Project Veritas Action Fund

Nonprofit profile at a glance

EIN
471809663
IRS 990 coverage
2014–2021
Forms available
Form 990 2021
Location
Mamaroneck, NY, USA
Phone
9149082300
Rating
53
Verdict
MIXED
Rating confidence
Moderate

Reported finances

Revenue
$1,888,369
Expenses
$1,009,313
Assets
$2,905,223
Liabilities
$729,050

Source: IRS Form 990. Selected filing: tax year 2021. Amounts in USD.

Leadership & pay

5 people listed

Executive titles in this filing

  • JAMES O'KEEFE III (PRESIDENT)

Highest reported compensation

  • JAMES O'KEEFE III (PRESIDENT): $405,034 total reported compensation
  • TOM O'HARA (CFO): $259,646 total reported compensation

Source: IRS Form 990. Selected filing: tax year 2021. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

To further the common good and general welfare of the citizens of the united states of america by conducting investigations into waste, fraud, corruption, dishonesty, self-dealing and other misconduct for the purpose of educating the public, stakeholders, policymakers, and community leaders in order to create a more ethical and transparent society.

What it reported doing in 2021

Further of the common good and general welfare of the citizens of the united states of america by conducting investigations into waste, fraud, abuse, corruption, dishonesty, self-dealing and other misconduct for the purpose of educating the public, stakeholders, policymakers, and community leaders in order to create a more ethical and transparent society. Challenging laws that limit the ability to pursue our mission.

Operating model

Revenue model
Donor-supported. 100% of the money available for current operations came from contributions and gifts.
Distribution model
Direct operator. The filing allocates 100% of reported program-service expenses outside its grant, affiliate-payment, and member-benefit lines. This expense classification does not rule out separately announced grant awards.

The verdict

MIXED - The filed numbers largely add up and most voting board members are independent. A relatively small share of available resources goes toward mission work and few specific pay-setting methods are documented in the filing; unanswered boxes are not proof of absence.

Rating breakdown

  • Financial Efficiency: 26
  • Transparency & Controls: 65
  • Accountability: 72
  • Sustainability: 74
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 16.2%; rating input score 16
  • Program expense ratio: 32.5%; rating input score 32
  • Fundraising efficiency: $25.05 raised per $1 spent on fundraising; rating input score 61; 61st percentile among comparable filings

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 63rd percentile among comparable filings
  • Pay-setting controls: 0 of 6 controls in place; rating input score 0
    • Compensation committee: Missing
    • Independent consultant: Missing
    • Other Form 990s reviewed: Missing
    • Written employment contract: Missing
    • Compensation survey or study: Missing
    • Board or committee approval: Missing
  • Foreign activity oversight: Limited
  • Grant itemization coverage: Limited
  • Major donor itemization: Yes; rating input score 100
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 75%; rating input score 75; 15th percentile among comparable filings
  • Governance controls: 6 of 9 controls in place; rating input score 67
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • Document-retention policy: Pass
    • CEO compensation review process: Pass
    • Other executive compensation review process: Fail
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Missing
    • Independent financial-statement audit: Fail

Sustainability

  • Operating margin: 46.6%; rating input score 90; 90th percentile among comparable filings
  • Total-asset coverage ratio: 2.88; rating input score 72; 72nd percentile among comparable filings
  • Liabilities to assets ratio: 0.25; rating input score 28; 28th percentile among comparable filings
  • Officer compensation ratio: 0.9%; rating input score 62; 62nd percentile among comparable filings

Growth

  • Program expense growth: 1% per year; rating input score 100; 34th percentile among comparable filings
  • Revenue growth: 5.3% per year; rating input score 100; 52nd percentile among comparable filings
  • Asset growth: 18.3% per year; rating input score 100; 78th percentile among comparable filings

Details

  • Where the money goes: 16.2% of revenue deployed · 32.5% of spending went to programs
  • Governance: 3 of 4 board members independent · 6 of 9 filing controls reported
  • Programs: 1 filed program accomplishment · $328K in reported program spending
  • Leadership: top reported pay $405K · 5 people listed · 0 of 6 pay-setting controls reported
  • Highest-paid contractors: 1 contractor listed · $149K reported
  • Consistency: 24 of 24 current checks pass
  • Schedules: 6 filed schedules · includes major donors and executive pay
  • Filing history: 7 filing years from 2014 to 2021
  • Contacts: How to reach this organization
  • Related organizations: 1 filed related-organization link
  • People: Everyone the filings name, and which of them the filings identify by more than a name.

Key Signals

Signals prioritize questions for review. They are not findings of misconduct.

  • High — Financial Efficiency: Mission deployment rate scored 16/100.
  • High — Transparency & Controls: Pay-setting controls scored 0/100.
  • Moderate — Financial Efficiency: Program expense ratio scored 32/100.
  • Review — Accountability: Governance controls: 2 of 8 not reported.
  • High — Sustainability: Liabilities to assets ratio scored 28/100.