IDENTITY TECHNOLOGIES INC

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Financial Vulnerability Assessment (Tuckman-Chang)

4 risk indicators measuring financial stability and operational resilience

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Financial Trends

Organization Details

Formation Year

2019

Legal Domicile

Principal Officer

PHILLIP SHOEMAKER

Phone

4152355165

Tax Period

2023-01-01 to 2023-12-31

IDENTITY TECHNOLOGIES INC, founded in 2019, is a small nonprofit that reported $426K in total revenue in fiscal year 2023. Revenue surged 308% from the prior year, signaling strong growth momentum. Expenses of $1.9M exceeded revenue, resulting in a 346% operating deficit.

Mission

TO CREATE A SELF SUSTAINING NEW IDENTITY ECONOMY, BRINGING LOW COST DIGITAL IDENTIFICATIONS TO THE WORLD, INCREASING JOB OPPORTUNITIES, REDUCING THE COST OF IDENTITY VERIFICATION, ALL WHILE INCREASING QUALITY IN THIS MERIT BASED MARKETPLACE.

Program Service Accomplishments

Program 1

Expenses: $1,835,318 Revenue: $425,000

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...

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.

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Trantor Score

Financial Health Score (300–850) · Liquidity · Solvency · Sustainability · Efficiency

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Liquidity (40%) • Solvency (30%) • Sustainability (20%) • Efficiency (10%)

Financial Overview (2023)

Revenue Breakdown

Contributions & Grants $0

Program Service Revenue $425,000

Investment Income $0

Other Revenue $1,157

TOTAL REVENUE $426,157

Expense Breakdown

Grants Paid $0

Salaries & Benefits $1,051,324

Fundraising Expenses $0

Program Expenses $1,835,318

Other Expenses $850,713

TOTAL EXPENSES $1,902,037

Year-over-Year Comparison

	2023	2022	Change
Revenue	$426,157	$104,503	+3.1%
Expenses	$1,902,037	$2,096,735	-0.1%
Net Income	$-1,475,880	$-1,992,232	-0.3%

Key Indicators

✗ Grants to Organizations ✗ Grants to Individuals ✗ Lobbying ✗ Political Activity ✗ Foreign Activities ✗ Donor Advised Fund ✗ Schedule B Required

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Financial Health Indicators

Comprehensive financial analysis: Altman Z-Score, liquidity, solvency, sustainability, efficiency, and growth metrics

Financial Distress Indicator

Liquidity & Cash Position

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Altman Z-Score • Liquidity Ratios • Solvency Analysis • Growth Indicators • Efficiency Metrics

Governance

Voting Members

Independent Members

Employees

N/A

Volunteers

N/A

Governance Policies

✗ Conflict of Interest Policy

✗ Whistleblower Policy

✗ Document Retention Policy

Special Practices & Reported Activities

✗ Operated a School

✗ Operated a Hospital

✗ Provided First Class Travel

✗ Reported Conflict of Interest

✗ Reported Asset Diversion

✗ Excess Benefit Transaction

✗ Made Political Expenditures

✗ Engaged in Lobbying

✗ Operated Donor Advised Fund

✗ Maintained Art Collections

✗ Filed Form 720

Compensation of Officers, Directors & Key Employees

Total Officers

$471,576

Total Directors

$501,576

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
PHILLIP SHOEMAKER	EXECUTIVE DIRECTOR/SEC	1.00	Officer Director	$387,076	$0	$387,076
VINODAN K LINGHAM	PRESIDENT	1.00	Officer Director	$0	$0	$0
LLEW CLAASEN	TREASURER	1.00	Officer Director	$84,500	$0	$84,500
JAMES KILROE	DIRECTOR	1.00	Director	$30,000	$0	$30,000

Note: Compensation data is self-reported by the organization on their Form 990. "Reportable Comp" includes salary, bonuses, and other reportable compensation from the organization and related organizations. "Other Comp" includes benefits, deferred compensation, and non-taxable benefits.

Historical Data

Year	Revenue	Expenses	Assets	Net Income
2024	No data	No data	No data	No data
2023	$426,157	$1,902,037	$2,908,865	$-1,475,880
2022	$104,503	$2,096,735	$4,320,353	$-1,992,232
2021	$3,167,885	$3,532,104	$6,362,422	$-364,219
2020	No data	$270,133	$9,171,175	No data
2019	$10,520,121	$7,965,362	$14,667,223	$2,554,759