Civic Intelligence

Virginia Commonwealth University Intellectual Property Foundation

990 • Fiscal year 2016 • EIN 54-1854399

Jul 01, 2015 to Jun 30, 2016 • Filed on Sep 27, 2016

800 E Leigh Street No 3000Richmond, VA 23219

(804) 828-5188

Siviq Scores

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

Liabilities / Assets

56th percentile

0.14x

Higher debt load relative to assets than 56% of similar nonprofits.

2016 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2016

Liabilities / Revenue

61st percentile

0.19x

Higher debt load relative to revenue than 61% of similar nonprofits.

2016 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2016

Net Margin

69th percentile

10%

Higher net margin than 69% of similar nonprofits.

2016 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2016

Top Officer Pay

84th percentile

$154,462

Higher top officer pay than 84% of similar nonprofits.

Top officer pay equals 6.8% of source-year revenue.

2016 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2016

Asset Growth

76th percentile

13%

Faster asset growth than 76% of similar nonprofits.

2016 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2015 to 2016

Revenue Growth

28th percentile

-6.5%

Faster revenue growth than 28% of similar nonprofits.

2016 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2015 to 2016

Assets

Up

$3,086,106

Up $360,730 (+13%) from 2015

Net Assets

Up

$2,646,559

Up $201,683 (+8.2%) from 2015

Liabilities

Up

$439,547

Up $159,047 (+57%) from 2015

Revenue

Down

$2,283,813

Down $159,846 (-6.5%) from 2015

Expenses

Up

$2,047,748

Up $133,351 (+7.0%) from 2015

Net Income

Down

$236,065

Down $293,197 (-55%) from 2015

Historical Trend

Balance Sheet Trend

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

$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

2016

Assets$3,086,106
Liabilities$439,547
Net Assets$2,646,559

Operations Trend

Revenue, expenses, and net income across loaded years, with this 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

2016

Revenue$2,283,813
Expenses$2,047,748
Net Income$236,065
Jump To
Filing Snapshot
Filing Period
Jul 1, 2015 to Jun 30, 2016
Signed
Sep 27, 2016
Return Version
2015v2.1
Gross Receipts
$2,304,436
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$1,164,357$1,104,986▼ $59,371
Cash and Non-Interest-Bearing Accounts$536,762$608,585▲ $71,823
Accounts Receivable$294,313$557,928▲ $263,615
Prepaid Expenses and Deferred Charges$381$898▲ $517
Land, Buildings, and Equipment, Net$0$0→ $0
Total Assets$2,725,376$3,086,106▲ $360,730
Other Assets Total$729,563$813,709▲ $84,146
Liabilities
Accounts Payable and Accrued Expenses$280,500$439,547▲ $159,047
Total Liabilities$280,500$439,547▲ $159,047
Net Assets / Fund Balance
Unrestricted Net Assets$2,444,876$2,646,559▲ $201,683
Total Net Assets Fund Balance$2,444,876$2,646,559▲ $201,683
Total Liabilities and Net Assets / Fund Balance$2,725,376$3,086,106▲ $360,730

Asset Categories

AssetBook ValueDepreciationBasis
Other Land Buildings$0$14,104-
Other Assets Org$165,407--
Other Securities$1,011,305--
Compensation and Service Providers

Board Members and Trustees

Highest Paid Contractors

ContractorServicesLocationCompensation
Whitham Curtis & ChristoffersonPatent Development Cost11491 SUNSET HILLS ROAD, Reston, VA 20190$546,627
-Royalties1 WELWYN PLACE, Richmond, VA 23229$179,099
Revenue and Support

Revenue Composition

Contributions and Grants
$432,665
Program Service Revenue
$1,809,375
Investment Income
$31,671
Other Revenue
$10,102
Change in Net Assets
$236,065

Audited Revenue Reconciliation

Revenue per Audited Statements
$2,283,813
Revenue Not Reported on Financial Statements
$0
Revenue Not Reported on Form 990
$11,686
Total Revenue per Audited Statements
$2,295,499
Total Revenue per Form 990
$2,283,813
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$1,674,173
Grants and Similar Amounts Paid$311,721
Salaries, Compensation, and Employee Benefits$61,854
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Grants to Domestic Orgs$311,721--$311,721
Other Salaries and Wages$50,477$6,981-$57,458
Fees for Services Management-$37,568-$37,568
Other Expenses$751,470$13,278-$13,278
Advertising$11,405--$11,405
Conferences and Meetings$8,866$2,129-$10,995
All Other Expenses$5,899$851-$6,750
Payroll Taxes$3,517$879-$4,396
Office Expenses$1,294$1,519-$2,813
Insurance-$2,374-$2,374
Travel$922$5-$927
Total Functional Expenses$1,949,086$98,662$0$2,047,748

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Audited Statements$2,093,816
Expenses per Audited Statements$2,047,748
Total Expenses per Form 990$2,047,748
Expenses Not Reported on Form 990$46,068
Expenses Not Reported on Financial Statements$0
International Activity

Grant and Assistance Recipients

RecipientLocationCategoryPurposeAmount
Virginia Commonwealth UnviersityRichmond, VA170(b)(1)(a)(vi)The Foundation Is a Supporting Organization for Virginia Commonwealth University. the Amount of Cash Paid to the University Is for Distributions of Royalties Based on the Agreement Between the Foundation and Virginia Commonwealth University.$311,721
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 family members
No
Business relationship with organization members
No
Material changes to governing documents
No
Compensation from other sources disclosed
No
CEO compensation reviewed
No
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 11

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 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 NO 3000, RICHMOND, VA 23219

Signing Officer

Name
Dr Ivelina Metcheva
Title
President
Phone
8048285188
Signed
2016-09-27
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
2
Volunteers
0

Preparer

Firm
Mitchell Wiggins & Company Llp
Address
1802 BAYBERRY COURT SUITE 300, RICHMOND, VA 23226
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, 2013.

Raw XML AppendixShowing 400 of 516 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/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 APPPORIMATELY 1 VCU STUDENT AS AN INTERN OR PART-TIME EMPLOYEE.
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IRS990/OtherExpensesGrp/TotalAmt0803515
IRS990/OtherExpensesGrp/TotalAmt1751470
IRS990/OtherExpensesGrp/TotalAmt233078
IRS990/OtherExpensesGrp/TotalAmt313278
IRS990/OtherRevenueMiscGrp/BusinessCd0900099
IRS990/OtherRevenueMiscGrp/BusinessCd1518210
IRS990/OtherRevenueMiscGrp/Desc0INCOME FROM PARTNERSHI
IRS990/OtherRevenueMiscGrp/Desc1INCOME FROM S-CORP
IRS990/OtherRevenueMiscGrp/RelatedOrExemptFuncIncomeAmt013272
IRS990/OtherRevenueMiscGrp/TotalRevenueColumnAmt013272
IRS990/OtherRevenueMiscGrp/TotalRevenueColumnAmt1-3170
IRS990/OtherRevenueMiscGrp/UnrelatedBusinessRevenueAmt0-3170
IRS990/OtherRevenueTotalAmt010102
IRS990/OtherSalariesAndWagesGrp/ManagementAndGeneralAmt06981
IRS990/OtherSalariesAndWagesGrp/ProgramServicesAmt050477
IRS990/OtherSalariesAndWagesGrp/TotalAmt057458
IRS990/PartialLiquidationInd00
IRS990/PayrollTaxesGrp/ManagementAndGeneralAmt0879
IRS990/PayrollTaxesGrp/ProgramServicesAmt03517
IRS990/PayrollTaxesGrp/TotalAmt04396
IRS990/PoliticalCampaignActyInd00
IRS990/PrepaidExpensesDefrdChargesGrp/BOYAmt0381
IRS990/PrepaidExpensesDefrdChargesGrp/EOYAmt0898
IRS990/PrincipalOfficerNm0DR IVELINA METCHEVA
IRS990/ProfessionalFundraisingInd00
IRS990/ProgramServiceRevenueGrp/BusinessCd0900099
IRS990/ProgramServiceRevenueGrp/BusinessCd1900099
IRS990/ProgramServiceRevenueGrp/Desc0ROYALTY/LICENSE FEES
IRS990/ProgramServiceRevenueGrp/Desc1PATENT COST REIMBURSED
IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt01219707
IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt1589668
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt01219707
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt1589668
IRS990/ProhibitedTaxShelterTransInd00
IRS990/PYBenefitsPaidToMembersAmt00
IRS990/PYContributionsGrantsAmt0509075
IRS990/PYExcessBenefitTransInd00
IRS990/PYGrantsAndSimilarPaidAmt0342873
IRS990/PYInvestmentIncomeAmt0234870
IRS990/PYOtherExpensesAmt01571524
IRS990/PYOtherRevenueAmt0-13264
IRS990/PYProgramServiceRevenueAmt01712978
IRS990/PYRevenuesLessExpensesAmt0529262
IRS990/PYSalariesCompEmpBnftPaidAmt00
IRS990/PYTotalExpensesAmt01914397
IRS990/PYTotalProfFndrsngExpnsAmt00
IRS990/PYTotalRevenueAmt02443659
IRS990/QuidProQuoContributionsInd00
IRS990/ReconcilationRevenueExpnssAmt0236065
IRS990/RegularMonitoringEnfrcInd01
IRS990/RelatedEntityInd01
IRS990/RelatedOrganizationCtrlEntInd00
IRS990/ReportInvestmentsOtherSecInd01
IRS990/ReportLandBuildingEquipmentInd01
IRS990/ReportOtherAssetsInd01
IRS990/ReportOtherLiabilitiesInd00
IRS990/ReportProgramRelatedInvstInd00
IRS990/RevenueAmt01822647
IRS990ScheduleA/Form990SchASupportingOrgGrp/Contribution35ControlledInd00
IRS990ScheduleA/Form990SchASupportingOrgGrp/ContributionControllerInd00
IRS990ScheduleA/Form990SchASupportingOrgGrp/ContributionFamilyInd00
IRS990ScheduleA/Form990SchASupportingOrgGrp/ControlledDisqualifiedPrsnInd00
IRS990ScheduleA/Form990SchASupportingOrgGrp/DisqualifiedPrsnControllIntInd00
IRS990ScheduleA/Form990SchASupportingOrgGrp/DisqualifiedPrsnOwnrIntInd00
IRS990ScheduleA/Form990SchASupportingOrgGrp/ExcessBusinessHoldingsRulesInd00
IRS990ScheduleA/Form990SchASupportingOrgGrp/ListedByNameGoverningDocInd01
IRS990ScheduleA/Form990SchASupportingOrgGrp/LoanDisqualifiedPersonInd00
IRS990ScheduleA/Form990SchASupportingOrgGrp/OrganizationChangeSuprtOrgInd00
IRS990ScheduleA/Form990SchASupportingOrgGrp/PaymentSubstantialContribtrInd00
IRS990ScheduleA/Form990SchASupportingOrgGrp/SupportedOrgNotOrganizedUSInd00
IRS990ScheduleA/Form990SchASupportingOrgGrp/SupportedOrgSectionC456Ind00
IRS990ScheduleA/Form990SchASupportingOrgGrp/SupportNonSupportedOrgInd00
IRS990ScheduleA/Form990SchASupportingOrgGrp/SuprtOrgNoIRSDeterminationInd00
IRS990ScheduleA/Form990SchAType1SuprtOrgGrp/OperateBenefitNonSuprtOrgInd00
IRS990ScheduleA/Form990SchAType1SuprtOrgGrp/PowerAppointMajorityDirTrstInd01
IRS990ScheduleA/OtherSupportSumAmt00
IRS990ScheduleA/SupportedOrganizationsCnt01
IRS990ScheduleA/SupportedOrganizationsTotalCnt01
IRS990ScheduleA/SupportedOrgInformationGrp/EIN0046001758
IRS990ScheduleA/SupportedOrgInformationGrp/GoverningDocumentListedInd01
IRS990ScheduleA/SupportedOrgInformationGrp/OrganizationTypeCd06
IRS990ScheduleA/SupportedOrgInformationGrp/OtherSupportAmt00
IRS990ScheduleA/SupportedOrgInformationGrp/SupportAmt01949086
IRS990ScheduleA/SupportedOrgInformationGrp/SupportedOrganizationName/BusinessNameLine1Txt0VIRGINIA COMMONWEALTH UNIVERSITY
IRS990ScheduleA/SupportingOrganization509a3Ind0X
IRS990ScheduleA/SupportingOrgType1Ind0X
IRS990ScheduleA/SupportSumAmt01949086
IRS990ScheduleB/ContributorInformationGrp/ContributorBusinessName/BusinessNameLine10RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorNum0RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/AddressLine10RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/AddressLine20RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/City0RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/State0RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/ZIPCode0RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/TotalContributionsAmt0RESTRICTED
IRS990/ScheduleBRequiredInd01
IRS990ScheduleD/DonatedServicesAndUseFcltsAmt046068
IRS990ScheduleD/DonatedServicesUseFcltsAmt046068
IRS990ScheduleD/ExpensesNotReportedAmt046068
IRS990ScheduleD/ExpensesNotRptFinclStmtAmt00
IRS990ScheduleD/ExpensesSubtotalAmt02047748
IRS990ScheduleD/FootnoteTextInd0X
IRS990ScheduleD/NetUnrealizedGainsInvstAmt0-34382
IRS990ScheduleD/OtherAssetsOrgGrp/BookValueAmt0648302
IRS990ScheduleD/OtherAssetsOrgGrp/BookValueAmt1165407
IRS990ScheduleD/OtherAssetsOrgGrp/Desc0DUE FROM VIRGINIA COMMONWEALTH UNVERSITY
IRS990ScheduleD/OtherAssetsOrgGrp/Desc1LOAN TO CENTRIEVA
IRS990ScheduleD/OtherLandBuildingsGrp/BookValueAmt00
IRS990ScheduleD/OtherLandBuildingsGrp/DepreciationAmt014104
IRS990ScheduleD/OtherLandBuildingsGrp/InvestmentCostOrOtherBasisAmt014104
IRS990ScheduleD/OtherSecuritiesGrp/BookValueAmt093681
IRS990ScheduleD/OtherSecuritiesGrp/BookValueAmt11011305
IRS990ScheduleD/OtherSecuritiesGrp/Desc0OTHER INVESTMENTS-PASS THROUGH ENTITIES
IRS990ScheduleD/OtherSecuritiesGrp/Desc1VCU FOUNDATION FUND
IRS990ScheduleD/OtherSecuritiesGrp/MethodValuationCd0F
IRS990ScheduleD/OtherSecuritiesGrp/MethodValuationCd1F
IRS990ScheduleD/RevenueNotReportedAmt011686
IRS990ScheduleD/RevenueNotReportedFinclStmtAmt00
IRS990ScheduleD/RevenueSubtotalAmt02283813
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, 2013.
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0PART X, LINE 2:
IRS990ScheduleD/TotalBookValueLandBuildingsAmt00
IRS990ScheduleD/TotalBookValueOtherAssetsAmt0813709
IRS990ScheduleD/TotalBookValueSecuritiesAmt01104986
IRS990ScheduleD/TotalExpensesPerForm990Amt02047748
IRS990ScheduleD/TotalRevenuePerForm990Amt02283813
IRS990ScheduleD/TotalRevEtcAuditedFinclStmtAmt02295499
IRS990ScheduleD/TotExpnsEtcAuditedFinclStmtAmt02093816
IRS990ScheduleI/GrantRecordsMaintainedInd01
IRS990ScheduleI/RecipientTable/CashGrantAmt0311721
IRS990ScheduleI/RecipientTable/IRCSectionDesc0170(B)(1)(A)(VI)
IRS990ScheduleI/RecipientTable/PurposeOfGrantTxt0THE FOUNDATION IS A SUPPORTING ORGANIZATION FOR VIRGINIA COMMONWEALTH UNIVERSITY. THE AMOUNT OF CASH PAID TO THE UNIVERSITY IS FOR DISTRIBUTIONS OF ROYALTIES BASED ON THE AGREEMENT BETWEEN THE FOUNDATION AND VIRGINIA COMMONWEALTH UNIVERSITY.
IRS990ScheduleI/RecipientTable/RecipientBusinessName/BusinessNameLine1Txt0VIRGINIA COMMONWEALTH UNVIERSITY
IRS990ScheduleI/RecipientTable/RecipientEIN0546001758
IRS990ScheduleI/RecipientTable/USAddress/AddressLine1Txt0PO BOX 980568
IRS990ScheduleI/RecipientTable/USAddress/CityNm0RICHMOND
IRS990ScheduleI/RecipientTable/USAddress/StateAbbreviationCd0VA
IRS990ScheduleI/RecipientTable/USAddress/ZIPCd023219
IRS990ScheduleI/SupplementalInformationDetail/ExplanationTxt0THE FOUNDATION GRANTS AMOUNTS DIRECTLY TO THE VIRGINIA COMMONWEALTH UNIVERSITY (UNIVERSITY). ALL FUNDS ARE USED DIRECTLY IN COMPLETING THE EDUCATIONAL PURPOSE OF THE UNIVERSITY.
IRS990ScheduleI/SupplementalInformationDetail/FormAndLineReferenceDesc0PART I, LINE 2:
IRS990ScheduleI/Total501c3OrgCnt01
IRS990ScheduleJ/AnyNonFixedPaymentsInd00
IRS990ScheduleJ/CompBasedOnRevenueOfFlngOrgInd00
IRS990ScheduleJ/CompBsdNetEarnsFlngOrgInd00
IRS990ScheduleJ/CompBsdNetEarnsRltdOrgsInd00
IRS990ScheduleJ/CompBsdOnRevRelatedOrgsInd00
IRS990ScheduleJ/EquityBasedCompArrngmInd00
IRS990ScheduleJ/InitialContractExceptionInd00
IRS990/ScheduleJRequiredInd01
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/BaseCompensationFilingOrgAmt00
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/BonusFilingOrganizationAmount00
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/BonusRelatedOrganizationsAmt00
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/CompensationBasedOnRltdOrgsAmt0132621
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/CompReportPrior990FilingOrgAmt00
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/CompReportPrior990RltdOrgsAmt00
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/DeferredCompensationFlngOrgAmt00
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/DeferredCompRltdOrgsAmt00
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/NontaxableBenefitsFilingOrgAmt00
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/NontaxableBenefitsRltdOrgsAmt021841
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/OtherCompensationFilingOrgAmt00
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/OtherCompensationRltdOrgsAmt00
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/PersonNm0DR IVELINA S METCHEVA
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TitleTxt0PRESIDENT
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TotalCompensationFilingOrgAmt00
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TotalCompensationRltdOrgsAmt0154462
IRS990ScheduleJ/SeverancePaymentInd00
IRS990ScheduleJ/SupplementalNonqualRtrPlanInd00
IRS990/ScheduleORequiredInd01
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/ExplanationTxt2THE FOUNDATION'S GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY AND AUDITED FINANCIAL STATEMENTS CAN BE DISTRIBUTED TO THE PUBLIC UPON REQUEST.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3THE 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 11
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1FORM 990, PART VI, SECTION B, LINE 12C
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2FORM 990, PART VI, SECTION C, LINE 19
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3FORM 990, PART XII, LINE 2C
IRS990ScheduleR/AssetExchangeInd00
IRS990ScheduleR/AssetPurchaseFromOtherOrgInd00
IRS990ScheduleR/AssetSaleToOtherOrgInd00
IRS990ScheduleR/DivRelatedOrganizationInd00
IRS990ScheduleR/GiftGrntCapContriFromOthOrgInd01
IRS990ScheduleR/GiftGrntOrCapContriToOthOrgInd01
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/ControlledOrganizationInd00
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/DirectControllingNACd0N/A

Document Assets

No mirrored PDF or thumbnail assets are attached yet.

Filings

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