investments | $695,613 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $2,542,352 |
| 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 | $46,576 |
| Net Land, buildings, and equipment | $43,503 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $250,043 |
| Total assets | $5,458,819 |
| Accounts payable and accrued expenses | $1,392,808 |
| Grants payable | $0 |
| Deferred revenue | $745,926 |
| 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 | $235,500 |
| Total liabilities | $2,374,234 |
| Net assets without donor restrictions | $2,570,177 |
| Net assets with donor restrictions | $514,408 |
| 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 | $5,458,819 |