Veap Inc

Analysis

Veap Inc is a registered charity in United States, based in Bloomington, MN. It received its IRS tax-exemption ruling in March 1978, 48 years ago. The IRS classifies it as a publicly supported organisation (donations from the general public) under section 501(c)(3), and contributions to it are listed as tax-deductible.

In the financial year ending December 2023, Veap Inc reported income of $14.6m and spending of $14.4m, spending 99% of its income. Across the 5 years on record, from December 2019 to December 2023, income grew from $11.3m to $14.6m (+29%), an average of +6.6% a year. The sharpest change came in the year to December 2020, when income rose by 53%. Over the whole period it spent 96% of the income it received.

Among 72,936 United States charities whose main cause is other charitable purposes and that reported income, Veap Inc sits at the 97th percentile: it is larger than about 97% of them. Against every charity in United States with reported income it ranks in the 96th percentile, and in the 96th percentile within MN. Charities of a similar size with the same main cause include Masshire Hampden County Workforce Board Inc ($14.6m), Professional Care Services of West TN Inc ($14.6m) and Cadence International ($14.6m).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 96% and program service revenue 0.7% of the total. Compensation of current officers, directors and key employees was $201k (1.4% of expenses). Other salaries and wages came to $1.5m. At year end it held assets of $8.0m against liabilities of $3.5m, net assets of $4.5m. It reported 31 employees.