Vtip Inc
- Assets
- $2.8m
- Revenue
- $3.4m
- Investments
- $424.9k
- Employees
- 2
- Location
- Blacksburg, VA
- Founding
- 09/1985
- Data as of
- 06/2022
- EIN
- 54-1323858
Organization Overview
Vtip Inc is located in Blacksburg, VA. The organization was established in 1985. 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, Vtip Inc employed 2 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Vtip Inc 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, Vtip Inc generated $3.4m in total revenue. The organization has seen a slow decline revenue. Over the past 7 years, revenues have fallen by an average of (0.3%) each year. All expenses for the organization totaled $3.1m during the year ending 06/2022. As we would expect to see with falling revenues, expenses have declined by (1.3%) per year over the past 7 years. You can explore the organizations financials more deeply in the financial statements section below.
Form
990T
Mission & Program ActivityExcerpts From the 990T Filing
TAX YEAR
2022
Describe the Organization's Mission:
Part 3 - Line 1
THE ORGANIZATION'S MISSION IS TO PROMOTE SCIENTIFIC RESEARCH BY THE FACULTY, STAFF, AND STUDENTS SOLELY FOR THE BENEFIT OF VIRGINIA POLYTECHNIC INSTITUTE AND STATE UNIVERSITY.
Describe the Organization's Program Activity:
THE COMPANY MANAGED AND MARKETED ALL INTELLECTUAL PROPERTIES (I.E. PRODUCTS AND PROCESSES WHICH MAY BE PROTECTED BY EITHER A PATENT, TRADEMARK, COPYRIGHT, OR TRADE SECRET) DEVELOPED BY FACULTY, STAFF, OR STUDENTS OF VIRGINIA POLYTECHNIC INSTITUTE AND STATE UNIVERSITY (VIRGINIA TECH).
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Dr Daniel Sui Chair | OfficerTrustee | 1 | $0 |
Justice Elizabeth A Mcclanahan Secretary/treasurer | OfficerTrustee | 1 | $0 |
Dr X J Meng Director | Trustee | 1 | $0 |
Ken Miller Director | Trustee | 1 | $0 |
Dr Brett Malone Director | Trustee | 1 | $0 |
James Ramey Director | Trustee | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Thomas Horstemeyer Llp Legal | 6/29/22 | $285,038 |
Johnson Marcou & Isaacs Llc Legal | 6/29/22 | $139,969 |
Computer Packages Legal | 6/29/22 | $130,044 |
Nrv Intellectual Property Law Legal | 6/29/22 | $122,450 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $866,306 |
| 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 | $866,306 |
| Total Program Service Revenue | $2,485,609 |
| Investment income | $18,729 |
| 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 | $3,370,644 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $866,307 |
| 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 | $145,760 |
| Pension plan accruals and contributions | $18,320 |
| Other employee benefits | $16,203 |
| Payroll taxes | $12,360 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $6,875 |
| Fees for services: Accounting | $23,700 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $11,753 |
| Office expenses | $7,578 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $11,444 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $5,450 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $1,301 |
| Insurance | $20,349 |
| All other expenses | -$230 |
| Total functional expenses | $3,141,992 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,278,231 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $1,040,237 |
| 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 | $5,882 |
| Net Land, buildings, and equipment | $2,504 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $424,891 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $2,751,745 |
| Accounts payable and accrued expenses | $519,843 |
| Grants payable | $0 |
| Deferred revenue | $799,518 |
| 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 | $500,000 |
| Total liabilities | $1,819,361 |
| Net assets without donor restrictions | $932,384 |
| 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 | $2,751,745 |