Velatura Hie Corporation

Nonprofit profile at a glance

EIN
861398387
IRS 990 coverage
2021–2024
Forms available
Form 990 2024, Form 990-N 2020
Location
East Lansing, MI, USA
Phone
8444542443
Rating
70
Verdict
SUPPORTED
Rating confidence
Moderate
Sector
Management & Technical Assistance

Reported finances

Revenue
$8,155,702
Expenses
$11,495,239
Assets
$3,389,250
Liabilities
$6,445,513

Source: IRS Form 990. Selected filing: tax year 2024. Amounts in USD.

Leadership & pay

7 people listed

Executive titles in this filing

  • TIMOTHY PLETCHER (CEO)

Highest reported compensation

  • TIMOTHY PLETCHER (CEO): $515,381 total reported compensation
  • RICHARD FISH (CTO): $431,958 total reported compensation
  • ANGELA BASS (EVP & CSO): $429,584 total reported compensation

Source: IRS Form 990. Selected filing: tax year 2024. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

Not-for-profit organization offering affiliation, collaboration, and integration opportunities to health information exchanges (hies) across the country.

What it reported doing in 2024

Offering affiliation, collaboration, and integration opportunities to health information exchanges (hies) across the country. Velatura hie is a consolidation of hies, community-based organizations, and health information networks that have formally affiliated to achieve national economies of scale while maintaining localized stakeholder alignment and focus.

Operating model

Revenue model
Earned-program. 100% of the money available for current operations came from fees and other program revenue.
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

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

Rating breakdown

  • Financial Efficiency: 86
  • Transparency & Controls: 67
  • Accountability: 47
  • Sustainability: 13
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 100%; rating input score 100
  • Program expense ratio: 90.1%; rating input score 90
  • Fundraising efficiency: Limited

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: Limited
  • Related-party transparency: Yes; rating input score 100

Accountability

  • Independent voting board: 25%; rating input score 25; 6th percentile among comparable filings
  • Governance controls: 7 of 9 controls in place; rating input score 78
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • Document-retention policy: Pass
    • CEO compensation review process: Fail
    • Other executive compensation review process: Fail
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Pass
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: -40.9%; rating input score 3; 3rd percentile among comparable filings
  • Total-asset coverage ratio: 0.29; rating input score 9; 9th percentile among comparable filings
  • Liabilities to assets ratio: 1.9; rating input score 1; 1st percentile among comparable filings
  • Officer compensation ratio: 2.5%; rating input score 72; 72nd percentile among comparable filings

Growth

  • Program expense growth: 49.7% per year; rating input score 100; 97th percentile among comparable filings
  • Revenue growth: 35.1% per year; rating input score 100; 95th percentile among comparable filings
  • Asset growth: 14.1% per year; rating input score 100; 72nd percentile among comparable filings

Details

  • Where the money goes: 100% of revenue deployed · 90.1% of spending went to programs
  • Governance: 1 of 4 board members independent · 7 of 9 filing controls reported
  • Programs: 1 filed program accomplishment · $10.4M in reported program spending
  • Leadership: top reported pay $515K · 7 people listed · 0 of 6 pay-setting controls reported
  • Highest-paid contractors: 5 contractors listed · $2M reported
  • Consistency: 19 of 19 current checks pass
  • Schedules: 6 filed schedules · includes executive pay and related organizations
  • Filing history: 4 filing years from 2021 to 2024
  • Contacts: How to reach this organization
  • Related organizations: 9 filed related-organization links
  • Grant readiness: Federal tax and exclusion status, award history, and grant-maker relationships.
  • 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 — Transparency & Controls: Pay-setting controls scored 0/100.
  • High — Accountability: Independent voting board scored 25/100.
  • High — Sustainability: Operating margin scored 3/100.
  • Review — Accountability: Governance controls: 2 of 9 not reported.
  • High — Sustainability: Total-asset coverage ratio scored 9/100.
  • High — Sustainability: Liabilities to assets ratio scored 1/100.