2011-05-13T08:20:37-07:00 2010-06-30 990 2009-07-01 541282820 CENTER FOR INNOVATIVE TECHNOLOGY CENT 7036893000 2214 ROCK HILL ROAD HERNDON VA 20170 LINDA E GENTRY 7036893000 2011-04-26 2009 2016-02-24 21:20:13Z LINDA E GENTRY 2212 ROCK HILL ROAD SUITE 600 HERNDON VA 20170 7574814 false X www.cit.org X 1984 VA CIT's mission is to promote economic development in Virginia by attracting and retaining high technology jobs and businesses. 13 12 25 0 0 5890955 4170783 931258 3173503 77829 41455 92995 189073 6993037 7574814 125000 0 0 3807420 3794657 30000 260711 2674417 3304545 6606837 7129202 386200 445612 5025846 3299543 2589138 417223 2436708 2882320 CIT's mission: false false 1751838 237175 ENTREPRENEUR PROGRAM - CIT RECOGNIZES THAT THE AVAILABLITY OF EARLY-STAGE CAPITAL IS A CRITICAL NEED OF MANY EMERGING TECHNOLOGY COMPANIES BY MAKING CONNECTION WITH "HARD TO ACCESS" PRIVATE AND FEDERAL FUNDING SOURCES. CIT GROWTH ACCELERATION PROGRAM (GAP) FUNDS MAKE SEED-STAGE EQUITY INVESTMENTS IN VIRGINIA-BASED TECHNOLOGY AND LIFE SCIENCE COMPANIES WITH A HIGH POTENTIAL FOR ACHIEVING RAPID GROWTH AND GENERATING SIGNIFICANT ECONOMIC RETURN. CIT'S FEDERAL FUNDING ASSISTANCE PROGRAM IDENTIFIES AND ACCELERATES OPPORTUNITIES FOR VIRGINIA'S SMALL TECHNOLOGY BUSINESSES TO OBTAIN SBIR, STTR AND ATP AWARDS AND OTHER GOVERNMENT CONTRACTS. 1838820 1642062 RESEARCH AND DEVELOPMENT PROGRAM - CIT BRINGS TOGETHER PUBLIC AND PRIVATE SECTOR TEAMS TO DEVELOP AND DEPLOY SOLUTIONS THAT NOT ONLY ADDRESS REGIONAL AND NATIONAL CHALLENGES, BUT ALSO PRODUCE INNOVATIVE AND MARKETABLE SOLUTIONS. CIT IS WORKING WITH VIRGINIA'S TEN REGIONAL TECHNOLOGY COUNCILS TO ESTABLISH THE COMMONWEALTH INNOVATION INDEX, A TOOL TO ASSIST THE PUBLIC AND PRIVATE SECTOR DECISION MAKERS IN THEIR REGIONAL AND STATEWIDE PLANNING AND INVESTMENT DECISIONS. IN A RECENT INITIATIVE, CIT H 1064190 1167898 CONNECT PROGRAM - CIT CONNECT IS A SERVICE LINE DEDICATED TO HELPING FEDERAL, STATE AND CORPORATE CONSUMERS OF TECHNOLOGY IDENTIFY AND ASSIMILATE INNOVATION CREATED IN THE PRIVATE SECTOR. FOR TECHNOLOGY CONSUMERS, THE CONNECT SERVICE DELIVERS UNIQUE AND INNOVATIVE VALUE-ADD SOLUTIONS ENABLING TECHNOLOGY CONSUMPTION, ADOPTION, AND INTEGRATION INTO THEIR ORGANIZATIONS. 1020092 126368 Other program services - Broadband, Innovation Center, and Commonwealth Support. 1020092 126368 5674940 true true false true true false false false false true false true false false false false false true false false false false false true false false false false false false false false false false false false false true false false false true 17 0 25 true false false false false false false false false false false false false 13 12 false false false false false true true true true false false true true true true true true true false false X LINDA GENTRY 7036893035 2214 ROCK HILL ROAD SUITE 600 HERNDON VA 20170 DANIEL BANNISTER 2.00 X X 0 0 0 TED CAHILL 1.00 X 0 0 0 JIM DUFFEY 1.00 X 0 0 0 ERIC J HANSEN 1.00 X 0 0 0 WAYNE HUNTER 1.00 X 0 0 0 RAY O JOHNSON 1.00 X 0 0 0 HOOKS JOHNSTON 1.00 X 0 0 0 RICK KAPANI 1.00 X 0 0 0 SUZANNE H KING 1.00 X 0 0 0 ALAN G MERTEN 1.00 X 0 0 0 LINWOOD ROSE 1.00 X 0 0 0 CHARLES W STEGER 1.00 X 0 0 0 LYDIA W THOMAS 1.00 X 0 0 0 PETER J JOBSE 40.00 X 241491 0 52612 LINDA E GENTRY 40.00 X 207788 0 38927 PAUL MCGOWAN 40.00 X 248103 0 48834 TOM WEITHMAN 40.00 X 180422 0 40936 LOUIS MCDONALD 40 X 157644 33010 NANCY VORONA 40 X 149510 31910 HENRY CONNORS 40 X 148138 37327 DENISE BAKEN 40 X 144705 37114 KAREN JACKSON 40 X 127238 23335 1605039 344005 13 false true false VITA 11751 MEADOWVILLE LANE CHESTER VA 23836 IT services 238337 HOLLAND & KNIGHT 11050 LAKE UNDERHILL RD 864084 ORLANDO FL 32825 consulting services 150000 HUNTON & WILLIAMS LLP 1751 PINNACLE DR STE 1700 MCLEAN VA 22102 legal services 143516 CHRISTOPHER SCOTTON 498 FERRY POINT ROAD ANNOPOLIS MD 21403 consulting services 130000 REED SMITH LLP 3110 FAIRVIEW PARK FALLS CHURCH VA 22042 legal services 105139 7 107947 4062836 4170783 Seminars and workshops 900099 29860 29860 GAP Program income 900099 207315 207315 Federal, state and local awards 900099 2936328 2936328 3173503 41455 41455 110203 110203 Gain on investment 900099 78870 78870 78870 7574814 3362576 41455 1073877 183422 749182 141273 1965878 736672 1151653 77553 261852 0 261852 0 303243 0 303243 0 189807 0 189807 0 123537 0 123537 0 36807 0 36807 0 152100 0 152100 0 30000 30000 6733 0 6733 0 48170 0 48170 0 237112 0 237112 0 3028 0 3028 0 8535 0 8535 0 30952 0 30952 0 R&D program 1239962 1239962 0 0 Entreprenuer program 586652 586652 0 0 Innovation Center 466480 466480 0 0 Communications & Marketing 126241 0 126241 0 Allocation of Fringe, OH & GA 0 2336328 -2336328 0 238236 125424 100927 11885 7129202 5674940 1193551 260711 500 500 4691165 2632824 265510 587382 68671 78837 5025846 3299543 2462261 298451 705 126172 118772 2589138 417223 X 1736708 2212320 700000 670000 2436708 2882320 5025846 3299543 X false true false X false X 6125134 6580857 6148969 5890955 4170783 28916698 6125134 6580857 6148969 5890955 4170783 28916698 28916698 471000 359798 355332 170824 151658 1508612 253218 50000 1033 78870 383121 30808431 15553791 0.93860 0.93640 X 0 0 0 OTHER INCOME PART II, LINE 10; DESCRIPTION: UNREALIZED GAIN ON MARKETABLE SECURITIES; DESCRIPTION: SALE OF MARKETABLE SECURITIES; 2005: 253218.; DESCRIPTION: GAIN ON GAP FUND REPAYMENT; 2006: 50000.; DESCRIPTION: SUBLEASE RENTAL INCOME; 2007: 1033.; DESCRIPTION: GAIN ON GAP FUND INVESTMENT; 2009: 78870.; RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 false true false false false false true 227536 false false 227536 false Pt II-B Line 1i The Center for Innovative Technology engaged staff to work with Holland & Knight, and Robison International, to assist with strategic and tactical education to present CIT's performance metrics and upcoming initiatives to officials in the Virginia General Assembly and in the Congress. To fulfill its statutory obligations to the Commonwealth to search for and secure federal Pt II-B Line 1i funding opportunities, CIT staff engaged Holland & Knight, and Robison International, for advice and assistance. 1 670000 true true Growth Acceleration Program Notes Receivable 1585155 C Allowance for Doubtful Accounts -1585155 C Engineered Products of Virginia, LLC - 6.41% interest F Global Cell Solutions, Inc - 35,150 preferred shares F Hemodyne, Inc - 35,003 common shares F Invincea, Inc. - 53,850 preferred shares F KZO Innovations, Inc - 81,953 preferred shares F Mpowerplayerm, Inc. - 128,804 preferred shares F OnDialog, Inc. - 27,121 preferred shares F Piedmont BioProducts, LLC - 6% interest F Rollstream, Inc. - 738,322 preferred shares F Senior-Living.com, Inc. - 100,000 common shares F South49 Solutions, Inc. - 250,000 preferred shares F Soft Tissue Regeneration, Inc. - 33,038 preferred shares F SquareLoop, Inc. - 1,161,827 preferred shares F Tau Therapeutics, LLC - 482,986 preferred shares F Visure Corp, - 8,054 preferred shares F Compensated Absences 118772 118772 Sch D, Part 1 The taxpayer meets the literal definition of a Donor Advised Fund. X true TEMPLE STRATEGIES consulting false 21488 30000 -8512 21488 30000 -8512 X X X X X false false false false false false false true false PETER J JOBSE 234000 7491 35100 17512 294103 LINDA E GENTRY 179497 26373 1918 26924 12003 246715 PAUL MCGOWAN 208813 38076 1214 31322 17512 296937 TOM WEITHMAN 156158 22944 1320 23424 17512 221358 LOUIS MCDONALD 140051 16102 1491 21007 12003 190654 NANCY VORONA 132715 15304 1491 19907 12003 181420 HENRY CONNORS 132104 14543 1491 19816 17512 185466 DENISE BAKEN 130678 12109 1918 19602 17512 181819 KAREN JACKSON 112321 13707 1210 16848 6487 150573 Pt I Line 7 A portion of the incentive compensation paid to the following individuals was a discretionary payment awarded by the President and CEO: Linda Gentry, Paul McGowan, Tom Weithman, Louis McDonald, Nancy Vorona, Henry Connors, and Karen Jackson. Pt VI-A, Line 7a The bylaws of CIT state that directors will be those persons Pt VI-A, Line 7a who are directors of the Innovation and Entrepreneurship Investment Pt VI-A, Line 7a Authority (IEIA) as provided in section 2.2-2220 of the Code of Virginia, Pt VI-A, Line 7a 1950 as amended (Code). Section 2.2-2220 of the the Code designates Pt VI-A, Line 7a that directors of IEIA will be appointed by the Governor of Virginia. Pt VI-A, Line 7b In addition to appointing directors, as stated in the previous answer, Pt VI-A, Line 7b The Governor of Virginia has the authority to remove directors. Pt VI-B, Line 11A The review process is comprised of four steps: Pt VI-B, Line 11A 1) The CFO reviewed Form 990 on 4/12/2011, by going through each line Pt VI-B, Line 11A of the return and investigating the meaning of questions by Pt VI-B, Line 11A reviewing the instructions and other outside documentation. Pt VI-B, Line 11A 2) Form 990 was reviewed by outside legal counsel who specializes Pt VI-B, Line 11A in IRS reporting. Pt VI-B, Line 11A 3) The President and CEO of CIT reveiwed Form 990. Pt VI-B, Line 11A 4) Form 990 was sent the CIT Board of Directors by the CFO, Pt VI-B, Line 11A requesting comments and questions. Pt VI-B, Line 12c All CIT employees provide a Financial Disclosure Statement annually. Pt VI-B, Line 12c The statement includes the name of any organization that CIT Pt VI-B, Line 12c works with in which the employee holds a security or equity interest, Pt VI-B, Line 12c is a director or officer, or has received any gifts, payments or Pt VI-B, Line 12c any type of compensation of more than a nominal value. Pt VI-B, Line 12c In addition, the President is required to notify the chairman of the Board Pt VI-B, Line 12c of Directors in writing of all affiliations with any individual Pt VI-B, Line 12c or organization that solicits CIT services. Pt VI-B, Line 12c The directors provide a Financial Disclosure Statement annually to Pt VI-B, Line 12c the Secretary of the Commonwealth of Virginia. The statement includes Pt VI-B, Line 12c information regarding personal and business financial interests. Pt VI-B, Line 15 The compensation of the President and CEO is set by the Board of Pt VI-B, Line 15 Directors, after a review and deliberation process which includes a Pt VI-B, Line 15 comparability study by an independent consultant. The compensation Pt VI-B, Line 15 is documented in the employment contract, and subsequent written Pt VI-B, Line 15 notification to the CFO regarding annual increase, if any. Pt VI-B, Line 15 The process was last undertaken in 2010. Pt VI-C, Line 19 CIT's governing documents and conflict of interest policy Pt VI-C, Line 19 are not available to the public. The audited financial statements Pt VI-C, Line 19 of IEIA and its blended component unit CIT are available on the Pt VI-C, Line 19 Auditor of Public Accounts website, www.apa.virginia.gov, and in Pt VI-C, Line 19 CIT's annual report located on CIT's website, www.cit.org. Pt XI, Line 2c CIT has a Finance and Audit committee that meets annually with the Auditor of Pt XI, Line 2c Public Accounts to receive the results of the annual audit. The committee Pt XI, Line 2c does not oversee the selection of the an independent auditor. Pt XI, Line 2c As the non-stock, not-for-profit corporation which acts as the Pt XI, Line 2c operating arm of the Innovation and Entrepreneurship Investment Authority (IEIA), CIT's financial statements are audited annually during Pt XI, Line 2c the audit of IEIA's financial statements. Section 2.2-2229 of the Pt XI, Line 2c Code of Virginia states that the accounts and books of IEIA will be Pt XI, Line 2c examined by the Auditor of the Public Accounts. Part VI_A, Line 1a CIT delegates authority to the Executive Committee to act on behalf Part VI A, Line 1a of the full board , as necessary, between board meetings. The Executive Part VI A, Line 1a Committee is comprised of the Chair of the Board, Vice Chair of the Board, Part VI A, Line 1a Chair of the Finance and Audit Committee and the Secretary of Technology. Part X, Line 13 CIT has not recorded the value of equity securities on Form 990 Part X, Line 13 or on its accounting records because these investments do not have Part X, Line 13 a ready market to indicate their market value. None of these Part X, Line 13 investments are traded on an open market nor do they have a Part X, Line 13 clear secondary market. Part X, Line 13 CIT has received a K-1 from Tau Therapeutics, LLC. Since CIT has Part X, Line 13 not recorded the original investment in Tau, it is not recording Part X, Line 13 the ordinary business loss of $13,357 and the interest income Part X, Line 13 of $169 reported on the K-1. Part X, Line 13 CIT has received a K-1 from Engineered Products of Virginia, LLC. Part X, Line 13 Since CIT has not recorded the original investment in Engineered Part X, Line 13 Products, it is not recording the business loss of $15,278 Part X, Line 13 reported on the K-1. INNOVATION AND ENTREPRENEURSHIP INVESTMENT AUTHORITY 2214 ROCK HILL ROAD STE 600 HERNDON VT 20170 541491096 ACCELERATING TECHNOLOGY VA State agency NA INNOVATIVE TECHNOLOGY FOUNDATION 2214 ROCK HILL RD STE 600 HERNDON VA 20170 541400124 SUPPORTING CIT VA 501(c)(3) 11c Type III NA false false true false false false false false false false false false true true false false false false