Virginia Tech Transportation Economic Development Inc
- Assets
- $11.0m
- Revenue
- $6.3m
- Investments
- $0.0
- Employees
- 42
- Location
- Blacksburg, VA
- Founding
- 08/2014
- Data as of
- 06/2022
- EIN
- 37-1737161
Organization Overview
Virginia Tech Transportation Economic Development Inc is located in Blacksburg, VA. The organization was established in 2014. 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, Virginia Tech Transportation Economic Development Inc employed 42 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Virginia Tech Transportation Economic Development 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, Virginia Tech Transportation Economic Development Inc generated $6.3m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 5.4% each year. All expenses for the organization totaled $6.0m during the year ending 06/2022. While expenses have increased by 4.8% per year over the past 7 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
ECONOMIC DEVELOPMENT IN THE RURAL REGION OF SOUTHERN VIRGINIA.
Describe the Organization's Program Activity:
Part 3 - Line 4a
VTTEDI BUILDS A BASE OF RESEARCH, ENGINEERING EDUCATION, ADVANCED TESTING, AND TECHNOLOGY TRANSFER THAT SIGNIFICANTLY IMPACTS INDUSTRIAL PRACTICE AND PRODUCTIVITY THROUGH THE DEVELOPMENT OF ADVANCED MATERIALS, INTELLIGENT TIRE TECHNOLOGIES AND VEHICLE DYNAMICS DATA ANALYSIS.VTTEDI CONTRIBUTES TO THE ECONOMIC DEVELOPMENT OF VIRGINIA SOUTHSIDE THROUGH CAREER OPPORTUNITIES FOR OVER 40 EMPLOYEES, SUPPORTING LOCAL BUSINESSES, AND ENGAGING LOCAL EDUCATIONAL AND NONPROFIT INSTITUTIONS. VTTEDI HAS CREATED INTERNSHIPS FOR DANVILLE COMMUNITY COLLEGE STUDENTS AND VIRGINIA TECH ENGINEERING STUDENTS. IN ADDITION, VTTEDI DEVELOPED CURRICULUM WITH PATRICK HENRY COMMUNITY COLLEGE RACING AND SUPPORTS THEIR ACTIVITIES WITH TOOLS, TESTING AND TRACK ASSISTANCE. VTTEDI ALSO SUPPORTS THE ACADEMY OF ENGINEERING TECHNOLOGY WHICH FOCUSES ON SOUTHSIDE HIGH SCHOOL STUDENTS. VTTEDI PROVIDES DEVELOPMENT AND DELIVERY OF SPECIALIZED RESEARCH, TIRE TESTING AND MODELING SERVICES TO GLOBAL CUSTOMERS AND SPONSORS. VTTEDI HAS BUILT HIGHLY SPECIALIZED FACILITES THAT PROVIDE STATE OF THE ART EQUIPMENT AND TECHNOLOGY FOR TIRE TESTING AND MODELING AND VEHICLE MODELING. COMPANIES FROM AROUND THE GLOBE TRAVEL TO ALTON, VA TO GET THE MOST ADVANCED SERVICES AND DATA FROM THE VTTEDI TEAM.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Dr Dan Sui President | Trustee | 2 | $0 |
Dr Cyril R Clarke Board Member | Trustee | 2 | $0 |
Dr Dwayne L Pinkney Chair | Trustee | 2 | $0 |
Dr Thomas Dingus President (vtt) | Officer | 10 | $0 |
Pascha Gerni Treasurer (vtt) | Officer | 10 | $0 |
Christine Absher Assistant Treasurer (vtt) | Officer | 10 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $669,950 |
| 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 | $669,950 |
| Total Program Service Revenue | $5,488,603 |
| Investment income | $0 |
| 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 | $6,270,290 |
| 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. | $2,915,827 |
| Compensation of current officers, directors, key employees. | $90,421 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $308,803 |
| Other employee benefits | $478,564 |
| Payroll taxes | $192,588 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $12,769 |
| Fees for services: Accounting | $44,128 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $125,896 |
| Advertising and promotion | $38,713 |
| Office expenses | $57,617 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $251,215 |
| Travel | $31,295 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $10,810 |
| Interest | $186,752 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $960,863 |
| Insurance | $114,707 |
| All other expenses | $10,000 |
| Total functional expenses | $6,010,276 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $501,138 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $1,155,364 |
| 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 | $123,685 |
| Net Land, buildings, and equipment | $9,249,353 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $11,029,540 |
| Accounts payable and accrued expenses | $346,890 |
| Grants payable | $0 |
| Deferred revenue | $479,852 |
| 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 | $7,723,445 |
| Total liabilities | $8,550,187 |
| Net assets without donor restrictions | $2,479,353 |
| 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 | $11,029,540 |