William And Mary Intellectual Property Foundation
- Assets
- $421.8k
- Revenue
- $0.0
- Investments
- $0.0
- Employees
- 0
- Location
- Williamsburg, VA
- Founding
- 05/2008
- Data as of
- 06/2023
- EIN
- 26-1769925
Organization Overview
William And Mary Intellectual Property Foundation, operating under the name William & Mary Innovations, is located in Williamsburg, VA. The organization was established in 2008. According to its NTEE Classification (B11) the organization is classified as: Single Organization Support, under the broad grouping of Education and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. William & Mary Innovations 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 06/2023, William & Mary Innovations generated $170.5k 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 (10.0%) each year. All expenses for the organization totaled $106.8k during the year ending 06/2023. As we would expect to see with falling revenues, expenses have declined by (13.7%) per year over the past 8 years. You can explore the organizations financials more deeply in the financial statements section below.
Form
990EZ
Mission & Program ActivityExcerpts From the 990EZ Filing
TAX YEAR
2023
Describe the Organization's Program Activity:
Part 3
THE WILLIAM AND MARY INTELLECTUAL PROPERTY FOUNDATION ENGAGES IN MATTERS PERTAINING TO INTELLECTUAL PROPERTY FOR THE BENEFIT OF WILLIAM AND MARY. THE UNIVERSITY, AND ALL ITS EMPLOYEES AND STAKEHOLDERS, CAN BENEFIT FROM THE SERVICES PROVIDED. THIS FISCAL YEAR, WMIPF PAID $99,900 TO W&M'S AFFILIATE VIMS TO FUND CONTINUING RESEARCH. AN ADDITIONAL $6,864 WAS SPENT ON LEGAL FEES, PROFESSIONAL FEES, AND OTHER BUSINESS EXPENSES DIRECTLY SUPPORTING THE PROGRAM. A TOTAL OF $964 WAS SPENT ON INSURANCE, STATE CORPORATION FEES, AND TAX FILING, AND THOSE EXPENSES WERE NOT INCLUDED AS PROGRAM SERVICE EXPENSES.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Dennis Manos Chairman Of The Board | 0.1 | $0 | |
Jason Mcdevitt President | 4 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Total Revenue from Contributions, Gifts, Grants & Similar | $0 |
| Total Program Service Revenue | $168,636 |
| Membership dues | $0 |
| Investment income | $1,842 |
| Gain or Loss | $0 |
| Net Income from Gaming & Fundraising | $0 |
| Other Revenue | $0 |
| Total Revenue | $170,478 |
| Statement of Expenses | |
|---|---|
| Grants and similar amounts paid | $0 |
| Benefits paid to or for members | $0 |
| Salaries, other compensation, and employee benefits | $0 |
| Professional fees and other payments to independent contractors | $6,857 |
| Occupancy, rent, utilities, and maintenance | $0 |
| Printing, publications, postage, and shipping | $0 |
| Other expenses | $99,971 |
| Total expenses | $106,828 |
| Balance Sheet | |
|---|---|
| Cash, savings, and investments | $421,846 |
| Other assets | $0 |
| Total assets | $421,846 |
| Total liabilities | $0 |
| Net assets or fund balances | $421,846 |