Civic Intelligence

Indiana University Research & Technology Corporation

990 • Fiscal year 2017 • EIN 35-1990726

Jul 01, 2016 to Jun 30, 2017 • Filed on Feb 23, 2018

518 indiana avenueIndianapolis, IN 46202

(317) 278-1911

Siviq Scores

Precomputed percentiles for this filing year versus similar nonprofits in the same peer cohort.

Liabilities / Assets

44th percentile

0.16x

Higher debt load relative to assets than 44% of similar nonprofits.

2017 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2017

Liabilities / Revenue

82nd percentile

1.23x

Higher debt load relative to revenue than 82% of similar nonprofits.

2017 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2017

Net Margin

3rd percentile

-88%

Higher net margin than 3% of similar nonprofits.

2017 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2017

Top Officer Pay

97th percentile

$1,256,705

Higher top officer pay than 97% of similar nonprofits.

Top officer pay equals 43.8% of source-year revenue.

2017 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2017

Asset Growth

7th percentile

-11%

Faster asset growth than 7% of similar nonprofits.

2017 filings • 501(c)3 • $10M-$25M nonprofits • Annualized from 2016 to 2017

Revenue Growth

6th percentile

-35%

Faster revenue growth than 6% of similar nonprofits.

2017 filings • 501(c)3 • $10M-$25M nonprofits • Annualized from 2016 to 2017

Assets

Down

$21,768,090

Down $2,559,166 (-11%) from 2016

Net Assets

Down

$18,234,167

Down $3,898,729 (-18%) from 2016

Liabilities

Up

$3,533,923

Up $1,339,563 (+61%) from 2016

Revenue

Down

$2,870,100

Down $1,528,891 (-35%) from 2016

Expenses

Down

$5,394,297

Down $1,344,318 (-20%) from 2016

Net Income

Down

-$2,524,197

Down $184,573 (-7.9%) from 2016

Historical Trend

Balance Sheet Trend

The highlighted filing sits inside the broader history for assets, liabilities, and net assets.

$60M$40M$20M$0Assets 2010: $40,329,469Liabilities 2010: $7,023,777Net Assets 2010: $33,305,6922010Assets 2012: $36,202,092Liabilities 2012: $3,298,036Net Assets 2012: $32,904,0562012Assets 2013: $33,631,094Liabilities 2013: $2,881,129Net Assets 2013: $30,749,9652013Assets 2014: $30,344,105Liabilities 2014: $2,038,321Net Assets 2014: $28,305,7842014Assets 2015: $32,016,015Liabilities 2015: $4,626,681Net Assets 2015: $27,389,3342015Assets 2016: $24,327,256Liabilities 2016: $2,194,360Net Assets 2016: $22,132,8962016Assets 2017: $21,768,090Liabilities 2017: $3,533,923Net Assets 2017: $18,234,1672017Assets 2018: $18,984,301Liabilities 2018: $710,870Net Assets 2018: $18,273,4312018Assets 2019: $18,644,673Liabilities 2019: $666,949Net Assets 2019: $17,977,7242019Assets 2020: $18,377,381Liabilities 2020: $538,494Net Assets 2020: $17,838,8872020Assets 2021: $17,699,684Liabilities 2021: $618,678Net Assets 2021: $17,081,0062021Assets 2022: $21,292,100Liabilities 2022: $584,136Net Assets 2022: $20,707,9642022Assets 2023: $20,053,172Liabilities 2023: $554,385Net Assets 2023: $19,498,7872023Assets 2024: $17,325,932Liabilities 2024: $567,896Net Assets 2024: $16,758,0362024

Highlighted filing

2017

Assets$21,768,090
Liabilities$3,533,923
Net Assets$18,234,167

Operations Trend

Revenue, expenses, and net income across loaded years, with this filing highlighted.

$10M$5.0M$0-$5.0MExpenses 2010: $4,861,6912010Expenses 2012: $6,640,5722012Expenses 2013: $5,796,2982013Revenue 2014: $2,644,087Expenses 2014: $6,092,837Net Income 2014: -$3,448,7502014Revenue 2015: $4,429,610Expenses 2015: $5,696,652Net Income 2015: -$1,267,0422015Revenue 2016: $4,398,991Expenses 2016: $6,738,615Net Income 2016: -$2,339,6242016Revenue 2017: $2,870,100Expenses 2017: $5,394,297Net Income 2017: -$2,524,1972017Revenue 2018: $1,048,265Expenses 2018: $2,254,955Net Income 2018: -$1,206,6902018Revenue 2019: $1,425,789Expenses 2019: $1,694,722Net Income 2019: -$268,9332019Revenue 2020: $1,160,102Expenses 2020: $1,425,422Net Income 2020: -$265,3202020Revenue 2021: $539,028Expenses 2021: $1,275,238Net Income 2021: -$736,2102021Revenue 2022: $5,196,911Expenses 2022: $1,586,736Net Income 2022: $3,610,1752022Revenue 2023: $414,038Expenses 2023: $1,722,761Net Income 2023: -$1,308,7232023Revenue 2024: -$921,418Expenses 2024: $1,536,755Net Income 2024: -$2,458,1732024

Highlighted filing

2017

Revenue$2,870,100
Expenses$5,394,297
Net Income-$2,524,197
Jump To
Filing Snapshot
Filing Period
Jul 1, 2016 to Jun 30, 2017
Signed
Feb 23, 2018
Return Version
2016v3.0
Gross Receipts
$15,304,667
Mission and Program Overview

Mission

The indiana university research and technology corporation (iurtc) serves indiana university, the state of indiana, and the nation through creation and application of the university developed technologies and services, and the expanded linkage of the private sector to the university. Iurtc has assisted the university and its faculty in patenting and advancing university technology through licensing with existing companies, and establishing new companies.

Balance Sheet Detail
LineBeginningEndChange
Assets
Cash and Non-Interest-Bearing Accounts$3,882,624$14,009,677▲ $10,127,053
Investments Other Securities$9,027,512$5,985,875▼ $3,041,637
Land, Buildings, and Equipment, Net$729,507$706,453▼ $23,054
Accounts Receivable$1,266,902$669,195▼ $597,707
Pledges and Grants Receivable$801,984$316,389▼ $485,595
Prepaid Expenses and Deferred Charges$37,051$22,666▼ $14,385
Total Assets$24,327,256$21,768,090▼ $2,559,166
Other Assets Total$8,581,676$57,835▼ $8,523,841
Liabilities
Other Liabilities$907,156$2,339,210▲ $1,432,054
Accounts Payable and Accrued Expenses$1,286,854$1,194,713▼ $92,141
Deferred Revenue$350--
Total Liabilities$2,194,360$3,533,923▲ $1,339,563
Net Assets / Fund Balance
Unrestricted Net Assets$21,307,041$17,917,778▼ $3,389,263
Temporarily Rstr Net Assets$825,855$316,389▼ $509,466
Total Net Assets Fund Balance$22,132,896$18,234,167▼ $3,898,729
Total Liabilities and Net Assets / Fund Balance$24,327,256$21,768,090▼ $2,559,166

Asset Categories

AssetBook ValueDepreciationBasis
Equipment$384,384$227,250$611,634
Leasehold Improvements$322,069$246,592$568,661
Other Land Buildings$0$7,291$7,291
Other Securities$4,551,887--
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseOtherTotal
marie KerbeshianVP OF TECH CommercializatiFT$198,771$41,858$240,629
ken greenVP of entrepreneurial ventFT$191,822$27,285$219,107
brion st amourAsst Secretary/head of IntFT$166,064$17,375$183,439
Michael BurtonAsst Treasury/CFOFT$131,532$34,816$166,348
david wilhitedirector of technology traFT$119,489$32,405$151,894
bill brizzarddirector of technology traFT$127,585$20,648$148,233

Board Members and Trustees

Highest Paid Contractors

ContractorServicesLocationCompensation
Faegre Baker & DanielsLegal600 E 96th St Suite 600, Indianapolis, IN 46240$961,129
Barnes & Thornburg LLCLegal11 S Meridian St, Indianapolis, IN 46204$691,280
Stinson Leonard StreetLegalPO BOX 843052, Kansas City, MO 64184$677,817
Quarles & BradyLegal411 East Wisconsin Ave, Milwaukee, WI 53202$406,628
Revenue and Support

Revenue Composition

Contributions and Grants
$281,278
Program Service Revenue
$2,512,877
Investment Income
$-1,908,802
Other Revenue
$1,984,747
All Other Contributions
$281,278
Change in Net Assets
$-2,524,197

Audited Revenue Reconciliation

Revenue per Audited Statements
$3,416,313
Revenue Not Reported on Financial Statements
$-546,213
Revenue Not Reported on Form 990
$-135,001
Other Revenue Adjustments
$-546,213
Total Revenue per Audited Statements
$3,281,312
Total Revenue per Form 990
$2,870,100
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$2,752,689
Other Expenses$2,641,608
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$1,346,090$352,373-$1,698,463
Fees for Services Legal$744,544$17,545-$762,089
Current Officers, Directors, Trustees, and Key Employees$359,112$249,552-$608,664
Occupancy$490,702$1,130-$491,832
Fees for Services Other$283,787$4,989-$288,776
Office Expenses$149,672$31,973-$181,645
Depreciation Depletion$161,174$8,247-$169,421
Other Employee Benefits$125,711$41,837-$167,548
Payroll Taxes$112,021$30,088-$142,109
Pension Plan Contributions$120,651$15,254-$135,905
Information Technology$99,171$10,468-$109,639
Travel$85,382$23,653-$109,035
Insurance$44,447$17,787-$62,234
Fees for Services Accounting$3,150$47,850-$51,000
Advertising$27,477$15,364-$42,841
Other Expenses$22,254$7,815-$30,069
Fees for Service Investment Mgmnt Fees$8,474--$8,474
All Other Expenses$338,180$-330,243-$7,937
Total Functional Expenses$4,848,615$545,682$0$5,394,297

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Audited Statements$5,884,226
Expenses per Audited Statements$5,394,297
Total Expenses per Form 990$5,394,297
Expenses Not Reported on Form 990$489,929
Expenses Not Reported on Financial Statements$0
International Activity

International Summary

Offices
4
Employees
4
Spending
$784,880

International Compliance

Activity in boycott countries
No
Foreign corporation ownership
Yes
Foreign partnership interest
No
Interest in foreign trust
No
Passive foreign investment company interest
No
Transfers to foreign corporations
No

International Activities

RegionActivityServicesOfficesEmployeesSpending
Chinamaintain office in china, pay office expenses and independent contractor to operate facility.Indiana University international Consulting and Research, LLC (IUICR) is a single member LLC with IURTC as the sole member. The IUICR enables Indiana University to accelerate academic activities and partnerships throughout China and other international locations. The IUICR will be used to support a wide variety of teaching, research, and outreach activities internationally and improve relations with international graduates of the University.11$431,429
Indiamaintain office in india, pay office expenses and independent contractor to operate facility.Indiana University international Consulting and Research, LLC (IUICR) is a single member LLC with IURTC as the sole member. The IURTC enables Indiana University to accelerate academic activities and partnerships throughout India and other international locations. The IUICR will be used to support a wide varierty of teaching, research, and outreach activities internationally and improve with international graduates of the University.11$166,081
Germanymaintain office in germany, pay office expenses and independent contractor to operate facility.Indiana University international Consulting and Research, LLC (IUICR) is a single member LLC with IURTC as the sole member. The IURTC enables Indiana University to accelerate academic activities and partnerships throughout Germany and other international locations. The IUICR will be used to support a wide varierty of teaching, research, and outreach activities internationally and improve with international graduates of the University.11$136,375
Turkeymaintain office in turkey, pay office expenses and independent contractor to operate facility.Indiana University international Consulting and Research, LLC (IUICR) is a single member LLC with IURTC as the sole member. The IURTC enables Indiana University to accelerate academic activities and partnerships throughout Turkey and other international locations. The IUICR will be used to support a wide varierty of teaching, research, and outreach activities internationally and improve with international graduates of the University.11$50,995
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Professional Fundraising Fees$0
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
No
Subject to proxy tax
No
Insider Transactions and Loans

Interested-Person Transactions

Interested PartyRelationshipDescriptionShared RevenueAmount
pat callahanboard member of IURTCthis individual is a partner in the law firm Faegre, baker & Daniels, which IURTC used for legal work. The legal fees paid is listed as the amount of transaction.No$961,129
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
RELATED PARTY PAYABLE: UNIVERSITY$2,175,734
OTHER PAYABLE: FOUNDATION$163,476
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
Yes
Backup withholding compliance
Yes
Business relationship with family members
No
Business relationship with organization members
No
Material changes to governing documents
No
Compensation from other sources disclosed
No
CEO compensation reviewed
Yes
Other officer compensation reviewed
Yes
Conflict-of-interest policy
Yes
Audited financial statements prepared
Yes
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Form 990, Part VI, Section B, line 11B

Finance and Audit Committe reviews and approves the Form 990.

Form 990, Part VI, Section B, line 12C

The board is responsible for monitoring compliance with the conflict of interest policy.

Form 990, Part VI, Section B, line 15

The compensation for the CEO senior leaders of IURTC will be determined and reviewed by the Compensation Committtee of the Board.

Form 990, Part VI, Section C, line 19

Governing documents, conflict of interest policy, and financial statements are available to the public upon request.

Filing and Contact Details

Filer

Filer Name
Indiana University Research & Technology
EIN
35-1990726
Phone
3172781911
Address
518 indiana avenue, INDIANAPOLIS, IN 46202

Signing Officer

Name
Anthony T Armstrong
Title
CEO
Phone
3172781901
Signed
2018-02-23

Organization Details

Principal Officer
Anthony T Armstrong
Formed
1996
Legal Domicile
In
Voting Board Members
19
Independent Board Members
5
Employees
19
Volunteers
0

Preparer

Firm
Greenwalt Cpas Inc
Address
5342 W VERMONT STREET, INDIANAPOLIS, IN 46224
Preparer
Anita W Sherman CPA
Phone
3172412999
Supplemental Narrative

Additional Explanations

Form 990, Part XI, line 9:

K-1 (Gain) loss not reported on financial statements 56,284. CHANGE IN INVESTMENT IN SUBSIDARY 35,457. impairment loss -133,666. currency translation adjustment -1,335.

Part XII, line 2C

The audit committee assumes oversight for the financial statements. No processes have changed from the prior year.

Part V, Line 1C

No gaming activities conducted by the organization.

Financial Statement Notes

Part XI, Line 2D - Other Adjustments:

impairment loss -133,666. currency translation adjustment -1,335.

Part XI, Line 4B - Other Adjustments:

ADJUSTMENT FOR INCOME (LOSS) FROM PASSTHROUGH ENTITIES -56,284. gain/loss on disposal of fixed assets -489,929.

Part XII, Line 2D - Other Adjustments:

Gain/loss on disposal of fixed assets 489,929.

Raw XML AppendixShowing 400 of 1,046 raw XML fields

This appendix keeps the raw XML leaves available for debugging and edge-case review. The human report above is the primary experience.

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IRS990/ActivityOrMissionDesc0THE INDIANA UNIVERSITY RESEARCH AND TECHNOLOGY CORPORATION (IURTC) SERVES INDIANA UNIVERSITY, THE STATE OF INDIANA, AND THE NATION THROUGH CREATION AND APPLICATION OF THE UNIVERSITY DEVELOPED TECHNOLOGIES AND SERVICES, AND THE EXPANDED LINKAGE OF THE PRIVATE SECTOR TO THE UNIVERSITY. IURTC HAS ASSISTED THE UNIVERSITY AND ITS FACULTY IN PATENTING AND ADVANCING UNIVERSITY TECHNOLOGY THROUGH LICENSING WITH EXISTING COMPANIES, AND ESTABLISHING NEW COMPANIES.
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IRS990/Form990PartVIISectionAGrp/PersonNm0Anthony Armstrong
IRS990/Form990PartVIISectionAGrp/PersonNm1BRAD WHEELER
IRS990/Form990PartVIISectionAGrp/PersonNm2CHARLES SCHALLIOL
IRS990/Form990PartVIISectionAGrp/PersonNm3DANIEL SMITH
IRS990/Form990PartVIISectionAGrp/PersonNm4DAVID JOHNSON
IRS990/Form990PartVIISectionAGrp/PersonNm5DAVID RUSSOMANNO
IRS990/Form990PartVIISectionAGrp/PersonNm6EDWARD SAGEBIEL
IRS990/Form990PartVIISectionAGrp/PersonNm7FRED CATE
IRS990/Form990PartVIISectionAGrp/PersonNm8GARY ANDERSON
IRS990/Form990PartVIISectionAGrp/PersonNm9HARRY GONSO
IRS990/Form990PartVIISectionAGrp/PersonNm10IDALENE KESNER
IRS990/Form990PartVIISectionAGrp/PersonNm11JANE NIEDERBERGER
IRS990/Form990PartVIISectionAGrp/PersonNm12JAY GLADDEN
IRS990/Form990PartVIISectionAGrp/PersonNm13JAY HESS
IRS990/Form990PartVIISectionAGrp/PersonNm14MICHAEL MCROBBIE
IRS990/Form990PartVIISectionAGrp/PersonNm15PAT CALLAHAN
IRS990/Form990PartVIISectionAGrp/PersonNm16THEODORE WIDLANSKI
IRS990/Form990PartVIISectionAGrp/PersonNm17WILLIAM NEALE
IRS990/Form990PartVIISectionAGrp/PersonNm18WILLIAM STEPHAN
IRS990/Form990PartVIISectionAGrp/PersonNm19brion st amour
IRS990/Form990PartVIISectionAGrp/PersonNm20MICHAEL BURTON
IRS990/Form990PartVIISectionAGrp/PersonNm21bill brizzard
IRS990/Form990PartVIISectionAGrp/PersonNm22david wilhite
IRS990/Form990PartVIISectionAGrp/PersonNm23ken green
IRS990/Form990PartVIISectionAGrp/PersonNm24marie Kerbeshian
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IRS990/Form990PartVIISectionAGrp/TitleTxt0PRESIDENT AND CEO
IRS990/Form990PartVIISectionAGrp/TitleTxt1MEMBER
IRS990/Form990PartVIISectionAGrp/TitleTxt2TREASURER
IRS990/Form990PartVIISectionAGrp/TitleTxt3MEMBER
IRS990/Form990PartVIISectionAGrp/TitleTxt4MEMBER
IRS990/Form990PartVIISectionAGrp/TitleTxt5MEMBER
IRS990/Form990PartVIISectionAGrp/TitleTxt6Member
IRS990/Form990PartVIISectionAGrp/TitleTxt7MEMBER
IRS990/Form990PartVIISectionAGrp/TitleTxt8MemBER
IRS990/Form990PartVIISectionAGrp/TitleTxt9MemBER
IRS990/Form990PartVIISectionAGrp/TitleTxt10Member
IRS990/Form990PartVIISectionAGrp/TitleTxt11Member
IRS990/Form990PartVIISectionAGrp/TitleTxt12MEMBER
IRS990/Form990PartVIISectionAGrp/TitleTxt13Member
IRS990/Form990PartVIISectionAGrp/TitleTxt14BOARD CHAIR
IRS990/Form990PartVIISectionAGrp/TitleTxt15SECRETARY
IRS990/Form990PartVIISectionAGrp/TitleTxt16MEMBER
IRS990/Form990PartVIISectionAGrp/TitleTxt17MemBER
IRS990/Form990PartVIISectionAGrp/TitleTxt18VICE CHAIR
IRS990/Form990PartVIISectionAGrp/TitleTxt19ASST SECRETARY/HEAD OF INT
IRS990/Form990PartVIISectionAGrp/TitleTxt20ASST TREASURY/CFO
IRS990/Form990PartVIISectionAGrp/TitleTxt21director of technology tra
IRS990/Form990PartVIISectionAGrp/TitleTxt22director of technology tra
IRS990/Form990PartVIISectionAGrp/TitleTxt23vp of entrepreneurial vent
IRS990/Form990PartVIISectionAGrp/TitleTxt24VP OF TECH Commercializati
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IRS990/Form990TFiledInd01
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IRS990/FSAuditedBasisGrp/ConsolidatedBasisFinclStmtInd0X
IRS990/FSAuditedInd01
IRS990/FundraisingActivitiesInd00
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IRS990/GainOrLossGrp/SecuritiesAmt0-1464618
IRS990/GamingActivitiesInd00
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IRS990/GrantsToIndividualsInd00
IRS990/GrantsToOrganizationsInd00
IRS990/GrantToRelatedPersonInd00
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IRS990/GroupReturnForAffiliatesInd00
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IRS990/MethodOfAccountingAccrualInd0X
IRS990/MinutesOfCommitteesInd01
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IRS990/MissionDesc0THE INDIANA UNIVERSITY RESEARCH AND TECHNOLOGY CORPORATION (IURTC) SERVES INDIANA UNIVERSITY, THE STATE OF INDIANA, AND THE NATION THROUGH CREATION AND APPLICATION OF THE UNIVERSITY DEVELOPED TECHNOLOGIES AND SERVICES, AND THE EXPANDED LINKAGE OF THE PRIVATE SECTOR TO THE UNIVERSITY. IURTC HAS ASSISTED THE UNIVERSITY AND ITS FACULTY IN PATENTING AND ADVANCING UNIVERSITY TECHNOLOGY THROUGH LICENSING WITH EXISTING COMPANIES, AND ESTABLISHING NEW COMPANIES.
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IRS990/OtherExpensesGrp/Desc0BAD DEBT EXPENSE
IRS990/OtherExpensesGrp/Desc1other taxes
IRS990/OtherExpensesGrp/Desc2REAL ESTATE TAXES
IRS990/OtherExpensesGrp/Desc3Dues and subscriptions
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IRS990/OtherExpensesGrp/ProgramServicesAmt1112371
IRS990/OtherExpensesGrp/ProgramServicesAmt245544
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Document Assets

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Filings

Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$17.3$0.57$16.8$0.92$1.54$2.46
2023Detailed filing. Detailed filing data is available for this year.$20.1$0.55$19.5$0.41$1.72$1.31
2022Detailed filing. Detailed filing data is available for this year.$21.3$0.58$20.7$5.20$1.59$3.61
2021Detailed filing. Detailed filing data is available for this year.$17.7$0.62$17.1$0.54$1.28$0.74
2020Detailed filing. Detailed filing data is available for this year.$18.4$0.54$17.8$1.16$1.43$0.27
2019Detailed filing. Detailed filing data is available for this year.$18.6$0.67$18.0$1.43$1.69$0.27
2018Detailed filing. Detailed filing data is available for this year.$19.0$0.71$18.3$1.05$2.25$1.21
2017Detailed filing. Detailed filing data is available for this year.$21.8$3.53$18.2$2.87$5.39$2.52
2016Detailed filing. Detailed filing data is available for this year.$24.3$2.19$22.1$4.40$6.74$2.34
2015Detailed filing. Detailed filing data is available for this year.$32.0$4.63$27.4$4.43$5.70$1.27
2014Detailed filing. Detailed filing data is available for this year.$30.3$2.04$28.3$2.64$6.09$3.45
2013Facts available. Structured filing facts are available, but richer extracted sections are limited.$33.6$2.88$30.7$5.80
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$36.2$3.30$32.9$6.64
2010Facts available. Structured filing facts are available, but richer extracted sections are limited.$40.3$7.02$33.3$4.86