Virginia Tech Applied Research Corporation

“This form 990 is prepared by brown, edwards & company, llp based on information provided by management. The form 990 is reviewed internally by the cfo and ceo and vt-arc's outside counsel. The form 990 is provided to the vt-arc audit committee and then to the whole board for approval prior to filing with the irs.”

“There is an annual statement signed by each member of the board of directors confirming his or her lack of any knowledge of an interest that would be a company conflict of interest. Each employee signs a company confidentiality agreement that includes their voluntary disclosure of any known conflict of interest prior to or while being employed by the company.”

“The salary of the vt-arc ceo is determined by the compensation committee of the vt-arc board, taking into account survey information for ceos of companies of comparable size, sector and location, market conditions, and performance. This process is completed annually and is effective at the start of the fiscal year. Also note that a similar process is used for the vp, finance & admin (cfo). This process was last undertaken in tax year 2018. The established salary represents the entire compensation for the ceo; the ceo is not presently eligible for the business capture bonus plan or other incentives. Benefits paid to the ceo were established consistent with the affiliation agreement with the university, which requires such benefits of university affiliates to be as close as practicable to the benefits offered to similarly situated staff at virginia tech.”

“Governing documents, conflict of interest policy and financial statements are available upon request and are also available to the public through vt-arc.”

“Consulting: program service expenses 191,650. Management and general expenses 415,422. Fundraising expenses 0. Total expenses 607,072. Subcontractors: program service expenses 920,592. Management and general expenses 0. Fundraising expenses 0. Total expenses 920,592.”

“This process is unchanged from the prior year.”