Civic Intelligence

Virginia Tech Intellectual Properties Inc

990 • Fiscal year 2015 • EIN 54-1323858

Jul 01, 2014 to Jun 30, 2015 • Filed on May 04, 2016

Organization ProfileWWW.VTIP.ORG

View Organization Page

2200 Kraft Drive Suite 1050Blacksburg, VA 24060

(540) 951-9374

Siviq Scores

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

Liabilities / Assets

86th percentile

0.77x

Higher debt load relative to assets than 86% of similar nonprofits.

2015 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2015

Liabilities / Revenue

69th percentile

0.31x

Higher debt load relative to revenue than 69% of similar nonprofits.

2015 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2015

Net Margin

23rd percentile

-8.4%

Higher net margin than 23% of similar nonprofits.

2015 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2015

Top Officer Pay

95th percentile

$335,659

Higher top officer pay than 95% of similar nonprofits.

Top officer pay equals 9.8% of source-year revenue.

2015 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2015

Asset Growth

4th percentile

-27%

Faster asset growth than 4% of similar nonprofits.

2015 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2014 to 2015

Revenue Growth

22nd percentile

-10%

Faster revenue growth than 22% of similar nonprofits.

2015 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2014 to 2015

Balance Sheet
Liabilities / Assets86th percentile

Assets

Down

$1,383,863

Down $510,110 (-27%) from 2014

Net Assets

Down

$324,526

Down $291,040 (-47%) from 2014

Liabilities

Down

$1,059,337

Down $219,070 (-17%) from 2014

Revenue And Expenses
Liabilities / Revenue69th percentileNet Margin23rd percentile

Revenue

Down

$3,412,185

Down $389,445 (-10%) from 2014

Expenses

Down

$3,698,135

Down $51,820 (-1.4%) from 2014

Net Income

Down

-$285,950

Down $337,625 (-653%) from 2014

Historical Trend

Balance Sheet Trend

Asset Growth4th 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

2015

Assets$1,383,863
Liabilities$1,059,337
Net Assets$324,526
Open 2015 Filing

Operations Trend

Revenue Growth22nd 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

2015

Revenue$3,412,185
Expenses$3,698,135
Net Income-$285,950
Open 2015 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2014 to Jun 30, 2015
Signed
May 4, 2016
Return Version
2014v6.0
Gross Receipts
$3,412,185
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, encourage, 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$959,211$541,698▼ $417,513
Investments Other Securities$512,589$528,545▲ $15,956
Accounts Receivable$383,358$271,586▼ $111,772
Land, Buildings, and Equipment, Net$17,988$20,028▲ $2,040
Prepaid Expenses and Deferred Charges$17,855$19,034▲ $1,179
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$1,893,973$1,383,863▼ $510,110
Other Assets Total$2,972$2,972→ $0
Liabilities
Accounts Payable and Accrued Expenses$1,278,407$1,059,337▼ $219,070
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$1,278,407$1,059,337▼ $219,070
Net Assets / Fund Balance
Unrestricted Net Assets$615,566$324,526▼ $291,040
Permanently Rstr Net Assets$0$0→ $0
Temporarily Rstr Net Assets$0$0→ $0
Total Net Assets Fund Balance$615,566$324,526▼ $291,040
Total Liabilities and Net Assets / Fund Balance$1,893,973$1,383,863▼ $510,110

Asset Categories

AssetBook ValueDepreciationBasis
Other Land Buildings$20,028$108,415$128,443
Leasehold Improvements$0$21,632$21,632
Other Securities$527,076--
Closely Held Equity Interests$1,469--
Compensation and Service Providers
Top Officer Pay95th percentile

Employees

NameTitleFull / Part TimeBaseOtherTotal
Mr Mark CoburnPresidentFT$181,727$42,901$224,628
Mr Richard TurnerDirector--$144,034$144,034
Mr Wayne NeuDirector--$136,449$136,449
Mr Dan TaylorDIRECTOR Thru (2/2015)--$128,385$128,385

Board Members and Trustees

NameTitle
Dr Robert WaltersChairman Thru (12/2014)
Dr Joe MeredithDirector
Mr Anju SethDirector
Mr Bob FloresDirector
Mr J Paul WaymackDirector
Mr Ken FerrisDirector
Mr Kevin PassarelloDirector
Mr Saied MostaghimiDirector
Mr Dennis DeanDirector Beg (1/2015)
Mr Tom GrantDirector Thru (11/2015)
Mr John DooleySecretary/treasurer

Highest Paid Contractors

ContractorServicesLocationCompensation
New River Valley Intell Property LaPatent AttorneysP O Box 10944, Blacksburg, VA 24062$313,959
Blank RomePatent Attorneys600 New Hampshire Avenue NW, Washington, DC 20037$289,136
Whitham Curtis Christofferson CPatent Attorneys11491 Sunset Hills Road Suite 340, Reston, VA 20190$151,583
Revenue and Support

Revenue Composition

Contributions and Grants
$614,674
Program Service Revenue
$2,775,548
Investment Income
$21,963
Other Revenue
$0
Change in Net Assets
$-285,950

Audited Revenue Reconciliation

Revenue per Audited Statements
$2,195,545
Revenue Not Reported on Financial Statements
$1,216,640
Revenue Not Reported on Form 990
$-5,090
Other Revenue Adjustments
$1,216,640
Total Revenue per Audited Statements
$2,190,455
Total Revenue per Form 990
$3,412,185
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$2,666,224
Grants and Similar Amounts Paid$564,674
Salaries, Compensation, and Employee Benefits$467,237
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Grants to Domestic Orgs$564,674--$564,674
Current Officers, Directors, Trustees, and Key Employees-$187,107-$187,107
Other Salaries and Wages-$174,851-$174,851
Office Expenses-$83,031-$83,031
Occupancy-$77,208-$77,208
Fees for Services Accounting-$57,879-$57,879
Pension Plan Contributions-$42,736-$42,736
Other Employee Benefits-$39,194-$39,194
Payroll Taxes-$23,349-$23,349
Insurance-$9,954-$9,954
Depreciation Depletion-$8,351-$8,351
Interest-$1,956-$1,956
Other Expenses$1,135,559$33-$33
All Other Expenses-$12-$12
Total Functional Expenses$2,916,875$781,260$0$3,698,135

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Form 990$3,698,135
Expenses per Audited Statements$2,481,494
Total Expenses per Audited Statements$2,481,494
Expenses Not Reported on Financial Statements$1,216,641
Other Expense Adjustments$1,216,641
International Activity

Grant and Assistance Recipients

RecipientLocationCategoryPurposeAmount
Virginia Polytechnic Institute & State UniversityBlacksburg, VA501 (c)(3)Consulting$564,674
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

Filer Name
Virginia Tech Intellectual Properties Inc
EIN
54-1323858
In Care Of
% MARGARET ROSE
Phone
5409519374
Address
2200 KRAFT DRIVE SUITE 1050, Blacksburg, VA 24060

Signing Officer

Name
John Dooley
Title
Secretary/Treasurer
Phone
5402312265
Signed
2016-05-04
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Mark Coburn
Formed
1985
Legal Domicile
Va
Voting Board Members
12
Independent Board Members
7
Employees
9
Volunteers
0

Preparer

Firm
Kpmg Llp
Address
1676 International Drive, McLean, VA 22102
Preparer
Raymond Ly
Phone
7032868000
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.”

Financial Statement Notes

Fin 48 Footnote Per Audit Report

“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 for the years ended June 30, 2015 and 2014 would not have a significant impact on its results of activities. The Company 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, interest or penalties, have been recorded in the financial statements. The only periods subject to examination are the 2012 through 2015 tax years.”

Reconciliation of Revenues and Expenses

“Part XI line 4b Royalty expense: 1,216,642 Rounding adj -2 ----------- Total 1,216,640 Part XII line 4b Royalty expense: 1,216,642 Rounding adj -1 ----------- Total 1,216,640”

Raw XML AppendixShowing 400 of 693 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/MinutesOfCommitteesInd0true
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IRS990/MissionDesc0To promote, encourage and market scientific research by the faculty, staff and students solely for the benefit of Virginia Polytechnic Institue and State University (Virgnia Tech).
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IRS990/NetRentalIncomeOrLossGrp/TotalRevenueColumnAmt00
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IRS990/NetUnrlzdGainsLossesInvstAmt0-5090
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IRS990/OtherExpensesGrp/Desc3PROPERTY EXPENSE
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IRS990/OtherExpensesGrp/ProgramServicesAmt01216642
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Document Assets

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Filings

Displayed year

2015 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$1,383,863
Liabilities
$1,059,337
Net assets
$324,526
Revenue
$3,412,185
Expenses
$3,698,135
Net income
-$285,950
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