Verily Magazine Inc

Nonprofit profile at a glance

EIN
921337166
IRS 990 coverage
2024–2024
Forms available
Form 990 2024, Form 990-EZ 2023, Form 990-N 2022
Location
Lakewood, OH, USA
Rating
88
Verdict
STRONG
Rating confidence
Moderate
Sector
Women's Rights

Reported finances

Revenue
$309,680
Expenses
$315,925
Assets
$345
Liabilities
$13,714

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

Leadership & pay

3 people listed

Executive titles in this filing

  • Mary Rose Somarriba (Executive Director)

Highest reported compensation

  • Mary Rose Somarriba (Executive Director): $100,000 total reported compensation

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

Overview

Mission

Verilys mission is to further honesty ethics and authenticity in womens media. One of Verilys journalistic goals is to ameliorate unhealthy standards for womens physical appearances which have been promoted for decades leading to significant and oppressively damaging effects on womens health self-image and personal relationships as well as societys expectations of women.

What it reported doing in 2024

Verily Magazine successfully relaunched the print magazine in 2024 and re-engaged its subscriber base. Verily produced three magazines including articles and features to educate the general public on women issues and experiences promote social welfare and health and elevate women voices to eliminate prejudice and discrimination that women face specifically within the media - were inherently charitable and educational in nature. Verily distributed at least 1000 magazines to women at no cost and at least 2000 to women at below-cost of production. Verily conducted contests for women to submit poetry photography and fiction-writing awarding and publishing the top submissions. Verily worked to establish its base of new donors and cultivated its philanthropy program as a nonprofit. Verily attended conferences to expand awareness of womens voices issues and experiences.

Operating model

Revenue model
Donor-supported. 87% 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

STRONG - A large share of available resources goes toward mission work and the filed numbers largely add up. Assets have declined or grown slowly and expenses are high relative to revenue.

Rating breakdown

  • Financial Efficiency: 93
  • Transparency & Controls: 100
  • Accountability: 90
  • Sustainability: 17
  • Growth: 40

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 95.6%; rating input score 96
  • Program expense ratio: 93.7%; rating input score 94
  • Fundraising efficiency: $46.5 raised per $1 spent on fundraising; rating input score 75; 75th percentile among comparable filings

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 64th percentile among comparable filings
  • Pay-setting controls: Limited
  • Foreign activity oversight: Limited
  • Grant itemization coverage: Limited
  • Major donor itemization: Yes; rating input score 100
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 100%; rating input score 100; 63rd percentile among comparable filings
  • Governance controls: 6 of 8 controls in place; rating input score 75
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • Document-retention policy: Pass
    • CEO compensation review process: Pass
    • Other executive compensation review process: NotApplicable
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Missing
    • Independent financial-statement audit: Fail

Sustainability

  • Operating margin: -2%; rating input score 34; 34th percentile among comparable filings
  • Total-asset coverage ratio: 0; rating input score 1; 1st percentile among comparable filings
  • Liabilities to assets ratio: 39.75; rating input score 0; 0th percentile among comparable filings
  • Officer compensation ratio: 31.7%; rating input score 10; 10th percentile among comparable filings

Growth

  • Program expense growth: Limited
  • Revenue growth: 82.3% per year; rating input score 100; 99th percentile among comparable filings
  • Asset growth: -150.1% per year; rating input score 0; 0th percentile among comparable filings

Details

  • Where the money goes: 95.6% of revenue deployed · 93.7% of spending went to programs
  • Governance: 3 of 3 board members independent · 6 of 8 filing controls reported
  • Programs: 1 filed program accomplishment · $296K in reported program spending
  • Leadership: top reported pay $100K · 3 people listed
  • Consistency: 30 of 30 current checks pass
  • Schedules: 3 filed schedules · includes major donors
  • Contacts: How to reach this organization
  • Money network: 2 filed money-flow records
  • Related organizations: Filed and resolved organization relationships.
  • 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 — Growth: Asset growth scored 0/100.
  • Moderate — Sustainability: Operating margin scored 34/100.
  • High — Sustainability: Total-asset coverage ratio scored 1/100.
  • Review — Accountability: Governance controls: Independent financial-statement audit not reported.
  • High — Sustainability: Liabilities to assets ratio scored 0/100.
  • High — Sustainability: Officer compensation ratio scored 10/100.