Civic Intelligence

Sovrin Foundation

990 • Fiscal year 2022 • EIN 81-3702995

Jan 01, 2022 to Dec 31, 2022 • Filed on May 15, 2023

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

33.71x

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

2022 filings • 501(c)4 • <$500k nonprofits • Source year 2022

Liabilities / Revenue

100th percentile

17.50x

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

2022 filings • 501(c)4 • <$500k nonprofits • Source year 2022

Net Margin

62nd percentile

12%

Higher net margin than 62% of similar nonprofits.

2022 filings • 501(c)4 • <$500k nonprofits • Source year 2022

Top Officer Pay

87th percentile

$0

Higher top officer pay than 87% of similar nonprofits.

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

2022 filings • 501(c)4 • <$500k nonprofits • Source year 2022

Asset Growth

96th percentile

109%

Faster asset growth than 96% of similar nonprofits.

2022 filings • 501(c)4 • <$500k nonprofits • Annualized from 2021 to 2022

Revenue Growth

67th percentile

33%

Faster revenue growth than 67% of similar nonprofits.

2022 filings • 501(c)4 • <$500k nonprofits • Annualized from 2021 to 2022

Balance Sheet
Liabilities / Assets100th percentile

Assets

Up

$62,436

Up $32,522 (+109%) from 2021

Net Assets

Up

-$2,042,148

Up $14,381 (+0.7%) from 2021

Liabilities

Up

$2,104,584

Up $18,141 (+0.9%) from 2021

Revenue And Expenses
Liabilities / Revenue100th percentileNet Margin62nd percentile

Revenue

Up

$120,238

Up $29,520 (+33%) from 2021

Expenses

Down

$105,857

Down $27,640 (-21%) from 2021

Net Income

Up

$14,381

Up $57,160 (+134%) from 2021

Historical Trend

Balance Sheet Trend

Asset Growth96th 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

2022

Assets$62,436
Liabilities$2,104,584
Net Assets-$2,042,148
Open 2022 Filing

Operations Trend

Revenue Growth67th 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

2022

Revenue$120,238
Expenses$105,857
Net Income$14,381
Open 2022 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2022 to Dec 31, 2022
Signed
May 15, 2023
Return Version
2022v5.0
Gross Receipts
$120,238
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
Savings and Temporary Cash Investments$22,661$40,600▲ $17,939
Accounts Receivable$4,273$20,943▲ $16,670
Cash and Non-Interest-Bearing Accounts$2,980$893▼ $2,087
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-$0-
Rtn Earn Endowment Incm Other Fnds$-2,056,529$-2,042,148▲ $14,381
Total Assets$29,914$62,436▲ $32,522
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$209,827$240,567▲ $30,740
Accounts Payable and Accrued Expenses$1,208$2,050▲ $842
Deferred Revenue$15,408$1,967▼ $13,441
Total Liabilities$2,086,443$2,104,584▲ $18,141
Net Assets / Fund Balance
Total Net Assets Fund Balance$-2,056,529$-2,042,148▲ $14,381
Total Liabilities and Net Assets / Fund Balance$29,914$62,436▲ $32,522
Compensation and Service Providers
Top Officer Pay87th percentile

Board Members and Trustees

NameTitle
Andrew SmithTrustee/Chair
Jamie StirlingTrustee/Chair
Stephen CurranTrustee/Chair
Sankarshan MukhopadhyayTrustee/V Chair
Andre KudraTrustee
Philippe PageTrustee
Line KofoedTrustee/Sec/Tre
Revenue and Support

Revenue Composition

Contributions and Grants
$14,794
Program Service Revenue
$105,442
Investment Income
$2
Other Revenue
$0
All Other Contributions
$14,794
Change in Net Assets
$14,381
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$105,857
Total Fundraising Expense$52
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$42,543$6,429-$48,972
Interest-$32,022-$32,022
Information Technology$10,860--$10,860
Fees for Services Legal$5,331$4,772-$10,103
Fees for Services Accounting-$1,250-$1,250
Insurance-$761-$761
Other Expenses$883$60$52$60
Total Functional Expenses$59,617$46,188$52$105,857
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$90,667
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, Section B, Line 11B

“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, Section B, Line 12C

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

Form 990, Part VI, Section B, Line 15A

“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, Section B, Line 15B

“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, Section C, Line 19

“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
2023-05-15
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Stephen Curran
Formed
2016
Legal Domicile
Ut
Voting Board Members
7
Independent Board Members
7
Employees
0
Volunteers
300

Preparer

Firm
Skidmore & Olausson Pllc
Address
1010 N 500 E STE 115, NORTH SALT LAKE, UT 84054
Preparer
Jordan K Toone CPA
Phone
8019518900
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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/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.5. Improved the operational efficiency for organizations to learn about, request, and receive access to the Sovrin utility to enable its use for self-sovereign identity initiatives.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.
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IRS990/ProgSrvcAccomActy3Grp/Desc0Identity for all:1. Developed written resources to assist humanitarian organizations in adopting self-sovereign identity2. Directly contributed to the launch of the Hyperledger AnonCreds project to expand the use of these important, privacy-preserving credentials important for enabling Identity for All.3. Directly contributed to the development and release of a new, upgraded, open source version of Hyperledger Indy.4. Directly contributed to the development and release of fixes for security vulnerabilities identified in the open source version of Hyperledger Indy.5. Published the Sovrin Ecosystem Governance Framework (SEGF) V3.06. Developed and published rules to enforce legal and financial accountability in the Sovrin self-sovereign identity ecosystem.7. Adjusted the Sovrin Governance Framework to require organizations using the Sovrin utilities to identify their organizations through the use of Legal Entity Identifiers (LEIs).
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IRS990/PYTotalRevenueAmt090718
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IRS990/ReconcilationRevenueExpnssAmt014381
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IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt1149900
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IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/BalanceDueAmt160000
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IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/LoanPurposeTxt1Srvc Unpaid
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/LoanToOrganizationInd0X
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/LoanToOrganizationInd1X
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/PersonNm0Roy Avondet-NSP LLC
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/PersonNm1Phil Windley-PJW LC
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/RelationshipWithOrgTxt0Former CFO
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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/FormAndLineReferenceDesc0Form 990, Part VI, Section B, Line 11b
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1Form 990, Part VI, Section B, Line 12c
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2Form 990, Part VI, Section B, Line 15a
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3Form 990, Part VI, Section B, Line 15b
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc4Form 990, Part VI, Section C, Line 19
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IRS990/SubjectToProxyTaxInd0false
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IRS990/TaxablePartyNotificationInd0false
IRS990/TaxExemptBondsInd0false
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IRS990/TotalAssetsBOYAmt029914
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IRS990/TotalFunctionalExpensesGrp/ManagementAndGeneralAmt046188
IRS990/TotalFunctionalExpensesGrp/ProgramServicesAmt059617
IRS990/TotalFunctionalExpensesGrp/TotalAmt0105857
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IRS990/TotalLiabilitiesGrp/EOYAmt02104584
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IRS990/TotalNetAssetsFundBalanceGrp/EOYAmt0-2042148
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IRS990/TotalProgramServiceRevenueAmt0105442
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IRS990/TotalRevenueGrp/RelatedOrExemptFuncIncomeAmt0105442
IRS990/TotalRevenueGrp/TotalRevenueColumnAmt0120238
IRS990/TotalVolunteersCnt0300
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IRS990/UponRequestInd0X
IRS990/USAddress/AddressLine1Txt0170 S Main Street 1000
IRS990/USAddress/CityNm0Salt Lake City
IRS990/USAddress/StateAbbreviationCd0UT
IRS990/USAddress/ZIPCd084101
IRS990/VotingMembersGoverningBodyCnt07
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IRS990/WebsiteAddressTxt0https://sovrin.org
IRS990/WhistleblowerPolicyInd0true
ReturnHeader/AdditionalFilerInformation/TrustedCustomerGrp/AuthenticationAssuranceLevelCd0AAL1
ReturnHeader/AdditionalFilerInformation/TrustedCustomerGrp/FederatedAssuranceLevelCd0FAL1
ReturnHeader/AdditionalFilerInformation/TrustedCustomerGrp/IdentityAssuranceLevelCd0IAL1
ReturnHeader/AdditionalFilerInformation/TrustedCustomerGrp/TrustedCustomerCd02
ReturnHeader/BuildTS02023-04-26 12:10:37Z
ReturnHeader/BusinessOfficerGrp/DiscussWithPaidPreparerInd0true
ReturnHeader/BusinessOfficerGrp/PersonNm0Stephen Curran
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0Board Chair
ReturnHeader/BusinessOfficerGrp/SignatureDt02023-05-15
ReturnHeader/Filer/BusinessName/BusinessNameLine1Txt0Sovrin Foundation
ReturnHeader/Filer/BusinessNameControlTxt0SOVR
ReturnHeader/Filer/EIN0813702995
ReturnHeader/Filer/USAddress/AddressLine1Txt0170 S Main Street 1000
ReturnHeader/Filer/USAddress/CityNm0Salt Lake City
ReturnHeader/Filer/USAddress/StateAbbreviationCd0UT
ReturnHeader/Filer/USAddress/ZIPCd084101
ReturnHeader/IRSResponsiblePrtyInfoCurrInd0true
ReturnHeader/PreparerFirmGrp/PreparerFirmEIN0208959260
ReturnHeader/PreparerFirmGrp/PreparerFirmName/BusinessNameLine1Txt0SKIDMORE & OLAUSSON PLLC
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/AddressLine1Txt01010 N 500 E STE 115
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/CityNm0NORTH SALT LAKE
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/StateAbbreviationCd0UT
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/ZIPCd084054
ReturnHeader/PreparerPersonGrp/PhoneNum08019518900
ReturnHeader/PreparerPersonGrp/PreparerPersonNm0Jordan K Toone CPA
ReturnHeader/ReturnTs02023-05-15T14:15:06-07:00
ReturnHeader/ReturnTypeCd0990
ReturnHeader/SigningOfficerGrp/PersonFullName/PersonFirstNm0Stephen
ReturnHeader/SigningOfficerGrp/PersonFullName/PersonLastNm0Curran
ReturnHeader/TaxPeriodBeginDt02022-01-01
ReturnHeader/TaxPeriodEndDt02022-12-31
ReturnHeader/TaxYr02022

Document Assets

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Filings

Displayed year

2022 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$62,436
Liabilities
$2,104,584
Net assets
-$2,042,148
Revenue
$120,238
Expenses
$105,857
Net income
$14,381
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