Civic Intelligence

Corus Solutions Inc.

990 • Fiscal year 2023 • EIN 82-4219629

Oct 01, 2022 to Sep 30, 2023 • Filed on Aug 14, 2024

700 Light StreetBaltimore, MD 21230

(202) 888-6200

Siviq Scores

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

Liabilities / Assets

83rd percentile

0.68x

Higher debt load relative to assets than 83% of similar nonprofits.

2023 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2023

Liabilities / Revenue

64th percentile

0.43x

Higher debt load relative to revenue than 64% of similar nonprofits.

2023 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2023

Net Margin

46th percentile

2.3%

Higher net margin than 46% of similar nonprofits.

2023 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2023

Top Officer Pay

94th percentile

$664,684

Higher top officer pay than 94% of similar nonprofits.

Top officer pay equals 5.7% of source-year revenue.

2023 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2023

Asset Growth

4th percentile

-19%

Faster asset growth than 4% of similar nonprofits.

2023 filings • 501(c)3 • $10M-$25M nonprofits • Annualized from 2022 to 2023

Revenue Growth

23rd percentile

-11%

Faster revenue growth than 23% of similar nonprofits.

2023 filings • 501(c)3 • $10M-$25M nonprofits • Annualized from 2022 to 2023

Assets

Down

$7,329,759

Down $1,664,609 (-19%) from 2022

Net Assets

Down

$2,355,308

Down $556,338 (-19%) from 2022

Liabilities

Down

$4,974,451

Down $1,108,271 (-18%) from 2022

Revenue

Down

$11,659,728

Down $1,467,799 (-11%) from 2022

Expenses

Up

$11,395,759

Up $593,010 (+5.5%) from 2022

Net Income

Down

$263,969

Down $2,060,809 (-89%) from 2022

Historical Trend

Balance Sheet Trend

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

$10M$5.0M$0Assets 2018: $813,245Liabilities 2018: $812,539Net Assets 2018: $7062018Assets 2019: $4,766,903Liabilities 2019: $4,657,254Net Assets 2019: $109,6492019Assets 2020: $2,687,450Liabilities 2020: $2,263,516Net Assets 2020: $423,9342020Assets 2021: $3,612,532Liabilities 2021: $3,025,664Net Assets 2021: $586,8682021Assets 2022: $8,994,368Liabilities 2022: $6,082,722Net Assets 2022: $2,911,6462022Assets 2023: $7,329,759Liabilities 2023: $4,974,451Net Assets 2023: $2,355,3082023Assets 2024: $7,168,379Liabilities 2024: $6,694,046Net Assets 2024: $474,3332024

Highlighted filing

2023

Assets$7,329,759
Liabilities$4,974,451
Net Assets$2,355,308

Operations Trend

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

$15M$10M$5.0M$0-$5.0MRevenue 2018: $79,590Expenses 2018: $78,884Net Income 2018: $7062018Revenue 2019: $4,967,977Expenses 2019: $4,859,034Net Income 2019: $108,9432019Revenue 2020: $8,861,610Expenses 2020: $8,547,325Net Income 2020: $314,2852020Revenue 2021: $10,914,808Expenses 2021: $10,751,874Net Income 2021: $162,9342021Revenue 2022: $13,127,527Expenses 2022: $10,802,749Net Income 2022: $2,324,7782022Revenue 2023: $11,659,728Expenses 2023: $11,395,759Net Income 2023: $263,9692023Revenue 2024: $5,700,130Expenses 2024: $7,581,105Net Income 2024: -$1,880,9752024

Highlighted filing

2023

Revenue$11,659,728
Expenses$11,395,759
Net Income$263,969
Jump To
Filing Snapshot
Filing Period
Oct 1, 2022 to Sep 30, 2023
Signed
Aug 14, 2024
Return Version
2022v5.0
Gross Receipts
$11,659,728
Mission and Program Overview

Mission

Ima innovations is a center where innovative public health and allied programs can be conceived, tested and implemented on behalf of ima world health. Ima innovations will pursue creative projects that expand and refine the agency's public health programming while exploring future areas of work.

SEE SCHEDULE O

Balance Sheet Detail
LineBeginningEndChange
Assets
Cash and Non-Interest-Bearing Accounts$1,987,505$1,668,799▼ $318,706
Pledges and Grants Receivable$1,773,579$877,064▼ $896,515
Accounts Receivable$853,269$546,209▼ $307,060
Savings and Temporary Cash Investments$0$0→ $0
Other Notes and Loans Receivable, Net$0$0→ $0
Receivable From Disqualified Prsn$0$0→ $0
Receivables From Officers Etc$0$0→ $0
Investments Other Securities$0$0→ $0
Investments Program Related$0$0→ $0
Investments in Publicly Traded Securities$0$0→ $0
Land, Buildings, and Equipment, Net$0$0→ $0
Intangible Assets$0$0→ $0
Inventories for Sale or Use$0$0→ $0
Loans From Officers Directors$0$0→ $0
Prepaid Expenses and Deferred Charges$0$0→ $0
Total Assets$6,879,813$7,329,759▲ $449,946
Other Assets Total$2,265,460$4,237,687▲ $1,972,227
Liabilities
Other Liabilities$1,778,446$3,299,426▲ $1,520,980
Deferred Revenue$2,933,787$1,451,606▼ $1,482,181
Accounts Payable and Accrued Expenses$76,241$223,419▲ $147,178
Grants Payable$0$0→ $0
Mortgage Notes Payable Secured by Investment Property$0$0→ $0
Unsecured Notes Loans Payable$0$0→ $0
Escrow Account Liability$0$0→ $0
Tax Exempt Bond Liabilities$0$0→ $0
Total Liabilities$4,788,474$4,974,451▲ $185,977
Net Assets / Fund Balance
Net Assets With Donor Restrictions$2,046,319$2,245,989▲ $199,670
Net Assets Without Donor Restrictions$45,020$109,319▲ $64,299
Total Net Assets Fund Balance$2,091,339$2,355,308▲ $263,969
Total Liabilities and Net Assets / Fund Balance$6,879,813$7,329,759▲ $449,946

Asset Categories

AssetBook ValueDepreciationBasis
Other Assets Org$4,237,687--
Compensation and Service Providers

Board Members and Trustees

NameTitle
Daniel SpeckhardPresident & CEO
Lali ChaniaCountry Director Tanzania
Shelly TalcottSenior Director, Transition
Eric RamirezSenior Technical Director
Kristin CooneyAssociate VP INT'L PROGRAMS
Dennis CherianAvp Global Health & Nutrition
Cheri KaseChief Information Officer
Tim MccullyEvp Impact & Partnership
Derek ReynoldsFormer VP Business Develop
Andrea M WilsonGeneral Counsel/VP, Compliance
Frederick KellettManaging Dir, Impact Investing
Lawrence SthreshleySnr Adv, Innovat/local/pship
Joann TheysSVP Finance & Admin, CFO
Edward ByrdVP External Relations
Michael WattVP International Operations
Revenue and Support

Revenue Composition

Contributions and Grants
$11,519,671
Program Service Revenue
$0
Investment Income
$140,057
Other Revenue
$0
All Other Contributions
$11,519,671
Change in Net Assets
$263,969
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$8,362,852
Salaries, Compensation, and Employee Benefits$2,023,730
Grants and Similar Amounts Paid$1,009,177
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$1,118,699$8,672-$1,127,371
Foreign Grants$917,971--$917,971
Travel$839,667$1,120-$840,787
Other Employee Benefits$567,750$3,077-$570,827
Fees for Services Management$566,945--$566,945
Office Expenses$235,782--$235,782
Occupancy$235,726--$235,726
Pension Plan Contributions$175,757--$175,757
Payroll Taxes$149,775--$149,775
Grants to Domestic Orgs$91,206--$91,206
Fees for Services Legal$61,120--$61,120
Conferences and Meetings$34,641--$34,641
Insurance$26,003--$26,003
Fees for Services Other$18,350--$18,350
Information Technology$11,747--$11,747
Fees for Services Accounting$7,475$2,696-$10,171
Depreciation Depletion$2,787--$2,787
Other Expenses$-89,863$-404$0$-90,267
Total Functional Expenses$11,380,598$15,161$0$11,395,759
International Activity

Grant and Assistance Recipients

RecipientLocationCategoryPurposeAmount
InternewsArcata, CA501(c)(3)Program Implementation, Subgrants Management$91,206

International Summary

Offices
1
Employees
13
Spending
$8,737,235

International Compliance

Foreign grant records maintained
Yes
Activity in boycott countries
No
Foreign corporation ownership
No
Foreign partnership interest
No
Interest in foreign trust
No
Passive foreign investment company interest
No
Transfers to foreign corporations
No

International Activities

RegionActivityServicesOfficesEmployeesSpending
Sub-Saharan AfricaProgram ServicesSee Part V113$8,737,235
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

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

Loans and Receivables

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

Other Reported Liabilities

LiabilityAmount
Intercompany Payable$3,299,426
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
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
Yes
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

FORM 990, PART VI, SECTION B, LINE 11B:

Corus solutions provides a draft copy of the federal form 990 to the board of directors for questions and comments prior to submission. Once their review is complete and the finance committee has approved the draft form 990, the federal form 990 is provided to the president and ceo for signature. A copy of the final federal form 990 submission is provided to the board of directors before it is filed with the internal revenue service.

FORM 990, PART VI, SECTION B, LINE 12C:

The conflict of interest policy (applicable to board of directors and all employees) states that a conflict of interest exists whenever there is a proposed agency transaction in which a director, officer, or staff member has any actual or potential involvement, interest, or relationship, either directly or indirectly. A conflict of interest may also exist when the interests or concerns of an employee, or such employee's immediate family, or any party, group or organization to which such person has allegiance, may be seen as competing with the interests or concerns of the agency. Each employee has a duty to disclose to the president the material facts of any proposed transaction of the agency in which such person has any actual or potential conflict of interest. The required disclosure must be made prior to any consideration of such proposed transaction by the agency. An employee or board member having an actual or proposed conflict of interest shall not participate in the deliberations or decision-making process of the agency regarding the matter under consideration. However, he or she shall provide the agency with any, and all relevant information regarding the matter. The president shall take such additional action as may be required to ensure that the conflict of interest is resolved and shall maintain a record.

FORM 990, PART VI, SECTION B, LINE 15A:

Determination of president's compensation: an independent compensation consultant performs an analysis annually using independent research which considers the organization's current budget, the current salary of the president, and the number of years the president has served in that position. The analysis is based on various salary surveys to provide a salary range competitive with other similarly situated nonprofits in the geographical area. The resulting findings are provided to the board of directors' officers, who reviews the findings and makes a recommendation to the full board for their approval regarding the president's compensation for the coming year. Compensation of all other staff (including other officers): compensation of all other staff are guided by a salary administration policy developed by corus international. The objective of this policy is to ensure that salaries are commensurate with comparable organizations in the competitive labor market and that salary grades reflect the relative internal responsibility, accountability and know-how of all positions across the organization. An internal committee evaluates every job description to determine the appropriate salary range for all positions; salary ranges are intended to reinforce career growth, consider market values, and are managed in an equitable manner consistent with organizational values.

FORM 990, PART VI, SECTION B, LINE 15B:

Ceo compensation is reviewed by the board of directors at the fall board meeting and the approved compensation figures are included in corus' annual budget that is provided to the board of directors for approval.

FORM 990, PART VI, SECTION C, LINE 19:

As required by board policy, the organization makes available to the public its audited financial statements, irs form 990, a list of current board members, conflict of interest policy and other information that may be helpful to the public in understanding the organization's purposes, goals, activities, and results. This information is available either through the corus international website, various charity monitoring websites, or upon request for the same period of disclosure as set forth in section 6104(d).

Filing and Contact Details

Filer

Filer Name
Corus Solutions Inc
EIN
82-4219629
In Care Of
% MAHMOUD BAH
Phone
2028886200
Address
700 LIGHT STREET, BALTIMORE, MD 21230

Signing Officer

Name
Daniel Speckhard
Title
President & CEO
Phone
2028886200
Signed
2024-08-14
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Daniel Speckhard
Formed
2018
Legal Domicile
Md
Voting Board Members
3
Independent Board Members
0
Employees
10
Volunteers
0

Preparer

Firm
Bdo USA
Address
8401 GREENSBORO DRIVE 800, MCLEAN, VA 22102
Preparer
Marc Berger
Phone
7038930600
Supplemental Narrative

Additional Explanations

FORM 990, PART I, LINE 1:

To pursue creative projects that expand and refine public health programming while exploring future areas of work. Corus solutions is a center where innovative public health and allied programs can be conceived, tested, and implemented.

Financial Statement Notes

SCHEDULE D, PART X, LINE 2:

Corus solutions is generally exempt from federal income taxes under the provisions of section 501(c)(3) of the irc. In addition, corus solutions qualifies for charitable contribution deductions and has been classified as an organization that is not a private foundation. Income received, which is not related to exempt purposes, less applicable deductions, is subject to federal and state corporate income taxes. Corus solutions had no net unrelated business income for the years ended september 30, 2023 and 2022. Corus solutions follows u.s. Gaap which recognize income tax positions taken or expected to be taken in a tax return only when it is determined that the income tax position will more-likely-than-not be sustained upon examination by taxing authorities. Corus solutions files tax returns in the u.s. Federal jurisdictions. Corus solutions believes that income tax filing positions will be sustained upon examination and does not anticipate any adjustments that would result in a material adverse effect on corus solutions' financial position, results of activities or cash flows. Accordingly, corus solutions has not recorded any reverses or related accruals for taxes, interest and penalties for uncertain income tax positions on september 30, 2023 and 2022. Corus solutions is open to examination by taxing authorities from its tax year ended september 30, 2020 forward.

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IRS990/Desc0SUB-SAHARAN AFRICA: THIS INVOLVED WORKING ON SOLUTIONS TO COMBAT MALARIA AND HIV INFECTION IN THE DEMOCRATIC REPUBLIC OF CONGO. ADDITIONALLY, CORUS SOLUTIONS PROMOTED THE FABRICATION AND USE OF CLEAN COOKSTOVE TECHNOLOGIES TO KEEP FAMILIES SAFE. CORUS SOLUTIONS IS A CHARITABLE ORGANIZATION THAT SEEKS TO DEVELOP PROJECTS AND INITIATIVES TO SOLVE PUBLIC HEALTH CRISES AROUND THE WORLD. THE ORGANIZATIONS CURRENT WORK IN SUB-SAHARAN AFRICA WORKS ALONGSIDE ITS SISTER ORGANIZATION, IMA WORLD HEALTH, TO IMPLEMENT PROGRAMS THAT ACHIEVE BETTER HEALTH OUTCOMES FOR PEOPLE IN DEVELOPING AND EMERGENCY SETTINGS.
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