Sovrin Foundation
- Assets
- $62.4k
- Revenue
- $120.2k
- Investments
- $0.0
- Employees
- 0
- Location
- Salt Lake City, UT
- Founding
- 06/2018
- Data as of
- 12/2022
- EIN
- 81-3702995
Organization Overview
Sovrin Foundation is located in Salt Lake City, UT. The organization was established in 2018. According to its NTEE Classification (S12) the organization is classified as: Fund Raising & Fund Distribution, under the broad grouping of Community Improvement & Capacity Building and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Sovrin Foundation 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, Sovrin Foundation generated $120.2k in total revenue. This represents a relatively dramatic decline in revenue. Over the past 4 years, the organization has seen revenues fall by an average of (47.2%) each year. All expenses for the organization totaled $105.9k during the year ending 12/2022. As we would expect to see with falling revenues, expenses have declined by (59.5%) per year over the past 4 years. 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
THE PURPOSE OF THE FOUDNATION (SOVRIN) IS TO PROVIDE A GLOBAL PUBLIC UTILITY FOR SELF-SOVEREIGN (I.E. USER CONTROLLED) INTERNET IDENTITY THAT STREAMLINES INTERACTIONS AND ENABLES STRONGER LEVELS OF TRUST AMONG ALL INDIVIDUALS, ORGANIZATIONS AND THINGS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
NETWORK DEVELOPMENT AND OPERATIONS:1. EXPLOITED THE SOVRIN NETWORK FOR PUBLIC USE AND BILLED FOR LEDGER WRITE ACTIVITY2. OPERATED NETWORK PROVIDING OVERSIGHT AND COORDINATION AMONG THE STEWARDS OPERATING NODES
NETWORK GROWTH:1. ATTENDED AND PRESENTED INFORMATION AT MANY CONFERENCES TO EDUCATE AND ENCOURAGE DEVELOPMENT AND ADOPTION OF SOVRIN NETWORK.2. CONTINUED TO CULTIVATE OPEN SOURCE SOFTWARE DEVELOPMENT COMMUNITY WITHIN LINUX FOUNDATION'S HYPERLEDGER INDY AND URSA.3. UPGRADED AND ADDED TO FOUNDATION WEBSITE TO ATTRACT STEWARDS AND SOFTWARE DEVELOPMENT COMMUNITY AND TO EDUCATE ABOUT THE VIRTUES OF SELF-SOVEREIGN IDENTITY AND THE SOVRIN NETWORK.4. PUBLISHED ORIGINAL CONTENT TO HELP EDUCATE THE TECHNOLOGY COMMUNITY ABOUT SELF-SOVEREIGN IDENTITY.5. IMPROVED THE OPERATIONAL EFFICIENCY FOR ORGANIZATIONS TO LEARN ABOUT, REQUEST, AND RECEIVE ACCESS TO THE SOVRIN UTILITY TO ENABLE ITS USE FOR SELF-SOVEREIGN IDENTITY INITIATIVES.BY MAKING FOUNDATIONS TECHNOLOGY OPEN-SOURCE IT IS AVAILABLE TO ALL TO USE WITHOUT PAYING A LICENSE FEE TO THE FOUNDATION. THIS PROMOTES OUR MISSION TO PROVIDE A GLOBAL PUBLIC UTILITY FOR SELF-SOVEREIGN IDENTITY.
IDENTITY FOR ALL:1. DEVELOPED WRITTEN RESOURCES TO ASSIST HUMANITARIAN ORGANIZATIONS IN ADOPTING SELF-SOVEREIGN IDENTITY2. DIRECTLY CONTRIBUTED TO THE LAUNCH OF THE HYPERLEDGER ANONCREDS PROJECT TO EXPAND THE USE OF THESE IMPORTANT, PRIVACY-PRESERVING CREDENTIALS IMPORTANT FOR ENABLING IDENTITY FOR ALL.3. DIRECTLY CONTRIBUTED TO THE DEVELOPMENT AND RELEASE OF A NEW, UPGRADED, OPEN SOURCE VERSION OF HYPERLEDGER INDY.4. DIRECTLY CONTRIBUTED TO THE DEVELOPMENT AND RELEASE OF FIXES FOR SECURITY VULNERABILITIES IDENTIFIED IN THE OPEN SOURCE VERSION OF HYPERLEDGER INDY.5. PUBLISHED THE SOVRIN ECOSYSTEM GOVERNANCE FRAMEWORK (SEGF) V3.06. DEVELOPED AND PUBLISHED RULES TO ENFORCE LEGAL AND FINANCIAL ACCOUNTABILITY IN THE SOVRIN SELF-SOVEREIGN IDENTITY ECOSYSTEM.7. ADJUSTED THE SOVRIN GOVERNANCE FRAMEWORK TO REQUIRE ORGANIZATIONS USING THE SOVRIN UTILITIES TO IDENTIFY THEIR ORGANIZATIONS THROUGH THE USE OF LEGAL ENTITY IDENTIFIERS (LEIS).
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Stephen Curran Trustee/chair | OfficerTrustee | 2 | $0 |
Andrew Smith Trustee/chair | OfficerTrustee | 2 | $0 |
Andre Kudra Trustee | Trustee | 2 | $0 |
Philippe Page Trustee | Trustee | 2 | $0 |
Sankarshan Mukhopadhyay Trustee/v Chair | OfficerTrustee | 2 | $0 |
Jamie Stirling Trustee/chair | OfficerTrustee | 2 | $0 |
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 | $14,794 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $14,794 |
| Total Program Service Revenue | $105,442 |
| Investment income | $2 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $120,238 |
| 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. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $10,103 |
| Fees for services: Accounting | $1,250 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $48,972 |
| Advertising and promotion | $0 |
| Office expenses | $0 |
| Information technology | $10,860 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $32,022 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $761 |
| All other expenses | $0 |
| Total functional expenses | $105,857 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $893 |
| Savings and temporary cash investments | $40,600 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $20,943 |
| 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 | $0 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $62,436 |
| Accounts payable and accrued expenses | $2,050 |
| Grants payable | $0 |
| Deferred revenue | $1,967 |
| 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 | $500,000 |
| Unsecured mortgages and notes payable | $1,360,000 |
| Other liabilities | $240,567 |
| Total liabilities | $2,104,584 |
| 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 | -$2,042,148 |
| Total liabilities and net assets/fund balances | $62,436 |