West Virginia University Innovation Corporation

Analysis

West Virginia University Innovation Corporation is a registered charity in United States, based in Morgantown, WV. It received its IRS tax-exemption ruling in October 2016, 10 years ago. Its declared purposes cover science and technology, which this site groups under arts, culture, heritage and science. The IRS classifies it as a publicly supported organisation (gross receipts test) under section 501(c)(3), and contributions to it are listed as tax-deductible.

In the financial year ending December 2023, West Virginia University Innovation Corporation reported income of $1.5m and spending of $8.2m, spending 547% of what it took in. Across the 6 years on record, from June 2019 to December 2023, income fell from $4.3m to $1.5m (-65%), an average of -19% a year. The sharpest change came in the year to June 2022, when income rose by 93%. Over the whole period it spent 112% of the income it received.

Among 45,478 United States charities whose main cause is arts, culture, heritage and science and that reported income, West Virginia University Innovation Corporation sits at the 89th percentile: it is larger than about 89% of them. Against every charity in United States with reported income it ranks in the 83rd percentile, and in the 82nd percentile within WV. Charities of a similar size with the same main cause include River Raisin National Battlefield Park Foundation Inc ($1.5m), The Arts Federation Inc ($1.5m) and Garth Fagan Dance Incorporated ($1.5m).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 33% and program service revenue 17% of the total. Compensation of current officers, directors and key employees was $645k (7.9% of expenses). Other salaries and wages came to $1.9m. At year end it held assets of $57.4m against liabilities of $11.3m, net assets of $46.1m.