2020-04-08T17:08:59-05:00 2019-06-30 540504608 BROWN EDWARDS & COMPANY LLP 319 MCCLANAHAN STREET SW ROANOKE VA 24014 990 2018-07-01 541323858 VIRGINIA TECH INTELLECTUAL PROPERTIES INC VIRG 5402311231 1311 RESEARCH CENTER DRIVE NO 2057 BLACKSBURG VA 24060 DR JOHN E DOOLEY SECRETARY/TREASURER 5402311231 2020-03-30 1 JEFFREY G BARBOUR P01331383 5403450936 2020-03-30 206.248.228.130 2020-03-30 10:19:31 ED P D0156BD46B4B1FE921C9503B1D7FFBF99E37DBAB 673ABEC962F4978FB54D11232F8CBCE4CDEE6911 2018 2020-09-22 18:59:49Z X DR JOHN E DOOLEY 1311 RESEARCH CENTER DRIVE NO 2057 BLACKSBURG VA 24060 3046528 0 X WWW.VTIP.ORG X 1985 VA 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. 8 6 4 0 0 11422 697748 1032117 2231361 1996362 15669 17118 0 0 2944778 3045597 651300 1032117 0 0 263369 168034 0 0 0 1810703 1797860 2725372 2998011 219406 47586 1063451 1201068 755084 855329 308367 345739 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). 0 0 2618862 1032117 1996362 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). 2618862 1 1 0 0 0 0 0 0 0 0 1 1 0 0 1 1 1 0 0 0 0 0 0 0 0 0 0 1 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 1 143 0 1 4 1 1 1 0 0 0 0 0 0 0 0 0 X 8 6 0 0 0 0 0 0 0 1 1 0 0 0 1 1 1 0 1 1 0 0 X MARGARET ROSE 5402311231 1311 RESEARCH CENTER DRIVE STE 2057 BLACKSBURG VA 24060 THERESA MAYER CHAIR 1.00 40.00 X X 0 346638 58777 JOE MEREDITH DIRECTOR 1.00 X 0 0 0 JOHN DOOLEY SECRETARY/TREASURER 1.00 X X 0 0 0 JAMES RAMEY DIRECTOR 1.00 X 0 0 0 WILLIAM HUCKLE DIRECTOR 1.00 40.00 X 0 112531 22990 ARTHUR SPIVY DIRECTOR 1.00 X 0 0 0 KEN FERRIS DIRECTOR 1.00 X 0 0 0 BOB FLORES DIRECTOR 1.00 X 0 0 0 0 459169 81767 0 0 1 0 BLANK ROME LLP 1825 EYE STREET NW WASHINGTON DC 20006 LEGAL 149573 NEW RIVER VALLEY INTELLECTUAL PROPERTY L PO BOX 10944 BLACKSBURG VA 24062 LEGAL 116913 COMPUTER PACKAGES 11 N WASHINGTON STREET STE 300 ROCKVILLE MD 20850 LEGAL 114061 3 1032117 1032117 ROYALTY REVENUE 900099 1535825 1535825 REIMBURSEMENT OF PATEN 900099 460537 460537 1996362 18049 18049 931 -931 -931 -931 3045597 1996362 0 17118 1032117 1032117 127945 127945 15783 15783 13748 13748 10558 10558 2806 2806 41385 41385 29065 29065 39036 39036 15620 15620 4453 4453 9855 9855 ROYALTY EXPENSE 853699 853699 PATENT & TRADEMARK EXPE 733046 733046 BAD DEBT EXPENSE 43915 43915 REPAIRS 24980 24980 2998011 2618862 379149 0 411421 555016 247323 251118 16662 8114 34651 34651 5384 0 381003 386820 1658 1063451 1201068 255084 355329 500000 500000 755084 855329 X 286726 345739 21641 0 308367 345739 1063451 1201068 47586 -10214 0 X X 0 1 X 1 0 X X 1 VIRGINIA POLYTECHNIC INSTITUTE AND STATE UNIVERSITY 546001805 2 1 1032117 0 1 1032117 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 X 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 1C: 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. RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 34651 34651 0 0 INVESTMENTS HELD BY VTF 385329 F ALTERNATIVE INVESTMENTS 1491 F 386820 NOTES PAYABLE TO VTF 500000 500000 X 2181684 -10214 -10214 2191898 853699 853699 3045597 2144312 0 2144312 853699 853699 2998011 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, 2019 AND 2018 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 PART XII, LINE 4B - OTHER ADJUSTMENTS: ROYALTY EXPENSES 1 VIRGINIA POLYTECHNIC INSTITUTE & STATE UNIVERSITY VIRGINIA TECH CAMPUS BLACKSBURG VA 24061 546001805 115 1032117 CONSULTINGCONTRACT SERVICES 1 PART I, LINE 2: VIRGINIA TECH INTELLECTUAL PROPERTIES PROVIDES SUPPORT TO VIRGINIA TECH FOR CONTRACTED SERVICES. X X 0 0 0 0 0 0 0 0 0 THERESA MAYER CHAIR 0 334894 0 10000 0 1744 0 28939 0 29838 0 405415 0 0 PART I, LINE 3 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. 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. DUE TO THE ONGOING REORGANIZATION AND DECREASE IN BOARD MEETINGS WHILE RESTRUCTURING THE BOARD OF DIRECTORS, THE INDIVIDUAL CONFLICT FORMS WERE NOT COLLECTED IN FY19. HOWEVER, VTIP SENT AN E-MAIL TO ALL BOARD MEMBERS ASKING THEM TO CONFIRM AND DESCRIBE WHETHER OR NOT THEY HAD ANY CONFLICTS OF INTEREST WITH VTIP DURING FY19. BASED ON THE RESPONSES TO THIS EMAIL, VTIP WAS ABLE TO ASCERTAIN THAT DURING FY19, IT DID NOT HAVE ANY TRANSACTIONS WITH INTERESTED PERSONS THAT WOULD NEED TO BE DISCLOSED ON SCHEDULE L OF THE FORM 990. FORM 990, PART VI, SECTION B, LINE 15A COMPENSATION PROCESS FOR OFFICERS THE CHAIRMAN OF THE BOARD, DR. THERESA MAYER, 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. FORM 990, PART XII, LINE 2C: THERE WAS NO CHANGE TO THE COMPANY'S OVERSIGHT PROCESS IN THE CURRENT YEAR. VIRGINIA POLYTECHNIC INSTITUTE & STATE UNIVERSITY VIRGINIA TECH CAMPUS BLACKSBURG VA 24061 546001805 HIGHER EDUCATION VA 115 N/A 0 0 1 1 0 0 0 0 0 0 0 0 0 0 0 1 1 1 0 0