Umuc Ventures Inc
- Assets
- $44.9m
- Revenue
- $43.4m
- Investments
- $0.0
- Employees
- 205
- Location
- Bethesda, MD
- Founding
- 12/2016
- Data as of
- 06/2022
- EIN
- 81-2898004
Organization Overview
Umuc Ventures Inc is located in Bethesda, MD. The organization was established in 2016. According to its NTEE Classification (B12) the organization is classified as: Fund Raising & Fund Distribution, under the broad grouping of Education and related organizations. As of 06/2022, Umuc Ventures Inc employed 205 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Umuc Ventures Inc is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2022
Describe the Organization's Mission:
Part 3 - Line 1
SEE SCHEDULE O
Describe the Organization's Program Activity:
Part 3 - Line 4a
UMGC VENTURES PROVIDES INNOVATIVE TECHNOLOGY TRANSFORMATION SERVICES TO EDUCATIONAL ORGANIZATIONS, THE LARGEST BEING UMGC, THROUGH ITS OWN AND ITS SUBSIDIARY, ACCELERED, CAPABILITIES UMGC VENTURES HAS PROVIDED A PLATFORM FOR THE DELIVERY OF EDUCATIONAL SERVICES THAT WILL SERVE THE NEEDS OF HIGHER EDUCATIONAL INSTITUTIONS. UMGCV SPECIALIZE IN IMPROVING THE TECHNOLOGY INFRASTRUCTURE, SOFTWARE AND FRAMEWORK OF EDUCATIONAL ORGANIZATIONS, ALLOWING THEM TO FOCUS ON THE PRODUCTION AND DELIVERY OF DISTANCE, AND ON-LINE LEARNING TO STUDENTS WORLDWIDE. UMGC VENTURES HELPS EDUCATIONAL INSTITUTIONS TRANSFORM THEMSELVES INTO EFFECTIVE, EFFICIENT AND WELL INTEGRATED ORGANIZATIONS THAT ARE THEN ABLE TO FOCUS ON CONTENT DEVELOPMENT AND SERVICE DELIVERY.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Wendelin Colby Chief Executive Officer | OfficerTrustee | 40 | $402,192 |
Nichole Mcdonald Vp, Human Resources | Officer | 40 | $270,279 |
John Shin Vp, Products & Software | Officer | 40 | $250,506 |
Anne Kottmeier Chief Product Officer | Officer | 40 | $252,147 |
Fedor Vasquez Vp, Digital Product Design & T | Officer | 40 | $185,533 |
Christopher Tatem Solution Design & Dev. VP | 40 | $197,494 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Stefanini Inc Prof. Services | 6/29/22 | $2,010,665 |
Sansotti Prof. Services | 6/29/22 | $1,352,577 |
Regent Education Inc Prof. Services | 6/29/22 | $792,170 |
Escolarea Llc Prof. Services | 6/29/22 | $605,220 |
3cloud Llc Prof. Services | 6/29/22 | $603,123 |
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 | $43,255,258 |
| Investment income | $165,843 |
| 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 | $43,421,101 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $25,053 |
| 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. | $2,151,906 |
| Compensation of current officers, directors, key employees. | $296,816 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $15,950,492 |
| Pension plan accruals and contributions | $1,410,142 |
| Other employee benefits | $2,706,967 |
| Payroll taxes | $1,494,317 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $79,959 |
| Fees for services: Accounting | $482,457 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $12,778,571 |
| Advertising and promotion | $0 |
| Office expenses | $198,180 |
| Information technology | $1,905,737 |
| Royalties | $0 |
| Occupancy | $44,825 |
| Travel | $133,576 |
| 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 | $20,852 |
| Insurance | $292,427 |
| All other expenses | $0 |
| Total functional expenses | $39,820,634 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $23,880,417 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $2,197,271 |
| 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 | $735,666 |
| Net Land, buildings, and equipment | $73,309 |
| Investments—publicly traded securities | $10,885,014 |
| Investments—other securities | $0 |
| Investments—program-related | $7,136,878 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $44,908,555 |
| Accounts payable and accrued expenses | $4,008,417 |
| Grants payable | $0 |
| Deferred revenue | $107,769 |
| 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 | $0 |
| Total liabilities | $4,116,186 |
| Net assets without donor restrictions | $0 |
| 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 | $40,792,369 |
| Total liabilities and net assets/fund balances | $44,908,555 |