Overview
What is University Of Virginia Patent Foundation?
The University of Virginia Patent Foundation, operating under the name University of Virginia Licensing and Ventures Group (LVG or the Foundation), is a nonprofit organization based in Charlottesville, Virginia. Its primary mission is to support the University of Virginia's commitment to becoming a "great and good university" and enriching lives through the commercialization of research and intellectual property. The Foundation's activities include supporting industry and translational research initiatives, conducting due diligence on intellectual property, preparing and filing patent applications, copyrights, and trademarks, engaging in business development, negotiating and executing license agreements, promoting new venture creation, investing in portfolio companies, ensuring compliance, and distributing income. With a focus on driving high-quality transactions and providing excellent customer service, the Foundation has been instrumental in securing 46 U.S. patents during the fiscal year ending 2023. (120 words)
Official website here: www.lvg.virginia
Is University Of Virginia Patent Foundation legitimate?
University Of Virginia Patent Foundation is a legitimate nonprofit organization registered as a 501(c)(3) entity. University Of Virginia Patent 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: $1,036,696
Professional Fundraising Fees: $0
Other Salaries and Wages: $1,322,627
For more financial information, click here
Official website here: www.lvg.virginia
What is the mission statement of University Of Virginia Patent Foundation?
The University of Virginia Patent Foundation's mission is centered around maximizing the impact of the university's innovation assets through commercialization. They aim to provide high levels of customer service, value-added business development, and new venture creation, all while focusing on driving quality transactions. The foundation supports the university's industry and translational research initiatives, performs due diligence on intellectual property, files patent applications, and negotiates license agreements. They also invest in portfolio companies, monitor compliance, and distribute income. The Patenting Department, specifically, prepares and files patent applications, having been awarded 46 U.S. patents during the fiscal year 2023.
Official website here: www.lvg.virginia
What is the revenue of University Of Virginia Patent Foundation?
University Of Virginia Patent Foundation's revenue in 2024 was $9,961,448.
Official website here: www.lvg.virginia
Who are the executives of University Of Virginia Patent Foundation and what are their salaries?
The average compensation at University Of Virginia Patent Foundation during 2024 was $117,966. There are 20 employees and 7 volunteers at University Of Virginia Patent Foundation.
Here are 18 key members and their salaries:
- Compensation: $0
- Related: $1,016,900
- Other: $63,204
- Compensation: $0
- Related: $570,490
- Other: $77,089
- Compensation: $0
- Related: $508,401
- Other: $107,480
- Compensation: $398,602
- Related: $0
- Other: $61,082
- Compensation: $0
- Related: $330,263
- Other: $56,015
- Compensation: $0
- Related: $269,948
- Other: $36,697
- Compensation: $238,261
- Related: $0
- Other: $52,646
- Compensation: $248,761
- Related: $0
- Other: $38,539
- Compensation: $170,018
- Related: $0
- Other: $35,851
- Compensation: $163,282
- Related: $0
- Other: $38,962
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
Official website here: www.lvg.virginia
Where can I find the form 990 for University Of Virginia Patent Foundation?
University Of Virginia Patent Foundation's most recent form 990 was submitted in 2024 and can be accessed here.
Official website here: www.lvg.virginia
Learn more at the official website: www.lvg.virginia
Mission Statement of University Of Virginia Patent Foundation
The University of Virginia Patent Foundation's mission is centered around maximizing the impact of the university's innovation assets through commercialization. This involves providing high-level customer service, added value in business development, fostering new venture creation, and maintaining a focus on driving quality transactions. The organization's primary activity supports the university's goal of becoming a "great and good university" and enriching lives through the commercialization of its research and intellectual property. This encompasses supporting industry and translational research initiatives, conducting due diligence on intellectual property, preparing and filing patent applications, copyrights, and trademarks, engaging in business development, negotiating and executing license agreements, supporting new venture creation, investing in UVA portfolio companies, monitoring compliance, and distributing income. The Patenting Department within the foundation is responsible for preparing and filing patent applications, which resulted in the university being awarded 46 U.S. patents during the fiscal year ending 2023.
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Impact
October, 2024
The University of Virginia Patent Foundation significantly contributes to the advancement of knowledge and innovation, aligning with the university's 2030 plan to become a "great and good university." By focusing on the commercialization of research and intellectual property, it plays a crucial role in transforming discoveries into real-world applications that enhance lives.
Through various activities, such as supporting industry collaborations, engaging in translational research, and preparing patent applications, the foundation fosters an environment conducive to innovation. In the fiscal year ending 2023, the organization was awarded 46 U.S. patents, underscoring its dedication to protecting and promoting groundbreaking ideas generated at the university.
Business development efforts and the creation of new ventures are also central to its mission. By negotiating license agreements and investing in portfolio companies, the foundation not only ensures compliance but also generates income that can be reinvested into further research and innovation. Ultimately, the University of Virginia Patent Foundation maximizes the impact of the university's innovation assets, driving quality transactions and delivering exceptional value to researchers and entrepreneurs alike.
This information is meant to be a general summary of University Of Virginia Patent 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 2024.
- Investment Income: $28,586
- Program Service Revenue: $9,682,862
- Gross Receipts: $9,961,448
Assets and Liabilities:
- Total Assets: $19,920,463
- Total Liabilities: $18,415,207
- Net Assets: $1,505,256
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
IP SERVICES TO UVA
Revenue
$5,202,971
PATENT COSTS REIMBURSE
Revenue
$2,258,388
LICENSE FEES & ROYALTI
Revenue
$1,944,309
EQUITY LIQUIDATIONS
Revenue
$277,194
Organization Details
Founding Year
1978
Principal Officer
Richard Chylla
Website
www.lvg.virginiaNTEE Category
Code: B110 - Education
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