Corvesta Inc
- Assets
- $82.2m
- Revenue
- -$1.2m
- Investments
- $13.3m
- Employees
- 157
- Location
- Roanoke, VA
- Founding
- 08/2007
- Data as of
- 12/2021
- 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 12/2021, Corvesta Inc employed 157 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 12/2021, Corvesta Inc generated -$1.2m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 1.5% each year. All expenses for the organization totaled $49.3m during the year ending 12/2021. 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
2021
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 Frank L Lucia President & CEO | OfficerTrustee | 40 | $1,165,910 |
Mr Robert K Sanchez Svp, Operations & Technology | Officer | 40 | $529,480 |
Mr R James Barker Chief Financial Officer | Officer | 40 | $522,265 |
Ms Stacy Campbell Vice President | Officer | 40 | $443,460 |
Mr Chad Mcintosh General Counsel | Officer | 40 | $423,851 |
Ms Katharine Claytor Vice President | Officer | 40 | $360,635 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Healthedge Software Inc Software Development | 12/30/21 | $3,775,317 |
Accion Labs Us Inc Contract Programming | 12/30/21 | $2,649,263 |
Agilite Group Llc It Consulting | 12/30/21 | $385,124 |
Tek Systems Contract Programming | 12/30/21 | $774,077 |
Capital Techsearch Inc Contract Programming | 12/30/21 | $535,446 |
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 | $367,795 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$1,602,798 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | -$1,235,003 |
| 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. | $4,501,323 |
| Compensation of current officers, directors, key employees. | $4,501,323 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $13,686,375 |
| Pension plan accruals and contributions | $1,721,780 |
| Other employee benefits | $1,964,312 |
| Payroll taxes | $1,175,499 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $130,277 |
| Fees for services: Accounting | $82,160 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $93,484 |
| Fees for services: Other | $13,541,012 |
| Advertising and promotion | $55,031 |
| Office expenses | $2,188,340 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $408,752 |
| Travel | $576,870 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $338,996 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $4,991,673 |
| Insurance | $0 |
| All other expenses | -$4,707,892 |
| Total functional expenses | $49,256,686 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $7,942,626 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $1,387,047 |
| 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 | $1,301,540 |
| Net Land, buildings, and equipment | $39,229,838 |
| Investments—publicly traded securities | $16,817,548 |
| Investments—other securities | $13,332,141 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $2,170,043 |
| Total assets | $82,180,783 |
| Accounts payable and accrued expenses | $17,420,422 |
| Grants payable | $0 |
| Deferred revenue | $40,225,584 |
| 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 | $57,646,006 |
| 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 | $24,534,777 |
| Total liabilities and net assets/fund balances | $82,180,783 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Intrahealth International Inc Chapel Hill, NC | $25,698,138 | $95,131,742 |
Moses Cone Medical Services Inc Greensboro, NC | $66,450,127 | $85,429,043 |
Norton Properties Inc Louisville, KY | $374,509,086 | $60,233,665 |
West Virginia University Hospitals East Inc Martinsburg, WV | $676,755 | $63,515,006 |
Bricklayers And Allied Craftworkers International Health Fund Washington, DC | $54,125,903 | $67,880,287 |
Sheet Metal Workers National Health Fund Goodlettsville, TN | $59,855,607 | $61,652,205 |
Corvesta Inc Roanoke, VA | $82,180,783 | -$1,235,003 |
Inova Health System Foundation Fairfax, VA | $6,680,265,525 | $824,217,139 |
Carolina Medicorp Enterprises Llc Winston Salem, NC | $11,898,708 | $46,315,888 |
Childrens Health System Inc Norfolk, VA | $122,433,385 | $34,959,405 |
Fauquier Health Foundation Warrenton, VA | $249,193,841 | $9,571,718 |
Chesapeake Regional Medical Group Chesapeake, VA | $4,557,734 | $12,231,172 |