West Virginia High Technology Consortium Foundation
- Assets
- $795.4k
- Revenue
- $694.4k
- Investments
- $0.0
- Employees
- 13
- Location
- Fairmont, WV
- Founding
- 12/1994
- Data as of
- 03/2023
- EIN
- 55-0727658
Organization Overview
West Virginia High Technology Consortium Foundation is located in Fairmont, WV. The organization was established in 1994. According to its NTEE Classification (S31) the organization is classified as: Urban & Community Economic Development, under the broad grouping of Community Improvement & Capacity Building and related organizations. As of 03/2023, West Virginia High Technology Consortium Foundation employed 13 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. West Virginia High Technology Consortium 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 03/2023, West Virginia High Technology Consortium Foundation generated $694.4k in total revenue. This represents a relatively dramatic decline in revenue. Over the past 8 years, the organization has seen revenues fall by an average of (19.4%) each year. All expenses for the organization totaled $1.8m during the year ending 03/2023. As we would expect to see with falling revenues, expenses have declined by (15.1%) per year over the past 8 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
2023
Describe the Organization's Mission:
Part 3 - Line 1
RESEARCH AND DEVELOPMENT IN AREAS OF ADVANCED TECHNOLOGY AND SCIENCE AND ECONOMIC DEVELOPMENT.
Describe the Organization's Program Activity:
Part 3 - Line 4a
ECONOMIC DEVELOPMENT ACTIVITIES WHICH ARE FOCUSED ON PLANNING, CONSTRUCTION, LEASING AND OPERATION OF RESEARCH AND DEVELOPMENT ORGANIZATIONS AND TECHNOLOGY-BASED BUSINESSES WITHIN OR ANCILLARY TO THE I-79 TECHNOLOGY PARK LOCATED IN FAIRMONT, WV.
AFFILIATE PROGRAMS, WORKFORCE EDUCATION AND SMALL BUSINESS SUPPORT SERVICES WHICH PROVIDE WORKFORCE EDUCATION AND NETWORKING OPPORTUNITIES TO THE PUBLIC AND LOCAL TECHNOLOGY-BASED COMPANIES.
TECHNOLOGY-BASED RESEARCH AND RELATED PROGRAMS. THESE ACTIVITIES FOCUS ON UTILIZATION OF TECHNOLOGY-BASED RESEARCH AS A VEHICLE FOR ECONOMIC DEVELOPMENT AND DIVERSIFICATION. MUCH OF THE FOUNDATION'S WORK IS PROVIDED TO THE FEDERAL AND/OR STATE GOVERNMENT, PARTICULARLY THE UNITED STATES DEPARTMENT OF DEFENSE. THE FOUNDATION HAS STRATEGICALLY DESIGNED "TECHNOLOGY CLUSTERS" AROUND HIGH POTENTIAL, SUSTAINABLE, TECHNOLOGY TARGET AREAS THAT ARE VIABLE FROM BOTH A BUSINESS AND TECHNICAL PERSPECTIVE. THESE AREAS INCLUDE PRODUCT LINE ENGINEERING, BIOMETRICS TECHNOLOGIES, COMPUTING TECHNOLOGIES, SOFTWARE SUITABILITY TESTING, IDENTIFICATION TECHNOLOGIES, INFORMATION WARFARE/SECURITY TECHNOLOGIES, COMPUTATIONAL GRID APPLICATIONS, ROBOTICS AND INTERNET-BASED WEB-SITE SUPPORT SERVICES.
COMMERCIALIZATION ACTIVITES PROVIDE BUSINESS SUPPORT SERVICES TO ENTREPRENEURS AND BUSINESSES INTERESTED IN THE DEVELOPMENT AND COMMERCIALIZATION OF A PRODUCT. SEEKS TO PROVIDE SERVICES TO ANY WEST VIRGINIA ENTREPRENEUR WHOSE PRODUCT DEMONSTRATES COMMERCIAL VIABILITY.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Mr James L Estep President/ceo | OfficerTrustee | 40 | $284,143 |
Ms Holly C Kauffman Director | Trustee | 1.1 | $0 |
Dr Frank W Blake Director/chairman | Trustee | 1.1 | $0 |
Ms Rebecca R Mcphail Director | Trustee | 1.1 | $0 |
William P Getty Director | Trustee | 1.1 | $0 |
Jason C Pizatella ESQ Director | Trustee | 1.1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Action Facilities Management Inc Security/janitorial | 3/30/18 | $223,430 |
Campbell & Levine Legal | 3/30/18 | $309,405 |
Campbell & Levine Legal | 3/30/18 | $309,405 |
Action Facilities Management Inc Security/janitorial | 3/30/18 | $223,430 |
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 | $288,356 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $288,356 |
| Total Program Service Revenue | $408,854 |
| Investment income | $0 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$2,786 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $694,424 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $4,250 |
| 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. | $671,145 |
| Compensation of current officers, directors, key employees. | $500,100 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $487,272 |
| Pension plan accruals and contributions | $10,789 |
| Other employee benefits | $117,198 |
| Payroll taxes | $69,564 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $74,294 |
| Fees for services: Accounting | $5,500 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $117,520 |
| Advertising and promotion | $77,497 |
| Office expenses | $0 |
| Information technology | $39,096 |
| Royalties | $0 |
| Occupancy | $8,347 |
| Travel | $3,135 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $553 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $27,530 |
| All other expenses | $9,198 |
| Total functional expenses | $1,820,500 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $419,508 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $40,148 |
| Accounts receivable, net | $60,894 |
| 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 | $194,862 |
| Net Land, buildings, and equipment | $80,000 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $795,412 |
| Accounts payable and accrued expenses | $267,772 |
| Grants payable | $0 |
| Deferred revenue | $928,402 |
| 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 | $1,196,174 |
| Net assets without donor restrictions | -$400,762 |
| 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 | $795,412 |
Grants Awarded
Over the last fiscal year, West Virginia High Technology Consortium Foundation has awarded $21,060 in support to 2 organizations.
| Grant Recipient | Amount |
|---|---|
ROBERT H MOLLOHAN FAMILY CHARITABLE FOUNDATION INC PURPOSE: OFFICE SPACE FOR SCHOLARSHIP AND INTERNSHIP DOCUMENTATION STORAGE AND MEETING SPACE | $63,627 |
ALL OTHER ORGANIZATIONS THAT RECEIVED 5000 PURPOSE: CASH AND NON-CASH GRANTS NOT RECORDED FOR TAX PURPOSES | -$42,567 |