Identity Technologies INC FY2022 filing

San Diego, CAUnknown exempt organizationSince 2019EIN 83-4231391Revenue $105K in FY2022

On file with the IRSidentity.com237 a Street 81914 · San Diego, CA

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To create a self sustaining new Identity economy

94¢ of each $1 spent went to programs.
$403K paid to officers and key staff.
Mission: Form 990 Part I, line 1 · Programs: Part IX · Pay: Part VII

Before you give

FY2022 · Form 990Independent: from IRS data, not the org
Download 990
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
1 of 5
filings with a surplus
Average surplus $29K a year · 1% of revenue · last 5 filings
Worth a look: a surplus in 1 of the last 5 filings.
Pt I · Ln 19 · 5 filings
Spent on programs
94%
of spending
Looks good: 94% of spending went to programs; 75% or more.
Pt IX · Ln 25 · col B
Pay to officers and key staff
$403K
to officers and key staff · 19% of spending
Fine: pay to officers and key staff is 19% of spending; 15% to 20%.
Pt VII · Sec A
Cash reserves
10 mo
of spending, in cash
Looks good: 10.2 months of spending in cash; 3 or more.
Pt X · Ln 1–2 · Pt I · Ln 18
Liabilities
$4.4M
102% of total assets
Concern: liabilities are 102% of assets; over 80%.
Pt X · Ln 26
Independent board members
3
of 4 voting members
Looks good: 3 of 4 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$105K
-97% vs prior year
Spent
$2.1M
To programs
94%
Net assets
−$72K
By yearFY2020–FY2024
Revenue
$105K
FY2022▼ -97%
Tap a bar for its year
Revenue by fiscal year
FY2020$0
FY2021$3.2M
FY2022$105K
FY2023$426K
FY2024$6.6M
Expenses
$2.1M
FY2022▼ -41%
Tap a bar for its year
Expenses by fiscal year
FY2020$270K
FY2021$3.5M
FY2022$2.1M
FY2023$1.9M
FY2024$2.4M
Net assets
−$72K
FY2022▼ -104%
Tap a bar for its year
Net assets by fiscal year
FY2020$2.3M
FY2021$1.9M
FY2022−$72K
FY2023−$1.5M
FY2024$2.7M

From the FY2022 Form 990 · see the original

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You’re viewing the FY2022 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 Pub. 78 · IRS Auto-Revocation List · IRS Business Master File

Where the money goes

94 cents of each dollar spent went to programs.

Program services 94% · $2.0M Management & general 6% · $134K

Form 990 Part IX, line 25, columns B–D. Every line is in By the numbers.

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Who runs it and what they're paid

4 people listed on the 990; $403K paid to officers and key staff.

Part VII, Section A · reportable compensation
Executive Director/Sec
$301,694Pt VII · Sec A
Treasurer
$71,500Pt VII · Sec A
Director
$30,120Pt VII · Sec A
$0Pt VII · Sec A

Compensation history total reportable pay by year · 3 named individuals · Part VII

NameFY2024FY2023FY2022FY2021
Phillip Shoemaker$300,000$387,076$301,694$270,000
Llew Claasen—$84,500$71,500$52,000
James Kilroe$30,000$30,000$30,120$20,000

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 15aNo

Programs and updates

Builds a new economy where people can sustain themselves.

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Provided by the organization

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1 program · $2.0M · in their own filed words · FY2022
01

To create a self sustaining, self sovereign identity marketplace, enabling the creation of low cost, digital identifications, while increasing job opportunities and reducing the cost of identity verifications.

$2.0Mprogram expense

By the numbers

The FY2022 990, line by line.

1The main four
Money inPt VIII
$105K
Ln 12
Investment incomeLn 3$58K
Other incomeLn 4–11$47K
Money outPt IX
$2.1M
Ln 25
Programscol B$2.0M
Managementcol C$134K
Owns and owesPt X
−$72K
net assets · Ln 32
Cash and savingsLn 1–2$1.8M
Total assetsLn 16$4.3M
LiabilitiesLn 26$4.4M
PeoplePt VI, VII
4
listed · VII A
PaidVII A3
Voting boardVI 1a4
IndependentVI 1b3
2In more detail
Revenue in detailPt VIII
Investment incomeLn 3$58K
Other incomeLn 4–11$47K
Total revenueLn 12$105K
Assets in detailPt X, end of year
CashLn 1$1.8M
Cash and savings togetherLn 1–2$1.8M
Land, buildings, equipmentLn 10c$37K
Other assetsLn 15$814K
Total assetsLn 16$4.3M
LiabilitiesLn 26$4.4M
Net assetsLn 32−$72K
OperationsPt I, VI
EmployeesI 50
VolunteersI 60
Fiscal year endsHeaderDecember
Conflict-of-interest policyVI 12aNo
Whistleblower policyVI 13No
Records policyVI 14No
3Year over year
Balance sheet, start vs end of yearPt X · col A, B
LineStart FY22End FY22
Cash and savingsLn 1–2$3.9M$1.8M
Land, buildings, equipmentLn 10c$19K$37K
Total assetsLn 16$6.4M$4.3M
LiabilitiesLn 26$4.4M$4.4M
Net assetsLn 32$1.9M−$72K
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Pay of current officers, directors and key staffLn 5$403K$403K
Other salaries and wagesLn 7$545K$545K
Other employee benefitsLn 9$203K$203K
Payroll taxesLn 10$55K$55K
Legal feesLn 11b$83K$83K
Accounting feesLn 11c$16K$16K
Other fees for servicesLn 11g$463K$463K
Advertising and promotionLn 12$17K$17K
Office expensesLn 13$6K$6K
TravelLn 17$105K$105K
Conferences, conventions and meetingsLn 19$39K$39K
Other expenses (24a–d)Ln 24$129K$95K$34K
All other expensesLn 24e$33K$33K$1
Total functional expensesLn 25$2.1M$2.0M$134K$0

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2024 Latest $6.6M$2.4M$4.2M$2.7M 990 PDF
FY2023 $426K$1.9M−$1.5M−$1.5M 990 PDF
FY2022 Viewing $105K$2.1M−$2.0M−$72K 990 PDF
FY2021 $3.2M$3.5M−$364K$1.9M 990 PDF
FY2020 $0$270K−$270K$2.3M 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 FY2022 990 (6 parts)
Part I · Summary $104,503 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 $3,167,885$57,600
I-11 Other revenuePrior year $0$46,903
I-12 Total revenuePrior year $3,167,885$104,503
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 $630,231$1,206,489
I-16a Professional fundraising feesPrior year $0$0
I-17 Other expensesPrior year $2,901,873$890,246
I-18 Total expensesPrior year $3,532,104$2,096,735
I-19 Revenue less expensesPrior year −$364,219−$1,992,232
Part VI · Governance 3 of 4 board members independent, 4 to look at
VI-1a Voting members of the governing body4
VI-1b Independent voting members3
VI-12a Written conflict of interest policyNo
VI-13 Written whistleblower policyNo
VI-14 Document retention and destruction policyNo
VI-15a Process for setting top official's payNo
VI-2 Family or business relationship among officers or directorsNo
Part VIII · Statement of revenue $104,503 across 3 lines filed
VIII-3 Investment incomeExcluded from tax $57,600$57,600
VIII-11a-d Other revenue, itemized rows (sum of 11a–11d as filed)Excluded from tax $46,903$46,903
VIII-12 Total revenueRelated to mission $0 · Unrelated business $0 · Excluded from tax $104,503$104,503
Part IX · Statement of functional expenses $2,096,735 across 13 lines filed
IX-5 Pay of current officers, directors and key staffPrograms $403,314$403,314
IX-7 Other salaries and wagesPrograms $544,750$544,750
IX-9 Other employee benefitsPrograms $203,461$203,461
IX-10 Payroll taxesPrograms $54,964$54,964
IX-11b Legal feesManagement $83,327$83,327
IX-11c Accounting feesManagement $16,013$16,013
IX-11g Other fees for servicesPrograms $462,559$462,559
IX-12 Advertising and promotionPrograms $17,032$17,032
IX-13 Office expensesPrograms $5,923$5,923
IX-17 TravelPrograms $104,774$104,774
IX-19 Conferences, conventions and meetingsPrograms $38,588$38,588
IX-24 Other expenses (24a–d)Programs $94,711 · Management $34,393$129,104
IX-24e All other expensesPrograms $32,925 · Management $1$32,926
IX-25 Total functional expensesPrograms $1,963,001 · Management $133,734 · Fundraising $0$2,096,735
Part X · Balance sheet $4,320,353 assets, 12 lines filed
Asset lines not itemized here account for $461,000; see the IRS return.
X-1 Cash, non-interest-bearingStart of year $3,864,800$1,775,306
X-4 Accounts receivableStart of year $3,181$3,181
X-9 Prepaid expenses and deferred charges$29,742
X-10c Land, buildings and equipment, netStart of year $19,087$36,770
X-14 Intangible assetsStart of year $1,200,000$1,200,000
X-15 Other assetsStart of year $814,354$814,354
X-16 Total assetsStart of year $6,362,422$4,320,353
X-25 Other liabilitiesStart of year $4,438,378$4,392,178
X-26 Total liabilitiesStart of year $4,442,015$4,392,178
X-27 Net assets without donor restrictionsStart of year $1,920,407−$71,825
X-32 Total net assets or fund balancesStart of year $1,920,407−$71,825
X-33 Total liabilities and net assetsStart of year $6,362,422$4,320,353
Part XI · Reconciliation of net assets −$71,825 net assets at year end
XI-1 Total revenue$104,503
XI-2 Total expenses$2,096,735
XI-3 Revenue less expenses−$1,992,232
XI-4 Net assets at start of year$1,920,407
XI-9 Other changes in net assets$0
XI-10 Net assets at end of year−$71,825

Form 990 e-file (XML) FY2022 from the IRS · Classification, formation year and address from the IRS Business Master File

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