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Corvesta INC FY2020 filing

Not tax-deductible

Roanoke, VA501(c)(4)Health Care EIN 20-5945158Revenue $386K in FY2020

On file with the IRScorvesta.com5415 Airport Rd Nw, 24012-1303 · Roanoke, VATax-exempt since Aug 2007

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Provide opportunities through a holding company in support of the mission of delta dental of va.

501(c)(4) social-welfare organization; gifts are not tax-deductible as charitable contributions.
$5.6M paid to officers and key staff.
Mission: Form 990 Part I, line 1 · Status: IRS Pub. 78 · Pay: Part VII

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FY2020 · Form 990Independent: from IRS data, not the org
Download 990
IRS status
501(c)(4)
not on the IRS revocation list
Looks good: listed by the IRS and not on the revocation list.
IRS BMF · Auto-Revocation List
Tax-deductible gifts
No
Donations are not tax-deductible
Worth a look: the IRS does not list gifts to it as deductible.
IRS Pub. 78 · IRS BMF
Latest return
FY2024
latest Form 990
Looks good: the latest return is for FY2024, 2 tax years back; within 2 tax years.
IRS e-file · Filing history
Surplus or deficit
0 of 5
filings with a surplus
Average deficit $38.1M a year · last 5 filings
Concern: a surplus in 0 of the last 5 filings.
Pt I · Ln 19 · 5 filings
Spent on programs
0%
of spending
Concern: 0% of spending went to programs; under 50%.
Pt IX · Ln 25 · col B
Pay to officers and key staff
$5.6M
to officers and key staff · 15% of spending
Looks good: pay to officers and key staff is 15% of spending; 15% or less.
Pt VII · Sec A
Cash reserves
7 mo
of spending, in cash
Plus $29.1M in investments, Pt X · Ln 11–13
Looks good: 6.7 months of spending in cash; 3 or more.
Pt X · Ln 1–2 · Pt I · Ln 18
Liabilities
$55.9M
57% of total assets
Fine: liabilities are 57% of assets; 50% to 65%.
Pt X · Ln 26
Independent board members
8
of 9 voting members
Looks good: 8 of 9 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$386K
Spent
$37.6M
To programs
0%
Net assets
$42.3M
By yearFY2020–FY2024
Revenue
$386K
FY2020
Tap a bar for its year
Revenue by fiscal year
FY2020$386K
FY2021−$1.2M
FY2022−$669K
FY2023−$509K
FY2024−$1.8M
Expenses
$37.6M
FY2020
Tap a bar for its year
Expenses by fiscal year
FY2020$37.6M
FY2021$49.3M
FY2022$32.5M
FY2023$32.7M
FY2024$34.7M
Net assets
$42.3M
FY2020
Tap a bar for its year
Net assets by fiscal year
FY2020$42.3M
FY2021$24.5M
FY2022$72.5M
FY2023$87.0M
FY2024$97.6M

From the FY2020 Form 990 · see the original

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You’re viewing the FY2020 filing — not the latest on file. See the latest (FY2024) →

Is it real?

Yes. Never revoked by the IRS. Latest filing on record: FY2024. IRS ruling in Aug 2007.

IRS Pub. 78 · IRS Auto-Revocation List · IRS Business Master File

Where the money goes

What each dollar paid for.

Management & general 100% · $37.6M

Form 990 Part IX, line 25. Every line is in By the numbers.

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Who runs it and what they're paid

21 people listed on the 990; $5.6M paid to officers and key staff.

Part VII, Section A · reportable compensation
Mr Frank L Lucia
President & CEO
$1,261,140Pt VII · Sec A
Mr Robert K Sanchez
SVP, Operations & Technology
$554,394Pt VII · Sec A
Mr R James Barker
Chief Financial Officer
$533,182Pt VII · Sec A
Mr Chad McIntosh
General Counsel
$452,708Pt VII · Sec A
Ms Stacy Campbell
Vice President
$428,383Pt VII · Sec A
Ms Lora J Wilkinson
Vice President
$385,418Pt VII · Sec A
Ms Katharine Claytor
Vice President
$381,461Pt VII · Sec A
Mr David P Mitchell
Vice President
$340,781Pt 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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Questions the 990 asks

The form asks each of these directly. These are the filed answers.

  • Family or business ties among officersPt VI · Ln 2No
  • Top official's pay set by an independent reviewPt VI · Ln 15aYes

Programs and updates

Supports Delta Dental of Virginia's mission by offering opportunities through a holding company.

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1 program · in their own filed words · FY2020
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

By the numbers

The FY2020 990, line by line.

Download 990
from philanthropy.org
1The main four
Money inPt VIII
$386K
Ln 12
Investment incomeLn 3$386K
Money outPt IX
$37.6M
Ln 25
Managementcol C$37.6M
Owns and owesPt X
$42.3M
net assets · Ln 32
Cash and savingsLn 1–2$21.0M
Total assetsLn 16$98.2M
LiabilitiesLn 26$55.9M
PeoplePt VI, VII
21
listed · VII A
PaidVII A21
Voting boardVI 1a9
IndependentVI 1b8
2In more detail
Revenue in detailPt VIII
Investment incomeLn 3$386K
Gains on assetsLn 7−$49K
Total revenueLn 12$386K
Assets in detailPt X, end of year
SavingsLn 2$21.0M
Cash and savings togetherLn 1–2$21.0M
InvestmentsLn 11–13$29.1M
Land, buildings, equipmentLn 10c$44.1M
Other assetsLn 15$2.2M
Total assetsLn 16$98.2M
LiabilitiesLn 26$55.9M
Net assetsLn 32$42.3M
OperationsPt I, VI
EmployeesI 5157
VolunteersI 60
Fiscal year endsHeaderDecember
Conflict-of-interest policyVI 12aYes
Whistleblower policyVI 13Yes
Records policyVI 14Yes
3Year over year
Balance sheet, start vs end of yearPt X · col A, B
LineStart FY20End FY20
Cash and savingsLn 1–2$19.9M$21.0M
InvestmentsLn 11–13$27.3M$29.1M
Land, buildings, equipmentLn 10c$43.7M$44.1M
Total assetsLn 16$94.6M$98.2M
LiabilitiesLn 26$53.7M$55.9M
Net assetsLn 32$40.9M$42.3M
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Pay of current officers, directors and key staffLn 5$5.0M$5.0M
Other salaries and wagesLn 7$12.9M$12.9M
Pension plan contributionsLn 8$1.6M$1.6M
Other employee benefitsLn 9$1.7M$1.7M
Payroll taxesLn 10$1.2M$1.2M
Legal feesLn 11b$145K$145K
Accounting feesLn 11c$78K$78K
Investment management feesLn 11f$72K$72K
Other fees for servicesLn 11g$8.1M$8.1M
Advertising and promotionLn 12$43K$43K
Office expensesLn 13$1.7M$1.7M
OccupancyLn 16$416K$416K
TravelLn 17$480K$480K
Conferences, conventions and meetingsLn 19$158K$158K
InterestLn 20$70K$70K
Depreciation, depletion and amortizationLn 22$4.0M$4.0M
Other expenses (24a–d)Ln 24$3.8M$3.8M
All other expensesLn 24e−$4.0M−$4.0M
Total functional expensesLn 25$37.6M$0$37.6M$0

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2024 Latest −$1.8M$34.7M−$36.4M$97.6M 990 PDF
FY2023 −$509K$32.7M−$33.2M$87.0M 990 PDF
FY2022 −$669K$32.5M−$33.1M$72.5M 990 PDF
FY2021 −$1.2M$49.3M−$50.5M$24.5M 990 PDF
FY2020 Viewing $386K$37.6M−$37.2M$42.3M 990 PDF

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Schedules filed Part IV

III · Programs R · Related orgs G · Fundraising L · Interested persons I · Grants A · Public support J · Pay O · Explanations
See the full FY2020 990 (6 parts)
Part I · Summary $386,474 revenue, 12 lines filed
I-8 Contributions and grantsPrior year $0$0
I-9 Program service revenuePrior year $0$0
I-10 Investment incomePrior year $5,454,848$386,474
I-11 Other revenuePrior year $0$0
I-12 Total revenuePrior year $5,454,848$386,474
I-13 Grants and similar amounts paidPrior year $0$0
I-14 Benefits paid to membersPrior year $0$0
I-15 Salaries and benefitsPrior year $22,669,913$22,428,427
I-16a Professional fundraising feesPrior year $0$0
I-17 Other expensesPrior year $953,051$15,193,679
I-18 Total expensesPrior year $23,622,964$37,622,106
I-19 Revenue less expensesPrior year −$18,168,116−$37,235,632
Part VI · Governance 8 of 9 board members independent, no flags
VI-1a Voting members of the governing body9
VI-1b Independent voting members8
VI-2 Family or business relationship among officers or directorsNo
VI-12a Written conflict of interest policyYes
VI-13 Written whistleblower policyYes
VI-14 Document retention and destruction policyYes
VI-15a Process for setting top official's payYes
Part VIII · Statement of revenue $386,474 across 3 lines filed
VIII-3 Investment incomeExcluded from tax $435,783$435,783
VIII-7 Net gain or loss on sales of assetsExcluded from tax −$49,309−$49,309
VIII-12 Total revenueRelated to mission $0 · Unrelated business $0 · Excluded from tax $386,474$386,474
Part IX · Statement of functional expenses $37,622,106 across 18 lines filed
IX-5 Pay of current officers, directors and key staffManagement $5,022,278$5,022,278
IX-7 Other salaries and wagesManagement $12,905,032$12,905,032
IX-8 Pension plan contributionsManagement $1,625,837$1,625,837
IX-9 Other employee benefitsManagement $1,714,221$1,714,221
IX-10 Payroll taxesManagement $1,161,059$1,161,059
IX-11b Legal feesManagement $144,525$144,525
IX-11c Accounting feesManagement $78,000$78,000
IX-11f Investment management feesManagement $71,831$71,831
IX-11g Other fees for servicesManagement $8,147,273$8,147,273
IX-12 Advertising and promotionManagement $42,849$42,849
IX-13 Office expensesManagement $1,739,881$1,739,881
IX-16 OccupancyManagement $415,759$415,759
IX-17 TravelManagement $479,565$479,565
IX-19 Conferences, conventions and meetingsManagement $157,734$157,734
IX-20 InterestManagement $70,391$70,391
IX-22 Depreciation, depletion and amortizationManagement $4,009,246$4,009,246
IX-24 Other expenses (24a–d)Management $3,822,198$3,822,198
IX-24e All other expensesManagement −$3,985,573−$3,985,573
IX-25 Total functional expensesPrograms $0 · Management $37,622,106 · Fundraising $0$37,622,106
Part X · Balance sheet $98,197,330 assets, 13 lines filed
X-2 Savings and temporary cash investmentsStart of year $19,877,374$20,980,521
X-4 Accounts receivableStart of year $442,933$707,645
X-9 Prepaid expenses and deferred chargesStart of year $966,880$1,061,730
X-10c Land, buildings and equipment, netStart of year $43,677,523$44,142,082
X-11 Publicly traded securitiesStart of year $16,111,774$16,510,511
X-12 Other securitiesStart of year $11,152,468$12,613,197
X-15 Other assetsStart of year $2,399,055$2,181,644
X-16 Total assetsStart of year $94,628,007$98,197,330
X-17 Accounts payable and accrued expensesStart of year $9,378,764$9,206,467
X-19 Deferred revenueStart of year $44,326,149$46,700,027
X-26 Total liabilitiesStart of year $53,704,913$55,906,494
X-32 Total net assets or fund balancesStart of year $40,923,094$42,290,836
X-33 Total liabilities and net assetsStart of year $94,628,007$98,197,330
Part XI · Reconciliation of net assets $42,290,836 net assets at year end
XI-1 Total revenue$386,474
XI-2 Total expenses$37,622,106
XI-3 Revenue less expenses−$37,235,632
XI-4 Net assets at start of year$40,923,094
XI-9 Other changes in net assets$38,603,374
XI-10 Net assets at end of year$42,290,836

Form 990 e-file (XML) FY2020 from the IRS · Classification, formation year and address from the IRS Business Master File

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