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Nonprofiteer
← VIRGINIA TECH INNOVATIONS CORPORATION

Form 990 for tax year 2024

Filed by VIRGINIA TECH INNOVATIONS CORPORATION.

Totals

Total revenue
$858,014
Total expenses
$806,484
Contributions and grants received
$428,713
Grants paid
$332,123
Program service revenue
$416,652
Investment income
$0
Other revenue
$12,649
Total assets, end of year
$314,801
Total liabilities, end of year
$176,713
Net assets or fund balances, end of year
$138,088
Program services expenses (Part IX)
$704,891
Management and general expenses
$101,593
Fundraising expenses
$0
Program service expenses (Part III)
$704,891

Program services were 87.4% 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.

  • 1f · All other contributions, gifts and grants

    $428,713

  • 2a · Program service revenue: SERVICES

    total $416,652 · related or exempt $416,652

  • 11a · Other revenue: OTHER INCOME, NET

    total $12,649 · excluded $12,649

  • 11e · Other revenue, total

    $12,649

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $332,123 · program services $332,123

  • 7 · Other salaries and wages

    total $23,990 · management and general $23,990

  • 11b · Fees: legal

    total $650 · management and general $650

  • 11c · Fees: accounting

    total $30,752 · management and general $30,752

  • 13 · Office expenses

    total $814 · management and general $814

  • 16 · Occupancy

    total $1,366 · program services $1,366

  • 23 · Insurance

    total $4,512 · management and general $4,512

  • 24a · Other expenses: MANAGEMENT SERVICES EXP

    total $367,876 · program services $367,876

  • 24b · Other expenses: FOREIGN CURRENCY LOSS

    total $23,257 · management and general $23,257

  • 24c · Other expenses: MISCELLANEOUS EXPENSE

    total $16,333 · management and general $16,333

  • 24d · Other expenses: CONTRACT SERVICES

    total $3,526 · program services $3,526

  • 24e · All other expenses

    total $1,285 · management and general $1,285

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $120,041 · end of year $127,089

  • 4 · Accounts receivable

    beginning of year $151,120 · end of year $95,939

  • 9 · Prepaid expenses and deferred charges

    beginning of year $2,253 · end of year $2,296

  • 15 · Other assets

    beginning of year $255,002 · end of year $89,477

  • 17 · Accounts payable and accrued expenses

    beginning of year $174,531 · end of year $116,158

  • 25 · Other liabilities

    beginning of year $267,327 · end of year $60,555

  • 29 · Capital stock, trust principal or current funds

    beginning of year $0 · end of year $0

  • 30 · Paid-in or capital surplus, or land, building or equipment fund

    beginning of year $0 · end of year $0

  • 31 · Retained earnings, endowment or other funds

    beginning of year $86,558 · end of year $138,088

Mission and programs · 2024

Mission

TO SUPPORT INNOVATIVE APPLICATIONS OF SCIENCE AND TECHNOLOGY AND PROVIDE TECHNICAL ASSISTANCE TO ENHANCE GLOBAL COMPETITIVENESS.

  • AET GLOBAL, LLC (AET) IS PROVIDING IN-COUNTRY CONTRACTUAL PROCUREMENT SERVICES IN BANGLADESH FOR A FOUR YEAR GRANT RESEARCH PROJECT RECEIVED BY VIRGINIA TECH.

    Expenses $372,768 · Revenue $413,422

  • VIRGINIA TECH RESEARCH CONTRACTING SERVICES, LLC (VTRCS) CONTRACTS AND ADMINISTERS EXTERNAL RESEARCH GRANTS WITH PRIVATE CORPORATIONS AND SUBCONTRACTS THE RESEARCH WORK TO VIRGINIA TECH.

    Expenses $332,123 · Grants $332,123 · Revenue $3,230

As filed on the 2024 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

  • AMY SEBRING

    CHAIR

    Total calculated
    $737,943
    From this org
    $0
    From related orgs
    $576,650
    Other
    $161,293
    Hours/week
    2 + 38 related

    Schedule J breakdown matched by us

    Base
    $0 + $573,589 related
    Bonus
    $0
    Other
    $0 + $3,061 related
    Deferred
    $0 + $119,889 related
    Nontaxable benefits
    $0 + $41,404 related
    Filer's total
    $0 + $737,943 related

  • DR CYRIL R CLARKE

    BOARD MEMBER

    Total calculated
    $757,908
    From this org
    $0
    From related orgs
    $617,216
    Other
    $140,692
    Hours/week
    2 + 38 related

    Schedule J breakdown matched by us

    Base
    $0 + $599,583 related
    Bonus
    $0
    Other
    $0 + $17,633 related
    Deferred
    $0 + $109,527 related
    Nontaxable benefits
    $0 + $31,165 related
    Filer's total
    $0 + $757,908 related

  • DR DIANZHI DANIEL SUI

    BOARD MEMBER

    Total calculated
    $565,539
    From this org
    $0
    From related orgs
    $501,647
    Other
    $63,892
    Hours/week
    2 + 38 related

    Schedule J breakdown matched by us

    Base
    $0 + $496,647 related
    Bonus
    $0
    Other
    $0 + $5,000 related
    Deferred
    $0 + $42,427 related
    Nontaxable benefits
    $0 + $21,465 related
    Filer's total
    $0 + $565,539 related

  • SIMON PM ALLEN

    SECRETARY/TREASURER

    Total calculated
    $358,262
    From this org
    $0
    From related orgs
    $315,046
    Other
    $43,216
    Hours/week
    2 + 38 related

    Schedule J breakdown matched by us

    Base
    $0 + $268,574 related
    Bonus
    $0 + $45,000 related
    Other
    $0 + $1,472 related
    Deferred
    $0 + $23,126 related
    Nontaxable benefits
    $0 + $20,090 related
    Filer's total
    $0 + $358,262 related

  • DR GURUPRASAD GHOSH

    BOARD MEMBER

    Total calculated
    $451,474
    From this org
    $0
    From related orgs
    $369,748
    Other
    $81,726
    Hours/week
    2 + 38 related

    Schedule J breakdown matched by us

    Base
    $0 + $367,824 related
    Bonus
    $0
    Other
    $0 + $1,924 related
    Deferred
    $0 + $48,425 related
    Nontaxable benefits
    $0 + $33,301 related
    Filer's total
    $0 + $451,474 related

  • JEFF EARLEY

    BOARD MEMBER

    Total calculated
    $337,283
    From this org
    $0
    From related orgs
    $269,561
    Other
    $67,722
    Hours/week
    2 + 38 related

    Schedule J breakdown matched by us

    Base
    $0 + $268,188 related
    Bonus
    $0
    Other
    $0 + $1,373 related
    Deferred
    $0 + $36,795 related
    Nontaxable benefits
    $0 + $30,927 related
    Filer's total
    $0 + $337,283 related

  • JUSTICE ELIZABETH A MCCLANAHAN

    SECRETARY/TREASURER

    Total calculated
    $0
    Hours/week
    2 + 38 related

  • DR JAMES RANDY HEFLIN

    CO-MANAGER VT-RCS

    Total calculated
    $364,588
    From this org
    $0
    From related orgs
    $304,054
    Other
    $60,534
    Hours/week
    2 + 38 related

    Schedule J breakdown matched by us

    Base
    $0 + $299,975 related
    Bonus
    $0
    Other
    $0 + $4,079 related
    Deferred
    $0 + $29,402 related
    Nontaxable benefits
    $0 + $31,132 related
    Filer's total
    $0 + $364,588 related

  • DR THOMAS ARCHIBALD

    PRESIDENT AET GLOBAL

    Total calculated
    $215,442
    From this org
    $0
    From related orgs
    $164,338
    Other
    $51,104
    Hours/week
    2 + 38 related

    Schedule J breakdown matched by us

    Base
    $0 + $163,994 related
    Bonus
    $0
    Other
    $0 + $344 related
    Deferred
    $0 + $22,674 related
    Nontaxable benefits
    $0 + $28,430 related
    Filer's total
    $0 + $215,442 related

  • LISA GREINER

    ASST TREASURER AET GLOBAL

    Total calculated
    $146,785
    From this org
    $0
    From related orgs
    $118,303
    Other
    $28,482
    Hours/week
    2 + 38 related

  • SAMANTHA MAHDU

    TREASURER AET GLOBAL

    Total calculated
    $128,050
    From this org
    $0
    From related orgs
    $92,264
    Other
    $35,786
    Hours/week
    2 + 38 related

  • MELINDA WEST

    TREASURER VT-RCS

    Total calculated
    $350,732
    From this org
    $0
    From related orgs
    $287,797
    Other
    $62,935
    Hours/week
    2 + 38 related

    Schedule J breakdown matched by us

    Base
    $0 + $285,042 related
    Bonus
    $0
    Other
    $0 + $2,755 related
    Deferred
    $0 + $39,190 related
    Nontaxable benefits
    $0 + $23,745 related
    Filer's total
    $0 + $350,732 related

  • DANIEL COCKRUM

    SECRETARY VT-RCS

    Total calculated
    $221,503
    From this org
    $0
    From related orgs
    $184,563
    Other
    $36,940
    Hours/week
    2 + 38 related

    Schedule J breakdown matched by us

    Base
    $0 + $164,247 related
    Bonus
    $0
    Other
    $0 + $20,316 related
    Deferred
    $0 + $24,098 related
    Nontaxable benefits
    $0 + $12,842 related
    Filer's total
    $0 + $221,503 related

  • LINDA DUFFY

    PRESIDENT VT-RCS

    Total calculated
    $138,633
    From this org
    $0
    From related orgs
    $124,511
    Other
    $14,122
    Hours/week
    2 + 38 related

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

  • 4b · Supplemental nonqualified retirement plan

Answered no

  • 4a · Severance or change-of-control payment
  • 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

The filer's explanations (Part III)

PART I, LINE 4B
DESCRIPTION OF THE TERMS AND CONDITIONS OF THE ARRANGEMENT: VIRGINIA POLYTECHNIC INSTITUTE AND STATE UNIVERSITY (THE "UNIVERSITY"), A RELATED ORGANIZATION OF VIRGINIA TECH INNOVATIONS CORPORATION, PROVIDES DEFERRED COMPENSATION INTO A SUPPLEMENTAL NONQUALIFIED 415M RETIREMENT PLAN FOR CERTAIN EMPLOYEES. AMOUNTS ARE DISTRIBUTABLE TO THE EMPLOYEE IN THE 7TH MONTH AFTER SEPARATION FROM THE UNIVERSITY. NAMES OF LISTED PERSONS PAID AND AMOUNTS PAID DURING THE YEAR: - DR. CYRIL R. CLARKE - CONTRIBUTIONS MADE BY THE UNIVERSITY: $8,192.50

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

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.

  • AET GLOBAL LLC

    AGRICULTURAL EDUCATION · VA · income $424,374 · assets $10,555

  • VT RESEARCH CONTRACTING SERVICES LLC

    RESEARCH CONTRACTING · VA · income $410,383 · assets $214,772

Provenance

Return type
form_990
Tax year
2024
Filed
27 April 2026
IRS schema version
2024v5.5
Source object
202621199349301212

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

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