Diamond Key Security Nfp
- Assets
- $426.6k
- Revenue
- $1.3m
- Investments
- $0.0
- Employees
- 4
- Location
- Palatine, IL
- Founding
- 03/2018
- Data as of
- 12/2018
- EIN
- 82-0844682
Organization Overview
Diamond Key Security Nfp is located in Palatine, IL. The organization was established in 2018. According to its NTEE Classification (U03) the organization is classified as: Professional Societies & Associations, under the broad grouping of Science & Technology and related organizations. As of 12/2018, Diamond Key Security Nfp employed 4 individuals. Diamond Key Security Nfp is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2018
Describe the Organization's Mission:
Part 3 - Line 1
THE CORPORATION PROMOTES RESEARCH AND EDUCATIONAL INITIATIVES TO ADVANCE TRANSPARENT, AUDITABLE CYBERSECURITY TECHNOLOGIES FOR THE INTERNET GENERALLY, AND SPECIFICALLY IN OUR NATION'S NETWORK INFRASTRUCTURES, AS WELL AS THE STABILITY, INTEROPERABILITY, AND RELIABILITY OF THE GLOBAL INTERNET.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE CORPORATION BEGAN IT'S INITIAL RESEARCH ACTIVITIES IN 2017 BY DEVELOPING ITS RESEARCH PLANS AND STRUCTURES, AND BY CONFIRMING AND SECURING RESEARCH RELATED ASSETS, RESOURCES AND RESEARCH PARTNERS. THE CORPORATION FURTHER DEVELOPED INITIAL RESEARCH OBJECTIVES, AND ESTABLISHED PROJECT PARAMETERS. IN 2018 THE CORPORATION EXECUTED ON THESE RESEARCH OBJECTIVES AND DESIGNED AND BUILT A PROTOTYPE HARDWARE SECURITY MODULE WHICH CREATES AND STORES DIGITAL CRYPTOGRAPHIC KEYS. THE HARDWARE SECURITY MODULE WAS TESTED BY KEY PARTNERS IN THE INTERNET COMMUNITY.
THE FOCUS OF THE CORPORATION'S EFFORTS IN 2018 WERE TO DESIGN, ARCHITECT, AND BUILD THE SCIENTIFIC RESEARCH IN THE DEVEOPMENT OF AUDITABLE TRANSPARENT SOLUTIONS FOR THE CREATION AND SECURE STORAGE OF DIGITAL CRYPTOGRAPHIC KEYS AND THE USE AND MANAGEMENT OF SUCH KEYS. A SMALLER PORTION OF THE CORPORATION'S ACTIVITIES ALSO FOCUSED ON WRITING AND OBTAINING GRANTS FROM SIMILARLY ALIGNED PUBLIC CHARITIES TO FUND THE CORPORATION'S SCIENTIFIC RESEARCH.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Stephen Farrell Director | Trustee | 0 | $0 |
Olaf Kolkman Director | Trustee | 0 | $0 |
Tim Thompson Director | Trustee | 0 | $0 |
Wesley Stuart Jones President/treas | Officer | 40 | $189,269 |
Phil Roberts Secretary | Officer | 40 | $189,269 |
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 | $1,300,000 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $1,300,000 |
| Total Program Service Revenue | $23,097 |
| Investment income | $7,393 |
| 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 | $1,330,490 |
| 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. | $378,537 |
| Compensation of current officers, directors, key employees. | $378,537 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $132,662 |
| Pension plan accruals and contributions | $75,410 |
| Other employee benefits | $60,122 |
| Payroll taxes | $35,144 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $26,026 |
| Fees for services: Accounting | $6,488 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $54,460 |
| Advertising and promotion | $432 |
| Office expenses | $22,263 |
| Information technology | $7,083 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $38,558 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $14,481 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $8,617 |
| Insurance | $3,597 |
| All other expenses | $30,974 |
| Total functional expenses | $1,060,372 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $29,354 |
| Savings and temporary cash investments | $311,693 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| 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 | $85,503 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $426,550 |
| Accounts payable and accrued expenses | $9,617 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| 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 | $9,617 |
| Unrestricted restricted net Assets | $416,933 |
| Temporarily restricted net Assets | $0 |
| Permanently restricted net Assets or current funds | $0 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Total net assets or fund balances | $416,933 |