Veritas Catholic Network Inc
- Assets
- $328.0k
- Revenue
- $252.6k
- Investments
- $0.0
- Employees
- 1
- Location
- Georgetown, CT
- Founding
- 09/2018
- Data as of
- 12/2021
- EIN
- 82-2807737
Organization Overview
Veritas Catholic Network Inc is located in Georgetown, CT. The organization was established in 2018. According to its NTEE Classification (X84) the organization is classified as: Religious Radio, under the broad grouping of Religion-Related and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Veritas Catholic Network 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, Veritas Catholic Network Inc generated $252.6k in total revenue. This organization has experienced exceptional growth, as over the past 3 years, it has increased revenue by an average of 67.4% each year . All expenses for the organization totaled $236.6k during the year ending 12/2021. 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 SHARE THE TRUTH OF THE GOSPEL AND FULLNESS OF THE CATHOLIC FAITH BY BROADCASTING FAITHFUL AND ENTERTAINING PROGRAMS THROUGH MEDIA AND COMMUNITY ENGAGEMENT.
Describe the Organization's Program Activity:
Part 3 - Line 4a
BROADCAST FAITHFUL AND ENTERTAINING PROGRAMS ON MULTIPLE MEDIA PLATFORMS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Steven Y Lee President & CEO | Officer | 40 | $129,862 |
John Mitchell Chairman | OfficerTrustee | 3 | $0 |
Thomas Heckel Secretary | OfficerTrustee | 3 | $0 |
Christopher Lee Treasurer | OfficerTrustee | 3 | $0 |
Bishop Frank J Caggiano Director | Trustee | 1 | $0 |
Patrick Egan Director | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $46,533 |
| All other contributions, gifts, grants, and similar amounts not included above | $206,038 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $252,571 |
| Total Program Service Revenue | $0 |
| Investment income | $0 |
| 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 | $252,571 |
| 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. | $129,862 |
| Compensation of current officers, directors, key employees. | $12,986 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $2,500 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $7,958 |
| Payroll taxes | $14,050 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $2,250 |
| Fees for services: Accounting | $1,200 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $16,881 |
| Office expenses | $5,572 |
| Information technology | $11,636 |
| Royalties | $0 |
| Occupancy | $19,001 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $2,271 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $5,749 |
| All other expenses | $0 |
| Total functional expenses | $236,634 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $27,989 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| 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 | $0 |
| Net Land, buildings, and equipment | $300,000 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $327,989 |
| Accounts payable and accrued expenses | $0 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| 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 | $38,233 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $38,233 |
| Net assets without donor restrictions | $289,756 |
| Net assets with donor restrictions | $0 |
| 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 | $327,989 |
Grants Recieved
Over the last fiscal year, we have identified 2 grants that Veritas Catholic Network Inc has recieved totaling $41,000.
| Awarding Organization | Amount |
|---|---|
Knights Of Columbus Charitable Fund Inc New Haven, CT PURPOSE: GENERAL PURPOSE | $26,000 |
National Philanthropic Tr Jenkintown, PA PURPOSE: RELIGION | $15,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Radio Maria Inc New York, NY | $1,375,535 | $630,343 |
Redeemer Broadcasting Inc Olivebridge, NY | $306,133 | $492,820 |
Amigos De Radio Maria Inc New York, NY | $0 | $239,348 |
Songtime Inc Centerville, MA | $68,039 | $328,438 |
World Family Of Radio Maria Inc New York, NY | $230,969 | $221,570 |
Veritas Catholic Network Inc Georgetown, CT | $327,989 | $252,571 |
Global Sikh Affairs Media Inc Astoria, NY | $116,246 | $321,285 |
Christian Radio For Russia Nfp Jamestown, NY | $323,726 | $275,446 |
St Patrick Parish Lawrence Educational Radio Association Lawrence, MA | $31,547 | $0 |
Eternal Life Radio Network Inc Medford, MA | $40,223 | $67,291 |
West Canada Christian Resources Barneveld, NY | $102,429 | $0 |
Jambo Radio Network Lowell, MA | $21,436 | $21,436 |