Civic Intelligence

Virginia Commonwealth University Intellectual Property Foundation

EIN 54-1854399 • 501(c)3 • Richmond, VA

Profile

The foundation determines the patentability and obtains patents on virginia commonwealth university (vcu) inventions and markets and licenses such inventions to commercial entities. The foundation's activities promote research efforts at the school and resulting royalties provide economic support for the university. The foundation also provides patent and licensing clinics for vcu students and employed approximately 4 vcu students as interns or part-time employees.

800 E Leigh Street 3000Richmond, VA 23219

www.research.vcu.edu

Siviq Scores

Precomputed percentiles relative to similar nonprofits. These scores are descriptive rather than judgmental.

Liabilities / Assets

44th percentile

0.09x

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

501(c)3 • $5M-$10M nonprofits • Source year 2025

Liabilities / Revenue

48th percentile

0.14x

Higher debt load relative to revenue than 48% of similar nonprofits.

501(c)3 • $5M-$10M nonprofits • Source year 2025

Net Margin

73rd percentile

20%

Higher net margin than 73% of similar nonprofits.

501(c)3 • $5M-$10M nonprofits • Source year 2025

Top Officer Pay

83rd percentile

$250,801

Higher top officer pay than 83% of similar nonprofits.

Top officer pay equals 6.4% of source-year revenue.

501(c)3 • $5M-$10M nonprofits • Source year 2025

Asset Growth

78th percentile

18%

Faster asset growth than 78% of similar nonprofits.

501(c)3 • $5M-$10M nonprofits • Annualized from 2024 to 2025

Revenue Growth

66th percentile

18%

Faster revenue growth than 66% of similar nonprofits.

501(c)3 • $5M-$10M nonprofits • Annualized from 2024 to 2025

Balance Sheet
Liabilities / Assets44th percentile

Assets

Up

$6,341,219

Up $945,740 (+18%) from 2024

Liabilities

Down

$549,525

Down $282,765 (-34%) from 2024

Net Assets

Up

$5,791,694

Up $1,228,505 (+27%) from 2024

Operations
Liabilities / Revenue48th percentileNet Margin73rd percentile

Revenue

Up

$3,946,392

Up $597,194 (+18%) from 2024

Expenses

Down

$3,154,296

Down $36,396 (-1.1%) from 2024

Net Income

Up

$792,096

Up $633,590 (+400%) from 2024

Trend Graphs

Balance Sheet Trend

Asset Growth78th percentile

Grouped bars show assets, liabilities, and net assets across loaded filings.

$8.0M$6.0M$4.0M$2.0M$0Assets 2011: $1,935,373Liabilities 2011: $286,923Net Assets 2011: $1,648,4502011Assets 2012: $2,037,939Liabilities 2012: $303,956Net Assets 2012: $1,733,9832012Assets 2013: $2,039,596Liabilities 2013: $201,077Net Assets 2013: $1,838,5192013Assets 2014: $2,202,831Liabilities 2014: $296,417Net Assets 2014: $1,906,4142014Assets 2015: $2,725,376Liabilities 2015: $280,500Net Assets 2015: $2,444,8762015Assets 2016: $3,086,106Liabilities 2016: $439,547Net Assets 2016: $2,646,5592016Assets 2017: $7,015,894Liabilities 2017: $1,977,651Net Assets 2017: $5,038,2432017Assets 2018: $4,268,007Liabilities 2018: $410,534Net Assets 2018: $3,857,4732018Assets 2019: $4,240,527Liabilities 2019: $662,422Net Assets 2019: $3,578,1052019Assets 2020: $4,538,318Liabilities 2020: $1,143,580Net Assets 2020: $3,394,7382020Assets 2021: $4,910,012Liabilities 2021: $646,278Net Assets 2021: $4,263,7342021Assets 2022: $4,582,975Liabilities 2022: $652,297Net Assets 2022: $3,930,6782022Assets 2023: $4,758,542Liabilities 2023: $773,867Net Assets 2023: $3,984,6752023Assets 2024: $5,395,479Liabilities 2024: $832,290Net Assets 2024: $4,563,1892024Assets 2025: $6,341,219Liabilities 2025: $549,525Net Assets 2025: $5,791,6942025

Highlighted filing

2025

Assets$6,341,219
Liabilities$549,525
Net Assets$5,791,694
Open 2025 Filing

Operations Trend

Revenue Growth66th percentile

Revenue, expenses, and net income by year, with the latest filing highlighted.

$8.0M$6.0M$4.0M$2.0M$0-$2.0MRevenue 2011: $1,193,322Expenses 2011: $1,071,915Net Income 2011: $121,4072011Revenue 2012: $1,738,453Expenses 2012: $1,562,044Net Income 2012: $176,4092012Revenue 2013: $1,253,958Expenses 2013: $1,272,786Net Income 2013: -$18,8282013Revenue 2014: $1,831,832Expenses 2014: $1,574,195Net Income 2014: $257,6372014Revenue 2015: $2,443,659Expenses 2015: $1,914,397Net Income 2015: $529,2622015Revenue 2016: $2,283,813Expenses 2016: $2,047,748Net Income 2016: $236,0652016Revenue 2017: $6,657,713Expenses 2017: $4,328,267Net Income 2017: $2,329,4462017Revenue 2018: $2,617,743Expenses 2018: $2,383,319Net Income 2018: $234,4242018Revenue 2019: $2,548,417Expenses 2019: $2,893,770Net Income 2019: -$345,3532019Revenue 2020: $2,442,400Expenses 2020: $2,678,377Net Income 2020: -$235,9772020Revenue 2021: $2,855,474Expenses 2021: $2,935,342Net Income 2021: -$79,8682021Revenue 2022: $3,452,341Expenses 2022: $3,503,592Net Income 2022: -$51,2512022Revenue 2023: $2,808,546Expenses 2023: $2,987,908Net Income 2023: -$179,3622023Revenue 2024: $3,349,198Expenses 2024: $3,190,692Net Income 2024: $158,5062024Revenue 2025: $3,946,392Expenses 2025: $3,154,296Net Income 2025: $792,0962025

Highlighted filing

2025

Revenue$3,946,392
Expenses$3,154,296
Net Income$792,096
Open 2025 Filing

Filings

Most recent year

2025 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$6,341,219
Liabilities
$549,525
Net assets
$5,791,694
Revenue
$3,946,392
Expenses
$3,154,296
Net income
$792,096
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2025Detailed filing. Detailed filing data is available for this year.$6.34$0.55$5.79$3.95$3.15$0.79
2024Detailed filing. Detailed filing data is available for this year.$5.40$0.83$4.56$3.35$3.19$0.16
2023Detailed filing. Detailed filing data is available for this year.$4.76$0.77$3.98$2.81$2.99$0.18
2022Detailed filing. Detailed filing data is available for this year.$4.58$0.65$3.93$3.45$3.50$0.05
2021Detailed filing. Detailed filing data is available for this year.$4.91$0.65$4.26$2.86$2.94$0.08
2020Detailed filing. Detailed filing data is available for this year.$4.54$1.14$3.39$2.44$2.68$0.24
2019Detailed filing. Detailed filing data is available for this year.$4.24$0.66$3.58$2.55$2.89$0.35
2018Detailed filing. Detailed filing data is available for this year.$4.27$0.41$3.86$2.62$2.38$0.23
2017Detailed filing. Detailed filing data is available for this year.$7.02$1.98$5.04$6.66$4.33$2.33
2016Detailed filing. Detailed filing data is available for this year.$3.09$0.44$2.65$2.28$2.05$0.24
2015Detailed filing. Detailed filing data is available for this year.$2.73$0.28$2.44$2.44$1.91$0.53
2014Detailed filing. Detailed filing data is available for this year.$2.20$0.30$1.91$1.83$1.57$0.26
2013Summary only. Only limited summary data is available for this year.$2.04$0.20$1.84$1.25$1.27$0.02
2012Summary only. Only limited summary data is available for this year.$2.04$0.30$1.73$1.74$1.56$0.18
2011Summary only. Only limited summary data is available for this year.$1.94$0.29$1.65$1.19$1.07$0.12
Latest Filing Detail
Jump To
Filing Snapshot
Filing Period
Jul 1, 2024 to Jun 30, 2025
Signed
Jan 13, 2026
Return Version
2024v5.5
Gross Receipts
$3,946,392
Mission and Program Overview

Mission

The foundation determines the patentability and obtains patents on virginia commonwealth university (vcu) inventions and markets and licenses such inventions to commerical entities. The foundation's activities promote research efforts at the school and resulting royalties provide economic support for the university. The foundation also provides patent and licensing clinics for vcu students and employed approximately 1 vcu student as an intern or part-time employee.

Virignia commonwealth university intellectual property foundation's mission is to foster a culture of innovation at virginia commonwealth university (vcu) and to protect and commercialize inventions created by the vcu research enterprise for the benefit of society.

Balance Sheet Detail
LineBeginningEndChange
Assets
Investments Other Securities$3,744,539$4,173,577▲ $429,038
Cash and Non-Interest-Bearing Accounts$903,380$1,026,143▲ $122,763
Accounts Receivable$740,275$983,723▲ $243,448
Pledges and Grants Receivable-$150,270-
Prepaid Expenses and Deferred Charges$7,285$7,506▲ $221
Land, Buildings, and Equipment, Net$0$0→ $0
Total Assets$5,395,479$6,341,219▲ $945,740
Liabilities
Accounts Payable and Accrued Expenses$832,290$549,525▼ $282,765
Total Liabilities$832,290$549,525▼ $282,765
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$4,563,189$5,791,694▲ $1,228,505
Total Net Assets Fund Balance$4,563,189$5,791,694▲ $1,228,505
Total Liabilities and Net Assets / Fund Balance$5,395,479$6,341,219▲ $945,740

Asset Categories

AssetBook ValueDepreciationBasis
Equipment$0$21,360$21,360
Other Securities$2,362,890--

Endowment Activity

PeriodBeginningContrib.Gain/LossOther UsesEnd
2024$2,143,177-▲ $219,713-$2,362,890
2023$1,941,031-▲ $202,146-$2,143,177
2022$1,832,092-▲ $108,939-$1,941,031
2021$1,969,572-▼ $137,480-$1,832,092
2020$1,427,406-▲ $542,166-$1,969,572
Compensation and Service Providers
Top Officer Pay83rd percentile

Board Members and Trustees

NameTitle
Dr Ivelina S MetchevaPresident
Andrew WhiteDirector
Dr Dales JonesDirector
Dr Reinhold BrandDirector
Mr Spencer WilliamsonDirector
Richard PellegrinoDirector
P Srirama RaoEx-officio

Highest Paid Contractors

ContractorServicesLocationCompensation
Whitham & Cook PCDevelopment Costs11491 SUNSET HILLS ROAD SUITE 340, Reston, VA 20190$395,007
Christopher G EarnhartRoyalties1 WELWYN PLACE, Richmond, VA 23229$298,086
-Royalties13718 HICKORY NUT POINT, Midlothian, VA 23112$276,533
Richard T MarconiRoyalties8301 CATHARPIN LANDING ROAD, Spotsylvania, VA 22553$276,533
Revenue and Support

Revenue Composition

Contributions and Grants
$711,743
Program Service Revenue
$3,197,659
Investment Income
$36,990
Other Revenue
$0
Change in Net Assets
$792,096

Audited Revenue Reconciliation

Revenue per Audited Statements
$3,902,136
Revenue Not Reported on Financial Statements
$44,256
Revenue Not Reported on Form 990
$436,409
Total Revenue per Audited Statements
$4,338,545
Total Revenue per Form 990
$3,946,392
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$3,154,296
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Salaries, Compensation, and Employee Benefits$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Fees for Services Management$155,618$38,904-$194,522
Fees for Services Other$108,573--$108,573
Advertising$90,175--$90,175
Fees for Services Accounting$35,180$34,438-$69,618
Other Expenses$56,871--$56,871
Conferences and Meetings$11,888$34,382-$46,270
Fees for Service Investment Mgmnt Fees-$44,256-$44,256
Office Expenses$36,156$5,142-$41,298
All Other Expenses-$19,434-$19,434
Occupancy$7,212$1,803-$9,015
Insurance-$7,282-$7,282
Total Functional Expenses$2,968,655$185,641$0$3,154,296

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Form 990$3,154,296
Expenses per Audited Statements$3,110,040
Total Expenses per Audited Statements$3,110,040
Expenses Not Reported on Financial Statements$44,256
Expenses Not Reported on Form 990$0
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
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 35% controlled entity
No
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

Governance Explanations

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

“Form 990 is reviewed by the foundation's board of trustees upon its completion. A final copy of form 990 is made available to the board after completed. The form is filed and made available for public inspection at the foundation.”

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

“The foundation's conflict of interest policy requires that each member of the board of directors submit a conlfict of interest disclosure statement annually.”

Form 990, Part VI, Section B, Line 15A

“Virginia commonwealth university determines the salary for the president.”

Form 990, Part VI, Section C, Line 19

“The foundation's governing documents, conflict of interest policy and audited financial statements can be distributed to the public upon request.”

Filing and Contact Details

Filer

Filer Name
Virginia Commonwealth University
EIN
54-1854399
Phone
8048285188
Address
800 E LEIGH STREET 3000, RICHMOND, VA 23219

Signing Officer

Name
Dr Ivelina Metcheva
Title
President
Phone
8048285188
Signed
2026-01-13
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Dr Ivelina Metcheva
Formed
1994
Legal Domicile
Va
Voting Board Members
7
Independent Board Members
3
Employees
0
Volunteers
0

Preparer

Firm
Brown Edwards & Company Llp
Address
4951 LAKE BROOK DRIVE SUITE 375, GLEN ALLEN, VA 23060
Preparer
M James Hartson Jr CPA
Phone
8042826000
Supplemental Narrative

Additional Explanations

Form 990, Part XII, Line 2C

“The foundation's process for selecting independent auditors and oversight of the financial statement audit has not changed from the prior year.”

Financial Statement Notes

PART X, LINE 2:

“The foundation has reviewed and evaluated the relevant technical merits of each of its tax positions in accordance with guidance established by the financial accounting standards board (fasb) and determined that there are no uncertain tax positions that would have a material impact on the financial statements of the foundation. With few exceptions, the foundation is no longer subject to income tax examinations by the taxing authorities for years ending before june 30, 2022.”

Raw XML AppendixShowing 400 of 523 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/TitleTxt2DIRECTOR
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IRS990/Form990PartVIISectionAGrp/TitleTxt4DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt5DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt6DIRECTOR
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IRS990/MissionDesc0THE FOUNDATION DETERMINES THE PATENTABILITY AND OBTAINS PATENTS ON VIRGINIA COMMONWEALTH UNIVERSITY (VCU) INVENTIONS AND MARKETS AND LICENSES SUCH INVENTIONS TO COMMERICAL ENTITIES. THE FOUNDATION'S ACTIVITIES PROMOTE RESEARCH EFFORTS AT THE SCHOOL AND RESULTING ROYALTIES PROVIDE ECONOMIC SUPPORT FOR THE UNIVERSITY. THE FOUNDATION ALSO PROVIDES PATENT AND LICENSING CLINICS FOR VCU STUDENTS AND EMPLOYED APPROXIMATELY 1 VCU STUDENT AS AN INTERN OR PART-TIME EMPLOYEE.
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IRS990/NetUnrelatedBusTxblIncmAmt00
IRS990/NetUnrlzdGainsLossesInvstAmt0436409
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IRS990/OccupancyGrp/ManagementAndGeneralAmt01803
IRS990/OccupancyGrp/ProgramServicesAmt07212
IRS990/OccupancyGrp/TotalAmt09015
IRS990/OfficeExpensesGrp/ManagementAndGeneralAmt05142
IRS990/OfficeExpensesGrp/ProgramServicesAmt036156
IRS990/OfficeExpensesGrp/TotalAmt041298
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IRS990/OtherExpensesGrp/ProgramServicesAmt1711878
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IRS990/OtherExpensesGrp/TotalAmt01464855
IRS990/OtherExpensesGrp/TotalAmt1711878
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IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt1113009
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IRS990/RevenueAmt03197659
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IRS990ScheduleA/Form990SchASupportingOrgGrp/ContributionFamilyInd00
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IRS990ScheduleA/SupportedOrgInformationGrp/SupportedOrganizationName/BusinessNameLine1Txt0VIRGINIA COMMONWEALTH UNIVERSITY
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IRS990ScheduleD/OtherSecuritiesGrp/BookValueAmt12362890
IRS990ScheduleD/OtherSecuritiesGrp/Desc0VCU FOUNDATION FUND
IRS990ScheduleD/OtherSecuritiesGrp/Desc1MCV FOUNDATION FUND
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IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0THE FOUNDATION HAS REVIEWED AND EVALUATED THE RELEVANT TECHNICAL MERITS OF EACH OF ITS TAX POSITIONS IN ACCORDANCE WITH GUIDANCE ESTABLISHED BY THE FINANCIAL ACCOUNTING STANDARDS BOARD (FASB) AND DETERMINED THAT THERE ARE NO UNCERTAIN TAX POSITIONS THAT WOULD HAVE A MATERIAL IMPACT ON THE FINANCIAL STATEMENTS OF THE FOUNDATION. WITH FEW EXCEPTIONS, THE FOUNDATION IS NO LONGER SUBJECT TO INCOME TAX EXAMINATIONS BY THE TAXING AUTHORITIES FOR YEARS ENDING BEFORE JUNE 30, 2022.
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0PART X, LINE 2:
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IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/PersonNm0DR IVELINA S METCHEVA
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TitleTxt0PRESIDENT
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IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0FORM 990 IS REVIEWED BY THE FOUNDATION'S BOARD OF TRUSTEES UPON ITS COMPLETION. A FINAL COPY OF FORM 990 IS MADE AVAILABLE TO THE BOARD AFTER COMPLETED. THE FORM IS FILED AND MADE AVAILABLE FOR PUBLIC INSPECTION AT THE FOUNDATION.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1THE FOUNDATION'S CONFLICT OF INTEREST POLICY REQUIRES THAT EACH MEMBER OF THE BOARD OF DIRECTORS SUBMIT A CONLFICT OF INTEREST DISCLOSURE STATEMENT ANNUALLY.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2VIRGINIA COMMONWEALTH UNIVERSITY DETERMINES THE SALARY FOR THE PRESIDENT.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3THE FOUNDATION'S GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY AND AUDITED FINANCIAL STATEMENTS CAN BE DISTRIBUTED TO THE PUBLIC UPON REQUEST.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4THE FOUNDATION'S PROCESS FOR SELECTING INDEPENDENT AUDITORS AND OVERSIGHT OF THE FINANCIAL STATEMENT AUDIT HAS NOT CHANGED FROM THE PRIOR YEAR.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0FORM 990, PART VI, SECTION B, LINE 11B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1FORM 990, PART VI, SECTION B, LINE 12C
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2FORM 990, PART VI, SECTION B, LINE 15A

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