Form 990 for tax year 2022
Filed by VIRGINIA TECH INNOVATIONS CORPORATION.
Totals
- Total revenue
- $754,122
- Total expenses
- $687,400
- Contributions and grants received
- $222,542
- Grants paid
- $222,542
- Program service revenue
- $425,096
- Investment income
- $6,484
- Other revenue
- $100,000
- Total assets, end of year
- $505,681
- Total liabilities, end of year
- $434,521
- Net assets or fund balances, end of year
- $71,160
- Program services expenses (Part IX)
- $239,474
- Management and general expenses
- $447,926
- Fundraising expenses
- $0
- Program service expenses (Part III)
- $239,474
Program services were 34.8% 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
$222,542
-
2a · Program service revenue: SERVICES
total $425,096 · related or exempt $425,096
-
3 · Investment income
total $6,484 · excluded $6,484
-
11a · Other revenue: IN KIND CONTRIBUTION
total $100,000 · related or exempt $100,000
-
11e · Other revenue, total
$100,000
Functional expenses
Part IX, the statement of functional expenses.
-
1 · Grants to domestic organizations and governments
total $222,542 · program services $222,542
-
7 · Other salaries and wages
total $23,039 · management and general $23,039
-
11b · Fees: legal
total $492 · management and general $492
-
11c · Fees: accounting
total $12,550 · management and general $12,550
-
13 · Office expenses
total $808 · management and general $808
-
23 · Insurance
total $2,630 · management and general $2,630
-
24a · Other expenses: MANAGEMENT SERVICES EXP
total $407,643 · management and general $407,643
-
24b · Other expenses: FOREIGN CURRENCY LOSS
total $10,523 · program services $10,523
-
24c · Other expenses: CONTRACT SERVICES
total $6,409 · program services $6,409
-
24d · Other expenses: BANK FEES
total $714 · management and general $714
-
24e · All other expenses
total $50 · management and general $50
Balance sheet
Part X, book values.
-
1 · Cash, non-interest-bearing
beginning of year $121,610 · end of year $148,234
-
4 · Accounts receivable
beginning of year $134,693 · end of year $143,253
-
9 · Prepaid expenses and deferred charges
end of year $2,041
-
15 · Other assets
beginning of year $25,269 · end of year $212,153
-
17 · Accounts payable and accrued expenses
beginning of year $72,856 · end of year $92,194
-
25 · Other liabilities
beginning of year $204,278 · end of year $342,327
-
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 $4,438 · end of year $71,160
Mission and programs · 2022
Mission
TO SUPPORT INNOVATIVE APPLICATIONS OF SCIENCE AND TECHNOLOGY AND PROVIDE TECHNICAL ASSISTANCE TO ENHANCE GLOBAL COMPETITIVENESS.
-
AET GLOBAL - ARICULTURE EDUCATION TRAINING - THE CATALYZING AFGHAN AGRICULTURAL INNOVATION (CAAI) PROJECT IS A FIVE YEAR COOPERATIVE AGREEMENT AWARDED BY THE UNITED STATES AGENCY FOR INTERNATIONAL DEVELOPMENT (USAID) ON MAY 28TH, 2018 TO PROVIDE ASSISTANCE AND SUPPORT AGRICULTURAL EDUCATION ACTIVITIES WORKING WITH TECHNICAL AND VOCATIONAL EDUCATION AND TRAINING AUTHORITY (TVET-A), MINISTRY OF HIGHER EDUCATION (MOHE), AND MINISTRY OF AGRICULTURE, IRRIGATION, AND LIVESTOCK (MAIL) IN FIVE PROVINCIAL AGRICULTURE UNIVERSITIES, AGRICULTURE AND VETERINARY INSTITUTES, AND AGRICULTURE HIGH SCHOOLS. DURING 2021, THESE AFGHANISTAN OPERATIONS BEGAN TO WIND DOWN. FOR 2023 AND 2022, OPERATIONS WERE MINIMAL AND ONLY RESIDUAL BALANCES ARE HELD BY THE REMAINING LEGAL ENTITY. DURING 2022, AET GLOBAL BEGAN SIMILAR OPERATIONS IN BANGLADESH. DURING 2023, VIRGINIA TECH RESEARCH CONTRACTING SERVICES, LLC (VTRCS) BEGAN OPERATIONS. THE ENTITY WAS ESTABLISHED AS A WAY FOR VTIC, AN ENTITY OF THE STATE, TO ENTER INTO CERTAIN RESEARCH PROJECTS.
Expenses $239,474 · Grants $222,542 · Revenue $525,096
As filed on the 2022 return. The filer continues this part on Schedule O, which is not shown here.
Listed in Part VII
-
Amy SebringAMY SEBRING
CHAIR
- Total calculated
- $178,577
- From this org
- $0
- From related orgs
- $164,717
- Other
- $13,860
- Hours/week
- 2 + 38 related
Schedule J breakdown matched by us
- Base
- $0 + $78,252 related
- Bonus
- $0 + $86,000 related
- Other
- $0 + $465 related
- Deferred
- $0 + $7,350 related
- Nontaxable benefits
- $0 + $6,510 related
- Filer's total
- $0 + $178,577 related
-
Justice Elizabeth A McClanahanJUSTICE ELIZABETH A MCCLANAHAN
SECRETARY-TREASURER
- Total calculated
- $0
- Hours/week
- 2
-
Dr Cyril R ClarkeDR CYRIL R CLARKE
BOARD MEMBER
- Total calculated
- $657,053
- From this org
- $0
- From related orgs
- $533,417
- Other
- $123,636
- Hours/week
- 2 + 38 related
Schedule J breakdown matched by us
- Base
- $0 + $524,443 related
- Bonus
- $0 + $1,000 related
- Other
- $0 + $7,974 related
- Deferred
- $0 + $94,956 related
- Nontaxable benefits
- $0 + $28,680 related
- Filer's total
- $0 + $657,053 related
-
Dr Dan SuiDR DAN SUI
BOARD MEMBER
- Total calculated
- $505,884
- From this org
- $0
- From related orgs
- $448,201
- Other
- $57,683
- Hours/week
- 2 + 38 related
Schedule J breakdown matched by us
- Base
- $0 + $442,734 related
- Bonus
- $0 + $1,000 related
- Other
- $0 + $4,467 related
- Deferred
- $0 + $37,786 related
- Nontaxable benefits
- $0 + $19,897 related
- Filer's total
- $0 + $505,884 related
-
Dr Guruprasad GhoshDR GURUPRASAD GHOSH
BOARD MEMBER
- Total calculated
- $408,076
- From this org
- $0
- From related orgs
- $331,065
- Other
- $77,011
- Hours/week
- 2 + 38 related
Schedule J breakdown matched by us
- Base
- $0 + $328,363 related
- Bonus
- $0 + $1,000 related
- Other
- $0 + $1,702 related
- Deferred
- $0 + $46,024 related
- Nontaxable benefits
- $0 + $30,987 related
- Filer's total
- $0 + $408,076 related
-
Scott MidkiffSCOTT MIDKIFF
BOARD MEMBER
- Total calculated
- $433,423
- From this org
- $0
- From related orgs
- $364,728
- Other
- $68,695
- Hours/week
- 2 + 38 related
Schedule J breakdown matched by us
- Base
- $0 + $353,614 related
- Bonus
- $0 + $1,000 related
- Other
- $0 + $10,114 related
- Deferred
- $0 + $37,166 related
- Nontaxable benefits
- $0 + $31,529 related
- Filer's total
- $0 + $433,423 related
-
Ken MillerKEN MILLER
BOARD MEMBER
- Total calculated
- $423,895
- From this org
- $0
- From related orgs
- $356,245
- Other
- $67,650
- Hours/week
- 2 + 38 related
Schedule J breakdown matched by us
- Base
- $0 + $345,430 related
- Bonus
- $0 + $1,000 related
- Other
- $0 + $9,815 related
- Deferred
- $0 + $50,133 related
- Nontaxable benefits
- $0 + $17,517 related
- Filer's total
- $0 + $423,895 related
-
Don HempsonDON HEMPSON
PRESIDENT AET GLOBAL
- Total calculated
- $220,942
- From this org
- $0
- From related orgs
- $191,063
- Other
- $29,879
- Hours/week
- 2 + 38 related
Schedule J breakdown matched by us
- Base
- $0 + $189,147 related
- Bonus
- $0 + $1,000 related
- Other
- $0 + $916 related
- Deferred
- $0 + $16,208 related
- Nontaxable benefits
- $0 + $13,671 related
- Filer's total
- $0 + $220,942 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
None.
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
-
VIRGINIA POLYTECHNIC INSTITUTE AND STATE UNIVERSITY
$222,542
PROJECT GRANTS
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.
-
VIRGINIA POLYTECHNIC INSTITUTE & STATE UNIVERSITY
115 · HIGHER EDUCATION · VA
-
VT SWISS SA
ADMINISTRATION · SZ
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
-
VT IT LLC
INFORMATION TECHNOLOGY · VA
-
VT RESEARCH CONTRACTING SERVICES LLC
RESEARCH CONTRACTING · VA
Provenance
- Return type
- form_990
- Tax year
- 2022
- Filed
- 15 May 2024
- IRS schema version
- 2022v5.0
- Source object
- 202411369349313676
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