Virginia Tech Intellectual Properties Inc

“Governance at the 2/10/17 vtip board of directors meeting, vtips by-laws and articles of incorporation (aofi) were amended. Effective june 2016, minor changes were made to the structure of vtips board the president of the crc was classified as an ex-officio director, four members were reclassified as "representative directorsthe remaining directors were reclassified as "elected directors". After this amendment, the by-laws were no longer consistent with the aofi and the amendment approved at the february 2017 board meeting ensured that the aofi are consistent with the by-laws. In addition, the amended articles include the directors term length which must be specified in the articles pursuant to virginia law because the terms are longer than one year. In addition, an optional provision has been added to the aofi. In 2016, the virginia nonstock corporation act was amended to permit a board of directors to act without a meeting without requiring unanimous consent of all directors. The new provision allows vtips board to act without a meeting by a majority vote of all directors in office, which means the vote can occur via electronic means.”

“Process for review of form 990 the form 990 is prepared by the organization's independent accounting firm kpmg llp. The return is then reviewed by management prior to filing with the irs. Either the president or the secretary/treasurer reviews the form 990 before they sign it. The controller reviews all data before it is filed.”

“Conflict of interest policy vtip follows the virginia polytechnic institute and state university conflict of interest policy which requires immediate reporting of any new potential conflicts of interest and an annual update of these conflicts. The president, mark coburn, monitors and tracks all conflicts of interest.”

“Compensation process for officers the chairman of the board, dr. Theresa mayer, establishes the compensation for mark coburn during the annual performance review process. The chairman uses statistics from the association for university technology managers (autm) for comparisons to determine the president's compensation.”

“Public disclosure the organization makes its conflict of interest policy available to the public via its website. Governing documents and audited financial statements are available to the public upon request.”