Virginia Tech Transportation Economic Development Inc.

“VTTEDI provides for public disclosure all documents required by law to be available for inspection by the public.”

“The following describes the form 990 review process by VTTEDI. MANAGEMENT AND THE ACCOUNTING STAFF PROVIDE THE NECESSARY FINANCIAL AND OTHER INFORMATION TO THE INDEPENDENT THIRD PARTY TAX CONSULTANTS. THE TAX CONSULTANTS REVIEW AND COMPILE THE INFORMATION INTO THE FORM 990 AND PROVIDE A DRAFT TO MANAGEMENT. MANAGEMENT PERFORMS A DETAILED REVIEW OF THE FORM PRIOR TO FORWARDING IT TO THE PRESIDENT FOR REVIEW. ANY CORRECTIONS AFTER THESE REVIEWS ARE COMMUNICATED BACK TO THE THIRD PARTY TAX CONSULTANTS. ANY REVISIONS ARE AGREED BY BOTH PARTIES. PRIOR TO THE FILING DEADLINE, THE FORM IS ELECTRONICALLY PROVIDED TO ALL MEMBERS OF THE BOARD OF DIRECTORS. IF THERE ARE NO COMMENTS OR REVISION, THE PRESIDENT THEN SIGNS THE TRANSMITTAL FORM TO PERMIT THE ELECTRONIC FILING, AS REQUIRED BY THE IRS. DISCLOSURE OF THE 990 WILL BE MADE IN FULL COMPLIANCE WITH THE REQUIREMENTS ESTABLISHED BY THE IRS.”

“The following describes the VTTEDI process for determining, reviewing and approving compensation of the Executive Director and key employees. The VTTEDI compensation determination, review, and approval processes are made during the job description development, position posting, hiring process, as well as performance evaluations. This includes a market analysis of positions with similar backgrounds and credentials based on the job description, and the position postings use salary ranges from the market analysis. All position postings are reviewed and approved by management. The hiring process involves competitive searches. Applications are reviewed based on the job description and the required qualifications. Senior management approve the terms of the job offers and compensation. Subsequent changes in salary are based on performance evaluations and market analysis and approved by senior management. Board members receive no compensation for services.”