William And Mary Intellectual Property Foundation
- Assets
- $358.2k
- Revenue
- $0.0
- Investments
- $0.0
- Employees
- 0
- Location
- Williamsburg, VA
- Founding
- 05/2008
- Data as of
- 06/2022
- EIN
- 26-1769925
Organization Overview
William And Mary Intellectual Property Foundation, operating under the name William & Mary Innovations, is located in Williamsburg, VA. The organization was established in 2008. According to its NTEE Classification (B11) the organization is classified as: Single Organization Support, under the broad grouping of Education and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. William & Mary Innovations is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
For the year ending 06/2022, William & Mary Innovations generated $122.4k in total revenue. This represents a relatively dramatic decline in revenue. Over the past 7 years, the organization has seen revenues fall by an average of (15.5%) each year. All expenses for the organization totaled $11.3k during the year ending 06/2022. As we would expect to see with falling revenues, expenses have declined by (38.7%) per year over the past 7 years. You can explore the organizations financials more deeply in the financial statements section below.
Form
990EZ
Mission & Program ActivityExcerpts From the 990EZ Filing
TAX YEAR
2022
Describe the Organization's Program Activity:
Part 3
THE WILLIAM AND MARY INTELLECTUAL PROPERTY FOUNDATION ENGAGES IN MATTERS PERTAINING TO INTELLECTUAL PROPERTY FOR THE BENEFIT OF WILLIAM AND MARY. THE UNIVERSITY, AND ALL ITS EMPLOYEES AND STAKEHOLDERS, CAN BENEFIT FROM THE SERVICES PROVIDED. THIS FISCAL YEAR, THE WMIPF PAID $10,000 TO THE USPTO TO COVER PATENT-RELATED COSTS FOR THE UNIVERSITY. THE WMIPF RUNS ON A FISCAL YEAR WHICH ENDS IN JUNE, SO A PAYMENT OF $99,900 BACK TO W&M'S AFFILIATE VIMS WHICH OCCURRED IN EARLY JULY, 2022 WAS NOT INCLUDED IN THIS TAX RETURN.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Dennis Manos Chairman Of The Board | 0.1 | $0 | |
Jason Mcdevitt President | 4 | $0 | |
Julie Summs Treasurer | 0.01 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Total Revenue from Contributions, Gifts, Grants & Similar | $0 |
| Total Program Service Revenue | $111,793 |
| Membership dues | $0 |
| Investment income | $0 |
| Gain or Loss | $10,580 |
| Net Income from Gaming & Fundraising | $0 |
| Other Revenue | $0 |
| Total Revenue | $122,373 |
| Statement of Expenses | |
|---|---|
| Grants and similar amounts paid | $0 |
| Benefits paid to or for members | $0 |
| Salaries, other compensation, and employee benefits | $0 |
| Professional fees and other payments to independent contractors | $824 |
| Occupancy, rent, utilities, and maintenance | $0 |
| Printing, publications, postage, and shipping | $0 |
| Other expenses | $10,518 |
| Total expenses | $11,342 |
| Balance Sheet | |
|---|---|
| Cash, savings, and investments | $358,196 |
| Other assets | $0 |
| Total assets | $358,196 |
| Total liabilities | $0 |
| Net assets or fund balances | $358,196 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
University Of Virginia Licensing & Ventures Group Charlottesville, VA | $21,114,215 | $9,580,641 |
Phoenix Academy Inc High Point, NC | $3,025,069 | $10,364,069 |
Elizabeth City State University Foundation Elizabeth City, NC | $21,052,714 | $2,780,872 |
Johns Hopkins University Retiree Medical Benefits Tr Baltimore, MD | $393,460,709 | $90,822,229 |
Duke Ellington School Of The Arts Project Washington, DC | $6,618,395 | $8,383,151 |
Laborers-Employers Cooperation And Education Trust Washington, DC | $20,406,637 | $8,972,632 |
Unc-G Excellence Foundation Greensboro, NC | $187,420,574 | $12,267,071 |
University Of Maryland Medical System Foundation Inc Baltimore, MD | $91,803,907 | $14,920,300 |
University Of North Carolina At Asheville Foundation Inc Asheville, NC | $61,754,429 | $7,423,002 |
Marshall-Wythe School Of Law Foundation Williamsburg, VA | $56,391,482 | $7,245,738 |
Horatio Alger Endowment Fund Alexandria, VA | $322,951,010 | $58,271,352 |
Old Dominion Athletic Foundation Norfolk, VA | $75,318,666 | $6,634,127 |