Civic Intelligence

Sovrin Foundation

990 • Fiscal year 2020 • EIN 81-3702995

Jan 01, 2020 to Dec 31, 2020 • Filed on Dec 30, 2021

Organization Profilesovrin.org
170 S Main Street 1000Salt Lake City, UT 84101

(475) 295-3001

Siviq Scores

Precomputed percentiles for this filing year versus similar nonprofits in the same peer cohort.

Liabilities / Assets

100th percentile

34.56x

Higher debt load relative to assets than 100% of similar nonprofits.

2020 filings • 501(c)4 • $500k-$1M nonprofits • Source year 2020

Liabilities / Revenue

94th percentile

2.67x

Higher debt load relative to revenue than 94% of similar nonprofits.

2020 filings • 501(c)4 • $500k-$1M nonprofits • Source year 2020

Net Margin

13th percentile

-24%

Higher net margin than 13% of similar nonprofits.

2020 filings • 501(c)4 • $500k-$1M nonprofits • Source year 2020

Top Officer Pay

93rd percentile

$133,750

Higher top officer pay than 93% of similar nonprofits.

Top officer pay equals 17.2% of source-year revenue.

2020 filings • 501(c)4 • $500k-$1M nonprofits • Source year 2020

Asset Growth

1st percentile

-86%

Faster asset growth than 1% of similar nonprofits.

2020 filings • 501(c)4 • $500k-$1M nonprofits • Annualized from 2019 to 2020

Revenue Growth

9th percentile

-50%

Faster revenue growth than 9% of similar nonprofits.

2020 filings • 501(c)4 • $500k-$1M nonprofits • Annualized from 2019 to 2020

Balance Sheet
Liabilities / Assets100th percentile

Assets

Down

$60,001

Down $381,626 (-86%) from 2019

Net Assets

Down

-$2,013,751

Down $219,356 (-12%) from 2019

Liabilities

Down

$2,073,752

Down $162,270 (-7.3%) from 2019

Revenue And Expenses
Liabilities / Revenue94th percentileNet Margin13th percentile

Revenue

Down

$777,269

Down $767,422 (-50%) from 2019

Expenses

Down

$967,632

Down $2,963,827 (-75%) from 2019

Net Income

Up

-$190,363

Up $2,196,405 (+92%) from 2019

Historical Trend

Balance Sheet Trend

Asset Growth1st percentile

The highlighted filing sits inside the broader history for assets, liabilities, and net assets.

$4.0M$2.0M$0-$2.0M-$4.0MAssets 2017: $175,488Liabilities 2017: $0Net Assets 2017: $175,4882017Assets 2018: $817,471Liabilities 2018: $255,098Net Assets 2018: $562,3732018Assets 2019: $441,627Liabilities 2019: $2,236,022Net Assets 2019: -$1,794,3952019Assets 2020: $60,001Liabilities 2020: $2,073,752Net Assets 2020: -$2,013,7512020Assets 2021: $29,914Liabilities 2021: $2,086,443Net Assets 2021: -$2,056,5292021Assets 2022: $62,436Liabilities 2022: $2,104,584Net Assets 2022: -$2,042,1482022Assets 2023: $98,745Liabilities 2023: $2,130,722Net Assets 2023: -$2,031,9772023Assets 2024: $35,242Liabilities 2024: $2,154,819Net Assets 2024: -$2,119,5772024

Highlighted filing

2020

Assets$60,001
Liabilities$2,073,752
Net Assets-$2,013,751
Open 2020 Filing

Operations Trend

Revenue Growth9th percentile

Revenue, expenses, and net income across loaded years, with this filing highlighted.

$4.0M$2.0M$0-$2.0M-$4.0MRevenue 2017: $323,700Expenses 2017: $168,292Net Income 2017: $155,4082017Revenue 2018: $2,956,132Expenses 2018: $2,569,247Net Income 2018: $386,8852018Revenue 2019: $1,544,691Expenses 2019: $3,931,459Net Income 2019: -$2,386,7682019Revenue 2020: $777,269Expenses 2020: $967,632Net Income 2020: -$190,3632020Revenue 2021: $90,718Expenses 2021: $133,497Net Income 2021: -$42,7792021Revenue 2022: $120,238Expenses 2022: $105,857Net Income 2022: $14,3812022Revenue 2023: $93,574Expenses 2023: $83,403Net Income 2023: $10,1712023Revenue 2024: $22,424Expenses 2024: $109,927Net Income 2024: -$87,5032024

Highlighted filing

2020

Revenue$777,269
Expenses$967,632
Net Income-$190,363
Open 2020 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2020 to Dec 31, 2020
Signed
Dec 30, 2021
Return Version
2020v4.0
Gross Receipts
$777,269
Mission and Program Overview

Mission

The purpose of the foudnation (Sovrin) is to provide a global public utility for self-sovereign (i.e. user controlled) internet identity that streamlines interactions and enables stronger levels of trust among all individuals, organizations and things.

Balance Sheet Detail
LineBeginningEndChange
Assets
Loans From Officers Directors$174,503--
Savings and Temporary Cash Investments$125$43,093▲ $42,968
Accounts Receivable$177,614$13,684▼ $163,930
Cash and Non-Interest-Bearing Accounts$221,888$3,224▼ $218,664
Other Notes and Loans Receivable, Net-$0-
Pledges and Grants Receivable-$0-
Receivable From Disqualified Prsn-$0-
Receivables From Officers Etc-$0-
Investments Other Securities-$0-
Investments Program Related-$0-
Investments in Publicly Traded Securities-$0-
Land, Buildings, and Equipment, Net-$0-
Intangible Assets-$0-
Inventories for Sale or Use-$0-
Prepaid Expenses and Deferred Charges-$0-
Rtn Earn Endowment Incm Other Fnds$-1,824,395$-2,013,751▼ $189,356
Total Assets$411,627$60,001▼ $351,626
Other Assets Total$12,000$0▼ $12,000
Liabilities
Unsecured Notes Loans Payable-$1,360,000-
Accounts Payable and Accrued Expenses$1,209,384--
Mortgage Notes Payable Secured by Investment Property$500,000$500,000→ $0
Other Liabilities-$179,951-
Deferred Revenue$352,135$33,801▼ $318,334
Total Liabilities$2,236,022$2,073,752▼ $162,270
Net Assets / Fund Balance
Total Net Assets Fund Balance$-1,824,395$-2,013,751▼ $189,356
Total Liabilities and Net Assets / Fund Balance$411,627$60,001▼ $351,626
Compensation and Service Providers
Top Officer Pay93rd percentile

Employees

NameTitleFull / Part TimeBaseTotal
Heather C DahlCEOFT$133,750$133,750
Nathan D GeorgeCTOFT$52,500$52,500
Phil J WindleyTrustee-$10,020$10,020

Board Members and Trustees

NameTitle
Stephen CurranTrustee/Chair
Andre KudraTrustee
Chris RaczkowskiTrustee
Drummond ReadTrustee
Jamie StirlingTrustee
Jason LawTrustee
Joyce SearlsTrustee
Kazue SakoTrustee
Lohan SpiesTrustee
Marta Piekarska-GeaterTrustee
Mawaki ChangoTrustee
Nichola HickmanTrustee
Peter SimpsonTrustee
Philippe PageTrustee
Rebecca GoldinTrustee
Rondle AmstutzTrustee
Sam SmithTrustee
Sankarshan MukhopadhyayTrustee
Tim BrownTrustee

Highest Paid Contractors

ContractorServicesLocationCompensation
Perkins Coie LLPLegalPO Box 24643, Seattle, WA 98124$504,464
Revenue and Support

Revenue Composition

Contributions and Grants
$753,966
Program Service Revenue
$17,395
Investment Income
$4
Other Revenue
$5,904
All Other Contributions
$753,966
Change in Net Assets
$-190,363
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$600,079
Salaries, Compensation, and Employee Benefits$367,553
Total Fundraising Expense$350,407
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Fees for Services Legal$21,572$21,577$343,845$386,994
Current Officers, Directors, Trustees, and Key Employees$122,363$73,907-$196,270
Other Salaries and Wages$131,076--$131,076
Fees for Services Other$52,404$67,421$1,089$120,914
Occupancy-$42,000-$42,000
Payroll Taxes$24,178$6,694-$30,872
Interest$235$29,815$412$30,462
Travel$8,872$851$5,041$14,764
Other Employee Benefits$9,335--$9,335
Insurance-$2,203-$2,203
Office Expenses-$955-$955
Fees for Services Accounting-$800-$800
Information Technology$352$273-$625
Other Expenses$24$318$20$362
Total Functional Expenses$370,411$246,814$350,407$967,632
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Professional Fundraising Fees$0
Political and Lobbying Activity
Political campaign activity
No
Subject to proxy tax
No
Insider Transactions and Loans

Loans and Receivables

Line ItemBeginningEndChange
Loans from Officers, Directors, Trustees, and Key Employees$174,503--
Receivables from Disqualified Persons-$0-
Receivables from Officers, Directors, Trustees, and Key Employees-$0-
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
EIDL Loan$149,900
Accrued Interest$29,339
Credit Card Payable$711
Rounding$1
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Backup withholding compliance
Yes
Business relationship with 35% controlled entity
No
Business relationship with family members
No
Business relationship with organization members
No
Material changes to governing documents
No
Compensation from other sources disclosed
No
CEO compensation reviewed
Yes
Other officer compensation reviewed
Yes
Conflict-of-interest policy
Yes
Audited financial statements prepared
No
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Form 990, Part VI, Line 11B: Form 990 Review Process

“Form 990 was circulated to the Board of Trustees for comment prior to filing. The Form 990 is also reviewed by the Board Chair and Executive Committee.”

Form 990, Part VI, Line 12C: Explanation of Monitoring and Enforcement of Conflicts

“Each member of the Board of Trustees addresses any conflicts of interest identified.”

Form 990, Part VI, Line 15A: Compensation Review & Approval Process - CEO, Top Management

“Compensation of officers, including contracted services, includes a review and approval by the Executive Committee. The Executive Committee review includes consideration of comparability data.”

Form 990, Part VI, Line 15B: Compensation Review and Approval Process for Officers and Key Employees

“Compensation of officers, including contracted services, includes a review and approval by the Executive Committee. The Executive Committee review includes consideration of comparability data.”

Form 990, Part VI, Line 19: Other Organization Documents Publicly Available

“Articles of Incorporation, By-Laws and conflict of interest policy are available by request. Other Foundation operating procedures are available on our website (www.sovrin.org)”

Filing and Contact Details

Filer

Filer Name
Sovrin Foundation
EIN
81-3702995
Address
170 S Main Street 1000, Salt Lake City, UT 84101

Signing Officer

Name
Stephen Curran
Title
Board Chair
Signed
2021-12-30
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Stephen Curran
Formed
2016
Legal Domicile
Ut
Voting Board Members
22
Independent Board Members
19
Employees
17
Volunteers
300

Preparer

Firm
Skidmore & Olausson Pllc
Address
801 N 500 W STE 102, BOUNTIFUL, UT 84010
Preparer
Jordan K Toone CPA
Phone
8019518900
Supplemental Narrative

Additional Explanations

Other Changes In Net Assets Or Fund Balances - Other Increases

“Prior Period Adj. = $1007”

Raw XML AppendixShowing 400 of 554 raw XML fields

This appendix keeps the raw XML leaves available for debugging and edge-case review. The human report above is the primary experience.

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IRS990/Desc0Network Growth:1. Attended and presented information at many conferences to educate and encourage development and adoption of Sovrin Network.2. Continued to cultivate open source software development community within Linux Foundation's Hyperledger Indy and Ursa.3. Upgraded and added to Foundation website to attract Stewards and software development community and to educate about the virtues of self-sovereign identity and the Sovrin Network.4. Engaged experts in legal regulation to validate assumptions about Sovrin Network operations and intruction of a native token.5. Published original content to help educate the technology community about self-sovereign identity.6. Hosted "Network-of-networks" conference for Hyperledger Indy networksBy making Foundations technology open-source it is available to all to use without paying a license fee to the Foundation. This promotes our mission to provide a global public utility for self-sovereign identity.
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IRS990/Form990PartVIISectionAGrp/PersonNm3Stephen Curran
IRS990/Form990PartVIISectionAGrp/PersonNm4Nichola Hickman
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IRS990/Form990PartVIISectionAGrp/PersonNm7Lohan Spies
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IRS990/Form990PartVIISectionAGrp/PersonNm10Sankarshan Mukhopadhyay
IRS990/Form990PartVIISectionAGrp/PersonNm11Jamie Stirling
IRS990/Form990PartVIISectionAGrp/PersonNm12Sam Smith
IRS990/Form990PartVIISectionAGrp/PersonNm13Drummond Read
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IRS990/Form990PartVIISectionAGrp/PersonNm19Kazue Sako
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IRS990/Form990PartVIISectionAGrp/PersonNm21Rebecca Goldin
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IRS990/Form990PartVIISectionAGrp/TitleTxt2Trustee
IRS990/Form990PartVIISectionAGrp/TitleTxt3Trustee/Chair
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IRS990/Form990PartVIISectionAGrp/TitleTxt5Trustee
IRS990/Form990PartVIISectionAGrp/TitleTxt6Trustee
IRS990/Form990PartVIISectionAGrp/TitleTxt7Trustee
IRS990/Form990PartVIISectionAGrp/TitleTxt8Trustee
IRS990/Form990PartVIISectionAGrp/TitleTxt9Trustee
IRS990/Form990PartVIISectionAGrp/TitleTxt10Trustee
IRS990/Form990PartVIISectionAGrp/TitleTxt11Trustee
IRS990/Form990PartVIISectionAGrp/TitleTxt12Trustee
IRS990/Form990PartVIISectionAGrp/TitleTxt13Trustee
IRS990/Form990PartVIISectionAGrp/TitleTxt14Trustee
IRS990/Form990PartVIISectionAGrp/TitleTxt15Trustee
IRS990/Form990PartVIISectionAGrp/TitleTxt16Trustee
IRS990/Form990PartVIISectionAGrp/TitleTxt17Trustee
IRS990/Form990PartVIISectionAGrp/TitleTxt18Trustee
IRS990/Form990PartVIISectionAGrp/TitleTxt19Trustee
IRS990/Form990PartVIISectionAGrp/TitleTxt20Trustee
IRS990/Form990PartVIISectionAGrp/TitleTxt21Trustee
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IRS990/FormationYr02016
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IRS990/GrantsToOrganizationsInd0false
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IRS990/MissionDesc0The purpose of the foudnation (Sovrin) is to provide a global public utility for self-sovereign (i.e. user controlled) internet identity that streamlines interactions and enables stronger levels of trust among all individuals, organizations and things.
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IRS990/PrincipalOfficerNm0Stephen Curran
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IRS990/ProgSrvcAccomActy2Grp/Desc0Network Development and Operations:1. Exploited the Sovrin Network for public use and billed for ledger write activity2. Operated network providing oversight and coordination among the Stewards operating nodes
IRS990/ProgSrvcAccomActy2Grp/ExpenseAmt0110690
IRS990/ProgSrvcAccomActy2Grp/RevenueAmt016314
IRS990/ProgSrvcAccomActy3Grp/Desc0Identity for all:1. Developed written resources to assist humanitarian organizations in adopting self-sovereign identity2. Published a paper on Guardianship in SSI3. Provided expert consultation to help the technology industry understand the needs of humanitarian organizations in providing digital identity to those people they serve4. Provided guidance for organizational governance when addressing policies that will impact the people that humanitarian organizations assist5. Introduction of "Principles of SSI" in 16 languages6. Development of Digital Identity white paper7. Release of "Compliance & Inclusive Finance Rulebook"8. Publication of white paper "Self-Sovereign Identity and IoT"
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IRS990/PYRevenuesLessExpensesAmt0-2386768

Document Assets

No mirrored PDF or thumbnail assets are attached yet.

Filings

Displayed year

2020 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$60,001
Liabilities
$2,073,752
Net assets
-$2,013,751
Revenue
$777,269
Expenses
$967,632
Net income
-$190,363
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$0.04$2.15$2.12$0.02$0.11$0.09
2023Detailed filing. Detailed filing data is available for this year.$0.10$2.13$2.03$0.09$0.08$0.01
2022Detailed filing. Detailed filing data is available for this year.$0.06$2.10$2.04$0.12$0.11$0.01
2021Detailed filing. Detailed filing data is available for this year.$0.03$2.09$2.06$0.09$0.13$0.04
2020Detailed filing. Detailed filing data is available for this year.$0.06$2.07$2.01$0.78$0.97$0.19
2019Summary only. Only limited summary data is available for this year.$0.44$2.24$1.79$1.54$3.93$2.39
2018Summary only. Only limited summary data is available for this year.$0.82$0.26$0.56$2.96$2.57$0.39
2017Summary only. Only limited summary data is available for this year.$0.18$0.00$0.18$0.32$0.17$0.16