VTIP INC: Form 990, tax year 2020

View the entire original 990 at ProPublica ↗

Organization: VTIP INC (EIN 54-1323858)
Tax period: 2020-07-01 to 2021-06-30
Filed: 2022-05-02
IRS object ID: 202211229349301936
Schema version: 2020v4.2
Source: Download XML · Original 990 at ProPublica

Every field in the e-filed return. Faint text is the IRS element name, for citing.

Return header
Form 990
Schedule A
Schedule B
Schedule D
Schedule I
Schedule J
Schedule O
Schedule R

Return header ReturnHeader

Field	Value	IRS element (for citing)
Return	2022-05-02T18:56:49-05:00	ReturnTs
Tax Period End	2021-06-30	TaxPeriodEndDt

Preparer Firm PreparerFirmGrp

Field	Value	IRS element (for citing)
Preparer Firm EIN	540504608	PreparerFirmEIN

Preparer Firm Name PreparerFirmName

Field	Value	IRS element (for citing)
Business Name Line1	BROWN EDWARDS & COMPANY LLP	BusinessNameLine1Txt

Preparer US Address PreparerUSAddress

Field	Value	IRS element (for citing)
Address Line1	319 MCCLANAHAN STREET SW	AddressLine1Txt
City	ROANOKE	CityNm
State Abbreviation	VA	StateAbbreviationCd
ZIP	24014	ZIPCd

Field	Value	IRS element (for citing)
Return Type	990	ReturnTypeCd
Tax Period Begin	2020-07-01	TaxPeriodBeginDt

Filer Filer

Field	Value	IRS element (for citing)
EIN	541323858	EIN

Business Name BusinessName

Field	Value	IRS element (for citing)
Business Name Line1	VIRGINIA TECH INTELLECTUAL PROPERTIES	BusinessNameLine1Txt
Business Name Line2	INC	BusinessNameLine2Txt

Field	Value	IRS element (for citing)
Business Name Control	VIRG	BusinessNameControlTxt
Phone	5409519694	PhoneNum

US Address USAddress

Field	Value	IRS element (for citing)
Address Line1	1311 RESEARCH CENTER DRIVE NO 205	AddressLine1Txt
City	BLACKSBURG	CityNm
State Abbreviation	VA	StateAbbreviationCd
ZIP	24061	ZIPCd

Business Officer BusinessOfficerGrp

Field	Value	IRS element (for citing)
Person	JUSTICE ELIZABETH A MCCLANAHAN	PersonNm
Person Title	SECRETARY/TREASURER	PersonTitleTxt
Phone	5409519694	PhoneNum
Signature	2022-03-23	SignatureDt
Discuss With Paid Preparer	Yes (1)	DiscussWithPaidPreparerInd

Signing Officer SigningOfficerGrp

Person Full Name PersonFullName

Field	Value	IRS element (for citing)
Person First	JUSTICE	PersonFirstNm
Person Last	ELIZABETH A MCCLANAH	PersonLastNm

Field	Value	IRS element (for citing)
SSN	999009999	SSN

Preparer Person PreparerPersonGrp

Field	Value	IRS element (for citing)
Preparer Person	JEFFREY G BARBOUR	PreparerPersonNm
PTIN	P01331383	PTIN
Phone	5403450936	PhoneNum
Preparation	2022-03-23	PreparationDt

Additional Filer Information AdditionalFilerInformation

Trusted Customer TrustedCustomerGrp

Field	Value	IRS element (for citing)
Trusted Customer	2	TrustedCustomerCd
Authentication Assurance Level	AAL1	AuthenticationAssuranceLevelCd
Identity Assurance Level	IAL1	IdentityAssuranceLevelCd

Field	Value	IRS element (for citing)
Tax	2020	TaxYr
Build TS	2022-09-23 18:48:47Z	BuildTS

Form 990 IRS990

Field	Value	IRS element (for citing)
Principal Officer	JUSTICE ELIZABETH A MCCL	PrincipalOfficerNm

US Address USAddress

Field	Value	IRS element (for citing)
Address Line1	1311 RESEARCH CENTER DRIVE NO 2057	AddressLine1Txt
City	BLACKSBURG	CityNm
State Abbreviation	VA	StateAbbreviationCd
ZIP	24061	ZIPCd

Field	Value	IRS element (for citing)
Gross Receipts	$3,037,241	GrossReceiptsAmt
Group Return For Affiliates	0	GroupReturnForAffiliatesInd
Organization501c3	Yes (X)	Organization501c3Ind
Website Address	WWW.VTIP.ORG	WebsiteAddressTxt
Type Of Organization Corp	Yes (X)	TypeOfOrganizationCorpInd
Formation	1985	FormationYr
Legal Domicile State	VA	LegalDomicileStateCd
Activity Or Mission	THE ORGANIZATION'S MISSION IS TO PROMOTE SCIENTIFIC RESEARCH BY THE FACULTY, STAFF, AND STUDENTS SOLELY FOR THE BENEFIT OF VIRGINIA POLYTECHNIC INSTITUTE AND STATE UNIVERSITY.	ActivityOrMissionDesc
Voting Members Governing Body	14	VotingMembersGoverningBodyCnt
Voting Members Independent	11	VotingMembersIndependentCnt
Total Employee	3	TotalEmployeeCnt
Total Volunteers	0	TotalVolunteersCnt
Total Gross UBI	$0	TotalGrossUBIAmt
Net Unrelated Bus Txbl Incm	$0	NetUnrelatedBusTxblIncmAmt
PY Contributions Grants	$766,321	PYContributionsGrantsAmt
CY Contributions Grants	$651,409	CYContributionsGrantsAmt
PY Program Service Revenue	$2,102,982	PYProgramServiceRevenueAmt
CY Program Service Revenue	$2,367,101	CYProgramServiceRevenueAmt
PY Investment Income	$18,549	PYInvestmentIncomeAmt
CY Investment Income	$18,731	CYInvestmentIncomeAmt
PY Other Revenue	$0	PYOtherRevenueAmt
CY Other Revenue	$0	CYOtherRevenueAmt
PY Total Revenue	$2,887,852	PYTotalRevenueAmt
CY Total Revenue	$3,037,241	CYTotalRevenueAmt
PY Grants And Similar Paid	$766,321	PYGrantsAndSimilarPaidAmt
CY Grants And Similar Paid	$651,409	CYGrantsAndSimilarPaidAmt
PY Benefits Paid To Members	$0	PYBenefitsPaidToMembersAmt
CY Benefits Paid To Members	$0	CYBenefitsPaidToMembersAmt
PY Salaries Comp Emp Bnft Paid	$177,178	PYSalariesCompEmpBnftPaidAmt
CY Salaries Comp Emp Bnft Paid	$162,555	CYSalariesCompEmpBnftPaidAmt
PY Total Prof Fndrsng Expns	$0	PYTotalProfFndrsngExpnsAmt
CY Total Prof Fndrsng Expns	$0	CYTotalProfFndrsngExpnsAmt
CY Total Fundraising Expense	$0	CYTotalFundraisingExpenseAmt
PY Other Expenses	$1,866,098	PYOtherExpensesAmt
CY Other Expenses	$1,929,218	CYOtherExpensesAmt
PY Total Expenses	$2,809,597	PYTotalExpensesAmt
CY Total Expenses	$2,743,182	CYTotalExpensesAmt
PY Revenues Less Expenses	$78,255	PYRevenuesLessExpensesAmt
CY Revenues Less Expenses	$294,059	CYRevenuesLessExpensesAmt
Total Assets BOY	$1,734,504	TotalAssetsBOYAmt
Total Assets EOY	$2,147,885	TotalAssetsEOYAmt
Total Liabilities BOY	$1,352,727	TotalLiabilitiesBOYAmt
Total Liabilities EOY	$1,402,883	TotalLiabilitiesEOYAmt
Net Assets Or Fund Balances BOY	$381,777	NetAssetsOrFundBalancesBOYAmt
Net Assets Or Fund Balances EOY	$745,002	NetAssetsOrFundBalancesEOYAmt
Mission	TO PROMOTE, ENCOURAGE, AND MARKET SCIENTIFIC RESEARCH BY THE FACULTY, STAFF AND STUDENTS SOLELY FOR THE BENEFIT OF VIRGINIA POLYTECHNIC INSTITUTE AND STATE UNIVERSITY (VIRGINIA TECH).	MissionDesc
Significant New Program Srvc	0	SignificantNewProgramSrvcInd
Significant Change	0	SignificantChangeInd
Expense	$2,466,748	ExpenseAmt
Grant	$651,409	GrantAmt
Revenue	$2,367,101	RevenueAmt
Desc	THE COMPANY MANAGED AND MARKETED ALL INTELLECTUAL PROPERTIES (I.E. PRODUCTS AND PROCESSES WHICH MAY BE PROTECTED BY EITHER A PATENT, TRADEMARK, COPYRIGHT, OR TRADE SECRET) DEVELOPED BY FACULTY, STAFF, OR STUDENTS OF VIRGINIA POLYTECHNIC INSTITUTE AND STATE UNIVERSITY (VIRGINIA TECH).	Desc
Total Program Service Expenses	$2,466,748	TotalProgramServiceExpensesAmt
Described In Section501c3	Yes (1)	DescribedInSection501c3Ind
Schedule B Required	Yes (1)	ScheduleBRequiredInd
Political Campaign Acty	0	PoliticalCampaignActyInd
Lobbying Activities	0	LobbyingActivitiesInd
Subject To Proxy Tax	0	SubjectToProxyTaxInd
Donor Advised Fund	0	DonorAdvisedFundInd
Conservation Easements	0	ConservationEasementsInd
Collections Of Art	0	CollectionsOfArtInd
Credit Counseling	0	CreditCounselingInd
Donor Rstr Or Quasi Endowments	0	DonorRstrOrQuasiEndowmentsInd
Report Land Building Equipment	Yes (1)	ReportLandBuildingEquipmentInd
Report Investments Other Sec	Yes (1)	ReportInvestmentsOtherSecInd
Report Program Related Invst	0	ReportProgramRelatedInvstInd
Report Other Assets	0	ReportOtherAssetsInd
Report Other Liabilities	Yes (1)	ReportOtherLiabilitiesInd
Include FIN48 Footnote	Yes (1)	IncludeFIN48FootnoteInd
Independent Audit Fincl Stmt	Yes (1)	IndependentAuditFinclStmtInd
Consolidated Audit Fincl Stmt	0	ConsolidatedAuditFinclStmtInd
School Operating	0	SchoolOperatingInd
Foreign Office	0	ForeignOfficeInd
Foreign Activities	0	ForeignActivitiesInd
More Than5000 K To Org	0	MoreThan5000KToOrgInd
More Than5000 K To Individuals	0	MoreThan5000KToIndividualsInd
Professional Fundraising	0	ProfessionalFundraisingInd
Fundraising Activities	0	FundraisingActivitiesInd
Gaming Activities	0	GamingActivitiesInd
Operate Hospital	0	OperateHospitalInd
Grants To Organizations	Yes (1)	GrantsToOrganizationsInd
Grants To Individuals	0	GrantsToIndividualsInd
Schedule J Required	Yes (1)	ScheduleJRequiredInd
Tax Exempt Bonds	0	TaxExemptBondsInd
Engaged In Excess Benefit Trans	0	EngagedInExcessBenefitTransInd
PY Excess Benefit Trans	0	PYExcessBenefitTransInd
Loan Outstanding	0	LoanOutstandingInd
Grant To Related Person	0	GrantToRelatedPersonInd
Business Rln With Org Mem	0	BusinessRlnWithOrgMemInd
Business Rln With Fam Mem	0	BusinessRlnWithFamMemInd
Business Rln With35 Ctrl Ent	0	BusinessRlnWith35CtrlEntInd
Deductible Non Cash Contri	0	DeductibleNonCashContriInd
Deductible Art Contribution	0	DeductibleArtContributionInd
Terminate Operations	0	TerminateOperationsInd
Partial Liquidation	0	PartialLiquidationInd
Disregarded Entity	0	DisregardedEntityInd
Related Entity	Yes (1)	RelatedEntityInd
Related Organization Ctrl Ent	0	RelatedOrganizationCtrlEntInd
Trnsfr Exmpt Non Chrtbl Rltd Org	0	TrnsfrExmptNonChrtblRltdOrgInd
Activities Conducted Prtshp	0	ActivitiesConductedPrtshpInd
Schedule O Required	Yes (1)	ScheduleORequiredInd
IRP Document	112	IRPDocumentCnt
IRP Document W2 G	0	IRPDocumentW2GCnt
Backup Wthld Compliance	Yes (1)	BackupWthldComplianceInd
Employee	3	EmployeeCnt
Employment Tax Returns Filed	Yes (1)	EmploymentTaxReturnsFiledInd
Unrelated Bus Incm Over Limit	0	UnrelatedBusIncmOverLimitInd
Foreign Financial Account	0	ForeignFinancialAccountInd
Prohibited Tax Shelter Trans	0	ProhibitedTaxShelterTransInd
Taxable Party Notification	0	TaxablePartyNotificationInd
Nondeductible Contributions	0	NondeductibleContributionsInd
Quid Pro Quo Contributions	0	QuidProQuoContributionsInd
Form8282 Property Disposed Of	0	Form8282PropertyDisposedOfInd
Indoor Tanning Services	0	IndoorTanningServicesInd
Subj To Tax Rmnrtn Ex Prcht Pymt	0	SubjToTaxRmnrtnExPrchtPymtInd
Subject To Excs Tax Net Invst Inc	0	SubjectToExcsTaxNetInvstIncInd
Info In Schedule O Part VI	Yes (X)	InfoInScheduleOPartVIInd
Governing Body Voting Members	14	GoverningBodyVotingMembersCnt
Independent Voting Member	11	IndependentVotingMemberCnt
Family Or Business Rln	0	FamilyOrBusinessRlnInd
Delegation Of Mgmt Duties	0	DelegationOfMgmtDutiesInd
Change To Org Documents	0	ChangeToOrgDocumentsInd
Material Diversion Or Misuse	0	MaterialDiversionOrMisuseInd
Members Or Stockholders	0	MembersOrStockholdersInd
Election Of Board Members	0	ElectionOfBoardMembersInd
Decisions Subject To Approva	0	DecisionsSubjectToApprovaInd
Minutes Of Governing Body	Yes (1)	MinutesOfGoverningBodyInd
Minutes Of Committees	Yes (1)	MinutesOfCommitteesInd
Officer Mailing Address	0	OfficerMailingAddressInd
Local Chapters	0	LocalChaptersInd
Form990 Provided To Gvrn Body	0	Form990ProvidedToGvrnBodyInd
Conflict Of Interest Policy	Yes (1)	ConflictOfInterestPolicyInd
Annual Disclosure Covered Prsn	Yes (1)	AnnualDisclosureCoveredPrsnInd
Regular Monitoring Enfrc	Yes (1)	RegularMonitoringEnfrcInd
Whistleblower Policy	0	WhistleblowerPolicyInd
Document Retention Policy	Yes (1)	DocumentRetentionPolicyInd
Compensation Process CEO	Yes (1)	CompensationProcessCEOInd
Compensation Process Other	0	CompensationProcessOtherInd
Investment In Joint Venture	0	InvestmentInJointVentureInd
Upon Request	Yes (X)	UponRequestInd

Books In Care Of Detail BooksInCareOfDetail

Business Name BusinessName

Field	Value	IRS element (for citing)
Business Name Line1	MARGARET ROSE	BusinessNameLine1Txt

Field	Value	IRS element (for citing)
Phone	5402311231	PhoneNum

US Address USAddress

Field	Value	IRS element (for citing)
Address Line1	1311 RESEARCH CENTER DRIVE STE 2057	AddressLine1Txt
City	BLACKSBURG	CityNm
State Abbreviation	VA	StateAbbreviationCd
ZIP	24060	ZIPCd

Form990 Part VII Section A Form990PartVIISectionAGrp (14 entries)

TitleTitleTxt	Average Hours Per WeekAverageHoursPerWeekRt	Average Hours Per Week Rltd OrgAverageHoursPerWeekRltdOrgRt	Individual Trustee Or DirectorIndividualTrusteeOrDirectorInd	OfficerOfficerInd	Reportable Comp From OrgReportableCompFromOrgAmt	Reportable Comp From Rltd OrgReportableCompFromRltdOrgAmt	Other CompensationOtherCompensationAmt
DR DANIEL SUI
CHAIR	1.00	40.00	Yes (X)	Yes (X)	$0	$119,632	$8,182
JUSTICE ELIZABETH A MCCLANAHAN
SECRETARY/TREASURER	1.00		Yes (X)	Yes (X)	$0	$0	$0
DR X J MENG
DIRECTOR	1.00	40.00	Yes (X)		$0	$301,464	$59,098
KEN MILLER
DIRECTOR	1.00	40.00	Yes (X)		$0	$314,233	$58,676
DR BRETT MALONE
DIRECTOR	1.00		Yes (X)		$0	$0	$0
DR JOSEPH MEREDITH
DIRECTOR	1.00		Yes (X)		$0	$0	$0
JAMES RAMEY
DIRECTOR	1.00		Yes (X)		$0	$0	$0
ARTHUR SPIVY
DIRECTOR	1.00		Yes (X)		$0	$0	$0
ROBERT BERTIN
DIRECTOR	1.00		Yes (X)		$0	$0	$0
DR VINOD CHACHRA
DIRECTOR	1.00		Yes (X)		$0	$0	$0
NELSON CHU
DIRECTOR	1.00		Yes (X)		$0	$0	$0
CHINY DRISCOLL
DIRECTOR	1.00		Yes (X)		$0	$0	$0
JOHN NEWBY
DIRECTOR	1.00		Yes (X)		$0	$0	$0
DR JENNIFER REYNOLDS
DIRECTOR	1.00		Yes (X)		$0	$0	$0

Field	Value	IRS element (for citing)
Total Reportable Comp From Org	$0	TotalReportableCompFromOrgAmt
Tot Reportable Comp Rltd Org	$735,329	TotReportableCompRltdOrgAmt
Total Other Compensation	$125,956	TotalOtherCompensationAmt
Indiv Rcvd Greater Than100 K	0	IndivRcvdGreaterThan100KCnt
Former Ofcr Employees Listed	0	FormerOfcrEmployeesListedInd
Total Comp Greater Than150 K	Yes (1)	TotalCompGreaterThan150KInd
Compensation From Other Srcs	0	CompensationFromOtherSrcsInd

Contractor Compensation ContractorCompensationGrp (4 entries)

Address Line1ContractorAddress/USAddress/AddressLine1Txt	CityContractorAddress/USAddress/CityNm	State AbbreviationContractorAddress/USAddress/StateAbbreviationCd	ZIPContractorAddress/USAddress/ZIPCd	ServicesServicesDesc	CompensationCompensationAmt
THOMAS HORSTEMEYER LLP
3200 WINDY HILL RD SE STE 1600E	ATLANTA	GA	30339	LEGAL	$377,663
JOHNSON MARCOU & ISAACS LLC
PO BOX 691	HOSCHTON	GA	30548	LEGAL	$149,544
COMPUTER PACKAGES
11 N WASHINGTON STREET STE 300	ROCKVILLE	MD	20850	LEGAL	$139,477
BLANK ROME
1825 EYE STREET NW	WASHINGTON	DC	20006	LEGAL	$116,085

Field	Value	IRS element (for citing)
Cntrct Rcvd Greater Than100 K	4	CntrctRcvdGreaterThan100KCnt
Related Organizations	$651,409	RelatedOrganizationsAmt
Total Contributions	$651,409	TotalContributionsAmt

Program Service Revenue ProgramServiceRevenueGrp (3 entries)

DescDesc	BusinessBusinessCd	Total Revenue ColumnTotalRevenueColumnAmt	Related Or Exempt Func IncomeRelatedOrExemptFuncIncomeAmt
ROYALTY REVENUE	900099	$1,448,966	$1,448,966
REIMBURSEMENT OF PATEN	900099	$905,483	$905,483
TECH FEES	900099	$12,652	$12,652

Field	Value	IRS element (for citing)
Total Program Service Revenue	$2,367,101	TotalProgramServiceRevenueAmt

Investment Income InvestmentIncomeGrp

Field	Value	IRS element (for citing)
Total Revenue Column	$18,731	TotalRevenueColumnAmt
Exclusion	$18,731	ExclusionAmt

Total Revenue TotalRevenueGrp

Field	Value	IRS element (for citing)
Total Revenue Column	$3,037,241	TotalRevenueColumnAmt
Related Or Exempt Func Income	$2,367,101	RelatedOrExemptFuncIncomeAmt
Unrelated Business Revenue	$0	UnrelatedBusinessRevenueAmt
Exclusion	$18,731	ExclusionAmt

Grants To Domestic Orgs GrantsToDomesticOrgsGrp

Field	Value	IRS element (for citing)
Total	$651,409	TotalAmt
Program Services	$651,409	ProgramServicesAmt

Other Salaries And Wages OtherSalariesAndWagesGrp

Field	Value	IRS element (for citing)
Total	$125,644	TotalAmt
Management And General	$125,644	ManagementAndGeneralAmt

Pension Plan Contributions PensionPlanContributionsGrp

Field	Value	IRS element (for citing)
Total	$16,273	TotalAmt
Management And General	$16,273	ManagementAndGeneralAmt

Other Employee Benefits OtherEmployeeBenefitsGrp

Field	Value	IRS element (for citing)
Total	$10,063	TotalAmt
Management And General	$10,063	ManagementAndGeneralAmt

Payroll Taxes PayrollTaxesGrp

Field	Value	IRS element (for citing)
Total	$10,575	TotalAmt
Management And General	$10,575	ManagementAndGeneralAmt

Fees For Services Legal FeesForServicesLegalGrp

Field	Value	IRS element (for citing)
Total	$1,623	TotalAmt
Management And General	$1,623	ManagementAndGeneralAmt

Fees For Services Accounting FeesForServicesAccountingGrp

Field	Value	IRS element (for citing)
Total	$29,200	TotalAmt
Management And General	$29,200	ManagementAndGeneralAmt

Office Expenses OfficeExpensesGrp

Field	Value	IRS element (for citing)
Total	$9,055	TotalAmt
Management And General	$9,055	ManagementAndGeneralAmt

Occupancy OccupancyGrp

Field	Value	IRS element (for citing)
Total	$11,444	TotalAmt
Management And General	$11,444	ManagementAndGeneralAmt

Interest InterestGrp

Field	Value	IRS element (for citing)
Total	$5,800	TotalAmt
Management And General	$5,800	ManagementAndGeneralAmt

Depreciation Depletion DepreciationDepletionGrp

Field	Value	IRS element (for citing)
Total	$1,257	TotalAmt
Management And General	$1,257	ManagementAndGeneralAmt

Insurance InsuranceGrp

Field	Value	IRS element (for citing)
Total	$11,055	TotalAmt
Management And General	$11,055	ManagementAndGeneralAmt

Other Expenses OtherExpensesGrp (4 entries)

DescDesc	TotalTotalAmt	Program ServicesProgramServicesAmt	Management And GeneralManagementAndGeneralAmt
ROYALTY EXPENSE	$939,355	$939,355
PATENT & TRADEMARK EXPE	$875,984	$875,984
REPAIRS	$35,402		$35,402
BAD DEBT EXPENSE	$8,831		$8,831

All Other Expenses AllOtherExpensesGrp

Field	Value	IRS element (for citing)
Total	$212	TotalAmt
Management And General	$212	ManagementAndGeneralAmt

Total Functional Expenses TotalFunctionalExpensesGrp

Field	Value	IRS element (for citing)
Total	$2,743,182	TotalAmt
Program Services	$2,466,748	ProgramServicesAmt
Management And General	$276,434	ManagementAndGeneralAmt
Fundraising	$0	FundraisingAmt

Cash Non Interest Bearing CashNonInterestBearingGrp

Field	Value	IRS element (for citing)
BOY	$331,450	BOYAmt
EOY	$923,780	EOYAmt

Accounts Receivable AccountsReceivableGrp

Field	Value	IRS element (for citing)
BOY	$1,034,241	BOYAmt
EOY	$764,322	EOYAmt

Prepaid Expenses Defrd Charges PrepaidExpensesDefrdChargesGrp

Field	Value	IRS element (for citing)
BOY	$4,033	BOYAmt
EOY	$9,607	EOYAmt

Field	Value	IRS element (for citing)
Land Bldg Equip Cost Or Other Bss	$12,652	LandBldgEquipCostOrOtherBssAmt
Land Bldg Equip Accum Deprec	$10,453	LandBldgEquipAccumDeprecAmt

Land Bldg Equip Basis Net LandBldgEquipBasisNetGrp

Field	Value	IRS element (for citing)
BOY	$3,456	BOYAmt
EOY	$2,199	EOYAmt

Investments Other Securities InvestmentsOtherSecuritiesGrp

Field	Value	IRS element (for citing)
BOY	$361,324	BOYAmt
EOY	$447,977	EOYAmt

Total Assets TotalAssetsGrp

Field	Value	IRS element (for citing)
BOY	$1,734,504	BOYAmt
EOY	$2,147,885	EOYAmt

Accounts Payable Accr Expnss AccountsPayableAccrExpnssGrp

Field	Value	IRS element (for citing)
BOY	$852,727	BOYAmt
EOY	$902,883	EOYAmt

Other Liabilities OtherLiabilitiesGrp

Field	Value	IRS element (for citing)
BOY	$500,000	BOYAmt
EOY	$500,000	EOYAmt

Total Liabilities TotalLiabilitiesGrp

Field	Value	IRS element (for citing)
BOY	$1,352,727	BOYAmt
EOY	$1,402,883	EOYAmt

Field	Value	IRS element (for citing)
Organization Follows FASB117	Yes (X)	OrganizationFollowsFASB117Ind

No Donor Restriction Net Assets NoDonorRestrictionNetAssetsGrp

Field	Value	IRS element (for citing)
BOY	$381,777	BOYAmt
EOY	$745,002	EOYAmt

Total Net Assets Fund Balance TotalNetAssetsFundBalanceGrp

Field	Value	IRS element (for citing)
BOY	$381,777	BOYAmt
EOY	$745,002	EOYAmt

Tot Liab Net Assets Fund Balance TotLiabNetAssetsFundBalanceGrp

Field	Value	IRS element (for citing)
BOY	$1,734,504	BOYAmt
EOY	$2,147,885	EOYAmt

Field	Value	IRS element (for citing)
Reconcilation Revenue Expnss	$294,059	ReconcilationRevenueExpnssAmt
Net Unrlzd Gains Losses Invst	$69,166	NetUnrlzdGainsLossesInvstAmt
Other Changes In Net Assets	$0	OtherChangesInNetAssetsAmt
Info In Schedule O Part XII	Yes (X)	InfoInScheduleOPartXIIInd
Method Of Accounting Accrual	Yes (X)	MethodOfAccountingAccrualInd
Accountant Compile Or Review	0	AccountantCompileOrReviewInd
FS Audited	Yes (1)	FSAuditedInd

FS Audited Basis FSAuditedBasisGrp

Field	Value	IRS element (for citing)
Separate Basis Fincl Stmt	Yes (X)	SeparateBasisFinclStmtInd

Field	Value	IRS element (for citing)
Audit Committee	Yes (1)	AuditCommitteeInd
Federal Grant Audit Required	0	FederalGrantAuditRequiredInd

Schedule A IRS990ScheduleA

Field	Value	IRS element (for citing)
Supporting Organization509a3	Yes (X)	SupportingOrganization509a3Ind
Supporting Org Type3 Func Int	Yes (X)	SupportingOrgType3FuncIntInd
Supported Organizations	1	SupportedOrganizationsCnt

Supported Org Information SupportedOrgInformationGrp

Supported Organization Name SupportedOrganizationName

Field	Value	IRS element (for citing)
Business Name Line1	VIRGINIA POLYTECHNIC INSTITUTE AND STATE UNIVERSITY	BusinessNameLine1Txt

Field	Value	IRS element (for citing)
EIN	546001805	EIN
Organization Type	2	OrganizationTypeCd
Governing Document Listed	Yes (1)	GoverningDocumentListedInd
Support	$651,409	SupportAmt
Other Support	$0	OtherSupportAmt

Field	Value	IRS element (for citing)
Supported Organizations Total	1	SupportedOrganizationsTotalCnt
Support Sum	$651,409	SupportSumAmt
Other Support Sum	$0	OtherSupportSumAmt

Form990 Sch A Supporting Org Form990SchASupportingOrgGrp

Field	Value	IRS element (for citing)
Listed By Name Governing Doc	Yes (1)	ListedByNameGoverningDocInd
Suprt Org No IRS Determination	0	SuprtOrgNoIRSDeterminationInd
Supported Org Section C456	0	SupportedOrgSectionC456Ind
Supported Org Not Organized US	0	SupportedOrgNotOrganizedUSInd
Organization Change Suprt Org	0	OrganizationChangeSuprtOrgInd
Support Non Supported Org	0	SupportNonSupportedOrgInd
Payment Substantial Contribtr	0	PaymentSubstantialContribtrInd
Loan Disqualified Person	0	LoanDisqualifiedPersonInd
Controlled Disqualified Prsn	0	ControlledDisqualifiedPrsnInd
Disqualified Prsn Controll Int	0	DisqualifiedPrsnControllIntInd
Disqualified Prsn Ownr Int	0	DisqualifiedPrsnOwnrIntInd
Excess Business Holdings Rules	0	ExcessBusinessHoldingsRulesInd
Contribution Controller	0	ContributionControllerInd
Contribution Family	0	ContributionFamilyInd
Contribution35 Controlled	0	Contribution35ControlledInd

Form990 Sch A Type3 Sprt Org All Form990SchAType3SprtOrgAllGrp

Field	Value	IRS element (for citing)
Timely Provided Documents	Yes (1)	TimelyProvidedDocumentsInd
Officers Close Relationship	Yes (1)	OfficersCloseRelationshipInd
Supported Org Voice Investment	Yes (1)	SupportedOrgVoiceInvestmentInd

Form990 Sch A Type3 Func Int Form990SchAType3FuncIntGrp

Field	Value	IRS element (for citing)
Governmental Entity	Yes (X)	GovernmentalEntityInd

Form990 Schedule A Part VI Form990ScheduleAPartVIGrp (3 entries)

Form And Line ReferenceFormAndLineReferenceDesc	ExplanationExplanationTxt
PART 1, LINE 12G, COLUMN (VI):	THE EXPENSES BY VIRGINIA TECH INTELLECTUAL PROPERTIES, INC. THAT ARE REPORTED ON FORM 990, PART IX WERE EXPENDED TO PROVIDE SUPPORT AND MANAGEMENT TO ITS SUPPORTED ORGANIZATION, VIRGINIA POLYTECHNIC INSTITUTE AND STATE UNIVERSITY (VIRGINIA TECH).
PART IV, SECTION D, LINE 3:	BY LAWS: PAGE 2: ARTICLE VII, BOARD OF DIRECTORS PURSUANT TO VIRGINIA TECH INTELLECTUAL PROPERTIES, INC. BYLAWS, THE SUPPORTED ORGANIZATION, VIRGINIA POLYTECHNIC INSTITUTE AND STATE UNIVERSITY, HAS THE POWER TO APPOINT AND REMOVE THE MAJORITY OF THE BOARD OF VIRGINIA TECH INTELLECTUAL PROPERTIES, INC. (VTIP). BECAUSE OF THIS GOVERNANCE STRUCTURE, VIRGINIA POLYTECHNIC INSTITUTE AND STATE UNIVERSITY IS ABLE TO HAVE A SIGNIGICANT VOICE IN THE ORGANIZATION AND IN DIRECTING THE USE OF THE INCOME AND ASSETS OF VTIP.
PART IV, SECTION E, LINE 1	VIRGINIA TECH INTELLECTUAL PROPERTIES, INC. SUPPORTS VIRGINIA TECH BY PROTECTING ITS INTELLECTUAL PROPERTY (FILING PATENTS WHEN APPLICABLE) AND COMMERCIALIZING NEW TECHNOLOGIES THAT COME FROM RESEARCH AT VIRGINIA TECH.

Schedule B IRS990ScheduleB

Contributor Information ContributorInformationGrp

Field	Value	IRS element (for citing)
Contributor	RESTRICTED	ContributorNum

Contributor Business Name ContributorBusinessName

Field	Value	IRS element (for citing)
Business Name Line1	RESTRICTED	BusinessNameLine1

Contributor US Address ContributorUSAddress

Field	Value	IRS element (for citing)
Address Line1	RESTRICTED	AddressLine1
Address Line2	RESTRICTED	AddressLine2
City	RESTRICTED	City
State	RESTRICTED	State
ZIP Code	RESTRICTED	ZIPCode

Field	Value	IRS element (for citing)
Total Contributions	RESTRICTED	TotalContributionsAmt

Schedule D IRS990ScheduleD

Equipment EquipmentGrp

Field	Value	IRS element (for citing)
Other Cost Or Other Basis	$12,652	OtherCostOrOtherBasisAmt
Depreciation	$10,453	DepreciationAmt
Book Value	$2,199	BookValueAmt

Field	Value	IRS element (for citing)
Total Book Value Land Buildings	$2,199	TotalBookValueLandBuildingsAmt

Other Securities OtherSecuritiesGrp (2 entries)

DescDesc	Book ValueBookValueAmt	Method ValuationMethodValuationCd
INVESTMENTS HELD BY VTF	$446,508	F
ALTERNATIVE INVESTMENTS	$1,469	F

Field	Value	IRS element (for citing)
Total Book Value Securities	$447,977	TotalBookValueSecuritiesAmt

Other Liabilities Org OtherLiabilitiesOrgGrp

Field	Value	IRS element (for citing)
Desc	NOTES PAYABLE TO VTF	Desc
Amt	$500,000	Amt

Field	Value	IRS element (for citing)
Total Liability	$500,000	TotalLiabilityAmt
Footnote Text	Yes (X)	FootnoteTextInd
Total Rev Etc Audited Fincl Stmt	$2,167,055	TotalRevEtcAuditedFinclStmtAmt
Net Unrealized Gains Invst	$69,166	NetUnrealizedGainsInvstAmt
Revenue Not Reported	$69,166	RevenueNotReportedAmt
Revenue Subtotal	$2,097,889	RevenueSubtotalAmt
Other Revenues Not Included	$939,352	OtherRevenuesNotIncludedAmt
Revenue Not Reported Fincl Stmt	$939,352	RevenueNotReportedFinclStmtAmt
Total Revenue Per Form990	$3,037,241	TotalRevenuePerForm990Amt
Tot Expns Etc Audited Fincl Stmt	$1,803,828	TotExpnsEtcAuditedFinclStmtAmt
Expenses Not Reported	$0	ExpensesNotReportedAmt
Expenses Subtotal	$1,803,828	ExpensesSubtotalAmt
Other Expenses Not Included	$939,354	OtherExpensesNotIncludedAmt
Expenses Not Rpt Fincl Stmt	$939,354	ExpensesNotRptFinclStmtAmt
Total Expenses Per Form990	$2,743,182	TotalExpensesPerForm990Amt

Supplemental Information Detail SupplementalInformationDetail (3 entries)

Form And Line ReferenceFormAndLineReferenceDesc	ExplanationExplanationTxt
PART X, LINE 2:	THE INTERNAL REVENUE SERVICE HAS RULED THAT VTIP, INC. QUALIFIES UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE AND IS THEREFORE NOT GENERALLY SUBJECT TO INCOME TAXES UNDER PRESENT TAX LAWS. MANAGEMENT OF VTIP, INC. BELIEVES THAT ANY INCOME TAX LIABILITY RESULTING FROM UNRELATED BUSINESS INCOME FOR THE YEARS ENDED JUNE 30, 2021 AND 2020 WOULD NOT HAVE A SIGNIFICANT IMPACT ON ITS RESULTS OF ACTIVITIES. VTIP HAS ANALYZED FILING POSITIONS IN THE FEDERAL AND STATE JURISDICTIONS WHERE IT IS REQUIRED TO FILE INCOME TAX RETURNS, INCLUDING ITS STATUS AS A TAX-EXEMPT ORGANIZATION, AND NO RESERVES FOR UNCERTAIN TAX POSITIONS, INTEREST, OR PENALTIES, HAVE BEEN RECORDED IN THE FINANCIAL STATEMENTS.
PART XI, LINE 4B - OTHER ADJUSTMENTS:	ROYALTY EXPENSE 939,355. ROUNDING -3.
PART XII, LINE 4B - OTHER ADJUSTMENTS:	ROYALTY EXPENSES 939,355. ROUNDING -1.

Schedule I IRS990ScheduleI

Field	Value	IRS element (for citing)
Grant Records Maintained	Yes (1)	GrantRecordsMaintainedInd

Recipient Table RecipientTable

Recipient Business Name RecipientBusinessName

Field	Value	IRS element (for citing)
Business Name Line1	VIRGINIA POLYTECHNIC INSTITUTE & STATE UNIVERSITY	BusinessNameLine1Txt

US Address USAddress

Field	Value	IRS element (for citing)
Address Line1	VIRGINIA TECH CAMPUS	AddressLine1Txt
City	BLACKSBURG	CityNm
State Abbreviation	VA	StateAbbreviationCd
ZIP	24061	ZIPCd

Field	Value	IRS element (for citing)
Recipient EIN	546001805	RecipientEIN
IRC Section	115	IRCSectionDesc
Cash Grant	$651,409	CashGrantAmt
Purpose Of Grant	CONSULTINGCONTRACT SERVICES	PurposeOfGrantTxt

Field	Value	IRS element (for citing)
Total501c3 Org	1	Total501c3OrgCnt

Supplemental Information Detail SupplementalInformationDetail

Field	Value	IRS element (for citing)
Form And Line Reference	PART I, LINE 2:	FormAndLineReferenceDesc
Explanation	VIRGINIA TECH INTELLECTUAL PROPERTIES PROVIDES SUPPORT TO VIRGINIA TECH FOR CONTRACTED SERVICES.	ExplanationTxt

Schedule J IRS990ScheduleJ

Field	Value	IRS element (for citing)
Compensation Survey	Yes (X)	CompensationSurveyInd
Board Or Committee Approval	Yes (X)	BoardOrCommitteeApprovalInd
Severance Payment	0	SeverancePaymentInd
Supplemental Nonqual Rtr Plan	0	SupplementalNonqualRtrPlanInd
Equity Based Comp Arrngm	0	EquityBasedCompArrngmInd
Comp Based On Revenue Of Flng Org	0	CompBasedOnRevenueOfFlngOrgInd
Comp Bsd On Rev Related Orgs	0	CompBsdOnRevRelatedOrgsInd
Comp Bsd Net Earns Flng Org	0	CompBsdNetEarnsFlngOrgInd
Comp Bsd Net Earns Rltd Orgs	0	CompBsdNetEarnsRltdOrgsInd
Any Non Fixed Payments	0	AnyNonFixedPaymentsInd
Initial Contract Exception	0	InitialContractExceptionInd

Rltd Org Officer Trst Key Empl RltdOrgOfficerTrstKeyEmplGrp (2 entries)

TitleTitleTxt	Base Compensation Filing OrgBaseCompensationFilingOrgAmt	Compensation Based On Rltd OrgsCompensationBasedOnRltdOrgsAmt	Bonus Filing OrganizationBonusFilingOrganizationAmount	Bonus Related OrganizationsBonusRelatedOrganizationsAmt	Other Compensation Filing OrgOtherCompensationFilingOrgAmt	Other Compensation Rltd OrgsOtherCompensationRltdOrgsAmt	Deferred Compensation Flng OrgDeferredCompensationFlngOrgAmt	Deferred Comp Rltd OrgsDeferredCompRltdOrgsAmt	Nontaxable Benefits Filing OrgNontaxableBenefitsFilingOrgAmt	Nontaxable Benefits Rltd OrgsNontaxableBenefitsRltdOrgsAmt	Total Compensation Filing OrgTotalCompensationFilingOrgAmt	Total Compensation Rltd OrgsTotalCompensationRltdOrgsAmt	Comp Report Prior990 Filing OrgCompReportPrior990FilingOrgAmt	Comp Report Prior990 Rltd OrgsCompReportPrior990RltdOrgsAmt
DR X J MENG
DIRECTOR	$0	$301,464	$0	$0	$0	$0	$0	$31,350	$0	$27,748	$0	$360,562	$0	$0
KEN MILLER
DIRECTOR	$0	$314,233	$0	$0	$0	$0	$0	$43,046	$0	$15,630	$0	$372,909	$0	$0

Supplemental Information Detail SupplementalInformationDetail

Field	Value	IRS element (for citing)
Form And Line Reference	PART I, LINE 3	FormAndLineReferenceDesc
Explanation	COMPENSATION PROCESS FOR OFFICERS THE CHAIRMAN OF THE BOARD ESTABLISHES THE COMPENSATION OF THE PRESIDENT DURING THE ANNUAL PERFORMANCE REVIEW PROCESS. THE CHAIRMAN MAY USE STATISTICS FROM THE ASSOCIATION FOR UNIVERSITY TECHNOLOGY MANAGERS (AUTM) FOR COMPARISONS TO DETERMINE THE PRESIDENT'S COMPENSATION. THE PRESIDENT'S COMPENSATION INCREASES ARE DOCUMENTED BY A LETTER FROM HIS SUPERVISOR, WHO IS THE CHAIRMAN OF THE BOARD. ANY ADDITIONAL COMPENSATION INCREASES OUTSIDE OF THE ANNUAL COMPENSATION REVIEW PROCESS MUST BE PRESENTED, DISCUSSED, AND APPROVED BEFORE THE EXECUTIVE COMMITTEE. THE EXECUTIVE COMMITTEE IS A SUBSET OF THE BOARD, AND THE BOARD ANNUALLY APPROVES THE BUDGET, WHICH INCLUDES THE COMPENSATION.	ExplanationTxt

Schedule O IRS990ScheduleO

Supplemental Information Detail SupplementalInformationDetail (5 entries)

Form And Line ReferenceFormAndLineReferenceDesc	ExplanationExplanationTxt
FORM 990, PART VI, SECTION B, LINE 11B	THE FORM 990 IS PREPARED BY THE ORGANIZATION'S INDEPENDENT ACCOUNTING FIRM BROWN EDWARDS & COMPANY LLP. THE RETURN IS THEN REVIEWED BY MANAGEMENT PRIOR TO FILING WITH THE IRS. EITHER THE PRESIDENT OR THE SECRETARY/TREASURER REVIEWS THE FORM 990 BEFORE THEY SIGN IT. THE CONTROLLER REVIEWS ALL DATE BEFORE IT IS FILED.
FORM 990, PART VI, SECTION B, LINE 12C	CONFLICT OF INTEREST POLICY VTIP FOLLOWS THE VIRGINIA POLYTECHNIC INSTITUTE AND STATE UNIVERSITY CONFLICT OF INTEREST POLICY WHICH REQUIRES IMMEDIATE REPORTING OF ANY NEW POTENTIAL CONFLICTS OF INTEREST AND AN ANNUAL UPDATE OF THESE CONFLICTS.
FORM 990, PART VI, SECTION B, LINE 15A	COMPENSATION PROCESS FOR OFFICERS THE CHAIRMAN OF THE BOARD, DR. G. DON TAYLOR, ESTABLISHES THE COMPENSATION. THE CHAIRMAN USES STATISTICS FROM THE ASSOCIATION FOR UNIVERSITY TECHNOLOGY MANAGERS (AUTM) FOR COMPARISONS TO DETERMINE THE COMPENSATION.
FORM 990, PART VI, SECTION C, LINE 19	PUBLIC DISCLOSURE THE ORGANIZATION MAKES ITS CONFLICT OF INTEREST POLICY AVAILABLE TO THE PUBLIC VIA ITS WEBSITE. GOVERNING DOCUMENTS AND AUDITED FINANCIAL STATEMENTS ARE AVAILABLE TO THE PUBLIC UPON REQUEST.
PART XII, LINE 2C	THERE WAS NO CHANGE TO THE COMPANY'S OVERSIGHT PROCESS IN THE CURRENT YEAR.

Schedule R IRS990ScheduleR

Id Related Tax Exempt Org IdRelatedTaxExemptOrgGrp

Disregarded Entity Name DisregardedEntityName

Field	Value	IRS element (for citing)
Business Name Line1	VIRGINIA POLYTECHNIC INSTITUTE & STATE UNIVERSITY	BusinessNameLine1Txt

US Address USAddress

Field	Value	IRS element (for citing)
Address Line1	VIRGINIA TECH CAMPUS	AddressLine1Txt
City	BLACKSBURG	CityNm
State Abbreviation	VA	StateAbbreviationCd
ZIP	24061	ZIPCd

Field	Value	IRS element (for citing)
EIN	546001805	EIN
Primary Activities	HIGHER EDUCATION	PrimaryActivitiesTxt
Legal Domicile State	VA	LegalDomicileStateCd
Exempt Code Section	115	ExemptCodeSectionTxt
Direct Controlling NA	N/A	DirectControllingNACd
Controlled Organization	0	ControlledOrganizationInd

Field	Value	IRS element (for citing)
Receipt Of Int Annts Rnts Rylts	0	ReceiptOfIntAnntsRntsRyltsInd
Gift Grnt Or Cap Contri To Oth Org	Yes (1)	GiftGrntOrCapContriToOthOrgInd
Gift Grnt Cap Contri From Oth Org	Yes (1)	GiftGrntCapContriFromOthOrgInd
Loans Or Guarantees To Other Org	0	LoansOrGuaranteesToOtherOrgInd
Loans Or Guarantees From Oth Org	0	LoansOrGuaranteesFromOthOrgInd
Div Related Organization	0	DivRelatedOrganizationInd
Asset Sale To Other Org	0	AssetSaleToOtherOrgInd
Asset Purchase From Other Org	0	AssetPurchaseFromOtherOrgInd
Asset Exchange	0	AssetExchangeInd
Rental Of Facilities To Oth Org	0	RentalOfFacilitiesToOthOrgInd
Rental Of Fclts From Oth Org	0	RentalOfFcltsFromOthOrgInd
Perform Of Services For Oth Org	0	PerformOfServicesForOthOrgInd
Perform Of Services By Other Org	0	PerformOfServicesByOtherOrgInd
Sharing Of Facilities	0	SharingOfFacilitiesInd
Paid Employees Sharing	Yes (1)	PaidEmployeesSharingInd
Reimbursement Paid To Other Org	Yes (1)	ReimbursementPaidToOtherOrgInd
Reimbursement Paid By Other Org	Yes (1)	ReimbursementPaidByOtherOrgInd
Transfer To Other Org	0	TransferToOtherOrgInd
Transfer From Other Org	0	TransferFromOtherOrgInd