VELOCITY NETWORK FOUNDATION

EIN: 842596283

DENVER, CO

Total Revenue
$524,176
Total Expenses
$1,497,260
Total Assets
$203,092
Net Assets
$-2,726,684
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Financial Vulnerability Assessment (Tuckman-Chang)

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Financial Trends

Organization Details

Formation Year
2019
Legal Domicile
DE
Principal Officer
DROR GUREVICH
Phone
6197576719
Tax Period
2024-01-01 to 2024-12-31

VELOCITY NETWORK FOUNDATION, founded in 2019, is a small nonprofit that reported $524K in total revenue in fiscal year 2024. Expenses of $1.5M exceeded revenue, resulting in a 186% operating deficit.

Mission

THE ORGANIZATION'S PRIMARY PURPOSE IS TO ADVANCE THE HUMAN RESOURCES INDUSTRY BY USING TECHNOLOGY AND SHARED DATA PROTOCOLS TO IMPROVE CREDENTIAL VERIFICATION AND WORKFORCE CONDITIONS.

Program Service Accomplishments

Program 1
Expenses: $240,000 Revenue: $198,900

STATE OF ARKANSAS - WORKFORCE INTEGRATED DATA SYSTEM-VELOCITY NETWORK DIGITAL CREDENTIALS SUPPORT SERVICES.

Program 2
Expenses: $216,000

NETWORK GOVERNANCE - FACILITATE VELOCITY NETWORK GOVERNANCE FORUMS INCLUDING COMMITTEES, WORKGROUPS, BOARD OF DIRECTORS. MANAGE ANNUAL ELECTION PROCESS.

Program 3
Expenses: $763,951

MAINTAIN VELOCITY NETWORK INFRASTRUCTURE - MAINTAIN OPEN SOURCE SOFTWARE, NODES OF THE NETWORK TECHNICAL DOCUMENTATION, SUPPORTING SOFTWARE ELEMENTS (WALLETS, CORE BANKING SYSTEM).

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Trantor Score

Financial Health Score (300–850) · Liquidity · Solvency · Sustainability · Efficiency

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Liquidity (40%) • Solvency (30%) • Sustainability (20%) • Efficiency (10%)

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Financial Overview (2024)

Revenue Breakdown

Contributions & Grants $297,607
Program Service Revenue $226,569
Investment Income $0
Other Revenue $0
TOTAL REVENUE $524,176

Expense Breakdown

Grants Paid $0
Salaries & Benefits $18,000
Fundraising Expenses $0
Program Expenses $1,246,921
Other Expenses $1,479,260
TOTAL EXPENSES $1,497,260

Year-over-Year Comparison

2024 2023 Change
Revenue $524,176 $-575,508 -1.9%
Expenses $1,497,260 $53,886 +26.8%
Net Income $-973,084 $-629,394 +0.5%
Key Indicators
✗ Grants to Organizations ✗ Grants to Individuals ✗ Lobbying ✗ Political Activity ✗ Foreign Activities ✗ Donor Advised Fund ✗ Schedule B Required
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Financial Health Indicators

Comprehensive financial analysis: Altman Z-Score, liquidity, solvency, sustainability, efficiency, and growth metrics

Financial Distress Indicator

Liquidity & Cash Position

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Governance

Voting Members
20
Independent Members
19
Employees
N/A
Volunteers
21

Governance Policies

✓ Conflict of Interest Policy
✗ Whistleblower Policy
✗ Document Retention Policy

Special Practices & Reported Activities

✗ Operated a School
✗ Operated a Hospital
✗ Provided First Class Travel
✗ Reported Conflict of Interest
✗ Reported Asset Diversion
✗ Excess Benefit Transaction
✗ Made Political Expenditures
✗ Engaged in Lobbying
✗ Operated Donor Advised Fund
✗ Maintained Art Collections
✗ Filed Form 720

Compensation of Officers, Directors & Key Employees

Total Officers
5
$18,000
Total Directors
22
$18,000
Key Employees
0
$0
Highest Compensated
0
reported
Name Title Hours/Week Role Reportable Comp Other Comp Total
JIM OWENS PRESIDENT 5.00
Officer Director
$0 $0 $0
OLIVIA MELONAS SECRETARY/TREASURER 8.00
Officer Director
$18,000 $0 $18,000
DROR GUREVICH CEO AND DIRECTOR 35.00
Officer Director
$0 $0 $0
ETAN BERNSTEIN HEAD OF ECOSYSTEM 35.00
Officer Director
$0 $0 $0
JEAN-MARC LAOUCHEZ DIRECTOR 2.00
Director
$0 $0 $0
GLEN CATHEY DIRECTOR 2.00
Director
$0 $0 $0
ZACH DAIGLE DIRECTOR 2.00
Director
$0 $0 $0
MICHELLE AINSWORTH DIRECTOR 2.00
Director
$0 $0 $0
SIDDHARTHA BHATTACHARYA DIRECTOR 2.00
Director
$0 $0 $0
DEB EVERHART DIRECTOR 2.00
Director
$0 $0 $0
CHRIS GOODSON DIRECTOR 2.00
Director
$0 $0 $0
BILL HUGHES DIRECTOR 2.00
Director
$0 $0 $0
MARC JANSEN DIRECTOR 2.00
Director
$0 $0 $0
MANOJ KUTTY DIRECTOR 2.00
Director
$0 $0 $0
ROBERT MCGOUGH DIRECTOR 2.00
Director
$0 $0 $0
GIANNA PFFIFFNER DIRECTOR 2.00
Director
$0 $0 $0
MARTY REED DIRECTOR 2.00
Director
$0 $0 $0
MEAGAN TREADWAY DIRECTOR 2.00
Director
$0 $0 $0
HENRY MACK DIRECTOR 2.00
Director
$0 $0 $0
SANJOE JOSE DIRECTOR 2.00
Director
$0 $0 $0
JOUKO VAN AGGELEN DIRECTOR 2.00
Director
$0 $0 $0
HERMINE WONG DIRECTOR 2.00
Director
$0 $0 $0
ANDRES OLAVE HEAD OF PRODUCT AND TECH 40.00
Officer
$0 $0 $0
Note: Compensation data is self-reported by the organization on their Form 990. "Reportable Comp" includes salary, bonuses, and other reportable compensation from the organization and related organizations. "Other Comp" includes benefits, deferred compensation, and non-taxable benefits.

Historical Data

Year Revenue Expenses Assets Net Income
2024 $524,176 $1,497,260 $203,092 $-973,084
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