West Virginia University Innovation Corporation (EIN 611764272) - Form 990 Financial Analysis & Trantor Score

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Financial Vulnerability Assessment (Tuckman-Chang)

4 risk indicators measuring financial stability and operational resilience

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Financial Trends

Organization Details

Formation Year

2015

Legal Domicile

Principal Officer

Stacey Armstrong

Phone

3049743810

Tax Period

2023-01-01 to 2023-12-31

West Virginia University Innovation Corporation, founded in 2015, is a community nonprofit in the Science & Technology sector that reported $1.5M in total revenue in fiscal year 2023. Revenue fell 37% from the prior year — a significant decline worth monitoring. Expenses of $8.2M exceeded revenue, resulting in a 447% operating deficit.

Mission

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.

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Trantor Score

Financial Health Score (300–850) · Liquidity · Solvency · Sustainability · Efficiency

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Liquidity (40%) • Solvency (30%) • Sustainability (20%) • Efficiency (10%)

Financial Overview (2023)

Revenue Breakdown

Contributions & Grants $500,000

Program Service Revenue $248,716

Investment Income $311,660

Other Revenue $432,658

TOTAL REVENUE $1,493,034

Expense Breakdown

Grants Paid $0

Salaries & Benefits $3,088,325

Fundraising Expenses $0

Program Expenses $1,957,053

Other Expenses $5,079,457

TOTAL EXPENSES $8,167,782

Year-over-Year Comparison

	2023	2022	Change
Revenue	$1,493,034	$2,370,971	-0.4%
Expenses	$8,167,782	$4,926,198	+0.7%
Net Income	$-6,674,748	$-2,555,227	+1.6%

Key Indicators

✗ Grants to Organizations ✗ Grants to Individuals ✗ Lobbying ✗ Political Activity ✗ Foreign Activities ✗ Donor Advised Fund ✓ Schedule B Required

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Financial Health Indicators

Comprehensive financial analysis: Altman Z-Score, liquidity, solvency, sustainability, efficiency, and growth metrics

Financial Distress Indicator

Liquidity & Cash Position

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Altman Z-Score • Liquidity Ratios • Solvency Analysis • Growth Indicators • Efficiency Metrics

Governance

Voting Members

Independent Members

Employees

Volunteers

Governance Policies

✗ Conflict of Interest Policy

✗ Whistleblower Policy

✗ Document Retention Policy

Special Practices & Reported Activities

✗ Operated a School

✗ Operated a Hospital

✗ Provided First Class Travel

⚠ Reported Conflict of Interest

✗ Reported Asset Diversion

✗ Excess Benefit Transaction

✗ Made Political Expenditures

✗ Engaged in Lobbying

✗ Operated Donor Advised Fund

✗ Maintained Art Collections

✗ Filed Form 720

Compensation of Officers, Directors & Key Employees

Total Officers

$1,055,333

Total Directors

$5,982,463

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
Albert Wright Jr	WVUHS President/WVUIC Director	000.25	Director	$0	$409,396	$3,955,695
Douglas Coffman	WVUHS CFO/WVUIC Director through July 2023	000.25	Director	$0	$25,873	$800,899
Stacey K Armstrong	WVUIC President	020.00	Officer	$537,826	$107,324	$645,150
Nicholas Barcellona	WVUHS CFO/WVUIC Director starting August 2023	000.25	Director	$0	$78,064	$449,047
J Robert Alsop	WVU VP for Strategic Initiatives/WVUIC Director	000.25	Director	$0	$19,800	$440,348
Felicia Imbrogno	WVUHS AVP Senior Corporate Counsel/WVUIC Assistant Secretary	000.25	Director	$0	$42,626	$336,474
David Kosslow	WVU Associate VP for Finance Treasury/WVUIC Assistant Treasurer	012.50	Officer	$0	$34,684	$224,502
Erica Steratore	WVUIC Associate VP	040.00	Highest	$179,430	$17,529	$196,959
Randy Strimel	Director Facilities Engineering	040.00	Highest	$167,221	$28,816	$196,037
Rossi Wiles	WVU Deputy General Counsel for Innovation Research/WVUIC Secretary	012.50	Officer	$0	$19,910	$185,681
Stephen Johnson	Manager Facilities Engineering	040.00	Highest	$95,417	$34,642	$130,059
Rob Snare	Director Security	040.00	Highest	$118,521	$5,313	$123,834
Joe Farber	Team Leader Facilities	040.00	Highest	$99,957	$19,530	$119,487
Thomas Heywood	Director	000.25	Director	$0	$0	$0
Marston Becker	Director	000.25	Director	$0	$0	$0
Michael Graney	Director	000.25	Director	$0	$0	$0
Thomas V Flaherty	Director	000.25	Director	$0	$0	$0
William D Wilmoth	Director	000.25	Director	$0	$0	$0

Note: Compensation data is self-reported by the organization on their Form 990. "Reportable Comp" includes salary, bonuses, and other reportable compensation from the organization and related organizations. "Other Comp" includes benefits, deferred compensation, and non-taxable benefits.

Historical Data

Year	Revenue	Expenses	Assets	Net Income
2024	No data	No data	No data	No data
2023	$1,493,034	$8,167,782	$57,398,686	$-6,674,748
2022	$11,450,000	$4,408,606	$58,733,877	$7,041,394
2022	$2,370,971	$4,926,198	$58,745,858	$-2,555,227
2021	$5,942,099	$4,495,121	$2,905,835	$1,446,978
2020	$4,046,281	$5,375,855	$3,495,085	$-1,329,574
2019	$4,275,131	$5,597,999	$4,654,420	$-1,322,868
2018	$3,837,215	$5,182,187	$4,513,331	$-1,344,972

West Virginia University Innovation Corporation