Virginia Commonwealth University Intellectual Property Foundation
- Assets
- $4.6m
- Revenue
- $3.5m
- Investments
- $3.3m
- Employees
- 9
- Location
- Richmond, VA
- Founding
- 12/1997
- Data as of
- 06/2022
- EIN
- 54-1854399
Organization Overview
Virginia Commonwealth University Intellectual Property Foundation is located in Richmond, VA. The organization was established in 1997. According to its NTEE Classification (H99) the organization is classified as: Medical Research N.E.C., under the broad grouping of Medical Research and related organizations. As of 06/2022, Virginia Commonwealth University Intellectual Property Foundation employed 9 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Virginia Commonwealth University Intellectual Property Foundation 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, Virginia Commonwealth University Intellectual Property Foundation generated $3.5m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 5.3% each year. All expenses for the organization totaled $3.5m during the year ending 06/2022. While expenses have increased by 6.9% per year over the past 8 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
2022
Describe the Organization's Mission:
Part 3 - Line 1
VIRIGNIA COMMONWEALTH UNIVERSITY INTELLECTUAL PROPERTY FOUNDATION'S MISSION IS TO FOSTER A CULTURE OF INNOVATION AT VIRGINIA COMMONWEALTH UNIVERSITY (VCU) AND TO PROTECT AND COMMERCIALIZE INVENTIONS CREATED BY THE VCU RESEARCH ENTERPRISE FOR THE BENEFIT OF SOCIETY.
Describe the Organization's Program Activity:
Part 3 - Line 4a
TO PROTECT AND COMMERCIALIZE VCU TECHNOLOGIES THROUGH PATENTING AND LICENSING. DURING THE FISCAL YEAR ENDED JUNE 30, 2022, THE VIRGINIA COMMONWEALTH UNIVERSITY INTELLECTUAL PROPERTY FOUNDATION HAD - 122 INVENTION DISCLOSURES BY VCU INVENTORS - 144 PATENT APPLICATIONS FILED - 18 PATENTS ISSUED - 27 LICENSES - 117 TARGETED INDUSTRY ENGAGEMENTS - 10 STARTUPS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Dr Ivelina S Metcheva President | OfficerTrustee | 40 | $0 |
Mr Gary Leclair Director | Trustee | 1 | $0 |
Mr Spencer Williamson Director | Trustee | 1 | $0 |
P Srirama Rao Ex-Officio | Trustee | 1 | $0 |
Dr Gopinath Jadhav Director | Trustee | 1 | $0 |
Dr Reinhold Brand Director | Trustee | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Whitham & Cook Pc Development Costs | 6/29/22 | $589,566 |
Richard T Marconi Royalties | 6/29/22 | $263,070 |
Lawrence Schwartz Royalties | 6/29/22 | $245,237 |
Christopher G Earnhart Royalties | 6/29/22 | $263,070 |
Ruey-min Lee Royalties | 6/29/22 | $140,101 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Total Revenue from Contributions, Gifts, Grants & Similar | $368,668 |
| Investment income | $13,166 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $21,267 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $3,452,341 |
| Statement of Expenses | |
|---|---|
| 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 to disqualified persons | $0 |
| Other salaries and wages | $38,190 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $2,928 |
| Fees for services: Management | $363,602 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $145,068 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $46,128 |
| Fees for services: Other | $0 |
| Advertising and promotion | $86,704 |
| Office expenses | $12,111 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $13,191 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $24,394 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $1,209 |
| Insurance | $6,343 |
| All other expenses | $0 |
| Total functional expenses | $3,503,592 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $162,232 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $1,023,633 |
| 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 | $62,475 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $3,250,799 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $83,836 |
| Total assets | $4,582,975 |
| Accounts payable and accrued expenses | $652,297 |
| 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 | $0 |
| Total liabilities | $652,297 |
| Net assets without donor restrictions | $3,930,678 |
| 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 |
| Total liabilities and net assets/fund balances | $3,930,678 |