Institute for Life Science Entrepreneurship

“The board shall have one standing board committee, an audit and finance committee, which shall have the duties and responsibilities set forth below. The board may, by a resolution adopted by a majority of the entire board, designate other board committees. Appointments to any board committee shall be by a majority vote of the trustees then in office. Each board committee shall have two or more trustees. The board may designate one or more trustees as alternate members of any board committee, who may replace any absent or disqualified member at any meeting. Board committees shall have and may exercise all the powers and authority of the board in the management of the business and affairs of the corporation to the extent provided in the resolution of the board or in the bylaws; but no board committee shall have the power or authority in reference to: (a) amending the certificate of incorporation or bylaws, (b) electing or appointing any trustee or removing any officer or trustee, (c) submitting to members any action that requires members' approval, or (d) amending or repealing any resolution previously adopted by the board. Each board committee shall keep minutes of its proceedings, and actions taken by a board committee shall be reported to the board.”

“The 990 is provided to and reviewed by the institute's board of trustees prior to issuance.”

“Institute for life science entrepreneurship, inc. ("ilse") requires each officer, trustee and key employees annually to (1) review ilse's conflict of interest policy (the "policy''); (2) disclose any possible personal, familial, or business relationship that reasonably could give rise to a conflict of interest or the appearance of a conflict of interest; and (3) acknowledge that he or she is acting in accordance with the letter and spirit of such policy. This policy shall be administered by the audit and finance committee of the board of trustees, with the assistance of the chief executive officer. The audit and finance committee and the chief executive officer shall be responsible for the following: (a) reviewing the declarations and receiving disclosures of proposed covered transactions; (b) reviewing proposed covered transactions to determine whether they meet the above described standard; (c) maintaining such documentation as may be necessary and appropriate to document the review of covered transactions; and (d) reporting to the board of trustees on any covered transactions approved in accordance with this policy and on the administration of this policy. The audit and finance committee and/or chief executive officer may seek advice from outside advisors in connection with the review of any proposed covered transactions or with the administration of this policy. The audit and finance committee shall have authority to review the operation of this policy and make changes from time to time as it may deem appropriate. The chief executive officer shall provide a copy of this policy to each current officer, trustee and key employee and to all new officers, trustees and key employees upon undertaking the duties of such office.”

“The institute makes its form 1023 and 990 available for public inspection upon request.”

“The institute makes its articles of incorporation, bylaws and financial statements available to the public upon request.”

“Credit loss expense -32,800.”

“The oversight process has not changed from the prior year.”