Corvesta Inc
- Assets
- $80.8m
- Revenue
- -$668.9k
- Investments
- $25.8m
- Employees
- 55
- Location
- Roanoke, VA
- Founding
- 08/2007
- Data as of
- 12/2022
- EIN
- 20-5945158
Organization Overview
Corvesta Inc is located in Roanoke, VA. The organization was established in 2007. According to its NTEE Classification (E11) the organization is classified as: Single Organization Support, under the broad grouping of Health Care and related organizations. As of 12/2022, Corvesta Inc employed 55 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Corvesta Inc is a 501(c)(4) and as such, is described as a "Civic League, Social Welfare Organization, and Local Association of Employees" by the IRS.
For the year ending 12/2022, Corvesta Inc generated -$668.9k in total revenue. This represents a relatively dramatic decline in revenue. Over the past 8 years, the organization has seen revenues fall by an average of (6.2%) each year. All expenses for the organization totaled $32.5m during the year ending 12/2022. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2022
Describe the Organization's Mission:
Part 3 - Line 1
PROVIDE OPPORTUNITIES THROUGH A HOLDING COMPANY IN SUPPORT OF THE MISSION OF DELTA DENTAL OF VA.
Describe the Organization's Program Activity:
Part 3 - Line 4a
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.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Mr Thomas R Byrd Chairman Of The Board | OfficerTrustee | 4 | $55,250 |
Ms Jeanne Armentrout Director | Trustee | 3 | $33,500 |
Mr Barry E Duval Director | Trustee | 1 | $30,000 |
Mr James C Hale Director | Trustee | 3 | $35,000 |
Mr Douglas Juanarena Director | Trustee | 3 | $32,250 |
Ms Pamela S Schutz Director | Trustee | 3 | $35,750 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Northwinds Technology Solution It Services / Affiliate | 12/30/22 | $17,815,806 |
Accion Labs Us Inc Contract Programming | 12/30/22 | $507,426 |
Tek Systems Contract Programming | 12/30/22 | $203,192 |
Healthedge Software Inc Software Development | 12/30/22 | $191,823 |
Marlin Hawk Consulting Services | 12/30/22 | $141,750 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $0 |
| Total Program Service Revenue | $0 |
| Investment income | $426,333 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$1,095,243 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | -$668,910 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $3,863,019 |
| Compensation of current officers, directors, key employees. | $3,863,019 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $4,397,550 |
| Pension plan accruals and contributions | $579,296 |
| Other employee benefits | $1,088,067 |
| Payroll taxes | $410,461 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $131,174 |
| Fees for services: Accounting | $87,550 |
| Fees for services: Lobbying | $25,000 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $90,724 |
| Fees for services: Other | $19,185,496 |
| Advertising and promotion | $2,271 |
| Office expenses | $1,020,223 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $65,682 |
| Travel | $238,156 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $381,526 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $106,988 |
| Insurance | $0 |
| All other expenses | $25,498 |
| Total functional expenses | $32,471,544 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $31,516,271 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $189,452 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $141,946 |
| Net Land, buildings, and equipment | $234,013 |
| Investments—publicly traded securities | $17,142,617 |
| Investments—other securities | $25,765,095 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $5,774,082 |
| Total assets | $80,763,476 |
| Accounts payable and accrued expenses | $6,949,368 |
| Grants payable | $0 |
| Deferred revenue | $1,274,660 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $8,224,028 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $72,539,448 |
| Total liabilities and net assets/fund balances | $80,763,476 |