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← VIRGINIA TECH TRANSPORTATION ECONOMIC DEVELOPMENT INC

Form 990 for tax year 2022

Filed by VIRGINIA TECH TRANSPORTATION ECONOMIC DEVELOPMENT INC.

Totals

Total revenue
$4,508,119
Total expenses
$5,861,315
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$4,829,484
Investment income
-$379,630
Other revenue
$58,265
Total assets, end of year
$9,504,390
Total liabilities, end of year
$8,236,139
Net assets or fund balances, end of year
$1,268,251
Program services expenses (Part IX)
$5,587,695
Management and general expenses
$273,620
Fundraising expenses
$0
Program service expenses (Part III)
$5,587,695

Program services were 95.3% 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: TESTING, MODELING, RESEARCH

    total $4,829,484 · related or exempt $4,829,484

  • 7b · Less cost or other basis and sales expenses

    other assets $379,630

  • 7c · Gain or loss

    other assets -$379,630

  • 7d · Net gain or loss

    total -$379,630 · related or exempt -$379,630

  • 11a · Other revenue: OTHER REVENUE

    total $58,265 · related or exempt $58,265

  • 11e · Other revenue, total

    $58,265

Functional expenses

Part IX, the statement of functional expenses.

  • 5 · Compensation of officers, directors and key employees

    total $2,949,323 · program services $2,816,460 · management and general $132,863

  • 8 · Pension plan contributions

    total $306,674 · program services $292,071 · management and general $14,603

  • 9 · Other employee benefits

    total $332,210 · program services $288,878 · management and general $43,332

  • 10 · Payroll taxes

    total $189,765 · program services $172,514 · management and general $17,251

  • 11b · Fees: legal

    total $4,080 · program services $3,547 · management and general $533

  • 11c · Fees: accounting

    total $64,201 · program services $55,827 · management and general $8,374

  • 11g · Fees: other

    total $4,218 · program services $4,218

  • 12 · Advertising and promotion

    total $17,786 · program services $17,786

  • 13 · Office expenses

    total $67,109 · program services $57,043 · management and general $10,066

  • 16 · Occupancy

    total $231,027 · program services $210,025 · management and general $21,002

  • 17 · Travel

    total $52,952 · program services $52,952

  • 19 · Conferences, conventions and meetings

    total $20,656 · program services $20,656

  • 20 · Interest

    total $242,179 · program services $242,179

  • 22 · Depreciation, depletion and amortization

    total $813,401 · program services $813,401

  • 23 · Insurance

    total $145,649 · program services $123,802 · management and general $21,847

  • 24a · Other expenses: MATERIALS AND EQUIPMENT

    total $245,096 · program services $245,096

  • 24b · Other expenses: TEMPORARY HELP

    total $55,190 · program services $55,190

  • 24c · Other expenses: CUSTOMER RECRUITEMENT

    total $48,068 · program services $48,068

  • 24d · Other expenses: COST OF GOODS SOLD

    total $42,991 · program services $42,991

  • 24e · All other expenses

    total $28,740 · program services $24,991 · management and general $3,749

Balance sheet

Part X, book values.

  • 2 · Savings and temporary cash investments

    beginning of year $501,138 · end of year $183,891

  • 4 · Accounts receivable

    beginning of year $1,155,364 · end of year $891,148

  • 9 · Prepaid expenses and deferred charges

    beginning of year $123,685 · end of year $107,619

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

    $15,592,236

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

    $7,270,504

  • 10c · Land, buildings and equipment, net

    beginning of year $9,249,353 · end of year $8,321,732

  • 17 · Accounts payable and accrued expenses

    beginning of year $346,890 · end of year $383,977

  • 19 · Deferred revenue

    beginning of year $479,852 · end of year $119,511

  • 25 · Other liabilities

    beginning of year $7,723,445 · end of year $7,732,651

  • 27 · Net assets without donor restrictions

    beginning of year $2,479,353 · end of year $1,268,251

Mission and programs · 2022

Mission

VTTEDI BUILDS A BASE OF RESEARCH, ENGINEERING EDUCATION, ADVANCED TESTING, AND TECHNOLOGY TRANSFER THAT SIGNIFICANTLY IMPACTS INDUSTRIAL PRACTICE AND PRODUCTIVITY THROUGH THE DEVELOPMENT OF ADVANCED MATERIALS, INTELLIGENT TIRE TECHNOLOGIES AND VEHICLE DYNAMICS DATA ANALYSIS.

Activities or mission (Part I)

ECONOMIC DEVELOPMENT IN THE RURAL REGION OF SOUTHERN VIRGINIA.

  • VTTEDI BUILDS A BASE OF RESEARCH, ENGINEERING EDUCATION, ADVANCED TESTING, AND TECHNOLOGY TRANSFER THAT SIGNIFICANTLY IMPACTS INDUSTRIAL PRACTICE AND PRODUCTIVITY THROUGH THE DEVELOPMENT OF ADVANCED MATERIALS, INTELLIGENT TIRE TECHNOLOGIES AND VEHICLE DYNAMICS DATA ANALYSIS.VTTEDI CONTRIBUTES TO THE ECONOMIC DEVELOPMENT OF VIRGINIA SOUTHSIDE THROUGH CAREER OPPORTUNITIES FOR OVER 40 EMPLOYEES, SUPPORTING LOCAL BUSINESSES, AND ENGAGING LOCAL EDUCATIONAL AND NONPROFIT INSTITUTIONS. VTTEDI HAS CREATED INTERNSHIPS FOR DANVILLE COMMUNITY COLLEGE STUDENTS AND VIRGINIA TECH ENGINEERING STUDENTS. IN ADDITION, VTTEDI DEVELOPED CURRICULUM WITH PATRICK HENRY COMMUNITY COLLEGE RACING AND SUPPORTS THEIR ACTIVITIES WITH TOOLS, TESTING AND TRACK ASSISTANCE. VTTEDI ALSO SUPPORTS THE ACADEMY OF ENGINEERING TECHNOLOGY WHICH FOCUSES ON SOUTHSIDE HIGH SCHOOL STUDENTS. VTTEDI PROVIDES DEVELOPMENT AND DELIVERY OF SPECIALIZED RESEARCH, TIRE TESTING AND MODELING SERVICES TO GLOBAL CUSTOMERS AND SPONSORS. VTTEDI HAS BUILT HIGHLY SPECIALIZED FACILITES THAT PROVIDE STATE OF THE ART EQUIPMENT AND TECHNOLOGY FOR TIRE TESTING AND MODELING AND VEHICLE MODELING. COMPANIES FROM AROUND THE GLOBE TRAVEL TO ALTON, VA TO GET THE MOST ADVANCED SERVICES AND DATA FROM THE VTTEDI TEAM.

    Expenses $5,587,695 · Revenue $4,508,119

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

Listed in Part VII

  • DR DAN SUI

    PRESIDENT

    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

  • AMY SEBRING

    BOARD MEMBER

    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

  • 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

  • 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

  • JUSTICE ELIZABETH MCCLANAHAN

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    2 + 38 related

  • CHRISTINE ABSHER

    ASSISTANT TREASURER (VTT)

    Total calculated
    $168,982
    From this org
    $0
    From related orgs
    $124,348
    Other
    $44,634
    Hours/week
    10 + 30 related

    Schedule J breakdown matched by us

    Base
    $0 + $122,771 related
    Bonus
    $0 + $1,000 related
    Other
    $0 + $577 related
    Deferred
    $0 + $18,670 related
    Nontaxable benefits
    $0 + $25,964 related
    Filer's total
    $0 + $168,982 related

  • ZACHARY DOERZAPH

    PRESIDENT (VTT)

    Total calculated
    $379,204
    From this org
    $0
    From related orgs
    $315,672
    Other
    $63,532
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $0 + $313,972 related
    Bonus
    $0 + $1,000 related
    Other
    $0 + $700 related
    Deferred
    $0 + $32,979 related
    Nontaxable benefits
    $0 + $30,553 related
    Filer's total
    $0 + $379,204 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

  • 1a · First-class or charter travel
  • 1b · Written policy on the line-1a expenses
  • 2 · Substantiation required before reimbursing expenses
  • 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

The filer's explanations (Part III)

PART I, LINE 1A
FIRST-CLASS TRAVEL VTTEDI ALLOWS FOR AIR TRAVEL CLASS UPGRADES FOR BUSINESS INTERNATIONAL FLIGHTS FOR THE EXECUTIVE DIRECTOR, THE OPERATIONS DIRECTOR, AND THE TECHNICAL DIRECTOR. ALL INTERNATIONAL TRAVEL AND ANY UPGRADES FOR AIR TRAVEL ARE APPROVED IN ADVANCE BY SENIOR MANAGEMENT. TRAVEL WAS NOT TREATED AS TAXABLE COMPENSATION TO THE RECIPIENTS.

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

No itemized grants to organizations 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.

  • VTT LLC

    RESEARCH · VA

Provenance

Return type
form_990
Tax year
2022
Filed
15 May 2024
IRS schema version
2022v5.0
Source object
202421369349304282

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