2024-11-14T04:07:48-00:00 2023-12-31 990 2023-01-01 611764272 West Virginia University Innovation Corporation WEST 3049743810 PO Box 8034 Morgantown WV 26506 Stacey Armstrong President 3049743810 2024-05-07 false true 2023 2024-10-15 13:58:12Z Stacey Armstrong 1085 Van Voorhis Rd STE 500 Morgantown WV 26505 1991806 false X http://innovation.wvu.edu/home X 2015 WV To offer a wide range of strategic partnerships, academia, employment and community opportunities to the state, while promoting innovation and critical thinking within our workforce. 9 5 34 6 0 500000 2370971 248716 311660 432658 2370971 1493034 0 0 1460002 3088325 0 0 3466196 5079457 4926198 8167782 -2555227 -6674748 58745858 57398686 5985310 11312886 52760548 46085800 To offer a wide range of strategic partnerships, academia, employment and community opportunities to the state, while promoting innovation and critical thinking within our workforce. Our vision is to catalyze economic growth and improve health outcomes through the advancement of science, medicine and technology in West Virginia and beyond. false false 1957053 679236 In 2022, WVUIC acquired a substantial manufacturing, development, and research facility as a donation the Facility. With the acquisition of the Facility, WVUIC will further its purpose of i providing facilities, resources, and support to facilitate the development or incubation of companies that will improve the economic development of the region through contractual agreements designed to maximize the stimulation, protection, and exploitation of intellectual property within the University community and ii encouraging, promoting, and supporting activities of the University related to the entrepreneurship and the development, testing, and evaluation of new technologies, research, and innovation by assisting and evaluating technologies and projects owned by the federal government and private industry. 1957053 true true false false false false false false false false true false false false true false false true false false false false false false false false false false false true false false false false false false false false false false false false false true false false false true X 0 0 0 false false false false false false false false false false false false X 9 5 true false false false false false false true true true false true true true true false false true true false X X Nicholas Barcellona 3045984000 PO Box 8059 Morgantown WV 26506 Albert Wright Jr WVUHS President/WVUIC Director 000.25 050.00 X 0 3546299 409396 Douglas Coffman WVUHS CFO/WVUIC Director through July 2023 000.25 040.00 X 0 775026 25873 Stacey K Armstrong WVUIC President 020.00 020.00 X 537826 0 107324 Nicholas Barcellona WVUHS CFO/WVUIC Director starting August 2023 000.25 040.00 X 0 370983 78064 J Robert Alsop WVU VP for Strategic Initiatives/WVUIC Director 000.25 050.00 X 0 420548 19800 Felicia Imbrogno WVUHS AVP Senior Corporate Counsel/WVUIC Assistant Secretary 000.25 040.00 X 0 293848 42626 David Kosslow WVU Associate VP for Finance Treasury/WVUIC Assistant Treasurer 012.50 037.50 X 0 189818 34684 Erica Steratore WVUIC Associate VP 040.00 X 179430 0 17529 Randy Strimel Director Facilities Engineering 040.00 X 167221 0 28816 Rossi Wiles WVU Deputy General Counsel for Innovation Research/WVUIC Secretary 012.50 037.50 X 0 165771 19910 Stephen Johnson Manager Facilities Engineering 040.00 X 95417 0 34642 Rob Snare Director Security 040.00 X 118521 0 5313 Joe Farber Team Leader Facilities 040.00 X 99957 0 19530 Thomas Heywood Director 000.25 X 0 0 0 Marston Becker Director 000.25 X 0 0 0 Michael Graney Director 000.25 X 0 0 0 Thomas V Flaherty Director 000.25 X 0 0 0 William D Wilmoth Director 000.25 X 0 0 0 1198372 5762293 843507 6 false true false 3Phase Excel Elevator & Escalator LLC 60 Shawmut Road Suite 1 Canton MA 020211410 Elevator and Escalator Services 128589 1 500000 500000 Research and Development Services 541700 248716 248716 248716 929243 498772 430471 430471 430471 311660 311660 311660 311660 Rebate Revenue 900099 2138 2138 Cash Discounts 900099 49 49 2187 1493034 679236 313798 X 0 0 0 0 645150 645150 0 1891370 780368 1111002 127906 7238 120668 266421 92417 174004 157478 64974 92504 0 1911 1911 0 0 0 1468044 275524 1192520 814 814 350588 1741 348847 20615 9856 10759 0 1545836 1545836 12231 12231 0 11194 11194 193897 1946 191951 0 1248426 1248426 189910 73450 116460 Taxes, Licences, Fees 30806 3641 27165 Educational Training 390 390 4795 748 4047 8167782 1957053 6210729 0 1076209 33537 163144 644609 75905 44043 59001825 2568669 57430600 56433156 243341 58745858 57398686 3418607 1809466 7860 2566703 9495560 5985310 11312886 X 52760548 46085800 52760548 46085800 58745858 57398686 -6674748 X X false true X true false X X 1 West Virginia University 556000842 5 true 0 0 1 0 true false false false false false false false false false false false false false false true RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 59001825 2568669 56433156 56433156 Financial derivatives and other financial products Closely-held equity interests Federal income taxes Due to Related Org - Non Current 9495560 9495560 X 1991806 1991806 -498772 -498772 1493034 8666554 498772 498772 8167782 8167782 X 2 Most of the entities that comprise the System are tax-exempt organizations and not subject to federal or state income taxes in accordance with Section 501c3 of the Internal Revenue Code. On such basis, they will not incur any liability for income taxes, except for possible unrelated business income. AHS, BCHS, PHIC, HPN, and TMHS are organizations subject to federal and/or state income taxes. The System does not have any material uncertain tax positions as of December 31, 2023 and 2022. XI 4b The amount on line 4b consists of 498,772 of rental expenses that are recorded as an offset to revenue on the Form 990. XII 2d The amount shown on line 2d consists of 498,772 of rental expenses that are recorded as an offset to revenue on the Form 990. false true false false false false false false false J Robert Alsop WVU VP for Strategic Initiatives/WVUIC Director 420477 71 19800 440348 Albert Wright Jr WVUHS President/WVUIC Director 1557697 1934594 54008 377657 31739 3955695 Douglas Coffman WVUHS CFO/WVUIC Director through July 2023 489050 198611 87365 14850 11023 800899 Stacey K Armstrong WVUIC President 409404 122500 5922 77520 29804 645150 Nicholas Barcellona WVUHS CFO/WVUIC Director starting August 2023 335755 27000 8228 65619 12445 449047 Erica Steratore WVUIC Associate VP 162003 17238 189 7358 10171 196959 Randy Strimel Director Facilities Engineering 151743 14527 951 7020 21796 196037 Rossi Wiles WVU Deputy General Counsel for Innovation Research/WVUIC Secretary 159310 6461 10141 9769 185681 David Kosslow WVU Associate VP for Finance Treasury/WVUIC Assistant Treasurer 186058 3760 12093 22591 224502 Felicia Imbrogno WVUHS AVP Senior Corporate Counsel/WVUIC Assistant Secretary 251581 36942 5325 11606 31020 336474 Part I Line 4b During 2023, the following individuals were able to defer compensation under a nonqualified plan. Albert Wright received deferred contributions of 362,807 from related party Nicholas Barcellona received deferred contributions of 50,769 from related party and Stacey Armstrong received deferred contributions of 62,400. The amounts reported here are included in Part II Column C of the Schedule J. Column C can and does include amounts that were contributed as a part of the standard retirement package if it was available to the employee during the year. Part I Line 4b Under the West Virginia United Health System certain individuals reported in Part VII participated in a nonqualified retirement plan and received direct cash payments instead of deferral of income. Douglas Coffman received cash distributions of 58,370. These distributions were paid directly to the recipient by WVUHS, reported on their W-2 and are reported in Part II, Column Biii. These amounts are reported along with other types of retirement contributions for the individuals listed and other that are not a part of the nonqualified plan. Form 990, Part VI, Section A, Line 2 The West Virginia University Innovation Corporation board of directors, with the exception of the independent board of director members, are employed by West Virginia University WVU or West Virginia United Health System WVUHS. Board members with reportable compensation are not compensated for their role on the WVUIC Board of Directors but for their roles at their respective organizations. Form 990, Part VI, Section B, Line 11B The 990 was prepared by the West Virginia United Health System Tax Team utilizing information provided by The West Virginia University Tax Services Unit and the Accounting staff for WVUIC. The 990 was provided to the WVUIC President and Treasurer for review and emailed to WVUIC Board Members prior to filing. Form 990, Part VI, Section B, Line 12C During 2023, WVUIC had employees reporting under two different entities. Those reporting under WVUIC followed the WVUIC COI process which is as follows. West Virginia University Innovation Corporation UIC maintains a conflict of interest policy which is provided to UIC employees as part of the UIC employee handbook. The policy requires all research investigators to submit a conflict of interest in research disclosure on, at minimum, an annual basis. All investigators are required to update their disclosure information within thirty days of the development of a new significant financial interest in research. Additionally UIC employees within the office of tech transfer must annually disclose significant financial interests for institutional conflicts of interest to the conflict of interest office by July 31 of each year. Finally, all UIC employees are required to disclose all outside consulting arrangements to the employees department leader by August 31 of each year. Directors employed by WVUHS were compliant with the WVUHS CIO policies and procedures. Form 990, Part VI, Section B, Line 15 ab West Virginia University Innovation Corporation UIC directors and officers are employed and compensated by West Virginia University WVU. Compensation for every WVU and for every UIC employee is determined by several factors including job analysis and evaluation, the essential duties and responsibilities of the position, and salary survey data on pay practices. WVU periodically reviews the salary administration programs and restructures it as necessary. Market and/or competency based adjustments may be warranted based on ones employment functions, as determined by a classification review. In addition, employees may be awarded merit-based pay adjustments in conjunction with superior performance. Form 990, Part VI, Section B, Line 15 ab WVUHS engages an independent group to perform an executive compensation review and compensation survey annually. This information is provided to the compensation committee which is made up of independent board members who are then responsible for setting the compensation packages offered to each executive, ensuring that the compensation package does not exceed fair market value based on the data from the consultant group. The minutes of the compensation committee are contemporaneously documented and retained. Full compensation surveys were completed for 2021, 2022, and 2023 compensation amounts, with data provided by the independent consultant to the compensation committee. Form 990, Part VI, Section C, Line 19 Pursuant to Chapter 31, Article I, Section 28 of the Official Code of West Virginia, 1931, as amended, a Certificate of Incorporation was issued by the West Virginia Secretary of State on July 6, 2015 to the West Virginia University Innovation Corporation. This certificate is affixed to the Articles of Incorporation of the West Virginia University Innovation Corporation. That certificate along with the WVUICs IRS determindation letter, financial statements, form 990 and form 990-T are open and available for inspection at the WVUIC upon request. The WVUICs IRS determination letter is also available at the West Virginia University tax services website. Copies of the Form 990 are available upon request. Form 990, Part XII, Line 2c WVUIC financial information is prepared and maintained by WVUHS Corporate Accounting. Financial activity for WVUIC was included in the consolidated annual financial statements of West Virginia United Health System. Form 990, Part IX, Line 11g Total Other Services Expense consists of the following Consulting and Professional Fees of 119,180 of which 34,979 is considered program service expense and 84,201 is considered management and general expense and Contracted Labor of 1,348,864 of which 240,545 is considered program service expense and 1,108,319 is considered management and general expense. Form 990, Part V, Line 1a In 2023, West Virginia United Health System WVUHS, EIN 55-0754713, transitioned to a centralized accounts payable process in which WVUHS made the majority of vendor payments and then issued the required 1099s. WVUHS is reimbursed by the entities for their portion of payments made, vendor payments that meet the Top 5 Independent Contractor reporting requirements are reported in Part VII, Section B of the reporting entity. West Virginia United Health System PO Box 8034 Morgantown WV 26506 550754713 Healthcare Access WV 501c3 12 Type I N/A false State of West Virginia DBA West Virginia University PO Box 6005 One Waterfront Place Morgantown WV 265066005 556000842 Education and Research WV N/A false West Virginia University Research Corporation PO Box 6005 One Waterfront Place Morgantown WV 265066005 550665758 Research WV 501c3 Line 12B, II State of WV DBA West Virginia University false false false true false true false false false false false true false false true true true true false false Part IV Name of Related Organization FP Realty Company - Direct controlling entity West Virginia University Research Corporation Part V Line 1e Effective April 1, 2022, the following loans were forgiven - Loans or loan guarantees by related orgs beginning with fiscal year 2016, the West Virginia University Innovation Corporation UIC and the West Virginia University Research Corporation RC have entered into five seperate agreements in which the RC has extended a line of credit to the UIC. The first agreement was for 1 million, does not bear interest, and payment is due in full on August 16, 2025. The second agreement was for 1.5 million, does not bear interest, with payment of 1 million due on August 16, 2025 and the remaining 500,000 due on May 16, 2026. The third agreement was for 1 million, does not bear interest, with payments due as follows 500,000 is due on November 1, 2025, 100,000 is due on March 13, 2025, 100,000 is due on March 28, 2025, 250,000 is due on April 10, 2025, and 50,000 is due on April 28, 2025. The fourth agreement was for 800,000, and has a fixed interest rate of 3. Payment is due in full on December 31, 2022. Accrued interest payable on this loan was 62,419.21 at June 30, 2021. The fifth agreement was for 300,000, does not bear interest, and payment is due in full on January 1, 2025. All agreements and loan terms were approved by the board of directors for both organizations.