Civic Intelligence

Virginia Tech Intellectual Properties Inc

990 • Fiscal year 2014 • EIN 54-1323858

Jul 01, 2013 to Jun 30, 2014 • Filed on May 11, 2015

Organization ProfileWWW.VTIP.ORG

View Organization Page

2200 Kraft DriveSuite 105024060

(540) 951-9374

Siviq Scores

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

Liabilities / Assets

84th percentile

0.67x

Higher debt load relative to assets than 84% of similar nonprofits.

2014 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2014

Liabilities / Revenue

71st percentile

0.34x

Higher debt load relative to revenue than 71% of similar nonprofits.

2014 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2014

Net Margin

46th percentile

1.4%

Higher net margin than 46% of similar nonprofits.

2014 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2014

Top Officer Pay

95th percentile

$325,615

Higher top officer pay than 95% of similar nonprofits.

Top officer pay equals 8.6% of source-year revenue.

2014 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2014

Asset Growth

61st percentile

5.5%

Faster asset growth than 61% of similar nonprofits.

2014 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2013 to 2014

Revenue Growth

53rd percentile

4.9%

Faster revenue growth than 53% of similar nonprofits.

2014 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2012 to 2014

Balance Sheet
Liabilities / Assets84th percentile

Assets

Up

$1,893,973

Up $98,789 (+5.5%) from 2013

Net Assets

Up

$615,566

Up $39,762 (+6.9%) from 2013

Liabilities

Up

$1,278,407

Up $59,027 (+4.8%) from 2013

Revenue And Expenses
Liabilities / Revenue71st percentileNet Margin46th percentile

Revenue

$3,801,630

No earlier filing loaded for comparison.

Expenses

Up

$3,749,955

Up $108,022 (+3.0%) from 2013

Net Income

$51,675

No earlier filing loaded for comparison.

Historical Trend

Balance Sheet Trend

Asset Growth61st percentile

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

$6.0M$4.0M$2.0M$0Assets 2010: $2,283,355Liabilities 2010: $1,573,644Net Assets 2010: $709,7112010Assets 2011: $1,052,950Liabilities 2011: $561,510Net Assets 2011: $491,4402011Assets 2012: $2,073,380Liabilities 2012: $1,537,124Net Assets 2012: $536,2562012Assets 2013: $1,795,184Liabilities 2013: $1,219,380Net Assets 2013: $575,8042013Assets 2014: $1,893,973Liabilities 2014: $1,278,407Net Assets 2014: $615,5662014Assets 2015: $1,383,863Liabilities 2015: $1,059,337Net Assets 2015: $324,5262015Assets 2016: $1,404,650Liabilities 2016: $1,103,342Net Assets 2016: $301,3082016Assets 2017: $932,831Liabilities 2017: $851,236Net Assets 2017: $81,5952017Assets 2018: $1,063,451Liabilities 2018: $755,084Net Assets 2018: $308,3672018Assets 2019: $1,201,068Liabilities 2019: $855,329Net Assets 2019: $345,7392019Assets 2020: $1,734,504Liabilities 2020: $1,352,727Net Assets 2020: $381,7772020Assets 2021: $2,147,885Liabilities 2021: $1,402,883Net Assets 2021: $745,0022021Assets 2022: $2,751,745Liabilities 2022: $1,819,361Net Assets 2022: $932,3842022Assets 2023: $3,574,255Liabilities 2023: $2,118,791Net Assets 2023: $1,455,4642023Assets 2024: $4,046,203Liabilities 2024: $1,938,546Net Assets 2024: $2,107,6572024

Highlighted filing

2014

Assets$1,893,973
Liabilities$1,278,407
Net Assets$615,566
Open 2014 Filing

Operations Trend

Revenue Growth53rd percentile

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

$6.0M$4.0M$2.0M$0-$2.0MExpenses 2010: $3,864,7032010Expenses 2011: $3,431,5582011Revenue 2012: $3,452,337Expenses 2012: $3,376,561Net Income 2012: $75,7762012Expenses 2013: $3,641,9332013Revenue 2014: $3,801,630Expenses 2014: $3,749,955Net Income 2014: $51,6752014Revenue 2015: $3,412,185Expenses 2015: $3,698,135Net Income 2015: -$285,9502015Revenue 2016: $3,445,234Expenses 2016: $3,440,258Net Income 2016: $4,9762016Revenue 2017: $2,803,835Expenses 2017: $3,059,812Net Income 2017: -$255,9772017Revenue 2018: $2,944,778Expenses 2018: $2,725,372Net Income 2018: $219,4062018Revenue 2019: $3,045,597Expenses 2019: $2,998,011Net Income 2019: $47,5862019Revenue 2020: $2,887,852Expenses 2020: $2,809,597Net Income 2020: $78,2552020Revenue 2021: $3,037,241Expenses 2021: $2,743,182Net Income 2021: $294,0592021Revenue 2022: $3,370,644Expenses 2022: $3,141,992Net Income 2022: $228,6522022Revenue 2023: $3,898,747Expenses 2023: $3,436,633Net Income 2023: $462,1142023Revenue 2024: $4,589,538Expenses 2024: $3,953,402Net Income 2024: $636,1362024

Highlighted filing

2014

Revenue$3,801,630
Expenses$3,749,955
Net Income$51,675
Open 2014 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2013 to Jun 30, 2014
Signed
May 11, 2015
Return Version
2013v4.0
Gross Receipts
$3,801,630
Mission and Program Overview

Mission

To promote, encourage, and market scientific research by the faculty, staff and students solely for the benefit of virginia polytechnic institute and state university (virginia tech).

The organization's mission is to promote and aid scientific research by the faculty, staff, and students solely for the benefit of Virginia Polytechnic Institute and State University.

Balance Sheet Detail
LineBeginningEndChange
Assets
Cash and Non-Interest-Bearing Accounts$993,083$959,211▼ $33,872
Investments Other Securities$432,640$512,589▲ $79,949
Accounts Receivable$282,737$383,358▲ $100,621
Land, Buildings, and Equipment, Net$16,044$17,988▲ $1,944
Prepaid Expenses and Deferred Charges$67,707$17,855▼ $49,852
Savings and Temporary Cash Investments$0$0→ $0
Other Notes and Loans Receivable, Net$0$0→ $0
Pledges and Grants Receivable$0$0→ $0
Receivable From Disqualified Prsn$0$0→ $0
Receivables From Officers Etc$0$0→ $0
Investments Program Related$0$0→ $0
Investments in Publicly Traded Securities$0$0→ $0
Intangible Assets$0$0→ $0
Inventories for Sale or Use$0$0→ $0
Loans From Officers Directors$0$0→ $0
Total Assets$1,795,184$1,893,973▲ $98,789
Other Assets Total$2,973$2,972▼ $1
Liabilities
Accounts Payable and Accrued Expenses$1,219,380$1,278,407▲ $59,027
Grants Payable$0$0→ $0
Mortgage Notes Payable Secured by Investment Property$0$0→ $0
Unsecured Notes Loans Payable$0$0→ $0
Other Liabilities$0$0→ $0
Deferred Revenue$0$0→ $0
Escrow Account Liability$0$0→ $0
Tax Exempt Bond Liabilities$0$0→ $0
Total Liabilities$1,219,380$1,278,407▲ $59,027
Net Assets / Fund Balance
Unrestricted Net Assets$495,586$615,566▲ $119,980
Temporarily Rstr Net Assets$80,218$0▼ $80,218
Permanently Rstr Net Assets$0$0→ $0
Total Net Assets Fund Balance$575,804$615,566▲ $39,762
Total Liabilities and Net Assets / Fund Balance$1,795,184$1,893,973▲ $98,789

Asset Categories

AssetBook ValueDepreciationBasis
Other Land Buildings$17,988$101,373$119,361
Leasehold Improvements$0$21,632$21,632
Other Securities$511,119--
Closely Held Equity Interests$1,470--
Compensation and Service Providers
Top Officer Pay95th percentile

Employees

NameTitleFull / Part TimeBaseOtherTotal
Mr Mark CoburnPresidentFT$174,781$41,883$216,664
Mr Richard TurnerDirector--$137,451$137,451
Mr Dan TaylorDirector--$123,075$123,075

Board Members and Trustees

NameTitle
Dr Robert WaltersChairman of the Board
Dr Joe MeredithDirector
Mr Anju SethDirector
Mr Bob FloresDirector
Mr J Paul WaymackDirector
Mr Ken FerrisDirector
Mr Kevin PassarelloDirector
Mr Saied MostaghimiDirector
Mr Tom GrantDirector
Mr Wayne NeuDirector
Mr John DooleySecretary/treasurer

Highest Paid Contractors

ContractorServicesLocationCompensation
Blank Romelegal services-$290,166
New River Valley Intellectual PropeLegal Services-$289,493
Whitham Curtis Christofferson CooLegal Services-$236,952
Revenue and Support

Revenue Composition

Contributions and Grants
$585,030
Program Service Revenue
$3,194,573
Investment Income
$22,027
Other Revenue
$0
Change in Net Assets
$51,675

Audited Revenue Reconciliation

Revenue per Audited Statements
$2,220,636
Revenue Not Reported on Financial Statements
$1,580,994
Revenue Not Reported on Form 990
$59,518
Other Revenue Adjustments
$1,580,994
Total Revenue per Audited Statements
$2,280,154
Total Revenue per Form 990
$3,801,630
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$2,796,459
Grants and Similar Amounts Paid$509,036
Salaries, Compensation, and Employee Benefits$444,460
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Grants to Domestic Orgs$509,036--$509,036
Current Officers, Directors, Trustees, and Key Employees-$182,086$0$182,086
Other Salaries and Wages-$172,876-$172,876
Office Expenses$0$85,890$0$85,890
Occupancy$0$75,994$0$75,994
Fees for Services Accounting$0$47,378$0$47,378
Pension Plan Contributions$0$41,413$0$41,413
Other Employee Benefits$0$24,253$0$24,253
Payroll Taxes$0$23,832$0$23,832
Insurance$0$10,004$0$10,004
Other Expenses$0$10,000$0$10,000
Fees for Services Legal$0$9,393$0$9,393
Depreciation Depletion$0$7,433$0$7,433
Interest$0$1,469$0$1,469
Fees for Services Other$0$6$0$6
Total Functional Expenses$3,057,928$692,027$0$3,749,955

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Form 990$3,749,955
Expenses per Audited Statements$2,168,961
Total Expenses per Audited Statements$2,168,961
Expenses Not Reported on Financial Statements$1,580,994
Other Expense Adjustments$1,580,994
International Activity

Grant and Assistance Recipients

RecipientLocationCategoryPurposeAmount
54-6001805-501(c)(3)Consulting & Contracted Services$509,036
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

Loans and Receivables

Line ItemBeginningEndChange
Loans from Officers, Directors, Trustees, and Key Employees$0$0→ $0
Receivables from Disqualified Persons$0$0→ $0
Receivables from Officers, Directors, Trustees, and Key Employees$0$0→ $0
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
No
Conflict-of-interest policy
Yes
Audited financial statements prepared
No
Key decisions subject to board approval
No
Management duties delegated
No
Filing and Contact Details

Filer

EIN
54-1323858
In Care Of
% MARGARET ROSE
Phone
5409519374

Signing Officer

Name
John Dooley
Title
Secretary/Treasurer
Phone
5402312265
Signed
2015-05-11
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Mark Coburn
Formed
1985
Legal Domicile
Va
Voting Board Members
13
Independent Board Members
7
Employees
13

Preparer

Preparer
Raymond Ly
Phone
5402312265
Supplemental Narrative

Additional Explanations

Process for Review of Form 990

“FORM 990, PART VI, SECTION B, LINE 11B The Form 990 is prepared by the organization's independent accounting firm KPMG LLP. The return is then reviewed by management prior to filing with the IRS. Either the president or the secretary/treasurer reviews the Form 990 before they sign it. The controller reviews all data before it is filed.”

Conflict of Interest Policy

“FORM 990, PART VI, SECTION B, LINE 12C VTIP follows the Virginia Polytechnic Institute and State University conflict of interest policy which requires immediate reporting of any new potential conflicts of interest and an annual update of these conflicts. The President, Mark Coburn, monitors and tracks all conflicts of interest.”

Compensation Process for Officers

“FORM 990, PART VI, SECTION B, LINE 15 The chairman of the Board, Dr. Robert Walters, establishes the compensation for Mark Coburn during the annual performance review process. The chairman uses statistics from the association for university technology managers (AUTM) for comparisons to determine the president's compensation.”

Public Disclosure

“FORM 990, PART VI, SECTION C, LINE 19 The organization makes its conflict of interest policy available to the public via its website. Governing documents and audited financial statements are available to the public upon request.”

Other Changes in Net Assets

“FORM 990, PART XI, LINE 9 DISTRIBUTION TO VTF $-71,430 Rounding $ - 1”

Financial Statement Notes

Fin 48 (asc 740) Footnote

“SCHEDULE D, PART X, LINE 2 THE INTERNAL REVENUE SERVICE HAS RULED THAT VTIP, INC. QUALIFIES UNDER SECTION 501(C)(3)OF THE INTERNAL REVENUE CODE AND IS THEREFORE NOT GENERALLY SUBJECT TO INCOME TAXES UNDER PRESENT TAX LAWS. Management of VTIP, Inc. believes that any income tax liability resulting from unrelated business income would not have a significant impact on its statement of activities. THE ORGANIZATION ACCOUNTS FOR UNCERTAIN TAX POSITIONS IN ACCORDANCE WITH ASC TOPIC 740. THE ORGANIZATION HAS ANALYZED FILING POSITIONS IN THE FEDERAL AND STATE JURISDICTIONS WHERE IT IS REQUIRED TO FILE INCOME TAX RETURNS, INCLUDING ITS STATUS AS A TAX-EXEMPT ORGANIZATION, AND NO RESERVES FOR UNCERTAIN TAX POSITIONS, NOR INTEREST AND PENALTIES, HAVE BEEN RECORDED IN THE FINANCIAL STATEMENTS.”

Reconciliation of Net Assets, Revenue and Expenses

“Part xi, line 4b this amount represents royalty expense of $1,580,994, which is netted against royalty income for financial statement purposes. Part xii, line 4b this amount represents royalty expense of $1,580,994, which is netted against royalty income for financial statement purposes.”

Raw XML AppendixShowing 400 of 715 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/Form990PartVIISectionAGrp/TitleTxt10DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt11DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt12DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt13PRESIDENT
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IRS990/InfoInScheduleOPartVIInd0X
IRS990/InfoInScheduleOPartXIInd0X
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IRS990/MembersOrStockholdersInd0false
IRS990/MethodOfAccountingAccrualInd0X
IRS990/MinutesOfCommitteesInd0true
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IRS990/MissionDesc0THE ORGANIZATION'S MISSION IS TO PROMOTE, ENCOURAGE, AND MARKET SCIENTIFIC RESEARCH BY THE FACULTY, STAFF AND STUDENTS SOLELY FOR THE BENEFIT OF VIRGINIA POLYTECHNIC INSTITUTE AND STATE UNIVERSITY.
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IRS990/OtherAssetsTotalGrp/EOYAmt02972
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IRS990/OtherExpensesGrp/Desc2PROPERTY EXPENSE
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Document Assets

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Filings

Displayed year

2014 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$1,893,973
Liabilities
$1,278,407
Net assets
$615,566
Revenue
$3,801,630
Expenses
$3,749,955
Net income
$51,675
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$4.05$1.94$2.11$4.59$3.95$0.64
2023Detailed filing. Detailed filing data is available for this year.$3.57$2.12$1.46$3.90$3.44$0.46
2022Detailed filing. Detailed filing data is available for this year.$2.75$1.82$0.93$3.37$3.14$0.23
2021Detailed filing. Detailed filing data is available for this year.$2.15$1.40$0.75$3.04$2.74$0.29
2020Detailed filing. Detailed filing data is available for this year.$1.73$1.35$0.38$2.89$2.81$0.08
2019Detailed filing. Detailed filing data is available for this year.$1.20$0.86$0.35$3.05$3.00$0.05
2018Detailed filing. Detailed filing data is available for this year.$1.06$0.76$0.31$2.94$2.73$0.22
2017Detailed filing. Detailed filing data is available for this year.$0.93$0.85$0.08$2.80$3.06$0.26
2016Detailed filing. Detailed filing data is available for this year.$1.40$1.10$0.30$3.45$3.44$0.00
2015Detailed filing. Detailed filing data is available for this year.$1.38$1.06$0.32$3.41$3.70$0.29
2014Detailed filing. Detailed filing data is available for this year.$1.89$1.28$0.62$3.80$3.75$0.05
2013Facts available. Structured filing facts are available, but richer extracted sections are limited.$1.80$1.22$0.58$3.64
2012Summary only. Only limited summary data is available for this year.$2.07$1.54$0.54$3.45$3.38$0.08
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$1.05$0.56$0.49$3.43
2010Facts available. Structured filing facts are available, but richer extracted sections are limited.$2.28$1.57$0.71$3.86