Corvesta INC FY2023 filing

Not tax-deductible

Roanoke, VA501(c)(4)Health CareEIN 20-5945158Revenue −$509K in FY2023

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.

$5.6M paid to officers and key staff.
Mission: Form 990 Part I, line 1 · Pay: Part VII

Before you give

FY2023 · 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 · 17% of spending
Fine: pay to officers and key staff is 17% of spending; 15% to 20%.
Pt VII · Sec A
Cash reserves
17 mo
of spending, in cash
Looks good: 16.8 months of spending in cash; 3 or more.
Pt X · Ln 1–2 · Pt I · Ln 18
Liabilities
$10.8M
11% of total assets
Looks good: liabilities are 11% of assets; 50% or less.
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
−$509K
+24% vs prior year
Spent
$32.7M
To programs
0%
Net assets
$87.0M
By yearFY2020–FY2024
Revenue
−$509K
FY2023▲ +24%
Tap a bar for its year
Revenue by fiscal year
FY2020$386K
FY2021−$1.2M
FY2022−$669K
FY2023−$509K
FY2024−$1.8M
Expenses
$32.7M
FY2023▲ +0.6%
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
$87.0M
FY2023▲ +20%
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 FY2023 Form 990 · see the original

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You’re viewing the FY2023 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% · $32.7M

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

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

Part VII, Section A · reportable compensation
President & CEO
$2,041,318Pt VII · Sec A
Chief Financial Officer
$803,832Pt VII · Sec A
General Counsel
$581,470Pt VII · Sec A
Vice President
$536,093Pt VII · Sec A
Vice President
$340,888Pt VII · Sec A
$284,656Pt VII · Sec A
$209,671Pt VII · Sec A
$200,205Pt 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.

Questions for Corvesta INC

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Provided by the organization

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1 program · in their own filed words · FY2023
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 FY2023 990, line by line.

1The main four
Money inPt VIII
−$509K
Ln 12
Investment incomeLn 3$1.7M
Money outPt IX
$32.7M
Ln 25
Managementcol C$32.7M
Owns and owesPt X
$87.0M
net assets · Ln 32
Cash and savingsLn 1–2$45.8M
Total assetsLn 16$97.8M
LiabilitiesLn 26$10.8M
PeoplePt VI, VII
18
listed · VII A
PaidVII A17
Voting boardVI 1a9
IndependentVI 1b8
2In more detail
Revenue in detailPt VIII
Investment incomeLn 3$1.7M
Gains on assetsLn 7−$2.2M
Total revenueLn 12−$509K
Assets in detailPt X, end of year
SavingsLn 2$45.8M
Cash and savings togetherLn 1–2$45.8M
InvestmentsLn 11–13$44.5M
Land, buildings, equipmentLn 10c$493K
Other assetsLn 15$6.5M
Total assetsLn 16$97.8M
LiabilitiesLn 26$10.8M
Net assetsLn 32$87.0M
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 FY23End FY23
Cash and savingsLn 1–2$31.5M$45.8M
InvestmentsLn 11–13$42.9M$44.5M
Land, buildings, equipmentLn 10c$234K$493K
Total assetsLn 16$80.8M$97.8M
LiabilitiesLn 26$8.2M$10.8M
Net assetsLn 32$72.5M$87.0M
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$4.3M$4.3M
Pension plan contributionsLn 8$719K$719K
Other employee benefitsLn 9$557K$557K
Payroll taxesLn 10$406K$406K
Legal feesLn 11b$37K$37K
Accounting feesLn 11c$93K$93K
Investment management feesLn 11f$86K$86K
Other fees for servicesLn 11g$18.4M$18.4M
Office expensesLn 13$207K$207K
OccupancyLn 16$169K$169K
TravelLn 17$278K$278K
Conferences, conventions and meetingsLn 19$303K$303K
Depreciation, depletion and amortizationLn 22$139K$139K
InsuranceLn 23$570K$570K
Other expenses (24a–d)Ln 24$1.5M$1.5M
All other expensesLn 24e$24K$24K
Total functional expensesLn 25$32.7M$0$32.7M$0

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2024 Latest −$1.8M$34.7M−$36.4M$97.6M 990 PDF
FY2023 Viewing −$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 $386K$37.6M−$37.2M$42.3M 990 PDF

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Schedules filed Part IV

III · Programs I · Grants R · Related orgs G · Fundraising L · Interested persons A · Public support F · Foreign M · Noncash
See the full FY2023 990 (6 parts)
Part I · Summary −$509,499 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 −$668,910−$509,499
I-11 Other revenuePrior year $0$0
I-12 Total revenuePrior year −$668,910−$509,499
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 $10,338,393$10,896,644
I-16a Professional fundraising feesPrior year $0$0
I-17 Other expensesPrior year $22,133,151$21,763,289
I-18 Total expensesPrior year $32,471,544$32,659,933
I-19 Revenue less expensesPrior year −$33,140,454−$33,169,432
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 −$509,499 across 3 lines filed
VIII-3 Investment incomeExcluded from tax $1,738,744$1,738,744
VIII-7 Net gain or loss on sales of assetsExcluded from tax −$2,248,243−$2,248,243
VIII-12 Total revenueRelated to mission $0 · Unrelated business $0 · Excluded from tax −$509,499−$509,499
Part IX · Statement of functional expenses $32,659,933 across 17 lines filed
IX-5 Pay of current officers, directors and key staffManagement $4,954,028$4,954,028
IX-7 Other salaries and wagesManagement $4,260,160$4,260,160
IX-8 Pension plan contributionsManagement $719,303$719,303
IX-9 Other employee benefitsManagement $556,926$556,926
IX-10 Payroll taxesManagement $406,227$406,227
IX-11b Legal feesManagement $36,565$36,565
IX-11c Accounting feesManagement $93,180$93,180
IX-11f Investment management feesManagement $85,791$85,791
IX-11g Other fees for servicesManagement $18,387,555$18,387,555
IX-13 Office expensesManagement $206,938$206,938
IX-16 OccupancyManagement $169,137$169,137
IX-17 TravelManagement $277,656$277,656
IX-19 Conferences, conventions and meetingsManagement $302,702$302,702
IX-22 Depreciation, depletion and amortizationManagement $139,449$139,449
IX-23 InsuranceManagement $569,564$569,564
IX-24 Other expenses (24a–d)Management $1,470,774$1,470,774
IX-24e All other expensesManagement $23,978$23,978
IX-25 Total functional expensesPrograms $0 · Management $32,659,933 · Fundraising $0$32,659,933
Part X · Balance sheet $97,752,866 assets, 13 lines filed
X-2 Savings and temporary cash investmentsStart of year $31,516,271$45,780,682
X-4 Accounts receivableStart of year $189,452$181,423
X-9 Prepaid expenses and deferred chargesStart of year $141,946$273,490
X-10c Land, buildings and equipment, netStart of year $234,013$493,347
X-11 Publicly traded securitiesStart of year $17,142,617$19,651,513
X-12 Other securitiesStart of year $25,765,095$24,893,631
X-15 Other assetsStart of year $5,774,082$6,478,780
X-16 Total assetsStart of year $80,763,476$97,752,866
X-17 Accounts payable and accrued expensesStart of year $6,949,368$9,730,861
X-19 Deferred revenueStart of year $1,274,660$1,070,318
X-26 Total liabilitiesStart of year $8,224,028$10,801,179
X-32 Total net assets or fund balancesStart of year $72,539,448$86,951,687
X-33 Total liabilities and net assetsStart of year $80,763,476$97,752,866
Part XI · Reconciliation of net assets $86,951,687 net assets at year end
XI-1 Total revenue−$509,499
XI-2 Total expenses$32,659,933
XI-3 Revenue less expenses−$33,169,432
XI-4 Net assets at start of year$72,539,448
XI-5 Net unrealized gains (losses) on investments$1,267,888
XI-9 Other changes in net assets$46,313,783
XI-10 Net assets at end of year$86,951,687

Form 990 e-file (XML) FY2023 from the IRS · Classification, formation year and address from the IRS Business Master File

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