Veterans Inc

Nonprofit profile at a glance

EIN
043098024
IRS 990 coverage
2009–2024
Forms available
Form 990 2024
Location
Worcester, MA, USA
Phone
8004822565
Rating
84
Verdict
STRONG
Rating confidence
Moderate
Sector
Community, Neighborhood Development

Official website

Reported finances

Revenue
$29,877,568
Expenses
$25,426,532
Assets
$34,356,159
Liabilities
$7,213,007

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

Leadership & pay

14 people listed

Executive titles in this filing

  • VINCENT PERRONE JR (PRESIDENT & CEO)
  • DENIS M LEARY (VP & EXECUTIVE DIRECTOR)

Highest reported compensation

  • VINCENT PERRONE JR (PRESIDENT & CEO): $348,271 total reported compensation
  • ALLISON ALAIMO (SR. VP FINANCE, DEV & ADMIN): $296,288 total reported compensation
  • DENIS M LEARY (VP & EXECUTIVE DIRECTOR): $295,771 total reported compensation

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

Overview

Mission

Veterans inc.'s mission is to end homelessness among veterans by helping veterans regain control of their lives. We believe that all veterans have earned respect and gratitude from our nation. This belief is translated into the philosophy that underlies all of our work. "they were there when we needed them. We must be there now that they need us." at veterans inc. We aim to remain a leading provider of services for veterans and their families by providing the highest quality services.

What it reported doing in 2024

Health and wellness and behavioral health care - the organization provides physical, mental, and emotional care that helps individuals develop coping mechanisms and supports reintegration into families and communities. This care contributes to the success of the organization in reducing homelessness. The organization has been on the vanguard of treatment delivery for substance addiction by becoming the first veteran-focused organization to create a full array of licensed direct care services. Inpatient and outpatient substance abuse treatment licensed by the Massachusetts department of public health and accredited by the commission of accreditation of rehabilitation facilities are available at independence hall in shrewsbury, Massachusetts and in worcester, Massachusetts locations. Levels of care provided include inpatient clinical stabilization services, inpatient residential recovery support for those with co-occurring substance use disorder and mental health issues, intensive outpatient day treatment, outpatient counseling, and medication assisted treatment. Research has demonstrated that separation from the military increases the risk of developing or worsening substance abuse related problems. When leaving the military, drug and alcohol problems can further complicate the transition to civilian life and can have a serious impact on personal relationships. The organization offers this evidence-based treatment program for males and females, prioritizing veterans, delivering services with cultural skill and sensitivity, with special expertise in the veteran's culture, and is considered the first of its kind in the country to be operated by a community non-profit veterans organization.

Operating model

Revenue model
Mixed. Its operating money came from several sources; no one source provided a clear majority.
Distribution model
Direct operator. The filing allocates 87% 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.
  • Includes noncash contributions: Reported contributions include donated property or goods.

The verdict

STRONG - A large share of available resources goes toward mission work and the filed numbers largely add up. Some filing-based governance responses are negative or unanswered and total assets are small relative to annual expenses; liquid coverage is unknown.

Rating breakdown

  • Financial Efficiency: 83
  • Transparency & Controls: 87
  • Accountability: 83
  • Sustainability: 61
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 78.2%; rating input score 78
  • Program expense ratio: 91.3%; rating input score 91
  • Fundraising efficiency: $83.82 raised per $1 spent on fundraising; rating input score 83; 83rd percentile among comparable filings

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 62nd percentile among comparable filings
  • Pay-setting controls: 4 of 6 controls in place; rating input score 67
    • Compensation committee: Pass
    • Independent consultant: Missing
    • Other Form 990s reviewed: Pass
    • Written employment contract: Missing
    • Compensation survey or study: Pass
    • Board or committee approval: Pass
  • Foreign activity oversight: Limited
  • Grant itemization coverage: 100%; rating input score 100; 72nd percentile among comparable filings
  • Major donor itemization: Yes; rating input score 100
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 77.8%; rating input score 78; 14th percentile among comparable filings
  • Governance controls: 8 of 9 controls in place; rating input score 89
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • Document-retention policy: Fail
    • CEO compensation review process: Pass
    • Other executive compensation review process: Pass
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Pass
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: 14.9%; rating input score 76; 76th percentile among comparable filings
  • Total-asset coverage ratio: 1.35; rating input score 47; 47th percentile among comparable filings
  • Liabilities to assets ratio: 0.21; rating input score 57; 57th percentile among comparable filings
  • Officer compensation ratio: 5.8%; rating input score 44; 44th percentile among comparable filings

Growth

  • Program expense growth: 9.1% per year; rating input score 100; 66th percentile among comparable filings
  • Revenue growth: 10.2% per year; rating input score 100; 75th percentile among comparable filings
  • Asset growth: 10.8% per year; rating input score 100; 68th percentile among comparable filings

Details

  • Where the money goes: 78.2% of revenue deployed · 91.3% of spending went to programs
  • Governance: 7 of 9 board members independent · 8 of 9 filing controls reported
  • Programs: 4 filed program accomplishments · $23.2M in reported program spending
  • Leadership: top reported pay $348K · 14 people listed · 4 of 6 pay-setting controls reported
  • Highest-paid contractors: 4 contractors listed · $567K reported
  • Consistency: 36 of 36 current checks pass
  • Schedules: 11 filed schedules · includes major donors, grants, and executive pay
  • Filing history: 16 filing years from 2009 to 2024
  • Contacts: How to reach this organization
  • Money network: 7 filed money-flow records
  • Related organizations: 2 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.

  • Review — Accountability: Governance controls: Document-retention policy not reported.
  • Moderate — Sustainability: Total-asset coverage ratio scored 47/100.
  • Moderate — Sustainability: Officer compensation ratio scored 44/100.
  • Review — Sustainability: Liabilities to assets ratio scored 57/100.