Skip to content
Nonprofiteer
← UNIVERSITY OF VIRGINIA LICENSING & VENTURES GROUP

Form 990 for tax year 2022

Filed by UNIVERSITY OF VIRGINIA LICENSING & VENTURES GROUP.

Totals

Total revenue
$9,568,923
Total expenses
$9,563,970
Contributions and grants received
$0
Grants paid
$1,941,034
Program service revenue
$9,549,452
Investment income
$19,471
Other revenue
$0
Total assets, end of year
$19,920,463
Total liabilities, end of year
$18,415,207
Net assets or fund balances, end of year
$1,505,256
Program services expenses (Part IX)
$8,429,289
Management and general expenses
$1,134,681
Fundraising expenses
$0
Program service expenses (Part III)
$8,429,289

Program services were 88.1% of total expenses calculated — Part IX's program-services column over total expenses, both as filed.

Line items

Every line the filer filed in Parts VIII, IX and X, as filed and in filed order. Blank columns are left out, and the lines are not forced to add up to the totals above.

Revenue

Part VIII, the statement of revenue.

  • 2a · Program service revenue: IP SERVICES TO UVA

    total $5,172,822 · related or exempt $5,172,822

  • 2b · Program service revenue: LICENSE FEES & ROYALTI

    total $2,864,127 · related or exempt $2,864,127

  • 2c · Program service revenue: PATENT COSTS REIMBURSE

    total $1,471,273 · related or exempt $1,471,273

  • 2d · Program service revenue: EQUITY LIQUIDATIONS

    total $41,230 · related or exempt $41,230

  • 3 · Investment income

    total $19,471 · excluded $19,471

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $1,941,034 · program services $1,941,034

  • 5 · Compensation of officers, directors and key employees

    total $665,604 · program services $257,909 · management and general $407,695

  • 7 · Other salaries and wages

    total $1,437,493 · program services $1,242,626 · management and general $194,867

  • 8 · Pension plan contributions

    total $119,003 · program services $83,926 · management and general $35,077

  • 9 · Other employee benefits

    total $229,903 · program services $166,354 · management and general $63,549

  • 10 · Payroll taxes

    total $134,177 · program services $97,332 · management and general $36,845

  • 11b · Fees: legal

    total $102,010 · program services $96,910 · management and general $5,100

  • 11c · Fees: accounting

    total $83,129 · management and general $83,129

  • 11g · Fees: other

    total $29,148 · management and general $29,148

  • 12 · Advertising and promotion

    total $41,699 · program services $35,168 · management and general $6,531

  • 13 · Office expenses

    total $36,695 · program services $23,243 · management and general $13,452

  • 14 · Information technology

    total $126,458 · program services $80,115 · management and general $46,343

  • 15 · Royalties

    total $977,714 · program services $977,714

  • 16 · Occupancy

    total $266,272 · program services $168,692 · management and general $97,580

  • 19 · Conferences, conventions and meetings

    total $51,990 · program services $42,809 · management and general $9,181

  • 22 · Depreciation, depletion and amortization

    total $31,366 · program services $19,872 · management and general $11,494

  • 23 · Insurance

    total $33,735 · program services $22,265 · management and general $11,470

  • 24a · Other expenses: PATENT DEVELOPMENT COST

    total $3,023,887 · program services $3,023,887

  • 24b · Other expenses: CONSULTING FEES

    total $227,675 · program services $227,675

  • 24c · Other expenses: RECRUITMENT AND EMPLOYE

    total $78,997 · program services $0 · management and general $78,997

  • 24d · Other expenses: MISCELLANEOUS

    total $5,244 · program services $1,021 · management and general $4,223

  • 24e · All other expenses

    total -$79,263 · program services -$79,263

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $166 · end of year $166

  • 2 · Savings and temporary cash investments

    beginning of year $3,897,434 · end of year $2,544,352

  • 4 · Accounts receivable

    beginning of year $2,784,805 · end of year $1,701,004

  • 9 · Prepaid expenses and deferred charges

    beginning of year $183,747 · end of year $217,206

  • 10a · Land, buildings and equipment: cost or other basis

    $653,610

  • 10b · Land, buildings and equipment: accumulated depreciation

    $588,146

  • 10c · Land, buildings and equipment, net

    beginning of year $80,985 · end of year $65,464

  • 15 · Other assets

    beginning of year $14,167,078 · end of year $15,392,271

  • 17 · Accounts payable and accrued expenses

    beginning of year $1,063,334 · end of year $278,810

  • 25 · Other liabilities

    beginning of year $18,550,578 · end of year $18,136,397

  • 27 · Net assets without donor restrictions

    beginning of year $1,500,303 · end of year $1,505,256

Mission and programs · 2022

Mission

TO MAXIMIZE THE IMPACT OF UVA'S INNOVATION ASSETS VIA COMMERCIALIZATION, WHILE PROVIDING HIGH LEVELS OF CUSTOMER SERVICE, VALUE-ADDED BUSINESS DEVELOPMENT, NEW VENTURE CREATION, AND A FOCUS ON DRIVING QUALITY TRANSACTIONS.

Activities or mission (Part I)

THE PRINCIPAL ACTIVITY OF THE FOUNDATION IS TO SUPPORT THE UNIVERSITY'S 2030 PLAN TO BECOME A "GREAT AND GOOD UNIVERSITY AND TO "ENABLE DISCOVERIES THAT ENRICH AND IMPROVE LIVES" VIA COMMERCIALIZATION OF UNIVERSITY RESEARCH AND INTELLECTUAL PROPERTY. THIS ACTIVITY INCLUDES SUPPORTING THE UNIVERSITY'S INDUSTRY AND TRANSLATIONAL RESEARCH INITIATIVES; PERFORMING DUE-DILIGENCE ON SOLICITED AND DISCLOSED INTELLECTUAL PROPERTY; PREPARING AND FILING PATENT APPLICATIONS, COPYRIGHTS, AND TRADEMARKS; ENGAGING IN BUSINESS DEVELOPMENT; NEGOTIATING AND EXECUTING LICENSE AGREEMENTS; SUPPORTING NEW VENTURE CREATION; INVESTING IN UVA PORTFOLIO COMPANIES; MONITORING COMPLIANCE; AND DISTRIBUTING INCOME.

  • PATENTING: THE PATENTING DEPARTMENT PREPARES AND FILES PATENT APPLICATIONS. DURING THE FISCAL YEAR ENDED 2023, THE UNIVERSITY OF VIRGINIA PATENT FOUNDATION D/B/A UNIVERSITY OF VIRGINIA LICENSING AND VENTURES GROUP (LVG OR THE FOUNDATION) WAS AWARDED 46 U.S. PATENTS.

    Expenses $3,688,618 · Revenue $4,057,684

  • LICENSING: THE LICENSING DEPARTMENT EVALUATES, MARKETS, AND LICENSES INVENTIONS. DURING THE FISCAL YEAR ENDED 2023, LVG SOLICITED 150 INVENTION DISCLOSURES FROM UVA FACULTY, STAFF, AND STUDENT INVENTORS AND EXECUTED 67 COMMERCIAL TRANSACTIONS.

    Expenses $3,976,160 · Grants $1,941,034 · Revenue $5,491,768

  • NEW VENTURES: LVG PROVIDES RESOURCES AND EXPERTISE TO SUPPORT THE ENTREPRENEURIAL AND INVESTMENT PROCESS. DURING THE FISCAL YEAR ENDED 2023, LVG HELPED LAUNCH 3 NEW VENTURES. ADDITIONALLY, LVG MANAGES AN INNOVATION FUND, WHICH IS COMPRISED OF SEED FUNDING AND VENTURE FUNDING, IN COLLABORATION WITH THE UNIVERSITY OF VIRGINIA AND THE UNIVERSITY OF VIRGINIA HEALTH SYSTEM.

    Expenses $763,490

  • OTHER PROGRAM SERVICES: LVG PROVIDES A VARIETY OF OTHER PROGRAMS, GENERALLY AT THE REQUEST OF UVA.

    Expenses $1,021

As filed on the 2022 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

  • Michael Lenox

    DIRECTOR

    Total calculated
    $603,622
    From this org
    $0
    From related orgs
    $533,068
    Other
    $70,554
    Hours/week
    1 + 40 related

    Schedule J breakdown matched by us

    Base
    $0 + $461,244 related
    Bonus
    $0 + $71,000 related
    Other
    $0 + $824 related
    Deferred
    $0 + $36,536 related
    Nontaxable benefits
    $0 + $34,018 related
    Filer's total
    $0 + $603,622 related

  • Jennifer West

    DIRECTOR

    Total calculated
    $587,087
    From this org
    $0
    From related orgs
    $485,162
    Other
    $101,925
    Hours/week
    1 + 40 related

    Schedule J breakdown matched by us

    Base
    $0 + $471,443 related
    Bonus
    $0 + $11,000 related
    Other
    $0 + $2,719 related
    Deferred
    $0 + $72,748 related
    Nontaxable benefits
    $0 + $29,177 related
    Filer's total
    $0 + $587,087 related

  • Melur Ramasubramanian

    DIRECTOR

    Total calculated
    $502,140
    From this org
    $0
    From related orgs
    $443,435
    Other
    $58,705
    Hours/week
    1 + 40 related

    Schedule J breakdown matched by us

    Base
    $0 + $403,193 related
    Bonus
    $0 + $36,000 related
    Other
    $0 + $4,242 related
    Deferred
    $0 + $36,742 related
    Nontaxable benefits
    $0 + $21,963 related
    Filer's total
    $0 + $502,140 related

  • Peter Grant II

    CHAIR

    Total calculated
    $0
    Hours/week
    1

  • Erik Hewlett

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • John Lazo

    TREASURER

    Total calculated
    $0
    Hours/week
    1

  • John MacFarlane

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Paul Michel

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Ronald Newbold

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Kwame Ulmer

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Richard Chylla

    EXECUTIVE DIRECTOR

    Total calculated
    $391,901
    From this org
    $354,348
    From related orgs
    $0
    Other
    $37,553
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $334,348
    Bonus
    $20,000
    Other
    $0
    Deferred
    $14,733
    Nontaxable benefits
    $22,820
    Filer's total
    $391,901

  • Jill Simandl

    DIRECTOR OF FINANCE

    Total calculated
    $124,577
    From this org
    $110,154
    From related orgs
    $0
    Other
    $14,423
    Hours/week
    40

  • Robert Creeden

    DIRECTOR OF UVA LVG SEED FUND & NEW VENTURES

    Total calculated
    $288,084
    From this org
    $241,009
    From related orgs
    $0
    Other
    $47,075
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $234,009
    Bonus
    $7,000
    Other
    $0
    Deferred
    $24,119
    Nontaxable benefits
    $22,956
    Filer's total
    $288,084

  • Robert Decker

    SENIOR PATENT COUNSEL

    Total calculated
    $263,496
    From this org
    $210,886
    From related orgs
    $0
    Other
    $52,610
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $205,886
    Bonus
    $5,000
    Other
    $0
    Deferred
    $21,359
    Nontaxable benefits
    $31,251
    Filer's total
    $263,496

  • Joshua Mauldin

    DIRECTOR OF LICENSING

    Total calculated
    $183,362
    From this org
    $147,255
    From related orgs
    $0
    Other
    $36,107
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $142,755
    Bonus
    $4,500
    Other
    $0
    Deferred
    $15,071
    Nontaxable benefits
    $21,036
    Filer's total
    $183,362

Compensation is as filed in Part VII: reportable pay from this organization and from related organizations, other compensation, and hours per week. The total, marked calculated, is our sum of the three dollar columns, with a blank column counted as $0; the form itself has no total. On a Form 990-EZ the columns are Part IV's instead, and on a Form 990-PF Part VIII's — compensation, contributions to benefit plans, and expense account — and the total sums those. A Schedule J breakdown is as filed: base pay, bonus, other, deferred compensation and nontaxable benefits from this organization, with any from related organizations beside each, and the filer's own total. It is shown with the Part VII listing of the same name on the same return. The form gives no key between the two, so that pairing is ours, and is marked matched by us.

Schedule J

Answered yes

  • 3 · Written employment contract
  • 3 · Approval by the board or compensation committee

Answered no

  • 4a · Severance or change-of-control payment
  • 4b · Supplemental nonqualified retirement plan
  • 4c · Equity-based compensation arrangement
  • 5a · Pay contingent on this organization's revenues
  • 5b · Pay contingent on a related organization's revenues
  • 6a · Pay contingent on this organization's net earnings
  • 6b · Pay contingent on a related organization's net earnings
  • 7 · Other non-fixed payments
  • 8 · Paid under the initial-contract exception

Part I's answers as filed. A line not listed was left unanswered; on lines 1a and 3 that means the box was not checked.

Grants on this return

  • UNIVERSITY OF VIRGINIA

    $1,941,034

    THE FOUNDATION IS A SUPPORTING ORGANIZATION FOR THE UNIVERSITY OF VIRGINIA. THE AMOUNT OF CASH PAID TO THE UNIVERSITY FOR DISTRIBUTIONS OF ROYALITIES TO THE INNOVATION & SCHOLARLY ACTIVITIES FUND AND TO THE UNIVERSITY IS BASED ON THE AGREEMENT BETWEEN THE FOUNDATION AND THE UNIVERSITY OF VIRGINIA. THE PAYMENT DOES NOT INCLUDE ANY REFUND FOR OVERPAYMENT OF FEES FOR SERVICES RENDERED.

Related organizations on this return

Schedule R Part II: tax-exempt organizations related to the filer by control. It does not record shared board members or money.

Taxable family on this return

Schedule R Parts I, III and IV, as filed. These record ownership and control, not shared board members or money moved.

Disregarded entities

Part I: entities that legally are the filer and file no return of their own.

  • UVA APPS LLC

    LICENSING OF INTERNET APPLICATIONS · VA · income $0 · assets $4,434

    Directly controlled by UVA PATENT FOUNDATION

Provenance

Return type
form_990
Tax year
2022
Filed
20 December 2023
IRS schema version
2022v5.0
Source object
202333569349301023

Check it against the return as filed: the GivingTuesday Data Lake hosts a public copy of the original XML.

The source document this was parsed from is served over the API, which is where bulk and document access live.