West Virginia University Innovation Corporation
- Assets
- $2.9m
- Revenue
- $5.9m
- Investments
- $0.0
- Employees
- 26
- Location
- Morgantown, WV
- Founding
- 10/2016
- Data as of
- 06/2021
- EIN
- 61-1764272
Organization Overview
West Virginia University Innovation Corporation is located in Morgantown, WV. The organization was established in 2016. According to its NTEE Classification (U99) the organization is classified as: Science & Technology N.E.C., under the broad grouping of Science & Technology and related organizations. As of 06/2021, West Virginia University Innovation Corporation employed 26 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. West Virginia University Innovation Corporation 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 06/2021, West Virginia University Innovation Corporation generated $5.9m in total revenue. This organization has experienced exceptional growth, as over the past 6 years, it has increased revenue by an average of 34.1% each year . All expenses for the organization totaled $4.5m during the year ending 06/2021. While expenses have increased by 9.8% per year over the past 6 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
2021
Describe the Organization's Mission:
Part 3 - Line 1
TO PROVIDE TECHNICAL SERVICES & APPLIED RESEARCH SOLUTIONS IN SUPPORT OF WEST VIRGINIA UNIVERSITY.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE WEST VIRGINIA UNIVERSITY INNOVATION CORPORATION PERFORMS PRIME AND SUBRECIPIENT GOVERNMENT AND INDUSTRY CONTRACT WORK IN THE AREAS OF ENERGY, HEALTH SCIENCES, AND INFORMATION TECHNOLOGY RESEARCH.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Morgan Plummer Director Of Federal Prog | 37.5 | $173,495 | |
Edward Hall Director Of Service Prog | 37.5 | $155,339 | |
Justin Dunnicliff Program Manager | 37.5 | $134,782 | |
Ross Ryskamp Associate Director Cafee | 37.5 | $101,228 | |
Rossi Wiles Secretary | Officer | 12.5 | $0 |
James Robert Alsop Executive Director | Officer | 0.25 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Rhizome Innovation Inc Govnmt Ctract Sub | 6/29/18 | $616,974 |
Gec Inc Electrical Sub | 6/29/18 | $212,720 |
Avl Test Systems Inc Emissions System | 6/29/18 | $145,826 |
Pacific Llc Rent | 6/29/18 | $139,981 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $2,625,000 |
| Government grants | $279,076 |
| 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 | $2,904,076 |
| Total Program Service Revenue | $3,032,333 |
| Investment income | $176 |
| 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 | $5,942,099 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $279,076 |
| 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. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $1,357,161 |
| Pension plan accruals and contributions | $65,220 |
| Other employee benefits | $310,611 |
| Payroll taxes | $121,238 |
| Fees for services: Management | $28,887 |
| Fees for services: Legal | $26,944 |
| Fees for services: Accounting | $43,657 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $417,896 |
| Advertising and promotion | $0 |
| Office expenses | $23,445 |
| Information technology | $184,319 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $175 |
| Interest | $156,293 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $535,314 |
| Insurance | $59,729 |
| All other expenses | $737 |
| Total functional expenses | $4,495,121 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $98,244 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $689,278 |
| 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 | $11,256 |
| Net Land, buildings, and equipment | $2,107,057 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $2,905,835 |
| Accounts payable and accrued expenses | $3,934,036 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| 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 | $418,567 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $4,733,828 |
| Total liabilities | $9,086,431 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $1,446,977 |
| Paid-in or capital surplus, or land, building, or equipment fund | -$7,627,573 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $2,905,835 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that West Virginia University Innovation Corporation has recieved totaling $44,182.
| Awarding Organization | Amount |
|---|---|
West Virginia University Research Corporation Morgantown, WV PURPOSE: RESEARCH | $44,182 |
Endowment Analysis
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
American Association For Laboratory Accreditation Frederick, MD | $14,574,609 | $21,308,917 |
Zcash Foundation McLean, VA | $32,799,974 | $26,447,593 |
University Of Maryland Psychiatry Associates P A Baltimore, MD | $10,617,628 | $4,863,213 |
West Virginia University Innovation Corporation Morgantown, WV | $2,905,835 | $5,942,099 |
Board Of Certification Accreditation International Owings Mills, MD | $5,575,495 | $5,362,772 |
National Caregiving Foundation Dunkirk, MD | $1,366,084 | $4,115,754 |
National Assn Of State Mentl Health Prog Directors Research Instit Inc Falls Church, VA | $3,898,243 | $2,738,734 |
Nreca Wood Quality Control Inc Arlington, VA | $1,663,915 | $2,609,014 |
The Council On Undergraduate Research Gaithersburg, MD | $4,518,689 | $3,427,759 |
The Ablegamers Foundation Inc Kearneysville, WV | $4,555,344 | $3,634,786 |
World Food Logistics Organization Arlington, VA | $1,154,069 | $1,479,485 |
State Science And Technology Institute Westerville, OH | $793,548 | $1,545,406 |