University Of Virginia Licensing & Ventures Group
- Assets
- $21.1m
- Revenue
- $9.6m
- Investments
- $0.0
- Employees
- 19
- Location
- Charlottesville, VA
- Founding
- 06/1977
- Data as of
- 06/2022
- EIN
- 54-1045487
Organization Overview
University Of Virginia Licensing & Ventures Group, operating under the name University Of Virginia Licensing And Ventures Group, is located in Charlottesville, VA. The organization was established in 1977. According to its NTEE Classification (B11) the organization is classified as: Single Organization Support, under the broad grouping of Education and related organizations. As of 06/2022, University Of Virginia Licensing And Ventures Group employed 19 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. University Of Virginia Licensing And Ventures Group 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, University Of Virginia Licensing And Ventures Group generated $9.6m in total revenue. The organization has seen a slow decline revenue. Over the past 7 years, revenues have fallen by an average of (0.7%) each year. All expenses for the organization totaled $9.5m during the year ending 06/2022. As we would expect to see with falling revenues, expenses have declined by (0.7%) per year over the past 7 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 PRINCIPAL ACTIVITY OF THE FOUNDATION IS TO SUPPORT THE UNIVERSITY'S 2030 PLAN TO BECOME A "GREAT AND GOOD UNIVERSITY AND TO "ENABLE DISCOVERIES THAT ENRICH AND IMPROVE LIVES" VIA COMMERCIALIZATION OF UNIVERSITY RESEARCH AND INTELLECTUAL PROPERTY. THIS ACTIVITY INCLUDES SUPPORTING THE UNIVERSITY'S INDUSTRY AND TRANSLATIONAL RESEARCH INITIATIVES; PERFORMING DUE-DILIGENCE ON SOLICITED AND DISCLOSED INTELLECTUAL PROPERTY; PREPARING AND FILING PATENT APPLICATIONS, COPYRIGHTS, AND TRADEMARKS; ENGAGING IN BUSINESS DEVELOPMENT; NEGOTIATING AND EXECUTING LICENSE AGREEMENTS; SUPPORTING NEW VENTURE CREATION; INVESTING IN UVA PORTFOLIO COMPANIES; MONITORING COMPLIANCE; AND DISTRIBUTING INCOME.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PATENTING: THE PATENTING DEPARTMENT PREPARES AND FILES PATENT APPLICATIONS. DURING THE FISCAL YEAR ENDED 2022, THE UNIVERSITY OF VIRGINIA PATENT FOUNDATION D/B/A UNIVERSITY OF VIRGINIA LICENSING AND VENTURES GROUP (LVG OR THE FOUNDATION) WAS AWARDED 53 U.S. PATENTS.
LICENSING: THE LICENSING DEPARTMENT EVALUATES, MARKETS, AND LICENSES INVENTIONS. DURING THE FISCAL YEAR ENDED 2022, LVG SOLICITED 226 INVENTION DISCLOSURES FROM UVA FACULTY, STAFF, AND STUDENT INVENTORS AND EXECUTED 85 COMMERCIAL TRANSACTIONS.
NEW VENTURES: LVG PROVIDES RESOURCES AND EXPERTISE TO SUPPORT THE ENTREPRENEURIAL AND INVESTMENT PROCESS. DURING THE FISCAL YEAR ENDED 2022, LVG HELPED LAUNCH 5 NEW VENTURES. ADDITIONALLY, LVG MANAGES AN INNOVATION FUND, WHICH IS COMPRISED OF SEED FUNDING AND VENTURE FUNDING, IN COLLABORATION WITH THE UNIVERSITY OF VIRGINIA AND THE UNIVERSITY OF VIRGINIA HEALTH SYSTEM.
OTHER PROGRAM SERVICES: LVG PROVIDES A VARIETY OF OTHER PROGRAMS, GENERALLY AT THE REQUEST OF UVA.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Robert Creeden Interim Executive Director | Officer | 40 | $217,938 |
Robert Decker Senior Patent Counsel | 40 | $207,767 | |
Michael Straightiff Executive Director (to 06/2021) | Officer | 40 | $183,869 |
Joshua Mauldin Director Of Licensing | 40 | $117,996 | |
Marc Oettinger Licensing Manager | 40 | $112,529 | |
Olivia Benjamin Manager Of Financial Operations | Officer | 40 | $96,934 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Jenkins Wilson Taylor & Hunt Pa Outside Patent Counsel | 6/29/22 | $646,931 |
Mccarter & English Llp Outside Patent Counsel | 6/29/22 | $114,857 |
Schwegman Lundberg Woessner & Kluth Pa Outside Patent Counsel | 6/29/22 | $243,458 |
Meunier Carlin & Curfman Llc Outside Patent Counsel | 6/29/22 | $171,766 |
Buchanan Ingersoll & Rooney Pc Outside Patent Counsel | 6/29/22 | $461,532 |
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 | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $0 |
| Total Program Service Revenue | $9,577,863 |
| Investment income | $2,778 |
| 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 | $9,580,641 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $1,770,022 |
| 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. | $207,536 |
| Compensation of current officers, directors, key employees. | $111,375 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $1,327,543 |
| Pension plan accruals and contributions | $130,449 |
| Other employee benefits | $172,565 |
| Payroll taxes | $95,321 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $71,749 |
| Fees for services: Accounting | $55,319 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $42,181 |
| Advertising and promotion | $62,012 |
| Office expenses | $21,265 |
| Information technology | $111,624 |
| Royalties | $1,568,125 |
| Occupancy | $248,486 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $27,835 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $49,489 |
| Insurance | $32,159 |
| All other expenses | $20,343 |
| Total functional expenses | $9,540,273 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $166 |
| Savings and temporary cash investments | $3,897,434 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $2,784,805 |
| 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 | $183,747 |
| Net Land, buildings, and equipment | $80,985 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $14,167,078 |
| Total assets | $21,114,215 |
| Accounts payable and accrued expenses | $1,063,334 |
| 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 | $18,550,578 |
| Total liabilities | $19,613,912 |
| Net assets without donor restrictions | $1,500,303 |
| 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 | $0 |
| Total liabilities and net assets/fund balances | $21,114,215 |