Form 990 for tax year 2025

Filed by VEAP INC.

Totals

Total revenue: $14,675,405
Total expenses: $13,696,177
Contributions and grants received: $13,985,902
Grants paid: $9,627,119
Program service revenue: $59,000
Investment income: $40,682
Other revenue: $589,821
Total assets, end of year: $8,635,741
Total liabilities, end of year: $3,533,156
Net assets or fund balances, end of year: $5,102,585
Program services expenses (Part IX): $12,557,656
Management and general expenses: $693,755
Fundraising expenses: $444,766
Program service expenses (Part III): $12,557,656

Program services were 91.7% of total expenses calculated — Part IX's program-services column over total expenses, both as filed.

Line items

Every line the filer filed in Parts VIII, IX and X, as filed and in filed order. Blank columns are left out, and the lines are not forced to add up to the totals above.

Revenue

Part VIII, the statement of revenue.

1c · Fundraising events

$113,120
1e · Government grants (contributions)

$1,186,219
1f · All other contributions, gifts and grants

$12,686,563
1g · Noncash contributions included above

$8,387,951
2a · Program service revenue: Contract revenue

total $59,000 · related or exempt $59,000
3 · Investment income

total $44,896 · excluded $44,896
6a · Gross rents

real property $363,200 · personal property $84,289
6b · Less rental expenses

real property $0 · personal property $0
6c · Rental income or loss

real property $363,200 · personal property $84,289
6d · Net rental income or loss

total $447,489 · unrelated business $84,289 · excluded $363,200
7a · Gross sales of assets other than inventory

securities $71,258
7b · Less cost or other basis and sales expenses

securities $75,472
7c · Gain or loss

securities -$4,214
7d · Net gain or loss

total -$4,214 · excluded -$4,214
8a · Fundraising events: gross income

$255,661
8a · Fundraising events: contributions included on line 1c

$113,120
8b · Fundraising events: direct expenses

$125,936
8c · Net income from fundraising events

total $129,725 · excluded $129,725
11a · Other revenue: Insurance Reimbursement

total $12,607 · excluded $12,607
11e · Other revenue, total

$12,607

Functional expenses

Part IX, the statement of functional expenses.

2 · Grants to domestic individuals

total $9,627,119 · program services $9,627,119
5 · Compensation of officers, directors and key employees

total $401,043 · program services $259,241 · management and general $88,817 · fundraising $52,985
7 · Other salaries and wages

total $1,653,751 · program services $1,069,075 · management and general $366,206 · fundraising $218,470
8 · Pension plan contributions

total $73,799 · program services $47,655 · management and general $16,375 · fundraising $9,769
9 · Other employee benefits

total $204,436 · program services $132,011 · management and general $45,362 · fundraising $27,063
10 · Payroll taxes

total $163,394 · program services $105,649 · management and general $36,168 · fundraising $21,577
11b · Fees: legal

total $2,125 · management and general $2,125
11c · Fees: accounting

total $24,400 · management and general $24,400
11g · Fees: other

total $269,831 · program services $254,727 · fundraising $15,104
12 · Advertising and promotion

total $34,694 · program services $29,476 · management and general $3,053 · fundraising $2,165
13 · Office expenses

total $188,378 · program services $133,262 · management and general $19,045 · fundraising $36,071
14 · Information technology

total $147,154 · program services $129,077 · management and general $10,577 · fundraising $7,500
16 · Occupancy

total $399,664 · program services $350,007 · management and general $26,342 · fundraising $23,315
17 · Travel

total $44,509 · program services $44,453 · management and general $35 · fundraising $21
20 · Interest

total $143,967 · program services $124,155 · management and general $11,592 · fundraising $8,220
22 · Depreciation, depletion and amortization

total $185,771 · program services $157,831 · management and general $16,348 · fundraising $11,592
23 · Insurance

total $77,944 · program services $66,221 · management and general $6,859 · fundraising $4,864
24a · Other expenses: Volunteer services reco

total $28,099 · program services $18,256 · management and general $6,165 · fundraising $3,678
24b · Other expenses: Continuing education

total $14,367 · program services $9,441 · management and general $2,554 · fundraising $2,372
24c · Other expenses: UBIT taxes

total $11,732 · management and general $11,732

Balance sheet

Part X, book values.

1 · Cash, non-interest-bearing

beginning of year $654,343 · end of year $668,673
2 · Savings and temporary cash investments

beginning of year $2,514,823 · end of year $3,349,588
3 · Pledges and grants receivable

beginning of year $109,316 · end of year $105,569
4 · Accounts receivable

beginning of year $3,978 · end of year $22,252
8 · Inventories for sale or use

beginning of year $133,338 · end of year $245,550
9 · Prepaid expenses and deferred charges

beginning of year $53,085 · end of year $102,838
10a · Land, buildings and equipment: cost or other basis

$5,953,593
10b · Land, buildings and equipment: accumulated depreciation

$1,958,959
10c · Land, buildings and equipment, net

beginning of year $4,026,621 · end of year $3,994,634
15 · Other assets

beginning of year $171,775 · end of year $146,637
17 · Accounts payable and accrued expenses

beginning of year $224,386 · end of year $382,116
20 · Tax-exempt bond liabilities

beginning of year $3,144,891 · end of year $2,996,862
25 · Other liabilities

beginning of year $174,645 · end of year $154,178
27 · Net assets without donor restrictions

beginning of year $4,123,357 · end of year $5,102,585

Mission and programs · 2025

Mission

Together we create pathways to stronger, more hopeful communities through access to healthy food, housing stability, and supportive services.

Activities or mission (Part I)

We provide compassionate, professional support for individuals, families, children, and seniors facing food insecurity, risk of eviction or homelessness, or other financial challenges.

VEAP's Food and Basic Needs Program provides access to healthy, fresh foods for households experiencing food-insecurity. The program includes an on-site food pantry, mobile food pantry, student hunger initiative (supplemental food for school-age children), and food deliveries to seniors or individuals with mobility barriers. VEAP operates one of the largest food pantries in the state with 255,397 total Food and Basic Needs program services provided, including 49,933 express packs (up to 50 pounds of groceries for walk-in visitors) in 2025. Of the nearly 4.1 million pounds of food that was distributed, over 44% was fresh fruits and vegetables. VEAP offers fresh fruits and vegetables, dairy, deli, bakery, and a variety of food choices that include protein, meats, canned goods, and non-perishable items. Participants may visit the on-site food pantry/mobile pantry as needed, typically 1-2 times per month.VEAP addressed transportation barriers to healthy food access by providing full-service food deliveries to 10,527 seniors or qualifying individuals in 2025. The mobile food pantry provided 43,837 individuals with access to healthy foods at designated sites in areas of high need located throughout VEAP's service area. Food was provided throughout the school year to 14,703 students in the Edina, Richfield, and Bloomington School Districts. VEAP's state-of-the-art commercial kitchen served as a business incubation site for start-up businesses that produced food for market wholesale.

Expenses $11,141,887 · Grants $9,373,966
VEAP's Social Services Program provides caring, professional support to households experiencing food-insecurity, high-risk of eviction or homelessness, and financial crisis. Through a holistic service delivery with housing stability at the center of our focus, services include housing advocacy, case management, referrals, resource navigation and coordination, and emergency financial assistance in the form of rent, deposit, or utility assistance and other assistance to maintain housing or employment. In 2025, VEAP provided $698,263 in financial assistance, including $682,622 for rent or utilities, $6,750 for rental deposits, $2,405 for transportation assistance, and $6,486 in grocery gift cards and other essential basic needs.Participants work with Social Services using a strengths-based, case management approach to prevent homelessness and stabilize income. Social Services staff meets with participants to complete an individualized assessment and provide financial assistance, supportive services, and navigation of community resources to help regain stability quickly.

Expenses $1,415,769 · Grants $253,153 · Revenue $59,000

As filed on the 2025 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

Molly McCormick

Board Chair

Total calculated

$0

Hours/week

5
Joe Bauer

Board Vice Chair

Total calculated

$0

Hours/week

1.5
Margaret Brandt

Treasurer

Total calculated

$0

Hours/week

3
Jim DeBuse

Co-Secretary

Total calculated

$0

Hours/week

2.5
Brianna Williamson

Co-Secretary

Total calculated

$0

Hours/week

2.5
Dion Evans

Member

Total calculated

$0

Hours/week

1
Katie Burns

Member

Total calculated

$0

Hours/week

1
Anne Clarrissimeaux

Member

Total calculated

$0

Hours/week

1
Josh Gerber

Member

Total calculated

$0

Hours/week

1
Sara Hong

Member

Total calculated

$0

Hours/week

1
Shawn Nelson

Member

Total calculated

$0

Hours/week

1
Laura Perrault

Member

Total calculated

$0

Hours/week

1
Jeff Rodgers

Member

Total calculated

$0

Hours/week

1
Megan Rogers

Member

Total calculated

$0

Hours/week

1
Corinne Shepherd

Member

Total calculated

$0

Hours/week

1
Michelle Swanson

Member

Total calculated

$0

Hours/week

1
Chris Westergaard

Member

Total calculated

$0

Hours/week

1
Ross Widmoyer

Member

Total calculated

$0

Hours/week

1
Kari Thompson

President and CEO

Total calculated

$214,349

From this org

$192,996

From related orgs

$0

Other

$21,353

Hours/week

40

Schedule J breakdown matched by us

Base

$167,996

Bonus

$25,000

Other

$0

Deferred

$9,691

Nontaxable benefits

$11,662

Filer's total

$214,349
Jennifer Harrison

VP of Advancement

Total calculated

$186,696

From this org

$169,788

From related orgs

$0

Other

$16,908

Hours/week

40

Schedule J breakdown matched by us

Base

$151,038

Bonus

$18,750

Other

$0

Deferred

$8,000

Nontaxable benefits

$8,908

Filer's total

$186,696
Caley Long

Marketing Director

Total calculated

$125,713

From this org

$113,048

From related orgs

$0

Other

$12,665

Hours/week

40
Marnie Anderson

Finance Director

Total calculated

$123,884

From this org

$106,787

From related orgs

$0

Other

$17,097

Hours/week

40
Jessica Hering

Director of SS & Program Compliance

Total calculated

$121,771

From this org

$108,752

From related orgs

$0

Other

$13,019

Hours/week

40
Paul Jacobson

Basic Needs Director

Total calculated

$125,212

From this org

$104,397

From related orgs

$0

Other

$20,815

Hours/week

40

Compensation is as filed in Part VII: reportable pay from this organization and from related organizations, other compensation, and hours per week. The total, marked calculated, is our sum of the three dollar columns, with a blank column counted as $0; the form itself has no total. On a Form 990-EZ the columns are Part IV's instead, and on a Form 990-PF Part VIII's — compensation, contributions to benefit plans, and expense account — and the total sums those. A Schedule J breakdown is as filed: base pay, bonus, other, deferred compensation and nontaxable benefits from this organization, with any from related organizations beside each, and the filer's own total. It is shown with the Part VII listing of the same name on the same return. The form gives no key between the two, so that pairing is ours, and is marked matched by us.

Schedule J

Answered yes

3 · Compensation committee
3 · Independent compensation consultant
3 · Form 990 of other organizations
3 · Compensation survey or study
3 · Approval by the board or compensation committee
7 · Other non-fixed payments

Answered no

4a · Severance or change-of-control payment
4b · Supplemental nonqualified retirement plan
4c · Equity-based compensation arrangement
5a · Pay contingent on this organization's revenues
5b · Pay contingent on a related organization's revenues
6a · Pay contingent on this organization's net earnings
6b · Pay contingent on a related organization's net earnings
8 · Paid under the initial-contract exception

The filer's explanations (Part III)

Part I, Line 3: VEAP's Executive Committee serves as the compensation committee. They hired and independent evaluator to conduct an assessment. The organization also used scoped published survey data and a peer group of fifteen like organization's Form 990 for comparison.
Part I, Line 7: Bonus structures are included in the executive package and employment offer letter for all executive staff as well as the employment contract for the CEO. They are approved by the Executive Committee and the Board of Directors.

Part I's answers as filed. A line not listed was left unanswered; on lines 1a and 3 that means the box was not checked.

Grants on this return

No itemized grants to organizations on this return.

Provenance

Return type: form_990
Tax year: 2025
Filed: 7 August 2026
IRS schema version: 2025v4.2
Source object: 202612249349300516

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