2023-11-15T10:39:11-00:00 2022-12-31 990 2022-07-01 611764272 West Virginia University Innovation Corporation WEST 3049743810 PO Box 8034 Morgantown WV 26506 Stacey Armstrong President 3049743810 2023-11-14 false Stacey Armstrong XXX-XX-XXXX true AAL1 IAL1 2022 2023-04-26 12:10:37Z Stacey Armstrong 1085 Van Voorhis Rd STE 500 Morgantown WV 26505 2370971 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. 8 5 35 5 0 11006540 0 416038 2370971 0 27422 0 11450000 2370971 360962 0 0 1541521 1460002 0 0 2506123 3466196 4408606 4926198 7041394 -2555227 58733877 58745858 3909462 5985310 54824415 52760548 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 if science, medicine and technology in West Virginia and beyond. false false 685641 2370971 During the year, 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. 685641 true false 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 2 0 true 13 true false false false false false false false false false false false false X 8 5 true false false false false false false true true true false true true true true false false true true false X X Doug Coffman 3045984000 PO Box 8059 Morgantown WV 26506 Albert Wright Jr WVUHS President/WVUIC Director 000.25 050.00 X 0 2323142 384491 Douglas Coffman WVUHS CFO/WVUIC Director 000.25 050.00 X 0 952288 25308 E Gordon Gee WVU President/ WVUIC Director 000.25 070.00 X 0 796660 26404 Paula Congelio WVU VP CFO/WVUIC Director 000.25 065.00 X 0 396726 52660 J Robert Alsop WVU VP for Strategic Initiatives/WVUIC Director 000.25 050.00 X 0 426684 18365 Anjali Halabe WVU Senior Associate Vice President for Finance/WVUIC Treasurer 005.00 040.00 X 0 331632 19124 Stephanie Taylor WVU VP General Counsel/WVUIC Director 000.25 040.00 X 0 280089 40644 Fred King Jr WVU Vice President for Research/WVUIC Board Director 000.25 059.00 X 0 273286 25377 David Kosslow WVU Associate VP for Finance Treasury/WVUIC Treasurer 037.50 X 0 169683 30918 Rossi Wiles WVU Deputy General Counsel for Innovation Research/WVUIC Secretary 012.50 037.50 X 0 161473 18630 Justin Dunnicliff WVUIC Program Manager/WVURC General and Operations Manager 037.50 X 140962 14977 11583 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 Stacey K Armstrong WVUIC President 020.00 020.00 X 0 0 0 140962 6126640 653504 1 false true true Research and Development Services 541700 2370971 2370971 2370971 2370971 2370971 X 0 0 0 0 0 0 1141134 113825 1027309 25366 25366 285257 13082 272175 8245 8245 0 62780 62780 0 0 0 703733 497901 205832 0 122748 6393 116355 12646 5566 7080 0 895564 895564 1573 1573 0 0 7392 7392 0 1097400 1097400 51152 41430 9722 Taxes, Licences, Fees 510953 25 510928 Educational Training 228 228 Association Dues 27 27 0 4926198 685641 4240557 0 224776 1076209 324943 163144 21958 75905 58528000 1097400 58162200 57430600 58733877 58745858 3909462 3418607 2566703 3909462 5985310 X 54824415 52760548 54824415 52760548 58733877 58745858 X -2555227 885750 -394390 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 58528000 1097400 57430600 57430600 Financial derivatives and other financial products Closely-held equity interests Federal income taxes Due to Related Org - Non Current 2566703 2566703 3256721 885750 885750 2370971 2370971 5905065 978867 978867 4926198 4926198 true Part I Line 2 Sub-recipients are paid on a cost-reimbursable or fixed price basis. In both instances, the principal investigator reviews and approves invoices for payment. The principal investigator is also the individual who receives and reviews technical progress reports from sub-recipients. true false true false false false false false false false Stephanie Taylor WVU VP General Counsel/WVUIC Director 278778 1310 17497 23208 320793 Paula Congelio WVU VP CFO/WVUIC Director 353726 16000 27000 52300 360 449386 Rossi Wiles WVU Deputy General Counsel for Innovation Research/WVUIC Secretary 156569 4904 9870 8760 180103 E Gordon Gee WVU President/ WVUIC Director 769660 27000 18300 8104 823064 J Robert Alsop WVU VP for Strategic Initiatives/WVUIC Director 426622 62 18300 65 445049 Anjali Halabe WVU Senior Associate Vice President for Finance/WVUIC Treasurer 285203 44250 2179 18300 824 350756 Fred King Jr WVU Vice President for Research/WVUIC Board Director 273286 16582 8795 298663 David Kosslow WVU Associate VP for Finance Treasury/WVUIC Treasurer 166210 3473 10807 20111 200601 Albert Wright Jr WVUHS President/WVUIC Director 1480677 815255 27210 356068 28423 2707633 Douglas Coffman WVUHS CFO/WVUIC Director 659493 193194 99601 13725 11583 977596 Stacey K Armstrong WVUIC President 248887 51339 44692 15911 360829 Justin Dunnicliff WVUIC Program Manager/WVURC General and Operations Manager 140962 14937 40 5468 767 3398 1950 149828 17694 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 97,279. 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. Part I Line 4b During 2022, the following individuals were able to defer compensation under a nonqualified plan. Albert Wright received deferred contributions of 342,343 Stacey Armstrong received deferred contributions of 35,000. 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. 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 thier role on the WVUIC Board of Directors but for their roles at their respective organizations. Form 990, Part VI, Section A, Line 4 Effective April 1, 2022, West Virginia University Innovation Corporation WVUIC filed Amended and Restated By-Laws to recognize the change in Board structure for WVUIC that includes representatives from West Virginia United Health System. Form 990, Part VI, Section B, Line 11B The 990 was preapred 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 2022, 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 2019, 2020, and 2021 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 For the short year reporting period, July 1, 2022 through December 31, 2022, WVUIC financial information was prepared and maintained by WVUHS Corporate Accounting. Financial activity for the short year was included in the consolidated annual financial statements of West Virginia United Health System. Form 990, Part IX, Line 11g Total Other Expenses consists of the following Consulting and Professional Fees of 33,707 of which all is considered management and general expense and Contracted Labor of 670,025 of which 497.901 is considered program service expense and 172,124 is considered management and general expense. Form 990, Part XI, Line 9 Other changes in net assets consists of changes in net assets related to change in ownership and operation at April 1, 2022 of 394,390. 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 West Virginia United Health System PO Box 8034 Morgantown WV 26506 550754713 Healthcare Access WV 501c3 12 Type I N/A 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 11E 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.