Indiana University Research & Technology Corp
- Assets
- $21.3m
- Revenue
- $5.2m
- Investments
- $13.9m
- Employees
- 8
- Location
- Bloomington, IN
- Founding
- 01/1997
- Data as of
- 06/2022
- EIN
- 35-1990726
Organization Overview
Indiana University Research & Technology Corp is located in Bloomington, IN. The organization was established in 1997. According to its NTEE Classification (B99) the organization is classified as: Education N.E.C., under the broad grouping of Education and related organizations. As of 06/2022, Indiana University Research & Technology Corp employed 8 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Indiana University Research & Technology Corp 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, Indiana University Research & Technology Corp generated $5.2m in total revenue. This organization has experienced exceptional growth, as over the past 6 years, it has increased revenue by an average of 10.4% each year . All expenses for the organization totaled $1.6m during the year ending 06/2022. 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 INDIANA UNIVERSITY RESEARCH AND TECHNOLOGY CORPORATION (IURTC) SERVES INDIANA UNIVERSITY, THE STATE OF INDIANA, AND THE NATION THROUGH CREATION AND APPLICATION OF THE UNIVERSITY DEVELOPED TECHNOLOGIES AND SERVICES, AND THE EXPANDED LINKAGE OF THE PRIVATE SECTOR TO THE UNIVERSITY.
Describe the Organization's Program Activity:
INVESTMENTS - THE IURTC MANAGES THE BUSINESS AND INVESTMENTS UNDER THE INDIANA PHILANTHROPIC VENTURE FUND (IPVF) AS WELL AS INNOVATE INDIANA FUND I, LLC (IIF) REGARDING PLANNING, OPERATIONS, AND INVESTMENTS. BOTH IPVF AND IIF ARE ESTABLISHED TO ACQUIRE, HOLD, DISPOSE, AND MANAGE INVESTMENTS IN LIFE SCIENCE AND TECHNOLOGY COMPANIES. AN INVESTMENT COMMITTEE IS UTILIZED TO ASSIST WITH INVESTMENT DECISIONS.
STUDENT ENGAGEMENT - THE STUDENT ENGAGEMENT PROGRAM IS ESTABLISHED TO FULLY REALIZE THE BENEFITS OF UNIVERSITY INNOVATIONS THROUGH START-UP COMPANY FORMATION AND SUPPORT.
ANGEL NETWORK - CREATED IN FISCAL YEAR 2019, THE IURTC ENGAGES WITH HIGH NET WORTH INDIVIDUALS THROUGH THIS MEMBERSHIP NETWORK AND FACILITATES CONNECTIONS FOR STARTUP COMPANIES WITH PROSPECTIVE INVESTORS. THE ANGEL NETWORK CONTINUES THE IURTC AND THE UNIVERSITY'S MISSION OF FOSTERING A PERVASIVE ENTREPRENEURIAL CULTURE THAT CONTRIBUTES TO THE PROSPERITY OF THE STATE OF INDIANA, THE NATION, AND THE WORLD.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Anthony Armstrong President And CEO | OfficerTrustee | 40 | $0 |
Teri Willey Executive Director | OfficerTrustee | 40 | $252,364 |
Charles Schalliol Treasurer | OfficerTrustee | 1 | $0 |
Elizabeth Hagerman Member | Trustee | 1 | $0 |
Patricia Martin Member | Trustee | 1 | $0 |
David Russomanno Member | Trustee | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Faegre Baker & Daniels Legal | 6/29/18 | $730,073 |
Barnes & Thornburg Llc Legal | 6/29/18 | $595,960 |
Stinson Leonard Street Legal | 6/29/18 | $422,026 |
Quarles & Brady Legal | 6/29/18 | $265,840 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $70,050 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $36,084 |
| All other contributions, gifts, grants, and similar amounts not included above | $108,650 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $214,784 |
| Total Program Service Revenue | $1,013,492 |
| Investment income | $214,067 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $3,791,713 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $5,196,911 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| 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. | $664,926 |
| Compensation of current officers, directors, key employees. | $230,412 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $218,115 |
| Pension plan accruals and contributions | $93,912 |
| Other employee benefits | $117,019 |
| Payroll taxes | $62,689 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $23,256 |
| Fees for services: Accounting | $23,500 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $129,674 |
| Advertising and promotion | $54,669 |
| Office expenses | $10,326 |
| Information technology | $82,584 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $54,784 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $39,270 |
| All other expenses | $0 |
| Total functional expenses | $1,586,736 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $6,805,976 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| 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 | $46,090 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $13,942,571 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $497,463 |
| Total assets | $21,292,100 |
| Accounts payable and accrued expenses | $162,134 |
| Grants payable | $0 |
| Deferred revenue | $50,875 |
| 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 | $371,127 |
| Total liabilities | $584,136 |
| Net assets without donor restrictions | $20,707,964 |
| 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 | $21,292,100 |