West Virginia University Innovation Corporation
- Assets
- $58.7m
- Revenue
- $2.4m
- Investments
- $0.0
- Employees
- 35
- Location
- Morgantown, WV
- Founding
- 10/2016
- Data as of
- 12/2022
- 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 12/2022, West Virginia University Innovation Corporation employed 35 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 12/2022, West Virginia University Innovation Corporation generated $2.4m in total revenue. This organization has experienced exceptional growth, as over the past 8 years, it has increased revenue by an average of 11.1% each year . All expenses for the organization totaled $4.9m during the year ending 12/2022. While expenses have increased by 8.5% per year over the past 8 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
TO OFFER A WIDE RANGE OF STRATEGIC PARTNERSHIPS, ACADEMIA, EMPLOYMENT AND COMMUNITY OPPORTUNITIES TO THE STATE, WHILE PROMOTING INNOVATION AND CRITICAL THINKING WITHIN OUR WORKFORCE.
Describe the Organization's Program Activity:
Part 3 - Line 4a
DURING THE YEAR, WVUIC ACQUIRED A SUBSTANTIAL MANUFACTURING, DEVELOPMENT, AND RESEARCH FACILITY AS A DONATION THE FACILITY. WITH THE ACQUISITION OF THE FACILITY, WVUIC WILL FURTHER ITS PURPOSE OF I PROVIDING FACILITIES, RESOURCES, AND SUPPORT TO FACILITATE THE DEVELOPMENT OR INCUBATION OF COMPANIES THAT WILL IMPROVE THE ECONOMIC DEVELOPMENT OF THE REGION THROUGH CONTRACTUAL AGREEMENTS DESIGNED TO MAXIMIZE THE STIMULATION, PROTECTION, AND EXPLOITATION OF INTELLECTUAL PROPERTY WITHIN THE UNIVERSITY COMMUNITY AND II ENCOURAGING, PROMOTING, AND SUPPORTING ACTIVITIES OF THE UNIVERSITY RELATED TO THE ENTREPRENEURSHIP AND THE DEVELOPMENT, TESTING, AND EVALUATION OF NEW TECHNOLOGIES, RESEARCH, AND INNOVATION BY ASSISTING AND EVALUATING TECHNOLOGIES AND PROJECTS OWNED BY THE FEDERAL GOVERNMENT AND PRIVATE INDUSTRY.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Albert Wright Jr Wvuhs President/wvuic Director | Trustee | 0.25 | $0 |
Douglas Coffman Wvuhs Cfo/wvuic Director | Trustee | 0.25 | $0 |
E Gordon Gee Wvu President/ Wvuic Director | Trustee | 0.25 | $0 |
Paula Congelio Wvu VP Cfo/wvuic Director | Trustee | 0.25 | $0 |
J Robert Alsop Wvu VP For Strategic Initiatives/wvuic Director | Trustee | 0.25 | $0 |
Anjali Halabe Wvu Senior Associate Vice President For Finance/wvuic Treasurer | Officer | 5 | $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 |
Pacific Llc Rent | 6/29/18 | $139,981 |
Avl Test Systems Inc Emissions System | 6/29/18 | $145,826 |
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 | $2,370,971 |
| 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 | $2,370,971 |
| 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. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $1,141,134 |
| Pension plan accruals and contributions | $25,366 |
| Other employee benefits | $285,257 |
| Payroll taxes | $8,245 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $62,780 |
| Fees for services: Accounting | $0 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $703,733 |
| Advertising and promotion | $0 |
| Office expenses | $122,748 |
| Information technology | $12,646 |
| Royalties | $0 |
| Occupancy | $895,564 |
| Travel | $1,573 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $7,392 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $1,097,400 |
| Insurance | $51,152 |
| All other expenses | $0 |
| Total functional expenses | $4,926,198 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,076,209 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $163,144 |
| 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 | $75,905 |
| Net Land, buildings, and equipment | $57,430,600 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $58,745,858 |
| Accounts payable and accrued expenses | $3,418,607 |
| 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 | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $2,566,703 |
| Total liabilities | $5,985,310 |
| Net assets without donor restrictions | $52,760,548 |
| 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 | $58,745,858 |