Virginia Tech Innovations Corporation
- Assets
- $44.5k
- Revenue
- $455.7k
- Investments
- $0.0
- Employees
- 0
- Location
- Blacksburg, VA
- Founding
- 08/2012
- Data as of
- 06/2021
- EIN
- 27-4910429
Organization Overview
Virginia Tech Innovations Corporation is located in Blacksburg, VA. The organization was established in 2012. According to its NTEE Classification (Z99) the organization is classified as: Unknown, under the broad grouping of Unknown and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Virginia Tech Innovations Corporation 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 06/2021, Virginia Tech Innovations Corporation generated $455.7k in total revenue. All expenses for the organization totaled $504.6k during the year ending 06/2021. While expenses have increased by 81.6% per year over the past 6 years. They've been increasing with an increasing level of total revenue. 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
TO SUPPORT INNOVATIVE APPLICATIONS OF SCIENCE AND TECHNOLOGY AND PROVIDE TECHNICAL ASSISTANCE TO ENHANCE GLOBAL COMPETITIVENESS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
AET GLOBAL - ARICULTURE EDUCATION TRAINING - THE CATALYZING AFGHAN AGRICULTURAL INNOVATION (CAAI) PROJECT IS A FIVE YEAR COOPERATIVE AGREEMENT AWARDED BY THE UNITED STATES AGENCY FOR INTERNATIONAL DEVELOPMENT (USAID) ON MAY 28TH, 2018 TO PROVIDE ASSISTANCE AND SUPPORT AGRICULTURAL EDUCATION ACTIVITIES WORKING WITH TECHNICAL AND VOCATIONAL EDUCATION AND TRAINING AUTHORITY (TVET-A), MINISTRY OF HIGHER EDUCATION (MOHE), AND MINISTRY OF AGRICULTURE, IRRIGATION, AND LIVESTOCK (MAIL) IN FIVE PROVINCIAL AGRICULTURE UNIVERSITIES, AGRICULTURE AND VETERINARY INSTITUTES, AND AGRICULTURE HIGH SCHOOLS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Dr Dan Sui Board Member | OfficerTrustee | 2 | $0 |
Catherine Potter Manager | OfficerTrustee | 2 | $0 |
Dr Van Crowder President | Officer | 40 | $0 |
Jim Foreman Secretary/treasurer | Officer | 40 | $0 |
Noor Seddiq Chief Of Party | Officer | 40 | $0 |
Truong Nguyen Assistant Treasurer | Officer | 40 | $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 | $455,712 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $455,712 |
| Total Program Service Revenue | $0 |
| Investment income | $0 |
| 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 | $455,712 |
| 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 | $370,617 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $3,002 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $43,952 |
| Advertising and promotion | $2,844 |
| Office expenses | $15,762 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $2,539 |
| Travel | $26,202 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $0 |
| All other expenses | $0 |
| Total functional expenses | $504,634 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $39,135 |
| Savings and temporary cash investments | $0 |
| 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 | $0 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $5,354 |
| Total assets | $44,489 |
| Accounts payable and accrued expenses | $0 |
| 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 | $75 |
| Total liabilities | $75 |
| 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 | $44,414 |
| Total liabilities and net assets/fund balances | $44,489 |
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