Biobat Inc.

“BIOBAT IS CHARGED WITH MAINTAINING AND DEVELOPING 486,000 SQ FT OF THE BROOKLYN ARMY TERMINAL FOR LIFE SCIENCE TENANTS. THE BUILDING IS OWNED BY THE CITY OF NEW YORK AND MANAGED BY THE NYCEDC (New York City Economic Development Corporation). The NYCEDC effectively appoints 50% of the Biobat Board of Directors. Any costs incurred by BioBAT for building work done by EDC (Economic Development Corporation), e.g. sprinkler system, are reimbursed to EDC annually. In FY2018 BioBAT will have Penguin/EMCOR managing the facility. BIOBAT IS BECOMING MORE AND MORE INDEPENDENT AND AT SOME POINT WE WILL NOT NEED TO USE NYCEDC MAINTENANCE AND REPAIR SERVICES.”

“In accordance with the bylaws of the organization, the board of directors shall be appointed by the corporate members. Four of the directors shall be named by the research foundation of the state university of new york, four shall be named by the new york city economic development corporation and two shall be elected jointly by the members.”

“The 990 is made available to the board and 990 is reviewed by the audit committee.”

“Each trustee, principal officer and member of a committee with governing board delegated powers shall annually sign a statement which affirms such person: (a) has received a copy of the Conflicts of Interest Policy; (b) has read and understands the policy; (c) has agreed to comply with the policy; and (d) understands the Corporation is charitable and in order to maintain its federal tax exemption it must engage primarily in activities which accomplish one or more of its tax-exempt purposes. To ensure the Corporation operates in a manner consistent with charitable purposes and does not engage in activities that could jeopardize its tax-exempt status, periodic reviews shall be conducted by the audit committee.”

“The governing documents, conflict of interest policy and financial statements are available upon request.”

“THE ORGANIZATION IS AMENDING ITS FORM 990 to correct rental income previously reported and adjust rent receivable on the balance sheet: THE FOLLOWING PARTS OF THE TAX RETURN WERE AFFECTED BY THE ADJUSTMENT: PART I - SUMMARY PART III - REVENUE BY PROGRAM PART VIII - STATEMENT OF REVENUE PART X - BALANCE SHEET PART XI - RECONCILIATION OF NET ASSETS SCHEDULE A - PART III - SUPPORT SCHEDULE FOR ORGANIZATIONS IN SECTION 509(A)(2) Schedule D - Part XI - Reconciliation of Revenue per Audited Financial Statements with Revenue per Return”

“THE EXECUTIVE DIRECTOR IS COMPENSATED FROM The Research Foundation of the State University of New York.”