Overview
What is Ohio State Innovation Foundation?
The Ohio State Innovation Foundation (OSIF) is a not-for-profit Ohio corporation, established to manage intellectual property developed or created at The Ohio State University (OSU). With OSU as its sole member, OSIF's mission is to facilitate the commercialization of this university-developed intellectual property (IP). The foundation has no employees, and a majority of its board of directors represent OSU. The operations of OSIF are executed through a contract with the Technology Licensing Office of the OSU Office of Innovation and Economic Development.
What are the reviews and ratings of this charity?
Rating from Charity Navigator: 75% (Three-Star out of Four Star rating)
The Ohio State Innovation Foundation has received a Three-Star rating, indicating a satisfactory level of overall effectiveness in its operations. The foundation demonstrates strong performance in various accountability and finance metrics, including a perfect program expense ratio of 100%, which suggests that all funds are directed towards its mission-driven programs. Additionally, the organization features a majority of independent board members and has established policies such as a conflict of interest and a whistleblower policy, displaying a commitment to governance and transparency.
Strengths of the foundation include its robust oversight structure, with 57% of board members being independent, and its effective management of assets, evidenced by a very low liabilities to assets ratio of just 1.04%. The documentation of board meeting minutes also reflects the organization’s commitment to transparency and accountability. These elements contribute to a positive perception of the foundation's financial health and operational integrity.
However, while the rating is positive, it is important to continue monitoring the foundation's practices to ensure it maintains these standards and addresses any potential areas for improvement. Overall, the Ohio State Innovation Foundation appears to be a responsible organization making effective use of its resources to support innovation initiatives.
This AI summary has been generated from information found on Charity Navigator.
Is Ohio State Innovation Foundation legitimate?
Ohio State Innovation Foundation is a legitimate nonprofit organization registered as a 501(c)(3) entity. Ohio State Innovation Foundation submitted a form 990, which is a tax form used by tax-exempt organizations in the U.S., indicating its operational transparency and adherence to regulatory requirements. Donations to this organization are tax deductible.
Heare are some key statistics you may want to consider:
Executive Compensation: $0
Professional Fundraising Fees: $0
Other Salaries and Wages: $0
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What is the mission statement of Ohio State Innovation Foundation?
The Ohio State Innovation Foundation (OSIF) is a not-for-profit corporation established to oversee intellectual property generated at or originating from The Ohio State University (OSU). Its primary goal is to facilitate the commercialization of this intellectual property (IP). OSU is the sole owner of OSIF, and a significant portion of the board of directors consists of OSU representatives. OSIF operates without employees; instead, its functions are carried out by the Technology Licensing Office of the OSU Office of Innovation and Economic Development under contract.
Who is the CEO of Ohio State Innovation Foundation?
R Scott Osborne is the President of Ohio State Innovation Foundation.
What is the revenue of Ohio State Innovation Foundation?
Ohio State Innovation Foundation's revenue in 2022 was $23,467,827.
Who are the executives of Ohio State Innovation Foundation and what are their salaries?
Here are 11 key members and their salaries:
- Compensation: $0
- Related: $357,920
- Other: $68,446
- Compensation: $0
- Related: $730,421
- Other: $104,958
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
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- Other: $0
- Compensation: $0
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- Other: $0
- Compensation: $0
- Related: $1,133,051
- Other: $125,649
- Compensation: $0
- Related: $628,500
- Other: $81,121
- Compensation: $0
- Related: $226,639
- Other: $35,395
- Compensation: $0
- Related: $170,549
- Other: $52,989
- Compensation: $0
- Related: $336,119
- Other: $65,824
Where can I find the form 990 for Ohio State Innovation Foundation?
Ohio State Innovation Foundation's most recent form 990 was submitted in 2022 and can be accessed here.
Mission Statement of Ohio State Innovation Foundation
Ohio State Innovation Foundation (OSIF) is a not-for-profit Ohio corporation established to oversee and manage intellectual property (IP) generated at or created by The Ohio State University (OSU). With OSU as its sole member, OSIF's primary objective is to facilitate the commercialization of this IP. A significant portion of OSIF's board of directors comprises representatives from OSU. OSIF operates without employees; instead, the Technology Licensing Office of the OSU Office of Innovation and Economic Development manages its operations under contract.
In essence, Ohio State Innovation Foundation acts as a bridge between groundbreaking discoveries made at OSU and the business world. By managing the IP rights, it paves the way for inventions to reach their full potential and create tangible benefits for society. The foundation's role is crucial in driving innovation, economic growth, and competitiveness within various industries.
The operations conducted by the Technology Licensing Office on behalf of OSIF enable the identification, protection, and monetization of intellectual assets developed at OSU. This collaboration not only fosters a thriving innovation ecosystem but also generates revenue that can be reinvested back into the university and its research and educational initiatives. By bringing inventions to market, OSIF ultimately contributes to the advancement of science, technology, and industry, while also creating opportunities for job growth and sustainable economic development.
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Impact
October, 2024
The Ohio State Innovation Foundation (OSIF) plays a vital role in managing and commercializing the intellectual property generated by The Ohio State University (OSU). By focusing on the development and licensing of innovative technologies, OSIF facilitates the transition of academic research into practical applications that benefit society.
Through its partnership with OSU’s Technology Licensing Office, OSIF effectively bridges the gap between research and the marketplace. This collaboration not only enhances the university’s impact on the local and national economy but also fosters an ecosystem of innovation that can lead to job creation, new startups, and advancements in various fields.
By managing these licenses, OSIF ensures that groundbreaking discoveries from OSU can reach commercial viability, thereby contributing to advancements in healthcare, technology, and other industries. This impact extends beyond economic benefits, as the commercialization of intellectual property can lead to improved public welfare and a better quality of life through innovative solutions.
This information is meant to be a general summary of Ohio State Innovation Foundation. Please take the time to review official sources before making any decisions based upon the content provided here.
Financials
This financial information is from Propublica.
Other financial information:
This information is from the most recently submitted tax form from this organization, which was in 2022.
- Program Service Revenue: $18,978,235
- Gross Receipts: $23,467,827
Assets and Liabilities:
- Total Assets: $18,998,036
- Total Liabilities: $10,007,280
- Net Assets: $8,990,756
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
PATENT ROYALTY REVENUES
Revenue
$16,984,881
REIMBURSEMENTS FROM LICENSEES
Revenue
$1,993,354
Organization Details
Founding Year
2012
Phone
(614) 292-1315Principal Officer
R Scott Osborne
Main Address
1524 N HIGH STREET, COLUMBUS, OH, 43201
NTEE Category
Code: B05 - Education
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