Civic Intelligence

Umuc Ventures Inc.

990 • Fiscal year 2020 • EIN 81-2898004

Jul 01, 2019 to Jun 30, 2020 • Filed on May 14, 2021

Organization ProfileUMUCVENTURES.ORG

View Organization Page

7315 Wisconsin Ave Suite 400Bethesda, MD 20814

(301) 990-7898

Siviq Scores

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

Liabilities / Assets

26th percentile

0.11x

Higher debt load relative to assets than 26% of similar nonprofits.

2020 filings • 501(c)3 • $100M-$250M nonprofits • Source year 2020

Liabilities / Revenue

9th percentile

0.05x

Higher debt load relative to revenue than 9% of similar nonprofits.

2020 filings • 501(c)3 • $100M-$250M nonprofits • Source year 2020

Net Margin

83rd percentile

24%

Higher net margin than 83% of similar nonprofits.

2020 filings • 501(c)3 • $100M-$250M nonprofits • Source year 2020

Top Officer Pay

32nd percentile

$332,521

Higher top officer pay than 32% of similar nonprofits.

Top officer pay equals 0.4% of source-year revenue.

2020 filings • 501(c)3 • $100M-$250M nonprofits • Source year 2020

Asset Growth

90th percentile

35%

Faster asset growth than 90% of similar nonprofits.

2020 filings • 501(c)3 • $100M-$250M nonprofits • Annualized from 2019 to 2020

Revenue Growth

95th percentile

88%

Faster revenue growth than 95% of similar nonprofits.

2020 filings • 501(c)3 • $100M-$250M nonprofits • Annualized from 2019 to 2020

Balance Sheet
Liabilities / Assets26th percentile

Assets

Up

$40,633,738

Up $10,444,642 (+35%) from 2019

Net Assets

Up

$36,342,507

Up $10,334,514 (+40%) from 2019

Liabilities

Up

$4,291,231

Up $110,128 (+2.6%) from 2019

Revenue And Expenses
Liabilities / Revenue9th percentileNet Margin83rd percentile

Revenue

Up

$84,307,133

Up $39,521,452 (+88%) from 2019

Expenses

Up

$63,681,101

Up $27,599,075 (+76%) from 2019

Net Income

Up

$20,626,032

Up $11,922,377 (+137%) from 2019

Historical Trend

Balance Sheet Trend

Asset Growth90th percentile

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

$60M$40M$20M$0Assets 2017: $13,192,076Liabilities 2017: $199,010Net Assets 2017: $12,993,0662017Assets 2018: $26,493,188Liabilities 2018: $9,705,094Net Assets 2018: $16,788,0942018Assets 2019: $30,189,096Liabilities 2019: $4,181,103Net Assets 2019: $26,007,9932019Assets 2020: $40,633,738Liabilities 2020: $4,291,231Net Assets 2020: $36,342,5072020Assets 2021: $44,098,237Liabilities 2021: $3,762,175Net Assets 2021: $40,336,0622021Assets 2022: $44,908,555Liabilities 2022: $4,116,186Net Assets 2022: $40,792,3692022Assets 2023: $43,352,317Liabilities 2023: $3,421,813Net Assets 2023: $39,930,5042023Assets 2024: $44,486,124Liabilities 2024: $5,023,323Net Assets 2024: $39,462,8012024

Highlighted filing

2020

Assets$40,633,738
Liabilities$4,291,231
Net Assets$36,342,507
Open 2020 Filing

Operations Trend

Revenue Growth95th percentile

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

$100M$50M$0-$50MRevenue 2017: $0Expenses 2017: $2,006,934Net Income 2017: -$2,006,9342017Revenue 2018: $26,378,581Expenses 2018: $22,583,553Net Income 2018: $3,795,0282018Revenue 2019: $44,785,681Expenses 2019: $36,082,026Net Income 2019: $8,703,6552019Revenue 2020: $84,307,133Expenses 2020: $63,681,101Net Income 2020: $20,626,0322020Revenue 2021: $47,696,802Expenses 2021: $44,207,999Net Income 2021: $3,488,8032021Revenue 2022: $43,421,101Expenses 2022: $39,820,634Net Income 2022: $3,600,4672022Revenue 2023: $40,053,558Expenses 2023: $40,082,987Net Income 2023: -$29,4292023Revenue 2024: $50,739,113Expenses 2024: $51,469,395Net Income 2024: -$730,2822024

Highlighted filing

2020

Revenue$84,307,133
Expenses$63,681,101
Net Income$20,626,032
Open 2020 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2019 to Jun 30, 2020
Signed
May 14, 2021
Return Version
2019v5.1
Gross Receipts
$110,530,366
Mission and Program Overview

Mission

See Schedule O

Balance Sheet Detail
LineBeginningEndChange
Assets
Rtn Earn Endowment Incm Other Fnds$26,007,993$36,342,507▲ $10,334,514
Cash and Non-Interest-Bearing Accounts$9,647,920$18,537,483▲ $8,889,563
Investments in Publicly Traded Securities$7,929,740$11,654,935▲ $3,725,195
Investments Program Related$10,000,000$8,802,474▼ $1,197,526
Accounts Receivable$1,740,190$981,938▼ $758,252
Prepaid Expenses and Deferred Charges$830,196$595,103▼ $235,093
Land, Buildings, and Equipment, Net$41,050$61,805▲ $20,755
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 Other Securities$0$0→ $0
Pd in Cap Srpls Land Bldg Eqp Fund$0$0→ $0
Cap Stk Tr Prin Current Funds$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$30,189,096$40,633,738▲ $10,444,642
Other Assets Total$0$0→ $0
Liabilities
Accounts Payable and Accrued Expenses$3,216,760$3,750,840▲ $534,080
Deferred Revenue$964,343$540,391▼ $423,952
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
Escrow Account Liability$0$0→ $0
Tax Exempt Bond Liabilities$0$0→ $0
Total Liabilities$4,181,103$4,291,231▲ $110,128
Net Assets / Fund Balance
Total Net Assets Fund Balance$26,007,993$36,342,507▲ $10,334,514
Total Liabilities and Net Assets / Fund Balance$30,189,096$40,633,738▲ $10,444,642

Asset Categories

AssetBook ValueDepreciationBasis
Equipment$61,805$39,017$100,822
Investment Program Related Org$8,802,474--
Compensation and Service Providers
Top Officer Pay32nd percentile

Employees

NameTitleFull / Part TimeBaseOtherTotal
Tracy WoodsAccelerEd PresidentFT$282,442$50,079$332,521
Michael RoarkCEOFT$211,160$81,457$292,617
John ShinVP Products & SoftwareFT$220,948$42,690$263,638
Christopher TatemSolution Design & DvlpMt, VPFT$195,918$23,744$219,662
Premkumar ManiSoftware ArchitectFT$165,712$36,850$202,562
Alex ShewchukVP FinanceFT$183,672$16,185$199,857
Edward HillSenior DirectorFT$155,635$37,978$193,613
Daniel ParkerSenior DirectorFT$166,409$21,651$188,060
Nichole McDonaldVP of Human ResourcesFT$156,872$30,607$187,479
Julia EllefsonCloud EngineerFT$151,314$29,575$180,889
William E CullenCloud EngineerFT$150,514$20,227$170,741
Michael FoleyDirectorFT$159,088$10,675$169,763
Louis PuglieseExecutive Vice PresidentFT$112,788$12,645$125,433
Mark GerencserBoard MemberPT$100,000-$100,000
Cary PappasBoard MemberPT$95,000-$95,000
Doug LaneBoard MemberPT$95,000-$95,000
John A BatesBoard MemberPT$95,000-$95,000
Gregory NixonBoard MemberPT$95,000-$95,000
Clark GolestaniBoard MemberPT$80,000-$80,000
Linda SullivanBoard MemberPT$80,000-$80,000
Mark DeckerBoard MemberPT$80,000-$80,000
Mike FoleyBoard MemberPT$80,000-$80,000
Rhonda GermanyBoard MemberPT$80,000-$80,000
William RobertsBoard MemberPT$80,000-$80,000
Tracy Sophia HarrisCFOFT$15,276$626$15,902

Highest Paid Contractors

ContractorServicesLocationCompensation
Campus ManagementConsulting Services5201 CONGRESS AVENUE, Boca Raton, FL 33487$2,523,169
Eliassen Group LLCConsulting Services55 WALKERS BROOK DRIVE 6TH FLOOR, Reading, MA 01867$1,540,170
Cigniti Technologies INCConsulting Services433 E LAS COLINAS BLVD STE 1300, Irving, TX 75039$892,777
MuleSoft IncIt Services50 Fremont St Suite 300, San Francisco, CA 94105$485,536
Gartner IncConsulting Services56 Top Gallant Road, Stamford, CT 06902$480,061
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$48,282,114
Investment Income
$36,025,019
Other Revenue
$0
Change in Net Assets
$20,626,032
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$25,786,468
Other Expenses$21,894,633
Grants and Similar Amounts Paid$16,000,000
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$13,516,334$2,560,898$0$16,077,232
Grants to Domestic Orgs$16,000,000--$16,000,000
Fees for Services Other$12,634,021$3,185,161$0$15,819,182
Information Technology$3,149,160$791,161$0$3,940,321
Other Employee Benefits$2,366,068$818,245$0$3,184,313
Current Officers, Directors, Trustees, and Key Employees$2,613,825$137,570$0$2,751,395
Payroll Taxes$1,774,992$185,769$0$1,960,761
Pension Plan Contributions$1,658,553$154,214$0$1,812,767
Fees for Services Accounting$0$501,798$0$501,798
Other Expenses$359,486$0$0$359,486
Fees for Services Legal$0$340,710$0$340,710
Travel$0$312,076$0$312,076
Office Expenses$0$229,758$0$229,758
Advertising$0$180,635$0$180,635
Insurance$0$118,189$0$118,189
Occupancy$0$76,198$0$76,198
Depreciation Depletion$0$16,280$0$16,280
Total Functional Expenses$54,072,439$9,608,662$0$63,681,101
International Activity

Grant and Assistance Recipients

RecipientLocationCategoryPurposeAmount
University System of Maryland FoundationAdelphi, MD501(c)(3)Program Support$16,000,000
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Fundraising Direct Expenses$0
Fundraising Gross Income$0
Gaming Direct Expenses$0
Gaming Gross Income$0
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
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
Yes
Conflict-of-interest policy
Yes
Audited financial statements prepared
Yes
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

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

“A copy of the form 990 will be provided to the organization's board members prior to filing with the irs.”

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

“Each director, principal officer and member of a committee with governing board delegated powers shall annually sign a statement which affirms such person: a. Has received a copy of the conflicts of interest policy, b. Has read and understands the policy, c. Has agreed to comply with the policy, and d. Understands the organization is charitable and in order to maintain its federal tax exemption it must engage primarily in activities which accomplish one or more of its tax exempt purposes.”

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

“The organization uses and outside consultant who works with the talent committee of the board to evaluate compensation levels in the region.”

FORM 990, Part VI, Section C, Line 19:

“The organization makes its governing documents, conflict of interest policy and financial statements available upon request.”

Filing and Contact Details

Filer

Filer Name
UMUC Ventures Inc
EIN
81-2898004
In Care Of
% WENDY COLBY
Phone
3019907898
Address
7315 Wisconsin Ave Suite 400, Bethesda, MD 20814

Signing Officer

Name
Wendy Colby
Title
CEO
Phone
3019907898
Signed
2021-05-14
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Wendy Colby
Formed
2016
Legal Domicile
Md
Voting Board Members
11
Independent Board Members
0
Employees
225
Volunteers
0

Preparer

Firm
Bdo USA Llp
Address
8401 GREENSBORO DRIVE 800, MCLEAN, VA 22102
Preparer
Marc Berger
Phone
7038930600
Supplemental Narrative

Additional Explanations

Form 990, Part I, Line 1 and Part III, Line 1 - Long Mission:

“UMUC VENTURES IS A SUPPORTING ORGANIZATION OF THE UNIVERSITY OF MARYLAND UNIVERSITY Global College (UMGC) [RECENTLY RENAMED UMGC - UNIVERSITY OF MARYLAND GLOBAL CAMPUS]. THE PURPOSE OF UMUC VENTURES IS THREEFOLD: - TO SUPPORT UMGC'S TRANSFORMATION INTO A FIRST-CLASS, MARKET-LEADING INNOVATION HUB AND THE HIGHER EDUCATION DESTINATION OF CHOICE FOR ADULT LEARNERS WISHING TO ADVANCE THEIR CAREERS. - TO CREATE A PLATFORM FROM WHICH ALL HIGHER EDUCATION, ESPECIALLY UNIVERSITY SYSTEM OF MARYLAND INSTITUTIONS, CAN LEVERAGE THE POTENTIAL OF BEST PRACTICES AND SCALE SERVICES COMMON TO THE DELIVERY OF HIGHER EDUCATION. - TO GENERATE AND CAPTURE ECONOMIC BENEFIT TO ENABLE UMGC TO INCREASE ITS CAPACITY TO DELIVER A LOW-COST, HIGH-VALUE OFFERING TO ITS STUDENTS.”

Form 990, Part XI, Line 9

“Effect of deconsolidation of heliocampus (9,659,888)”

Form 990 Part IX Line 11G

“Description:professional & other services total fees:10206050”

Form 990 Part IX Line 11G

“Description:consulting services total fees:5613132”

Financial Statement Notes

PART X, LINE 2:

“The organization accounts for uncertain tax positions in accordance with the provisions of asc 740-10, accounting for uncertainty in income taxes, which states that an organization must recognize the tax benefit associated with the tax positions taken for tax return purposes when it is more-likely-than-not that the position will be sustained. The organization believes that it has no unrecognized uncertain tax positions or any related penalties and interest to accrue as of june 30, 2020 and 2019.”

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IRS990/Desc0UMUC VENTURES PROVIDES INNOVATIVE TECHNOLOGY TRANSFORMATION SERVICES TO EDUCATIONAL ORGANIZATIONS, THE LARGEST BEING UMGC, THROUGH ITS OWN AND ITS SUBSIDIARIES, ACCELERED AND HELIOCAMPUS, CAPABILITIES UMUC VENTURES HAS PROVIDED A PLATFORM FOR THE DELIVERY OF EDUCATIONAL SERVICES THAT WILL SERVE THE NEEDS OF HIGHER EDUCATIONAL INSTITUTIONS. UMUCV SPECIALIZE IN IMPROVING THE TECHNOLOGY INFRASTRUCTURE, SOFTWARE AND FRAMEWORK OF EDUCATIONAL ORGANIZATIONS, ALLOWING THEM TO FOCUS ON THE PRODUCTION AND DELIVERY OF DISTANCE, AND ON-LINE LEARNING TO OVER 90,000 STUDENTS WORLDWIDE. UMUC VENTURES HELPS EDUCATIONAL INSTITUTION TRANSFORM THEMSELVES INTO EFFECTIVE, EFFICIENT AND WELL-INTEGRATED ORGANIZATIONS THAT ARE THEN ABLE TO FOCUS ON CONTENT DEVELOPMENT AND SERVICE DELIVERY.
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Document Assets

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Filings

Displayed year

2020 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$40,633,738
Liabilities
$4,291,231
Net assets
$36,342,507
Revenue
$84,307,133
Expenses
$63,681,101
Net income
$20,626,032
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$44.5$5.02$39.5$50.7$51.5$0.73
2023Detailed filing. Detailed filing data is available for this year.$43.4$3.42$39.9$40.1$40.1$0.03
2022Detailed filing. Detailed filing data is available for this year.$44.9$4.12$40.8$43.4$39.8$3.60
2021Detailed filing. Detailed filing data is available for this year.$44.1$3.76$40.3$47.7$44.2$3.49
2020Detailed filing. Detailed filing data is available for this year.$40.6$4.29$36.3$84.3$63.7$20.6
2019Detailed filing. Detailed filing data is available for this year.$30.2$4.18$26.0$44.8$36.1$8.70
2018Detailed filing. Detailed filing data is available for this year.$26.5$9.71$16.8$26.4$22.6$3.80
2017Detailed filing. Detailed filing data is available for this year.$13.2$0.20$13.0$0.00$2.01$2.01