Verite Inc

Analysis

Verite Inc is a registered charity in United States, based in Northampton, MA. It received its IRS tax-exemption ruling in August 1996, 30 years ago. Its declared purposes cover arts, culture and humanities, which this site groups under arts, culture, heritage and science. The IRS classifies it as a publicly supported organisation (gross receipts test) under section 501(c)(3), and contributions to it are listed as tax-deductible.

In the financial year ending December 2023, Verite Inc reported income of $13.5m and spending of $12.8m, spending 95% of its income. Across the 5 years on record, from December 2019 to December 2023, income grew from $8.5m to $13.5m (+58%), an average of +12% a year. The sharpest change came in the year to December 2023, when income rose by 35%. Over the whole period it spent 99% of the income it received.

Among 45,478 United States charities whose main cause is arts, culture, heritage and science and that reported income, Verite Inc sits at the 98th percentile: it is larger than about 98% of them. Against every charity in United States with reported income it ranks in the 96th percentile, and in the 95th percentile within MA. Charities of a similar size with the same main cause include American Nuclear Society Inc ($13.5m), South Street Theater Co Inc ($13.5m) and Fernbank Inc ($13.4m).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 5.8% and program service revenue 88% of the total. Compensation of current officers, directors and key employees was $196k (1.5% of expenses). Other salaries and wages came to $3.7m. At year end it held assets of $5.3m against liabilities of $1.5m, net assets of $3.8m. It reported 56 employees.