Corvesta INC EIN 20-5945158

Corvesta INC

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Supports Delta Dental of Virginia's mission by offering opportunities through a holding company. For fiscal year 2024 it reported $-1.8M in revenue, $34.7M in expenses, and $97.6M in net assets.Pt I

Type
Membership association · Health Care
Location
Roanoke, VA
Website
www.corvesta.com
Filings
5 on file (2020–2024)
Revenue
$-1.8MFY2024
Expenses
$34.7M
Net assets
$97.6M
People
18
Filings
5
Updates
0
More identity details & actions ⌄
EIN  20-5945158 Membership association Roanoke, VA
Form 990 (PDF)
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Size
<$100K
What they do
Supports Delta Dental of Virginia's mission by offering opportunities through a holding company.
Leadership
Mr Frank L Lucia · President & CEO · $2.0M
Money in and out
$-1.8M revenue, $34.7M expenses
Bottom line
0% program spending
Membership & operating revenue · FY2024
Total revenue
$-1.8M
Pt VIII · Ln 12
Total expenses
$34.7M
Pt IX · Ln 25
Net assets
$97.6M
Pt X · Ln 32
Revenue less expenses (Pt I · Ln 19): −$36.4M
Where spending went · Part IX cols B–D
Management & general $1.00
Payroll share
29%
of spending is salaries & benefits▼ -12% vs prior filing year
Program spending
0%
of expenses reach member services

Summary of the Filing

Part I · fiscal year 2024 · Form 990
Revenue
$-1.8M
FY2024▼ -245%
Expenses
$34.7M
FY2024▲ +6%
Total assets
$108.8M
FY2024▲ +11%
Total liabilities
$11.2M
FY2024▲ +4%
Total revenue
$-1.8M
Pt VIII · Ln 12
Total expenses
$34.7M
Pt IX · Ln 25
Net assets
$97.6M
Pt X · Ln 32
Revenue less expensesPt I · Ln 19−$36.4M
Total assetsPt X · Ln 16$108.8M
Program-expense ratioPt IX · col B0%
Voting members of governing bodyPt I · Ln 39
Independent voting membersPt I · Ln 48
Mission & Programs · Part III

Where the work happens

1 program service, described in the organization's own filed words · FY2024.
01

Guiding, monitoring and coordinating the activities of its subsidiary, delta dental of virginia ("ddva") and other affiliated entities, to achieve the tax-exempt health care purposes of ddva in an efficient and integrated manner.

Pt IX · col B

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Identity & Classification

Form 990 Header · IRS Business Master File
Legal nameHdr · item CCorvesta INC
EINHdr · item D20-5945158
Principal addressHdr · item CRoanoke, VA
WebsiteHdr · item Jwww.corvesta.com
Year of formationHdr · item Lpending
State of legal domicileHdr · item MVA
Exempt statusHdr · item I501(c)(4) · active
NTEE classificationIRS BMFHealth Care (E11)
Ruling yearIRS BMFAug 2007

Governance & Policies

Part VI
Voting members of the governing bodyPt VI · Ln 1a9
Independent voting membersPt VI · Ln 1b8
Conflict-of-interest policyPt VI · Ln 12aYes
Whistleblower policyPt VI · Ln 13Yes
Document retention policyPt VI · Ln 14Yes
CEO/top-official compensation independently reviewedPt VI · Ln 15aYes
Family or business relationships among officers/directorsPt VI · Ln 2No

Officers, Directors & Key Employees

Part VII, Section A · reportable compensation
President & CEO
$2,005,346Pt VII · Sec A
Chief Financial Officer
$807,215Pt VII · Sec A
General Counsel
$611,868Pt VII · Sec A
Vice President
$528,666Pt VII · Sec A
Vice President
$345,785Pt VII · Sec A
$300,022Pt VII · Sec A
$211,409Pt VII · Sec A
$211,227Pt VII · Sec A

Compensation history total reportable pay by year · 8 named individuals · Part VII

NameFY2024FY2023FY2022FY2021FY2020
Mr Frank L Lucia$2,005,346$2,041,318$1,391,065$1,165,910$1,261,140
Mr R James Barker$807,215$803,832$595,726$522,265$533,182
Mr Chad McIntosh$611,868$581,470$465,215$423,851$452,708
Mr Robert K Sanchez$529,480$554,394
Ms Katharine Claytor$528,666$536,093$405,971$360,635$381,461
Ms Stacy Campbell$171,302$443,460$428,383
Ms Lora J Wilkinson$345,785$340,888$375,346$318,598$385,418
Mr David P Mitchell$340,781

Total reportable compensation (Form 990 Part VII column D / Schedule J column E) by filing year, matched by name within this organization. The Schedule J base / bonus / deferred breakdown is not parsed into this dataset.

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Statement of Functional Expenses

Part IX · allocated across program, management, and fundraising
Allocation · columns B–D
Management & general $1.00
Management & general100%$34.7M
Total functional expensesLn 25$34.7M

Balance Sheet

Part X · end of year
CashLn 1$60.0M
Total assetsLn 16$108.8M
Total liabilitiesLn 26$11.2M
Total net assetsLn 32$97.6M
Months of cash on handcomputed20.8

Financial Metrics

Form 990 · FY2024 · each ratio shown with the dollars behind it
Liquidity & Payout
Operating runway
Highly liquid reserves $104.8M · Operating expenses/yr $34.7M
36.3 months
Where the money goes
Program services
Program services $0 · Total expenses $34.7M
0%
Management & General
Management & general $34.7M · Total expenses $34.7M
100%
Fundraising
Fundraising $0 · Total expenses $34.7M
0%
Cost to raise $1
Fundraising expense (3-yr avg) $0 · Solicited contributions (3-yr avg) $0
Solicited contributions below reporting floor
Where the money comes from
Contribution dependence
Contributions & grants $0 · Total revenue $-1.8M
Government reliance
Government grants — · Total revenue $-1.8M
Earned-income share
Program service revenue $0 · Total revenue $-1.8M
Investment reliance
Investment income $-1.8M · Total revenue $-1.8M
Program self-sufficiency
Program service revenue $0 · Total expenses $34.7M
0%
Growth & trend
Revenue growth (YoY)
This year $-1.8M · Prior year $-509K
Prior-year revenue below floor — showing dollar change
Net-asset trend (YoY)
End of year $97.6M · Beginning of year —
Beginning net assets not meaningfully positive — showing dollar change
Balance sheet
Surplus Margin
Revenue $-1.8M · Expenses $34.7M
Liabilities-to-Assets
Total liabilities — · Total assets $108.8M
Net-asset ratio
Net assets $97.6M · Total assets $108.8M
90%
Marketable Investment Share
Publicly traded securities (Pt X, ln 11) $19.3M · Other securities (Pt X, ln 12) $25.5M · Total assets (Pt X, ln 16) $108.8M
41%
People & payroll
Highest Reported Total Compensation
Individual Mr Frank L Lucia · Reported title PRESIDENT & CEO · Highest reported compensation $2.0M · Total expenses $34.7M
6%
Personnel share
Salaries, benefits & payroll (Pt IX 5-10) $10.1M · Total expenses $34.7M
29%
Peer comparison

Same NTEE category, revenue band, and state where available. Descriptive — not a grade.

MetricThis orgPeer medianPercentile
Overhead ratio 100%
Revenue growth -245%
Investment management fee ratio 0.08%
Legal fee ratio 0.2%
Accounting fee ratio 0.3%

Straight from the Form 990 — descriptive, not an evaluation. A ratio is hidden when its base is zero or too small to be meaningful; the dollars are always shown.

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Filings & Schedule Manifest

Part IV
III · Programs I · Grants R · Related orgs G · Fundraising L · Interested persons A · Public support F · Foreign M · Noncash
FY2024 (Latest)$-1.8M revenue · viewing · ⤓ 990 PDF
FY2023$-509K revenue · ⤓ 990 PDF
FY2022$-669K revenue · ⤓ 990 PDF
FY2021$-1.2M revenue · ⤓ 990 PDF
FY2020$386K revenue · ⤓ 990 PDF

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Sources

Every figure above is drawn from these filings
Form 990 e-file (XML) · FY2024IRS
Classification, formation year, addressIRS Business Master File
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