Veritas Foundation
Veritas Foundation maintains strong assets and low liabilities with zero reported officer compensation, despite volatile revenue.
EIN: 202522960 · Plymouth, MN · NTEE: T22 · Updated: 2026-03-28
| Metric | Value |
|---|---|
| Total Revenue | $2.7M |
| Total Expenses | $326K |
| Program Spending | 85% |
| CEO/Top Officer Pay | $8 |
| Net Assets | $7.9M |
| Transparency Score | 90/100 |
Is Veritas Foundation Legit?
Some Concerns
Assessment based on IRS 990 filings, spending patterns, and AI analysis. Not a guarantee of legitimacy. Full charity check →
Veritas Foundation directs 85% of its spending to programs. This exceeds the industry benchmark of 65%, indicating strong mission focus.
About Veritas Foundation
Veritas Foundation (EIN: 202522960) is a nonprofit organization based in Plymouth, MN, classified under NTEE code T22. The organization reported total revenue of $2.7M and total assets of $7.9M according to its most recent IRS 990 filing. This transparency report provides an AI-powered analysis of Veritas Foundation's financial health, spending patterns, executive compensation, and overall mission effectiveness based on publicly available IRS data.
Organization Overview
Veritas Foundation is a mid-size nonprofit that has been operating for 20 years, with 10 years of IRS 990 filings on record (2011–2023). Revenue has grown at a compound annual rate of 17.0%.
Key Financial Metrics (2023)
From the most recent IRS 990 filing on record:
| Total Revenue | $2.6M |
| Total Expenses | $326K |
| Surplus / Deficit | +$2.3M |
| Total Assets | $7.9M |
| Total Liabilities | $1 |
| Net Assets | $7.9M |
| Operating Margin | 87.4% |
| Debt-to-Asset Ratio | 0.0% |
| Months of Reserves | 291.2 months |
Financial Health Grade: A
In 2023, Veritas Foundation reported a surplus of $2.3M with revenue exceeding expenses, holds 291.2 months of operating reserves (strong position), has a debt-to-asset ratio of 0.0% (very low leverage).
Financial Trends
Over 10 years of filings (2011–2023), Veritas Foundation's revenue has grown at a compound annual growth rate (CAGR) of 17.0%.
| Year | Revenue Change | Expense Change | Asset Change |
|---|---|---|---|
| 2022 | -112.0% | +163.6% | -10.9% |
| 2021 | +1380.5% | -7.8% | +10.2% |
| 2020 | -96.4% | -85.5% | -3.3% |
| 2019 | +5006.0% | +276.1% | -12.0% |
IRS Tax-Exempt Classification
| IRS Classification Codes | 1000 |
| IRS Ruling Date | 2006 |
Classification data from ProPublica Nonprofit Explorer. Additional BMF data may be available after enrichment.
AI Transparency Report
Mission Effectiveness Score
NonprofitSpending's AI analysis rates Veritas Foundation with a Mission Score of 90 out of 100 (Excellent). This score reflects the organization's overall financial transparency, program spending efficiency, and governance indicators derived from IRS 990 public filings.
Spending Breakdown
- admin: 10%
- programs: 85%
- fundraising: 5%
According to IRS 990 filings, Veritas Foundation allocates its expenses as follows: admin: 10%, programs: 85%, fundraising: 5%. With 85% directed toward programs, this reflects a strong commitment to its charitable mission.
Key Financial Metrics (2023)
From the most recent IRS 990 filing on record:
- The organization reported a surplus of $2.3M, with revenue exceeding expenses.
- Debt-to-asset ratio: 0.0%.
Executive Compensation Analysis
Executive compensation is consistently reported as 0% across all available filings, indicating that no officers receive salaries from the organization. This is highly unusual for an organization of its size with assets nearing $8 million and suggests a strong commitment to minimizing overhead and maximizing funds for its mission.
Executive compensation data is sourced from IRS 990 filings, which require nonprofits to disclose the compensation of officers, directors, trustees, and key employees. NonprofitSpending analyzes this data relative to the organization's total revenue and sector benchmarks to assess whether executive pay is reasonable.
Red Flags
The following concerns were identified during AI analysis of Veritas Foundation's IRS 990 filings:
- Significant revenue volatility, including negative revenue in 2022, which requires further investigation.
- Lack of detailed spending breakdown (program, admin, fundraising) in the provided summary data, making it difficult to fully assess efficiency.
Strengths
The following positive indicators were identified for Veritas Foundation:
- Consistently low liabilities, often reported as $1, indicating strong financial health.
- Zero reported officer compensation across all filings, suggesting a high commitment to mission-focused spending.
- Substantial and stable asset base of nearly $8 million, providing financial security.
- Very low expense ratio relative to revenue in recent years, particularly in 2023 ($326,454 expenses vs. $2,592,139 revenue).
- Long filing history (10 filings) indicates consistent compliance and transparency.
Frequently Asked Questions about Veritas Foundation
Is Veritas Foundation a legitimate charity?
Veritas Foundation (EIN: 202522960) is a registered tax-exempt nonprofit based in Minnesota. Our AI analysis gives it a Mission Score of 90/100. It has 10 years of IRS 990 filings on record. Total revenue: $2.7M. 2 red flags identified. 5 strengths noted. Financial health grade: A.
How does Veritas Foundation spend its money?
Veritas Foundation directs 85% of its spending to programs and services. Fundraising costs 5%. This exceeds the 65% industry benchmark.
Are donations to Veritas Foundation tax-deductible?
Veritas Foundation is registered as a tax-exempt nonprofit (EIN: 202522960). Donations to most 501(c)(3) organizations are tax-deductible. Consult a tax professional for your specific situation.
How much does the Veritas Foundation CEO make?
Veritas Foundation's highest-compensated officer earns $8 annually. The organization reported $2.7M in total revenue. Executive compensation data is disclosed in IRS 990 filings.
What percentage of Veritas Foundation's spending goes to programs?
Veritas Foundation directs 85% to programs, 5% to fundraising. This exceeds the 65% industry benchmark for efficient nonprofits.
How does Veritas Foundation compare to similar nonprofits?
With a transparency score of 90/100 (Excellent), Veritas Foundation is above average for NTEE category T22 nonprofits. The score reflects financial transparency, program spending efficiency, and governance quality based on IRS 990 data.
Where is Veritas Foundation located?
Veritas Foundation is headquartered in Plymouth, Minnesota and files with the IRS under EIN 202522960. It is classified under NTEE code T22.
How many years of IRS 990 filings does Veritas Foundation have?
Veritas Foundation has 10 years of IRS 990 filings on record at NonprofitSpending. This extensive filing history provides a strong basis for evaluating long-term financial trends. The most recent filing shows $2.7M in total revenue.
What caused the negative revenue of $-95,534 in 2022?
The provided data does not specify the reason for the negative revenue in 2022. This could be due to investment losses, significant returns of contributions, or accounting adjustments, and would require reviewing the full 990 filing for that period.
How does Veritas Foundation achieve 0% officer compensation?
The consistent 0% officer compensation suggests that officers may be volunteers, compensated by a related entity, or that their compensation falls below reporting thresholds. The full 990 would clarify if there are any related organizations or if all leadership roles are purely voluntary.
What are the specific program activities funded by Veritas Foundation?
The NTEE code T22 indicates 'Philanthropy, Voluntarism, and Grantmaking Foundations'. To understand the specific program activities, one would need to review the program service accomplishments section of their IRS Form 990.
Why are liabilities consistently reported as $1 in recent years?
The consistent reporting of $1 in liabilities is unusual and could be a placeholder or a minimal administrative liability. It suggests the organization has virtually no debt or significant financial obligations, which is a positive indicator of financial stability.
How does Veritas Foundation manage its assets given the revenue volatility?
Despite significant revenue fluctuations, the organization's assets have remained relatively stable, suggesting effective asset management strategies, possibly including a robust endowment or investment portfolio that buffers against revenue swings. The full 990 would provide details on investment income and strategies.
Filing History
IRS 990 filing history for Veritas Foundation showing financial trends over 10 years of public records:
Over 10 years of IRS 990 filings (2011–2023), Veritas Foundation's revenue has grown by 556.3%, moving from $395K to $2.6M. Total assets decreased by 0.7% over the same period, from $8.0M to $7.9M. Total functional expenses fell by 38.9%, from $534K to $326K. In its most recent filing year (2023), Veritas Foundation reported a surplus of $2.3M, with revenue exceeding expenses. The organization holds $1 in liabilities against $7.9M in assets (debt-to-asset ratio: 0.0%), resulting in net assets of $7.9M.
| Year | Revenue | Expenses | Assets | Liabilities | Officer Comp. % | |
|---|---|---|---|---|---|---|
| 2023 | $2.6M | $326K | $7.9M | $1 | — | — |
| 2022 | $-95,534 | $578K | $5.6M | $1 | — | View 990 |
| 2021 | $794K | $219K | $6.3M | $1 | — | View 990 |
| 2020 | $54K | $238K | $5.7M | $1 | — | — |
| 2019 | $1.5M | $1.6M | $5.9M | $1 | — | View 990 |
| 2015 | $29K | $437K | $6.7M | $0 | — | View 990 |
| 2014 | $399K | $594K | $7.1M | $0 | — | View 990 |
| 2013 | $181K | $811K | $7.3M | $0 | — | View 990 |
| 2012 | $476K | $538K | $7.9M | $0 | — | View 990 |
| 2011 | $395K | $534K | $8.0M | $0 | — | View 990 |
Year-by-Year Financial Summary
- 2023: Revenue of $2.6M, expenses of $326K, and assets of $7.9M.
- 2022: Revenue of $-95,534, expenses of $578K, and assets of $5.6M (revenue -112.0% year-over-year).
- 2021: Revenue of $794K, expenses of $219K, and assets of $6.3M (revenue +1380.5% year-over-year).
- 2020: Revenue of $54K, expenses of $238K, and assets of $5.7M (revenue -96.4% year-over-year).
- 2019: Revenue of $1.5M, expenses of $1.6M, and assets of $5.9M (revenue +5006.0% year-over-year).
- 2015: Revenue of $29K, expenses of $437K, and assets of $6.7M (revenue -92.7% year-over-year).
- 2014: Revenue of $399K, expenses of $594K, and assets of $7.1M (revenue +120.2% year-over-year).
- 2013: Revenue of $181K, expenses of $811K, and assets of $7.3M (revenue -61.9% year-over-year).
- 2012: Revenue of $476K, expenses of $538K, and assets of $7.9M (revenue +20.6% year-over-year).
- 2011: Revenue of $395K, expenses of $534K, and assets of $8.0M.
View Individual Filing Years
Explore detailed financial data from each IRS 990 filing year for Veritas Foundation:
Data Sources and Methodology
This transparency report for Veritas Foundation is generated by NonprofitSpending's AI analysis engine. The data is sourced from publicly available IRS 990 filings accessed through the ProPublica Nonprofit Explorer API and IRS electronic filing records. The Mission Score, spending breakdown, and other analytical insights are produced by artificial intelligence and should be used as one of multiple factors when evaluating a nonprofit organization.
IRS 990 forms are annual information returns that most tax-exempt organizations must file with the IRS. These forms provide detailed financial information including revenue, expenses, assets, liabilities, and compensation of officers. NonprofitSpending processes this data to provide accessible transparency reports for donors, researchers, and the general public.
Disclaimer
AI-generated analysis based on IRS public records. Not financial or legal advice. Verify information directly with the organization.