Form 990 for tax year 2024
Filed by VIRGINIA COMMONWEALTH UNIVERSITY INTELLECTUAL PROPERTY FOUNDATION.
Totals
- Total revenue
- $3,946,392
- Total expenses
- $3,154,296
- Contributions and grants received
- $711,743
- Grants paid
- $0
- Program service revenue
- $3,197,659
- Investment income
- $36,990
- Other revenue
- $0
- Total assets, end of year
- $6,341,219
- Total liabilities, end of year
- $549,525
- Net assets or fund balances, end of year
- $5,791,694
- Program services expenses (Part IX)
- $2,968,655
- Management and general expenses
- $185,641
- Fundraising expenses
- $0
- Program service expenses (Part III)
- $2,968,655
Program services were 94.1% 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.
-
1d · Related organizations
$249,043
-
1e · Government grants (contributions)
$462,700
-
2a · Program service revenue: ROYALTY/LICENSE FEES
total $3,084,650 · related or exempt $3,084,650
-
2b · Program service revenue: PATENT COST REIMBURSED
total $113,009 · related or exempt $113,009
-
3 · Investment income
total $23,043 · excluded $23,043
-
7a · Gross sales of assets other than inventory
securities $13,947
-
7b · Less cost or other basis and sales expenses
securities $0
-
7c · Gain or loss
securities $13,947
-
7d · Net gain or loss
total $13,947 · excluded $13,947
Functional expenses
Part IX, the statement of functional expenses.
-
11a · Fees: management
total $194,522 · program services $155,618 · management and general $38,904
-
11c · Fees: accounting
total $69,618 · program services $35,180 · management and general $34,438
-
11f · Fees: investment management
total $44,256 · management and general $44,256
-
11g · Fees: other
total $108,573 · program services $108,573
-
12 · Advertising and promotion
total $90,175 · program services $90,175
-
13 · Office expenses
total $41,298 · program services $36,156 · management and general $5,142
-
16 · Occupancy
total $9,015 · program services $7,212 · management and general $1,803
-
19 · Conferences, conventions and meetings
total $46,270 · program services $11,888 · management and general $34,382
-
23 · Insurance
total $7,282 · management and general $7,282
-
24a · Other expenses: ROYALTY DISTRIBUTIONS
total $1,464,855 · program services $1,464,855
-
24b · Other expenses: PATENT DEVELOPMENT
total $711,878 · program services $711,878
-
24c · Other expenses: AWARDS
total $290,249 · program services $290,249
-
24d · Other expenses: TECH DEVELOPMENT COSTS
total $56,871 · program services $56,871
-
24e · All other expenses
total $19,434 · management and general $19,434
Balance sheet
Part X, book values.
-
1 · Cash, non-interest-bearing
beginning of year $903,380 · end of year $1,026,143
-
3 · Pledges and grants receivable
end of year $150,270
-
4 · Accounts receivable
beginning of year $740,275 · end of year $983,723
-
9 · Prepaid expenses and deferred charges
beginning of year $7,285 · end of year $7,506
-
10a · Land, buildings and equipment: cost or other basis
$21,360
-
10b · Land, buildings and equipment: accumulated depreciation
$21,360
-
10c · Land, buildings and equipment, net
beginning of year $0 · end of year $0
-
12 · Investments: other securities
beginning of year $3,744,539 · end of year $4,173,577
-
17 · Accounts payable and accrued expenses
beginning of year $832,290 · end of year $549,525
-
27 · Net assets without donor restrictions
beginning of year $4,563,189 · end of year $5,791,694
Mission and programs · 2024
Mission
THE FOUNDATION DETERMINES THE PATENTABILITY AND OBTAINS PATENTS ON VIRGINIA COMMONWEALTH UNIVERSITY (VCU) INVENTIONS AND MARKETS AND LICENSES SUCH INVENTIONS TO COMMERICAL ENTITIES. THE FOUNDATION'S ACTIVITIES PROMOTE RESEARCH EFFORTS AT THE SCHOOL AND RESULTING ROYALTIES PROVIDE ECONOMIC SUPPORT FOR THE UNIVERSITY. THE FOUNDATION ALSO PROVIDES PATENT AND LICENSING CLINICS FOR VCU STUDENTS AND EMPLOYED APPROXIMATELY 1 VCU STUDENT AS AN INTERN OR PART-TIME EMPLOYEE.
Activities or mission (Part I)
VIRIGNIA COMMONWEALTH UNIVERSITY INTELLECTUAL PROPERTY FOUNDATION'S MISSION IS TO FOSTER A CULTURE OF INNOVATION AT VIRGINIA COMMONWEALTH UNIVERSITY (VCU) AND TO PROTECT AND COMMERCIALIZE INVENTIONS CREATED BY THE VCU RESEARCH ENTERPRISE FOR THE BENEFIT OF SOCIETY.
-
TO PROTECT AND COMMERCIALIZE VCU TECHNOLOGIES THROUGH PATENTING AND LICENSING. DURING THE FISCAL YEAR ENDED JUNE 30, 2024, THE VIRGINIA COMMONWEALTH UNIVERSITY INTELLECTUAL PROPERTY FOUNDATION HAD - 1110 NEW INVENTION DISCLOSURES BY VCU INVENTORS - 171 PATENT APPLICATIONS FILED - 20 PATENTS ISSUED - 27 LICENSES AND OPTIONS - 17 PROOF-OF-CONCEPT GRANTS - 17 START-UP LICENSES AND 8 NEW VENTURES.
Expenses $2,968,655 · Revenue $3,197,659
As filed on the 2024 return. The filer continues this part on Schedule O, which is not shown here.
Listed in Part VII
-
Dr Ivelina S MetchevaDR IVELINA S METCHEVA
PRESIDENT
- Total calculated
- $250,801
- From this org
- $0
- From related orgs
- $213,931
- Other
- $36,870
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $0 + $213,931 related
- Bonus
- $0
- Other
- $0
- Deferred
- $0
- Nontaxable benefits
- $0 + $36,870 related
- Filer's total
- $0 + $250,801 related
-
Andrew WhiteANDREW WHITE
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
Mr Spencer WilliamsonMR SPENCER WILLIAMSON
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
P Srirama RaoP SRIRAMA RAO
EX-OFFICIO
- Total calculated
- $0
- Hours/week
- 1
-
Dr Dales JonesDR DALES JONES
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
Dr Reinhold BrandDR REINHOLD BRAND
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
Richard PellegrinoRICHARD PELLEGRINO
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
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
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.
-
VIRGINIA COMMMONWEALTH UNIVERSITY
SECTION 170(B)(1)(A) · PROMOTE & AID SCIENTIFIC INVESTIGATION & RESEARCH AT VCU. · VA
Provenance
- Return type
- form_990
- Tax year
- 2024
- Filed
- 13 January 2026
- IRS schema version
- 2024v5.5
- Source object
- 202620139349302417
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