Civic Intelligence

Virginia Commonwealth University Intellectual Property Foundation

990 • Fiscal year 2018 • EIN 54-1854399

Jul 01, 2017 to Jun 30, 2018 • Filed on Nov 11, 2018

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

51st percentile

0.10x

Higher debt load relative to assets than 51% of similar nonprofits.

2018 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2018

Liabilities / Revenue

60th percentile

0.16x

Higher debt load relative to revenue than 60% of similar nonprofits.

2018 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2018

Net Margin

64th percentile

9.0%

Higher net margin than 64% of similar nonprofits.

2018 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2018

Top Officer Pay

88th percentile

$182,996

Higher top officer pay than 88% of similar nonprofits.

Top officer pay equals 7.0% of source-year revenue.

2018 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2018

Asset Growth

2nd percentile

-39%

Faster asset growth than 2% of similar nonprofits.

2018 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2017 to 2018

Revenue Growth

3rd percentile

-61%

Faster revenue growth than 3% of similar nonprofits.

2018 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2017 to 2018

Assets

Down

$4,268,007

Down $2,747,887 (-39%) from 2017

Net Assets

Down

$3,857,473

Down $1,180,770 (-23%) from 2017

Liabilities

Down

$410,534

Down $1,567,117 (-79%) from 2017

Revenue

Down

$2,617,743

Down $4,039,970 (-61%) from 2017

Expenses

Down

$2,383,319

Down $1,944,948 (-45%) from 2017

Net Income

Down

$234,424

Down $2,095,022 (-90%) from 2017

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

2018

Assets$4,268,007
Liabilities$410,534
Net Assets$3,857,473

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

2018

Revenue$2,617,743
Expenses$2,383,319
Net Income$234,424
Jump To
Filing Snapshot
Filing Period
Jul 1, 2017 to Jun 30, 2018
Signed
Nov 11, 2018
Return Version
2017v2.3
Gross Receipts
$2,617,743
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$1,117,458$2,360,149▲ $1,242,691
Cash and Non-Interest-Bearing Accounts$1,078,348$1,154,129▲ $75,781
Accounts Receivable$585,549$665,253▲ $79,704
Other Notes and Loans Receivable, Net$2,761,084$61,125▼ $2,699,959
Prepaid Expenses and Deferred Charges$21,225$15,490▼ $5,735
Land, Buildings, and Equipment, Net$0$11,861▲ $11,861
Total Assets$7,015,894$4,268,007▼ $2,747,887
Other Assets Total$1,452,230$0▼ $1,452,230
Liabilities
Accounts Payable and Accrued Expenses$1,977,651$410,534▼ $1,567,117
Total Liabilities$1,977,651$410,534▼ $1,567,117
Net Assets / Fund Balance
Unrestricted Net Assets$5,038,243$3,857,473▼ $1,180,770
Total Net Assets Fund Balance$5,038,243$3,857,473▼ $1,180,770
Total Liabilities and Net Assets / Fund Balance$7,015,894$4,268,007▼ $2,747,887

Asset Categories

AssetBook ValueDepreciationBasis
Equipment$11,861$339$12,200
Other Securities$1,200,000--
Compensation and Service Providers

Highest Paid Contractors

ContractorServicesLocationCompensation
Whitham Curtis & Cook PCDevelopment Costs11491 SUNSET HILLS ROAD SUITE 340, Reston, VA 20190$587,846
Christopher G EarnhartRoyalties1 WELWYN PLACE, Richmond, VA 23229$161,948
Gary L BowlinRoyalties13718 HICKORY NUT POINT, Midlothian, VA 23112$138,794
Richard T MarconiRoyalties8301 CATHARPIN LANDING ROAD, Spotsylvania, VA 22553$138,794
-Royalties1490 COLLINGHAM DRIVE, Collierville, TN 38017$118,003
Revenue and Support

Revenue Composition

Contributions and Grants
$455,393
Program Service Revenue
$2,049,506
Investment Income
$61,294
Other Revenue
$51,550
Change in Net Assets
$234,424

Audited Revenue Reconciliation

Revenue per Audited Statements
$2,617,743
Revenue Not Reported on Financial Statements
$0
Revenue Not Reported on Form 990
$83,104
Total Revenue per Audited Statements
$2,700,847
Total Revenue per Form 990
$2,617,743
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$1,874,445
Grants and Similar Amounts Paid$488,673
Salaries, Compensation, and Employee Benefits$20,201
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Grants to Domestic Orgs$488,673--$488,673
Other Salaries and Wages$18,809--$18,809
Fees for Services Accounting-$15,396-$15,396
Fees for Service Investment Mgmnt Fees-$13,390-$13,390
Fees for Services Other$12,615$270-$12,885
Conferences and Meetings$8,829$2,001-$10,830
Advertising$8,785--$8,785
Office Expenses$7,349$568-$7,917
Other Expenses$4,850$19,460-$4,850
Insurance-$2,374-$2,374
Travel$1,058$512-$1,570
Payroll Taxes$1,392--$1,392
All Other Expenses$497--$497
Depreciation Depletion$339--$339
Total Functional Expenses$2,329,348$53,971$0$2,383,319

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Audited Statements$2,429,387
Expenses per Audited Statements$2,383,319
Total Expenses per Form 990$2,383,319
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.$488,673
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
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 NO 3000, RICHMOND, VA 23219

Signing Officer

Name
Dr Ivelina Metcheva
Title
President
Phone
8048285188
Signed
2018-11-11
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
1
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, 2015.

Raw XML AppendixShowing 400 of 544 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.

Path#Value
IRS990/AccountantCompileOrReviewInd00
IRS990/AccountsPayableAccrExpnssGrp/BOYAmt01977651
IRS990/AccountsPayableAccrExpnssGrp/EOYAmt0410534
IRS990/AccountsReceivableGrp/BOYAmt0585549
IRS990/AccountsReceivableGrp/EOYAmt0665253
IRS990/ActivitiesConductedPrtshpInd00
IRS990/ActivityOrMissionDesc0VIRIGNIA 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.
IRS990/AdvertisingGrp/ProgramServicesAmt08785
IRS990/AdvertisingGrp/TotalAmt08785
IRS990/AllOtherExpensesGrp/ProgramServicesAmt0497
IRS990/AllOtherExpensesGrp/TotalAmt0497
IRS990/AnnualDisclosureCoveredPrsnInd01
IRS990/AuditCommitteeInd01
IRS990/BackupWthldComplianceInd01
IRS990/BooksInCareOfDetail/BusinessName/BusinessNameLine1Txt0THE ORGANIZATION
IRS990/BooksInCareOfDetail/PhoneNum08048285188
IRS990/BooksInCareOfDetail/USAddress/AddressLine1Txt0800 E LEIGH STREET NO 3000
IRS990/BooksInCareOfDetail/USAddress/CityNm0RICHMOND
IRS990/BooksInCareOfDetail/USAddress/StateAbbreviationCd0VA
IRS990/BooksInCareOfDetail/USAddress/ZIPCd023219
IRS990/BusinessRlnWithFamMemInd00
IRS990/BusinessRlnWithOfficerEntInd00
IRS990/BusinessRlnWithOrgMemInd00
IRS990/CashNonInterestBearingGrp/BOYAmt01078348
IRS990/CashNonInterestBearingGrp/EOYAmt01154129
IRS990/ChangeToOrgDocumentsInd00
IRS990/CntrctRcvdGreaterThan100KCnt08
IRS990/CollectionsOfArtInd00
IRS990/CompensationFromOtherSrcsInd00
IRS990/CompensationProcessCEOInd01
IRS990/CompensationProcessOtherInd00
IRS990/ConferencesMeetingsGrp/ManagementAndGeneralAmt02001
IRS990/ConferencesMeetingsGrp/ProgramServicesAmt08829
IRS990/ConferencesMeetingsGrp/TotalAmt010830
IRS990/ConflictOfInterestPolicyInd01
IRS990/ConservationEasementsInd00
IRS990/ConsolidatedAuditFinclStmtInd00
IRS990/ContractorCompensationGrp/CompensationAmt0587846
IRS990/ContractorCompensationGrp/CompensationAmt1161948
IRS990/ContractorCompensationGrp/CompensationAmt2138794
IRS990/ContractorCompensationGrp/CompensationAmt3138794
IRS990/ContractorCompensationGrp/CompensationAmt4118003
IRS990/ContractorCompensationGrp/ContractorAddress/USAddress/AddressLine1Txt011491 SUNSET HILLS ROAD SUITE 340
IRS990/ContractorCompensationGrp/ContractorAddress/USAddress/AddressLine1Txt11 WELWYN PLACE
IRS990/ContractorCompensationGrp/ContractorAddress/USAddress/AddressLine1Txt28301 CATHARPIN LANDING ROAD
IRS990/ContractorCompensationGrp/ContractorAddress/USAddress/AddressLine1Txt313718 HICKORY NUT POINT
IRS990/ContractorCompensationGrp/ContractorAddress/USAddress/AddressLine1Txt41490 COLLINGHAM DRIVE
IRS990/ContractorCompensationGrp/ContractorAddress/USAddress/CityNm0RESTON
IRS990/ContractorCompensationGrp/ContractorAddress/USAddress/CityNm1RICHMOND
IRS990/ContractorCompensationGrp/ContractorAddress/USAddress/CityNm2SPOTSYLVANIA
IRS990/ContractorCompensationGrp/ContractorAddress/USAddress/CityNm3MIDLOTHIAN
IRS990/ContractorCompensationGrp/ContractorAddress/USAddress/CityNm4COLLIERVILLE
IRS990/ContractorCompensationGrp/ContractorAddress/USAddress/StateAbbreviationCd0VA
IRS990/ContractorCompensationGrp/ContractorAddress/USAddress/StateAbbreviationCd1VA
IRS990/ContractorCompensationGrp/ContractorAddress/USAddress/StateAbbreviationCd2VA
IRS990/ContractorCompensationGrp/ContractorAddress/USAddress/StateAbbreviationCd3VA
IRS990/ContractorCompensationGrp/ContractorAddress/USAddress/StateAbbreviationCd4TN
IRS990/ContractorCompensationGrp/ContractorAddress/USAddress/ZIPCd020190
IRS990/ContractorCompensationGrp/ContractorAddress/USAddress/ZIPCd123229
IRS990/ContractorCompensationGrp/ContractorAddress/USAddress/ZIPCd222553
IRS990/ContractorCompensationGrp/ContractorAddress/USAddress/ZIPCd323112
IRS990/ContractorCompensationGrp/ContractorAddress/USAddress/ZIPCd438017
IRS990/ContractorCompensationGrp/ContractorName/BusinessName/BusinessNameLine1Txt0WHITHAM CURTIS & COOK PC
IRS990/ContractorCompensationGrp/ContractorName/PersonNm0LAWRENCE SCHWARTZ
IRS990/ContractorCompensationGrp/ContractorName/PersonNm1CHRISTOPHER G EARNHART
IRS990/ContractorCompensationGrp/ContractorName/PersonNm2RICHARD T MARCONI
IRS990/ContractorCompensationGrp/ContractorName/PersonNm3GARY L BOWLIN
IRS990/ContractorCompensationGrp/ServicesDesc0DEVELOPMENT COSTS
IRS990/ContractorCompensationGrp/ServicesDesc1ROYALTIES
IRS990/ContractorCompensationGrp/ServicesDesc2ROYALTIES
IRS990/ContractorCompensationGrp/ServicesDesc3ROYALTIES
IRS990/ContractorCompensationGrp/ServicesDesc4ROYALTIES
IRS990/CreditCounselingInd00
IRS990/CYBenefitsPaidToMembersAmt00
IRS990/CYContributionsGrantsAmt0455393
IRS990/CYGrantsAndSimilarPaidAmt0488673
IRS990/CYInvestmentIncomeAmt061294
IRS990/CYOtherExpensesAmt01874445
IRS990/CYOtherRevenueAmt051550
IRS990/CYProgramServiceRevenueAmt02049506
IRS990/CYRevenuesLessExpensesAmt0234424
IRS990/CYSalariesCompEmpBnftPaidAmt020201
IRS990/CYTotalExpensesAmt02383319
IRS990/CYTotalFundraisingExpenseAmt00
IRS990/CYTotalProfFndrsngExpnsAmt00
IRS990/CYTotalRevenueAmt02617743
IRS990/DecisionsSubjectToApprovaInd00
IRS990/DeductibleArtContributionInd00
IRS990/DeductibleNonCashContriInd00
IRS990/DelegationOfMgmtDutiesInd00
IRS990/DepreciationDepletionGrp/ProgramServicesAmt0339
IRS990/DepreciationDepletionGrp/TotalAmt0339
IRS990/Desc0TO PROTECT AND COMMERCIALIZE VCU TECHNOLOGIES THROUGH PATENTING AND LICENSING. DURING THE FISCAL YEAR ENDED JUNE 30, 2018, THE VIRGINIA COMMONWEALTH UNIVERSITY INTELLECTUAL PROPERTY FOUNDATION HAD - 134 INVENTION DISCLOSURES BY VCU INVENTORS - 155 PATENT APPLICATIONS FILED - 30 PATENTS ISSUED - 18 LICENSES - 8 OTHER RESEARCH SUPPORT DEALS.
IRS990/DescribedInSection501c3Ind01
IRS990/DisregardedEntityInd00
IRS990/DocumentRetentionPolicyInd01
IRS990/DonorAdvisedFundInd00
IRS990/ElectionOfBoardMembersInd00
IRS990/EmployeeCnt01
IRS990/EmploymentTaxReturnsFiledInd01
IRS990/EngagedInExcessBenefitTransInd00
IRS990/ExpenseAmt02329348
IRS990/FamilyOrBusinessRlnInd00
IRS990/FederalGrantAuditRequiredInd00
IRS990/FeesForServicesAccountingGrp/ManagementAndGeneralAmt015396
IRS990/FeesForServicesAccountingGrp/TotalAmt015396
IRS990/FeesForServicesOtherGrp/ManagementAndGeneralAmt0270
IRS990/FeesForServicesOtherGrp/ProgramServicesAmt012615
IRS990/FeesForServicesOtherGrp/TotalAmt012885
IRS990/FeesForSrvcInvstMgmntFeesGrp/ManagementAndGeneralAmt013390
IRS990/FeesForSrvcInvstMgmntFeesGrp/TotalAmt013390
IRS990/ForeignActivitiesInd00
IRS990/ForeignFinancialAccountInd00
IRS990/ForeignOfficeInd00
IRS990/Form8282PropertyDisposedOfInd00
IRS990/Form990PartVIISectionAGrp/AverageHoursPerWeekRt040.00
IRS990/Form990PartVIISectionAGrp/AverageHoursPerWeekRt11.00
IRS990/Form990PartVIISectionAGrp/AverageHoursPerWeekRt21.00
IRS990/Form990PartVIISectionAGrp/AverageHoursPerWeekRt31.00
IRS990/Form990PartVIISectionAGrp/AverageHoursPerWeekRt41.00
IRS990/Form990PartVIISectionAGrp/AverageHoursPerWeekRt51.00
IRS990/Form990PartVIISectionAGrp/AverageHoursPerWeekRt61.00
IRS990/Form990PartVIISectionAGrp/IndividualTrusteeOrDirectorInd0X
IRS990/Form990PartVIISectionAGrp/IndividualTrusteeOrDirectorInd1X
IRS990/Form990PartVIISectionAGrp/IndividualTrusteeOrDirectorInd2X
IRS990/Form990PartVIISectionAGrp/IndividualTrusteeOrDirectorInd3X
IRS990/Form990PartVIISectionAGrp/IndividualTrusteeOrDirectorInd4X
IRS990/Form990PartVIISectionAGrp/IndividualTrusteeOrDirectorInd5X
IRS990/Form990PartVIISectionAGrp/IndividualTrusteeOrDirectorInd6X
IRS990/Form990PartVIISectionAGrp/OfficerInd0X
IRS990/Form990PartVIISectionAGrp/OfficerInd1X
IRS990/Form990PartVIISectionAGrp/OtherCompensationAmt024320
IRS990/Form990PartVIISectionAGrp/OtherCompensationAmt10
IRS990/Form990PartVIISectionAGrp/OtherCompensationAmt20
IRS990/Form990PartVIISectionAGrp/OtherCompensationAmt30
IRS990/Form990PartVIISectionAGrp/OtherCompensationAmt40
IRS990/Form990PartVIISectionAGrp/OtherCompensationAmt50
IRS990/Form990PartVIISectionAGrp/OtherCompensationAmt60
IRS990/Form990PartVIISectionAGrp/PersonNm0DR IVELINA S METCHEVA
IRS990/Form990PartVIISectionAGrp/PersonNm1MR GARY LECLAIR
IRS990/Form990PartVIISectionAGrp/PersonNm2DR FRANCIS L MARCRINA
IRS990/Form990PartVIISectionAGrp/PersonNm3DR SHANTARAM TALEGAONKAR MD
IRS990/Form990PartVIISectionAGrp/PersonNm4MR L FRANKLIN BOST
IRS990/Form990PartVIISectionAGrp/PersonNm5MR SPENCER WILLIAMSON
IRS990/Form990PartVIISectionAGrp/PersonNm6DR JEROME F STRAUSS III MD PHD
IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt00
IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt10
IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt20
IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt30
IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt40
IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt50
IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt60
IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt0158676
IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt10
IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt20
IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt30
IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt40
IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt50
IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt60
IRS990/Form990PartVIISectionAGrp/TitleTxt0PRESIDENT
IRS990/Form990PartVIISectionAGrp/TitleTxt1DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt2EX-OFFICIO
IRS990/Form990PartVIISectionAGrp/TitleTxt3DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt4SECRETARY
IRS990/Form990PartVIISectionAGrp/TitleTxt5DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt6DIRECTOR
IRS990/Form990ProvidedToGvrnBodyInd01
IRS990/FormationYr01994
IRS990/FormerOfcrEmployeesListedInd00
IRS990/FSAuditedBasisGrp/SeparateBasisFinclStmtInd0X
IRS990/FSAuditedInd01
IRS990/FundraisingActivitiesInd00
IRS990/GainOrLossGrp/SecuritiesAmt010292
IRS990/GamingActivitiesInd00
IRS990/GoverningBodyVotingMembersCnt07
IRS990/GovernmentGrantsAmt0455393
IRS990/GrantAmt0488673
IRS990/GrantsToDomesticOrgsGrp/ProgramServicesAmt0488673
IRS990/GrantsToDomesticOrgsGrp/TotalAmt0488673
IRS990/GrantsToIndividualsInd00
IRS990/GrantsToOrganizationsInd01
IRS990/GrantToRelatedPersonInd00
IRS990/GrossAmountSalesAssetsGrp/SecuritiesAmt010292
IRS990/GrossReceiptsAmt02617743
IRS990/GroupReturnForAffiliatesInd00
IRS990/IncludeFIN48FootnoteInd01
IRS990/IndependentAuditFinclStmtInd01
IRS990/IndependentVotingMemberCnt03
IRS990/IndivRcvdGreaterThan100KCnt00
IRS990/IndoorTanningServicesInd00
IRS990/InfoInScheduleOPartIIIInd0X
IRS990/InfoInScheduleOPartVIInd0X
IRS990/InfoInScheduleOPartXIIInd0X
IRS990/InsuranceGrp/ManagementAndGeneralAmt02374
IRS990/InsuranceGrp/TotalAmt02374
IRS990/InvestmentIncomeGrp/ExclusionAmt051002
IRS990/InvestmentIncomeGrp/TotalRevenueColumnAmt051002
IRS990/InvestmentInJointVentureInd00
IRS990/InvestmentsOtherSecuritiesGrp/BOYAmt01117458
IRS990/InvestmentsOtherSecuritiesGrp/EOYAmt02360149
IRS990/IRPDocumentCnt086
IRS990/IRPDocumentW2GCnt00
IRS990/LandBldgEquipAccumDeprecAmt0339
IRS990/LandBldgEquipBasisNetGrp/BOYAmt00
IRS990/LandBldgEquipBasisNetGrp/EOYAmt011861
IRS990/LandBldgEquipCostOrOtherBssAmt012200
IRS990/LegalDomicileStateCd0VA
IRS990/LessCostOthBasisSalesExpnssGrp/SecuritiesAmt00
IRS990/LoanOutstandingInd00
IRS990/LobbyingActivitiesInd00
IRS990/LocalChaptersInd00
IRS990/MaterialDiversionOrMisuseInd00
IRS990/MembersOrStockholdersInd00
IRS990/MethodOfAccountingAccrualInd0X
IRS990/MinutesOfCommitteesInd01
IRS990/MinutesOfGoverningBodyInd01
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.
IRS990/MoreThan5000KToIndividualsInd00
IRS990/MoreThan5000KToOrgInd00
IRS990/NetAssetsOrFundBalancesBOYAmt05038243
IRS990/NetAssetsOrFundBalancesEOYAmt03857473
IRS990/NetGainOrLossInvestmentsGrp/ExclusionAmt010292
IRS990/NetGainOrLossInvestmentsGrp/TotalRevenueColumnAmt010292
IRS990/NetUnrelatedBusTxblIncmAmt00
IRS990/NetUnrlzdGainsLossesInvstAmt037036
IRS990/NondeductibleContributionsInd00
IRS990/OfficeExpensesGrp/ManagementAndGeneralAmt0568
IRS990/OfficeExpensesGrp/ProgramServicesAmt07349
IRS990/OfficeExpensesGrp/TotalAmt07917
IRS990/OfficerMailingAddressInd00
IRS990/OperateHospitalInd00
IRS990/Organization501c3Ind0X
IRS990/OrganizationFollowsSFAS117Ind0X
IRS990/OtherAssetsTotalGrp/BOYAmt01452230
IRS990/OtherAssetsTotalGrp/EOYAmt00
IRS990/OtherChangesInNetAssetsAmt00
IRS990/OtherExpensesGrp/Desc0ROYALTY DISTRIBUTIONS
IRS990/OtherExpensesGrp/Desc1PATENT DEVELOPMENT
IRS990/OtherExpensesGrp/Desc2BAD DEBT ALLOWANCE EXPE
IRS990/OtherExpensesGrp/Desc3TECH DEVELOPMENT COSTS
IRS990/OtherExpensesGrp/ManagementAndGeneralAmt019460
IRS990/OtherExpensesGrp/ProgramServicesAmt01008725
IRS990/OtherExpensesGrp/ProgramServicesAmt1767427
IRS990/OtherExpensesGrp/ProgramServicesAmt24850
IRS990/OtherExpensesGrp/TotalAmt01008725
IRS990/OtherExpensesGrp/TotalAmt1767427
IRS990/OtherExpensesGrp/TotalAmt219460
IRS990/OtherExpensesGrp/TotalAmt34850
IRS990/OtherRevenueMiscGrp/BusinessCd0900099
IRS990/OtherRevenueMiscGrp/BusinessCd1518210
IRS990/OtherRevenueMiscGrp/Desc0INCOME FROM PARTNERSHI
IRS990/OtherRevenueMiscGrp/Desc1LOSS FROM S-CORP
IRS990/OtherRevenueMiscGrp/RelatedOrExemptFuncIncomeAmt084220
IRS990/OtherRevenueMiscGrp/TotalRevenueColumnAmt084220
IRS990/OtherRevenueMiscGrp/TotalRevenueColumnAmt1-32670
IRS990/OtherRevenueMiscGrp/UnrelatedBusinessRevenueAmt0-32670
IRS990/OtherRevenueTotalAmt051550
IRS990/OtherSalariesAndWagesGrp/ProgramServicesAmt018809
IRS990/OtherSalariesAndWagesGrp/TotalAmt018809
IRS990/OthNotesLoansReceivableNetGrp/BOYAmt02761084
IRS990/OthNotesLoansReceivableNetGrp/EOYAmt061125
IRS990/PartialLiquidationInd00
IRS990/PayrollTaxesGrp/ProgramServicesAmt01392
IRS990/PayrollTaxesGrp/TotalAmt01392
IRS990/PoliticalCampaignActyInd00
IRS990/PrepaidExpensesDefrdChargesGrp/BOYAmt021225
IRS990/PrepaidExpensesDefrdChargesGrp/EOYAmt015490
IRS990/PrincipalOfficerNm0DR IVELINA METCHEVA
IRS990/PriorPeriodAdjustmentsAmt0-1452230
IRS990/ProfessionalFundraisingInd00
IRS990/ProgramServiceRevenueGrp/BusinessCd0900099
IRS990/ProgramServiceRevenueGrp/BusinessCd1900099
IRS990/ProgramServiceRevenueGrp/Desc0ROYALTY/LICENSE FEES
IRS990/ProgramServiceRevenueGrp/Desc1PATENT COST REIMBURSED
IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt01747194
IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt1302312
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt01747194
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt1302312
IRS990/ProhibitedTaxShelterTransInd00
IRS990/PYBenefitsPaidToMembersAmt00
IRS990/PYContributionsGrantsAmt01164280
IRS990/PYExcessBenefitTransInd00
IRS990/PYGrantsAndSimilarPaidAmt0360352
IRS990/PYInvestmentIncomeAmt044762
IRS990/PYOtherExpensesAmt03920268
IRS990/PYOtherRevenueAmt0-35535
IRS990/PYProgramServiceRevenueAmt05484206
IRS990/PYRevenuesLessExpensesAmt02329446
IRS990/PYSalariesCompEmpBnftPaidAmt047647
IRS990/PYTotalExpensesAmt04328267
IRS990/PYTotalProfFndrsngExpnsAmt00
IRS990/PYTotalRevenueAmt06657713
IRS990/QuidProQuoContributionsInd00
IRS990/ReconcilationRevenueExpnssAmt0234424
IRS990/RegularMonitoringEnfrcInd01
IRS990/RelatedEntityInd01
IRS990/RelatedOrganizationCtrlEntInd00
IRS990/ReportInvestmentsOtherSecInd01
IRS990/ReportLandBuildingEquipmentInd01
IRS990/ReportOtherAssetsInd00
IRS990/ReportOtherLiabilitiesInd00
IRS990/ReportProgramRelatedInvstInd00
IRS990/RevenueAmt02133726
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/EIN0546001758
IRS990ScheduleA/SupportedOrgInformationGrp/GoverningDocumentListedInd01
IRS990ScheduleA/SupportedOrgInformationGrp/OrganizationTypeCd06
IRS990ScheduleA/SupportedOrgInformationGrp/OtherSupportAmt00
IRS990ScheduleA/SupportedOrgInformationGrp/SupportAmt02329348
IRS990ScheduleA/SupportedOrgInformationGrp/SupportedOrganizationName/BusinessNameLine1Txt0VIRGINIA COMMONWEALTH UNIVERSITY
IRS990ScheduleA/SupportingOrganization509a3Ind0X
IRS990ScheduleA/SupportingOrgType1Ind0X
IRS990ScheduleA/SupportSumAmt02329348
IRS990/ScheduleBRequiredInd01
IRS990ScheduleD/DonatedServicesAndUseFcltsAmt046068
IRS990ScheduleD/DonatedServicesUseFcltsAmt046068
IRS990ScheduleD/EquipmentGrp/BookValueAmt011861
IRS990ScheduleD/EquipmentGrp/DepreciationAmt0339
IRS990ScheduleD/EquipmentGrp/OtherCostOrOtherBasisAmt012200
IRS990ScheduleD/ExpensesNotReportedAmt046068
IRS990ScheduleD/ExpensesNotRptFinclStmtAmt00
IRS990ScheduleD/ExpensesSubtotalAmt02383319
IRS990ScheduleD/FootnoteTextInd0X
IRS990ScheduleD/NetUnrealizedGainsInvstAmt037036
IRS990ScheduleD/OtherSecuritiesGrp/BookValueAmt038126
IRS990ScheduleD/OtherSecuritiesGrp/BookValueAmt11122023
IRS990ScheduleD/OtherSecuritiesGrp/BookValueAmt21200000
IRS990ScheduleD/OtherSecuritiesGrp/Desc0OTHER INVESTMENTS-PASS THROUGH ENTITIES
IRS990ScheduleD/OtherSecuritiesGrp/Desc1VCU FOUNDATION FUND
IRS990ScheduleD/OtherSecuritiesGrp/Desc2MCV FOUNDATION FUND
IRS990ScheduleD/OtherSecuritiesGrp/MethodValuationCd0F
IRS990ScheduleD/OtherSecuritiesGrp/MethodValuationCd1F
IRS990ScheduleD/OtherSecuritiesGrp/MethodValuationCd2F
IRS990ScheduleD/RevenueNotReportedAmt083104
IRS990ScheduleD/RevenueNotReportedFinclStmtAmt00
IRS990ScheduleD/RevenueSubtotalAmt02617743
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, 2015.
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0PART X, LINE 2:
IRS990ScheduleD/TotalBookValueLandBuildingsAmt011861
IRS990ScheduleD/TotalBookValueSecuritiesAmt02360149
IRS990ScheduleD/TotalExpensesPerForm990Amt02383319
IRS990ScheduleD/TotalRevenuePerForm990Amt02617743
IRS990ScheduleD/TotalRevEtcAuditedFinclStmtAmt02700847
IRS990ScheduleD/TotExpnsEtcAuditedFinclStmtAmt02429387
IRS990ScheduleI/GrantRecordsMaintainedInd01
IRS990ScheduleI/RecipientTable/CashGrantAmt0488673
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/CompensationBasedOnRltdOrgsAmt0158676
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/CompReportPrior990FilingOrgAmt00
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/CompReportPrior990RltdOrgsAmt00
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/DeferredCompensationFlngOrgAmt00
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/DeferredCompRltdOrgsAmt015993
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/NontaxableBenefitsFilingOrgAmt00
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/NontaxableBenefitsRltdOrgsAmt08327
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/OtherCompensationFilingOrgAmt00
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/OtherCompensationRltdOrgsAmt00
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/PersonNm0DR IVELINA S METCHEVA
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TitleTxt0PRESIDENT
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TotalCompensationFilingOrgAmt00
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TotalCompensationRltdOrgsAmt0182996

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