Skip to content
Nonprofiteer
← VIRGINIA TECH INNOVATIONS CORPORATION

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 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 McClanahan

    SECRETARY-TREASURER

    Total calculated
    $0
    Hours/week
    2
  • Dr 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 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 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 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 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 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

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.