Civic Intelligence

Sovrin Foundation

990 • Fiscal year 2021 • EIN 81-3702995

Jan 01, 2021 to Dec 31, 2021 • Filed on Nov 14, 2022

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

69.75x

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

2021 filings • 501(c)4 • <$500k nonprofits • Source year 2021

Liabilities / Revenue

100th percentile

23.00x

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

2021 filings • 501(c)4 • <$500k nonprofits • Source year 2021

Net Margin

11th percentile

-47%

Higher net margin than 11% of similar nonprofits.

2021 filings • 501(c)4 • <$500k nonprofits • Source year 2021

Top Officer Pay

86th percentile

$0

Higher top officer pay than 86% of similar nonprofits.

Top officer pay equals 0.0% of source-year revenue.

2021 filings • 501(c)4 • <$500k nonprofits • Source year 2021

Asset Growth

6th percentile

-50%

Faster asset growth than 6% of similar nonprofits.

2021 filings • 501(c)4 • <$500k nonprofits • Annualized from 2020 to 2021

Revenue Growth

5th percentile

-88%

Faster revenue growth than 5% of similar nonprofits.

2021 filings • 501(c)4 • <$500k nonprofits • Annualized from 2020 to 2021

Balance Sheet
Liabilities / Assets100th percentile

Assets

Down

$29,914

Down $30,087 (-50%) from 2020

Net Assets

Down

-$2,056,529

Down $42,778 (-2.1%) from 2020

Liabilities

Up

$2,086,443

Up $12,691 (+0.6%) from 2020

Revenue And Expenses
Liabilities / Revenue100th percentileNet Margin11th percentile

Revenue

Down

$90,718

Down $686,551 (-88%) from 2020

Expenses

Down

$133,497

Down $834,135 (-86%) from 2020

Net Income

Up

-$42,779

Up $147,584 (+78%) from 2020

Historical Trend

Balance Sheet Trend

Asset Growth6th 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

2021

Assets$29,914
Liabilities$2,086,443
Net Assets-$2,056,529
Open 2021 Filing

Operations Trend

Revenue Growth5th 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

2021

Revenue$90,718
Expenses$133,497
Net Income-$42,779
Open 2021 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2021 to Dec 31, 2021
Signed
Nov 14, 2022
Return Version
2021v4.0
Gross Receipts
$90,718
Mission and Program Overview

Mission

The purpose of the foundation (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.

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
Savings and Temporary Cash Investments$43,093$22,661▼ $20,432
Accounts Receivable$13,684$4,273▼ $9,411
Cash and Non-Interest-Bearing Accounts$3,224$2,980▼ $244
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-$0-
Rtn Earn Endowment Incm Other Fnds$-2,013,751$-2,056,529▼ $42,778
Total Assets$60,001$29,914▼ $30,087
Other Assets Total-$0-
Liabilities
Unsecured Notes Loans Payable$1,360,000$1,360,000→ $0
Mortgage Notes Payable Secured by Investment Property$500,000$500,000→ $0
Other Liabilities$179,951$209,827▲ $29,876
Deferred Revenue$33,801$15,408▼ $18,393
Accounts Payable and Accrued Expenses-$1,208-
Total Liabilities$2,073,752$2,086,443▲ $12,691
Net Assets / Fund Balance
Total Net Assets Fund Balance$-2,013,751$-2,056,529▼ $42,778
Total Liabilities and Net Assets / Fund Balance$60,001$29,914▼ $30,087
Compensation and Service Providers
Top Officer Pay86th percentile

Board Members and Trustees

NameTitle
Stephen CurranTrustee/Chair
Sankarshan MukhopadhyayTrustee/V Chair
Andre KudraTrustee
Daniel HardmanTrustee
Darrell O'DonnellTrustee
Jamie StirlingTrustee
Lohan SpiesTrustee
Marta Piekarska-GeaterTrustee
Philippe PageTrustee
Line KofoedTrustee/Sec/Tre
Revenue and Support

Revenue Composition

Contributions and Grants
$718
Program Service Revenue
$89,998
Investment Income
$2
Other Revenue
$0
All Other Contributions
$718
Change in Net Assets
$-42,779
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$133,497
Total Fundraising Expense$13
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Salaries, Compensation, and Employee Benefits$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Fees for Services Other$60,357$9,415-$69,772
Interest-$30,588-$30,588
Information Technology$18,244--$18,244
Fees for Services Accounting-$4,999-$4,999
Fees for Services Legal-$3,467-$3,467
Payment Travel Entrtnmnt Publicly Ofcl-$1,377-$1,377
Insurance-$1,053-$1,053
Other Expenses$419$102$13$102
Total Functional Expenses$82,020$51,464$13$133,497
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
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$59,927
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
2022-11-14
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Stephen Curran
Formed
2016
Legal Domicile
Ut
Voting Board Members
10
Independent Board Members
10
Employees
0
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

“Rounding = $1”

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IRS990/ProgSrvcAccomActy2Grp/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. Published original content to help educate the technology community about self-sovereign identity.By 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.
IRS990/ProgSrvcAccomActy2Grp/ExpenseAmt010568
IRS990/ProgSrvcAccomActy3Grp/Desc0Identity for all:1. Developed written resources to assist humanitarian organizations in adopting self-sovereign identity2. Published a paper on "outlining a self-sovereign approach to device onboarding"3. 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. Presented human-centric grouping of "principles of SSIX and added term "delegation"6. Publication of "Guardianship Credentials Implementation Guidelines"7. Publication of "Guardianship Credentials Technical Requirements"8. Responded to notice of proposed rulemaking regarding "requirements for certain transactions involving convertible virtual currency or digital assets" (the "NPRM").
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IRS990/PYOtherRevenueAmt05904
IRS990/PYProgramServiceRevenueAmt017395
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IRS990/PYSalariesCompEmpBnftPaidAmt0367553
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IRS990/PYTotalRevenueAmt0777269
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IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/PersonNm1Phil Windley-PJW LC
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IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0Form 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.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1Each member of the Board of Trustees addresses any conflicts of interest identified.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2Compensation of officers, including contracted services, includes a review and approval by the Executive Committee. The Executive Committee review includes consideration of comparability data.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3Compensation of officers, including contracted services, includes a review and approval by the Executive Committee. The Executive Committee review includes consideration of comparability data.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4Articles 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)
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt5Rounding = $1
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0Form 990, Part VI, Line 11b: Form 990 Review Process
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1Form 990, Part VI, Line 12c: Explanation of Monitoring and Enforcement of Conflicts
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2Form 990, Part VI, Line 15a: Compensation Review & Approval Process - CEO, Top Management
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3Form 990, Part VI, Line 15b: Compensation Review and Approval Process for Officers and Key Employees
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc4Form 990, Part VI, Line 19: Other Organization Documents Publicly Available
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc5Other Changes In Net Assets Or Fund Balances - Other Increases
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IRS990/USAddress/AddressLine1Txt0170 S Main Street 1000
IRS990/USAddress/CityNm0Salt Lake City
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ReturnHeader/BusinessOfficerGrp/PersonNm0Stephen Curran
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Document Assets

No mirrored PDF or thumbnail assets are attached yet.

Filings

Displayed year

2021 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$29,914
Liabilities
$2,086,443
Net assets
-$2,056,529
Revenue
$90,718
Expenses
$133,497
Net income
-$42,779
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