Overview
What is West Virginia University Innovation Corporation?
West Virginia University Innovation Corporation, abbreviated as WVUIC, is a nonprofit organization situated in Morgantown, West Virginia. Its primary objective is to support the growth and development of businesses by offering facilities, resources, and partnerships. This is accomplished through contractual agreements that stimulate, protect, and exploit intellectual property within the University community. WVUIC encourages entrepreneurship and innovation by evaluating technologies and projects from both the federal government and private industry. The organization's mission is to catalyze economic growth and improve health outcomes in West Virginia and beyond, by promoting innovation and critical thinking within the workforce. With a staff of 35 individuals, WVUIC offers strategic partnerships, academic opportunities, employment prospects, and community engagement, contributing to the state's overall development.
Official website here: www.innovation.wvu
What are the reviews and ratings of this charity?
Charity Navigator Rating 88% - Three-Star out of Four Star Rating
West Virginia University Innovation Corporation has received a commendable Three-Star rating from Charity Navigator, indicating a solid level of accountability and financial health. The organization demonstrates a strong commitment to transparency, with a majority of independent board members and comprehensive audit processes in place. Their program expense ratio is notably high, suggesting efficient use of funds towards their mission.
However, there are areas for improvement, particularly regarding governance policies. The absence of a whistleblower policy and document retention policies raises concerns about internal controls. Additionally, the nonprofit has not posted its tax form on its website, which may affect transparency for stakeholders seeking detailed financial information.
Overall, while the organization displays strengths in its financial management and oversight, addressing the noted governance gaps could enhance its credibility and effectiveness.
This AI summary has been generated from information found on Charity Navigator.
Is West Virginia University Innovation Corporation legitimate?
West Virginia University Innovation Corporation is a legitimate nonprofit organization registered as a 501(c)(3) entity. West Virginia University Innovation Corporation 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: $645,150
Professional Fundraising Fees: $0
Other Salaries and Wages: $1,891,370
For more financial information, click here
Official website here: www.innovation.wvu
What is the mission statement of West Virginia University Innovation Corporation?
The West Virginia University Innovation Corporation's mission is to facilitate a variety of strategic partnerships, primarily focusing on academia, employment, and community opportunities within the state. Their aim is to stimulate innovation and critical thinking within the workforce. Their vision is to foster economic growth and enhance health outcomes by advancing science, medicine, and technology, not just in West Virginia, but beyond its borders. Through the acquisition of a substantial manufacturing, development, and research facility, the corporation provides facilities, resources, and support to nurture the development or incubation of companies that contribute to the region's economic growth. Additionally, they encourage and promote entrepreneurship and the development, testing, and evaluation of new technologies, research, and innovation by collaborating with the federal government and private industry.
Official website here: www.innovation.wvu
What is the revenue of West Virginia University Innovation Corporation?
West Virginia University Innovation Corporation's revenue in 2023 was $1,493,034.
Official website here: www.innovation.wvu
Who are the executives of West Virginia University Innovation Corporation and what are their salaries?
The average compensation at West Virginia University Innovation Corporation during 2023 was $74,604. There are 34 employees and 6 volunteers at West Virginia University Innovation Corporation.
Here are 18 key members and their salaries:
- Compensation: $0
- Related: $3,546,299
- Other: $409,396
- Compensation: $0
- Related: $775,026
- Other: $25,873
- Compensation: $537,826
- Related: $0
- Other: $107,324
- Compensation: $0
- Related: $370,983
- Other: $78,064
- Compensation: $0
- Related: $420,548
- Other: $19,800
- Compensation: $0
- Related: $293,848
- Other: $42,626
- Compensation: $0
- Related: $189,818
- Other: $34,684
- Compensation: $179,430
- Related: $0
- Other: $17,529
- Compensation: $167,221
- Related: $0
- Other: $28,816
- Compensation: $0
- Related: $165,771
- Other: $19,910
- Compensation: $95,417
- Related: $0
- Other: $34,642
- Compensation: $118,521
- Related: $0
- Other: $5,313
- Compensation: $99,957
- Related: $0
- Other: $19,530
- 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.innovation.wvu
Where can I find the form 990 for West Virginia University Innovation Corporation?
West Virginia University Innovation Corporation's most recent form 990 was submitted in 2023 and can be accessed here.
Official website here: www.innovation.wvu
Learn more at the official website: www.innovation.wvu
Mission Statement of West Virginia University Innovation Corporation
West Virginia University Innovation Corporation, often abbreviated as WVUIC, is committed to fostering a diverse array of collaborative partnerships between academia, employment, and the community at large within the state. Their primary objective is to stimulate innovation and critical thinking within the workforce. This mission is driven by a vision to stimulate economic growth and enhance health outcomes by championing advancements in science, medicine, and technology, not just within West Virginia, but beyond its borders as well. By acquiring a significant manufacturing, development, and research facility as a donation, WVUIC strengthens its capacity to provide facilities, resources, and support for the development or incubation of companies. These companies aim to boost the economic development of the region through contractual agreements that maximize the protection, stimulation, and exploitation of intellectual property within the University community. Furthermore, WVUIC encourages and supports activities related to entrepreneurship and the development, testing, and evaluation of new technologies, research, and innovations. This is achieved by assisting and evaluating technologies and projects owned by both the federal government and private industry.
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Impact
July, 2024
West Virginia University Innovation Corporation has a significant impact on the state by offering a wide range of strategic partnerships, academia, employment, and community opportunities. Through the acquisition of a substantial manufacturing, development, and research facility, WVUIC is able to provide facilities, resources, and support to facilitate the development of companies that will improve economic development in the region. Additionally, WVUIC encourages, promotes, and supports activities related to entrepreneurship, new technologies, research, and innovation. By assisting and evaluating technologies and projects, WVUIC plays a crucial role in stimulating, protecting, and exploiting intellectual property within the University community. Overall, WVUIC's mission to promote innovation and critical thinking within the workforce contributes to economic growth and health outcomes in West Virginia and beyond.
This information is meant to be a general summary of West Virginia University Innovation Corporation. 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 2023.
- Program Service Revenue: $248,716
- Gross Receipts: $1,991,806
Assets and Liabilities:
- Total Assets: $58,745,858
- Total Liabilities: $5,985,310
- Net Assets: $52,760,548
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
Research and Development Services
Revenue
$248,716
Organization Details
Founding Year
2015
Principal Officer
Stacey Armstrong
Website
www.innovation.wvuNTEE Category
Code: U99 - Science research
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