University Of Virginia Licensing & Ventures Group

Organization Overview

University Of Virginia Licensing & Ventures Group, operating under the name University Of Virginia Licensing And Ventures Group, is located in Charlottesville, VA. The organization was established in 1977. 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, University Of Virginia Licensing And Ventures Group employed 19 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. University Of Virginia Licensing And Ventures Group 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, University Of Virginia Licensing And Ventures Group generated $9.6m in total revenue. The organization has seen a slow decline revenue. Over the past 7 years, revenues have fallen by an average of (0.7%) each year. All expenses for the organization totaled $9.5m during the year ending 06/2022. As we would expect to see with falling revenues, expenses have declined by (0.7%) per year over the past 7 years. You can explore the organizations financials more deeply in the financial statements section below.

Mission & Program ActivityExcerpts From the 990 Filing

TAX YEAR

2022

Describe the Organization's Mission:

Part 3 - Line 1

THE PRINCIPAL ACTIVITY OF THE FOUNDATION IS TO SUPPORT THE UNIVERSITY'S 2030 PLAN TO BECOME A "GREAT AND GOOD UNIVERSITY AND TO "ENABLE DISCOVERIES THAT ENRICH AND IMPROVE LIVES" VIA COMMERCIALIZATION OF UNIVERSITY RESEARCH AND INTELLECTUAL PROPERTY. THIS ACTIVITY INCLUDES SUPPORTING THE UNIVERSITY'S INDUSTRY AND TRANSLATIONAL RESEARCH INITIATIVES; PERFORMING DUE-DILIGENCE ON SOLICITED AND DISCLOSED INTELLECTUAL PROPERTY; PREPARING AND FILING PATENT APPLICATIONS, COPYRIGHTS, AND TRADEMARKS; ENGAGING IN BUSINESS DEVELOPMENT; NEGOTIATING AND EXECUTING LICENSE AGREEMENTS; SUPPORTING NEW VENTURE CREATION; INVESTING IN UVA PORTFOLIO COMPANIES; MONITORING COMPLIANCE; AND DISTRIBUTING INCOME.

Describe the Organization's Program Activity:

Part 3 - Line 4a

PATENTING: THE PATENTING DEPARTMENT PREPARES AND FILES PATENT APPLICATIONS. DURING THE FISCAL YEAR ENDED 2022, THE UNIVERSITY OF VIRGINIA PATENT FOUNDATION D/B/A UNIVERSITY OF VIRGINIA LICENSING AND VENTURES GROUP (LVG OR THE FOUNDATION) WAS AWARDED 53 U.S. PATENTS.


LICENSING: THE LICENSING DEPARTMENT EVALUATES, MARKETS, AND LICENSES INVENTIONS. DURING THE FISCAL YEAR ENDED 2022, LVG SOLICITED 226 INVENTION DISCLOSURES FROM UVA FACULTY, STAFF, AND STUDENT INVENTORS AND EXECUTED 85 COMMERCIAL TRANSACTIONS.


NEW VENTURES: LVG PROVIDES RESOURCES AND EXPERTISE TO SUPPORT THE ENTREPRENEURIAL AND INVESTMENT PROCESS. DURING THE FISCAL YEAR ENDED 2022, LVG HELPED LAUNCH 5 NEW VENTURES. ADDITIONALLY, LVG MANAGES AN INNOVATION FUND, WHICH IS COMPRISED OF SEED FUNDING AND VENTURE FUNDING, IN COLLABORATION WITH THE UNIVERSITY OF VIRGINIA AND THE UNIVERSITY OF VIRGINIA HEALTH SYSTEM.


OTHER PROGRAM SERVICES: LVG PROVIDES A VARIETY OF OTHER PROGRAMS, GENERALLY AT THE REQUEST OF UVA.


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Outside Vendors & Contractors

Vendor Name (Service)Compensation
Schwegman Lundberg Woessner & Kluth Pa
Outside Patent Counsel
$243,458
Meunier Carlin & Curfman Llc
Outside Patent Counsel
$171,766
Jenkins Wilson Taylor & Hunt Pa
Outside Patent Counsel
$646,931
Buchanan Ingersoll & Rooney Pc
Outside Patent Counsel
$461,532
Mccarter & English Llp
Outside Patent Counsel
$114,857
View All Vendors

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$0
Noncash contributions included in lines 1a–1f $0
Total Revenue from Contributions, Gifts, Grants & Similar$0
Total Program Service Revenue$9,577,863
Investment income $2,778
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 $9,580,641

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