The Medical Device Innovation Consortium

“Executive committee. The board may designate an executive committee comprised of the president and such other persons as may be appointed by the board, provided that no more than seventy-five percent (75%) of the members of the executive committee may represent for-profit members of the mdic. The executive committee shall have and may exercise all of the authority and powers of the board in the management of the business of the mdic in the interval between meetings of the board, except that the executive committee shall not have the authority and power to create additional director positions, elect or remove directors, create new officer positions, elect or remove officers, amend the articles of incorporation or bylaws, adopt a plan of merger or consolidation, authorize the sale or other disposition of all or substantially all of the property and assets of the mdic, authorize or revoke a voluntary dissolution of the mdic, take any action that requires a two-thirds affirmative vote of the directors voting on a matter under these bylaws or take any other action that applicable law requires be considered by the full board. The day-to-day operations of the mdic will be managed by the president with oversight and approval, as necessary, by the executive committee. Reports of executive committee actions shall be provided regularly to the board. The executive committee shall at all times be subject to the control and direction of the board.”

“The mdic has member organizations with no voting rights.”

“Finance department initiates the process of the 990, with the legal department and the finance committee providing review before reporting to the full board.”

“Each board meeting agenda includes a standing item requesting updates on potential conflicts of interest. Officers, directors, and key employees are required to disclose potential conflicts of interest as they arise. The board reviews and approves all transactions that have a potential conflict of interest. No director of the medical device innovation consortium shall vote on any matter in which he or she, or his or her employer, has a material interest or financial interest that will be affected by the outcome of the vote. All proceedings related to conflicts of interest are documented in the meeting minutes.”

“Compensation of key employees is reviewed and approved by the executive committee and recorded in the executive committee minutes or other committee documents. A review, including compensation reports and opinions from recruiting consultants, occurred in 2024.”

“The organization makes its governing documents, conflict of interest policy, and financial statements available to the public upon written request.”

“Consulting and contract labor: program service expenses 7,458,329. Management and general expenses 124,682. Fundraising expenses 0. Total expenses 7,583,011.”