Veritas Ministries Inc

Analysis

Veritas Ministries Inc is a registered charity in United States, based in Franklin, TN. It received its IRS tax-exemption ruling in May 2009, 17 years ago. Its declared purposes cover education, which this site groups under education and training. The IRS classifies it as a school under section 501(c)(3), and contributions to it are listed as tax-deductible.

In the financial year ending June 2023, Veritas Ministries Inc reported income of $1.0m and spending of $857k, spending 84% of its income. Across the 5 years on record, from June 2019 to June 2023, income grew from $574k to $1.0m (+78%), an average of +16% a year. The sharpest change came in the year to June 2021, when income rose by 44%. Over the whole period it spent 90% of the income it received.

Among 66,972 United States charities whose main cause is education and training and that reported income, Veritas Ministries Inc sits at the 76th percentile: it is larger than about 76% of them. Against every charity in United States with reported income it ranks in the 79th percentile, and in the 81st percentile within TN. Charities of a similar size with the same main cause include Ums-Wright Foundation Inc ($1.0m), The Minneapolis Community and Technical College Foundation Inc ($1.0m) and Erac-Ce ($1.0m).

On its Form 990 for the period ending June 2023, revenue came from contributions and grants 16% and program service revenue 77% of the total. Other salaries and wages came to $595k. At year end it held assets of $1.4m against liabilities of $1.6m, net assets of -$182k. It reported 18 employees.