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Verite
Verite reported $11.8 million in revenue and $12.7 million in expenses for calendar year 2024. Of every $100 it spent, $92.02 went to program services, $7.77 to management and general costs and $0.21 to fundraising. Its largest source of revenue was program service revenue such as fees, sales and contracts: 97.1% of the total. The highest compensation it reported for one person was $193,362 (CHIEF EXECUTIVE OFFICER). 15 people received more than $100,000 in reportable compensation. Revenue rose 39% between 2019 and 2024. Source: Form 990, 2024.
Where $100 of spending went
Calendar year 2024 · Form 990, Part IX, line 25 · total expenses $13MFor context, the median across 876 covered arts, culture & humanities charities: $79.98 programs, $13.89 management, $6.13 fundraising (medians computed separately, so they may not sum to $100).
Where $100 of revenue came from
Calendar year 2024 · Form 990, Part VIII · total revenue $12MThe 990 scorecard · same measures for every charity, no grades
| Measure | 2024 | Median |
|---|---|---|
| Program services Part IX 25(B) ÷ 25(A) | 92.0% | 78.5% |
| Management & general Part IX 25(C) ÷ 25(A) | 7.8% | 13.6% |
| Fundraising Part IX 25(D) ÷ 25(A) | 0.2% | 6.0% |
| Fundraising cost per $1 of contributions Part IX 25(D) ÷ Part VIII 1h | $0.08 | $0.10 |
| Contributions & grants share of revenue Part VIII 1h ÷ 12 | 2.7% | 57.5% |
| Government grants share of revenue Part VIII 1e ÷ 12 | 0.0% | 1.7% |
| Program service revenue share Part VIII 2g ÷ 12 | 97.1% | 20.8% |
| Highest reported compensation Part VII-A, columns D–F | $193,362 | $385,706 |
| Highest compensation as share of expenses Part VII-A ÷ Part IX 25(A) | 1.53% | 2.03% |
| People paid over $100,000 Part VII, line 2 | 15 | 8 |
| Net assets, in months of expenses Part X 33(B) ÷ monthly expenses | 2.8 | 36.6 |
| Independent voting board members Part VI 1a–1b | 12 of 12 | 100.0% |
A median is context, not a target: hospitals, universities, food banks and grantmakers spend in very different ways. What these measures can and can't tell you.
What the money paid for, in its own words
2024 · Form 990, Part III · the three largest programs by expenseVerite undertook 28 independent, high-quality, original research projects for 18 funders in 28 countries in 2024. These projects provided insights on key issues and challenges in responsible sourcing for partners across commodity, product, sector, and country levels while also bringing the perspective of workers to the forefront. Our unique, bottom-up approach to research provides partners with an objective view into the conditions of work in their supply chains with a focus on listening to and prioritizing those who know those conditions best workers
Verite conducted 173 comprehensive audits, investigations, and screenings, including via our remote forced labor screening tool, cumulus, to provide 22 companies with crucial insights into working conditions in their supply chains across 24 countries. Focusing on some of the most difficult labor and human rights issues including forced labor, human trafficking, and child labor these interventions center the voice of workers to allow US to identify the root cause of noncompliance, producing an end product that not only identifies issues but also produces actionable recommendations to address…
Verite completed 86 consulting engagements, guiding 26 different partners in 19 counties through processes which strengthened their commitment and adherence to prevailing human rights due diligence principles. Our broad expertise across multiple industries allowed US to support a variety of clients as they integrated these principles into aspects of their work such as strategic planning, sourcing decisions, and cascading accountability across their value chains - always with a focus on mitigating risk for the business and identifying, remediating, and preventing risk for workers
Highest reported compensation
2024 · Form 990, Part VII, Section A · roles as filed; names are in the filing, not here| Role | From this org | From related orgs | Other | Total |
|---|---|---|---|---|
| CHIEF EXECUTIVE OFFICER Key employee, 35.00 hrs/week | $166,281 | $0 | $27,081 | $193,362 |
| CHEIF PROGRAM OFFICER Highest compensated employee, 35.00 hrs/week | $137,729 | $0 | $19,743 | $157,472 |
| CHEIF PROGRAM OFFICER Highest compensated employee, 35.00 hrs/week | $137,729 | $0 | $17,816 | $155,545 |
| SENIOR PROGRAM DIRECTOR Highest compensated employee, 35.00 hrs/week | $135,041 | $0 | $19,638 | $154,679 |
| CHIEF COMMERCIAL OFFICER Highest compensated employee, 35.00 hrs/week | $132,230 | $0 | $21,631 | $153,861 |
15 people received more than $100,000 in reportable compensation from Verite (Part VII, line 2). Compensation of current officers, directors and key employees totaled $193K (Part IX, line 5).
6 years of filings
Form 990, Parts I, VII, IX and X · each row is that year's own filing, linkedGovernance answers, as filed
2024 · the organization's own yes/no answers; explanations, if any, are in Schedule O of the filing · what each means- Voting board members, and how many are independent Part VI, lines 1a–1b12 · 12 independent
- Audited financial statements Part XII 2bYes
- Conflict-of-interest policy Part VI 12aYes
- Whistleblower policy Part VI 13Yes
- Document retention policy Part VI 14Yes
- Independent process for top executive pay Part VI 15aYes
- Board given the 990 before filing Part VI 11aYes
- Family or business ties among insiders Part VI 2No
- Aware of a significant diversion of assets Part VI 5No
- Excess benefit transaction with an insider Part IV 25aNo
- Loans to or from insiders outstanding Part IV 26No
- Lobbying, or a 501(h) election in effect Part IV 4No
- Over $15,000 of professional fundraising services Part IV 18No
- Over $10,000 of activity outside the U.S. Part IV 14bYes
- Employees Part I, line 562
- Volunteers Part I, line 621
Largest outside contractors
2024 · Form 990, Part VII, Section B · businesses only| VERITE SOUTHEAST ASIA Program consultant | $794,032 |
| WORLD VISION INC Program consultant | $600,785 |
| FUNDACION MEXICANA DE APOYO INFANTIL (FA Program consultant | $362,722 |
| AMERICAN INSTITUTES FOR RESEARCH (AIR) Program consultant | $356,433 |
| GOLDENBERG SCHNEIDER LPA Program consultant | $206,953 |
Individuals listed as contractors are left out. 5 contractors were paid more than $100,000 in all.
Private foundation grants it received
2 private foundations reported grants to Verite totaling $550K on their tax year 2023 Form 990-PF returns. See which foundations, on WHOFUNDS.
Source: WHOFUNDS open grant graph, matched from Form 990-PF Part XV.
Correct a figure or respond
Every number above is copied from Verite's own Form 990. If one doesn't match the filing, that's our error and we'll fix it. If you work for Verite, you can publish a response that is linked from this page.
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Of every $100 Verite spent in 2024, $92.02 went to programs. The full breakdown, from its IRS Form 990:
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Similar-sized charities in this cause
- Pacific Repertory TheatreCarmel, CA · revenue $12M · programs 69.3% · 2024
- Minnesota Children's MuseumSt Paul, MN · revenue $12M · programs 79.2% · FY2025
- Nebraska Public Media FoundationLincoln, NE · revenue $12M · programs 72.7% · FY2025
- Pearl Harbor Aviation MuseumHonolulu, HI · revenue $12M · programs 88.4% · 2024
- The Center for Education ReformWashington, DC · revenue $12M · programs 98.5% · 2024
All arts, culture & humanities charities · Largest charities in Massachusetts
Questions people ask
How much of Verite's spending goes to programs?
In calendar year 2024, Verite reported that 92.0% of its $12.7 million in expenses went to program services, 7.8% to management and general and 0.2% to fundraising (Form 990, Part IX).
How much does Verite pay its top executive?
The largest total compensation Verite reported for one person in calendar year 2024 was $193,362, for the role of CHIEF EXECUTIVE OFFICER (Form 990, Part VII, including compensation from related organizations and other compensation).
Where does Verite get its money?
Of $11.8 million in revenue in calendar year 2024, 2.7% came from contributions and grants and 97.1% from program service revenue (Form 990, Part VIII).
Is Verite a registered charity?
The IRS lists EIN 04-3304538 as a 501(c)(3) organization (publicly supported organization (509(a)(2))), and its records show contributions as tax-deductible. Form 990 filings on record here cover tax years 2019, 2020, 2021, 2022, 2023, 2024. A filing shows what the organization reported; it doesn't by itself show whether a program works.
Sources
- 2024: Form 990 for calendar year 2024, object 202503119349301870 · read the filing · XML
- 2023: Form 990 for calendar year 2023, object 202433119349301108 · read the filing
- 2022: Form 990 for calendar year 2022, object 202303189349310115 · read the filing
- 2021: Form 990 for calendar year 2021, object 202243159349303134 · read the filing
- 2020: Form 990 for calendar year 2020, object 202143169349308104 · read the filing
- 2019: Form 990 for calendar year 2019, object 202023219349302822 · read the filing
All filings for EIN 04-3304538: ProPublica Nonprofit Explorer · IRS Tax Exempt Organization Search. Figures are as the organization reported them; we have not audited them.