West Virginia University Research Corporation

“Effective may 26, 2015, all west virginia university research corporation directors are employed by west virginia university. During the fiscal year covered by the return there were also three external board of director members who were not employed by either wvu research corporation nor west virginia university.”

“Effective as of the board of directors meeting held on may 26, 2015 there were changes made to the structure, composition and duties of the wvu research corporation board of directors. The voting membership of the board of directors now includes nine voting members and six non-voting officers. The nine voting board of director members include the following west virginia university (wvu) representatives: the wvu president; the wvu provost; the wvu vice president for health sciences; the wvu vice president for administration and finance; the wvu vice president for research; the wvu senior associate vice president for health sciences research and graduate education; the wvu vice president for legal, government, and entrepreneurial engagement; and two wvu faculty members as appointed by the wvu president. All board directors are appointed based on their west virginia university position with emphasis on wvu positions within a college or area with a high level of externally funded research. There is no set term an individual may serve as a board of director member as directors are appointed based on their employment position at wvu with the intention that board of director members will retain their board membership for the duration of their employment in one of the above listed wvu positions. There are no longer external board directors. Non-voting officers are elected by the voting members of the board for a one year term. Under the amended by-laws the titles of two of the non-voting officers were changed as follows: president was renamed executive director; and vice president was renamed associate director. The role of the executive director changed with increased duties regarding the oversight of the investment and reinvestment of funds and the purchase and sale of securities of the corporation. These duties were previously held by the treasurer. The duties of the vice president/associate director did not significantly change. Other by-law amendments included provisions for annual meetings of the board of directors with other regular and/or special meetings on an as needed basis at the discretion of the chairperson of the board, officers or board of director members.”

“Effective as of the board of directors meeting held on may 26, 2015 there were changes made to the structure, composition and duties of the wvu research corporation board of directors. The voting membership of the board of directors now includes nine voting members and six non-voting officers. The nine voting board of director members include the following west virginia university (wvu) representatives: the wvu president; the wvu provost; the wvu vice president for health sciences; the wvu vice president for administration and finance; the wvu vice president for research; the wvu senior associate vice president for health sciences research and graduate education; the wvu vice president for legal, government, and entrepreneurial engagement; and two wvu faculty members as appointed by the wvu president. All board directors are appointed based on their west virginia university position with emphasis on wvu positions within a college or area with a high level of externally funded research. There is no set term an individual may serve as a board of director member as directors are appointed based on their employment position at wvu with the intention that board of director members will retain their board membership for the duration of their employment in one of the above listed wvu positions. There are no longer external board directors. Non-voting officers are elected by the voting members of the board for a one year term.”

“The west virginia university tax services unit, the wvu division of finance, the wvurc treasurer, and the wvurc assistant treasurer review a draft of the form 990 on behalf of the wvurc. A complete copy of the form 990 is provided to the board prior to filing with the service.”

“The wvu office of research integrity and compliance requires and monitors annual disclosures by any employee conducting research including board directors or officers. In addition, the wvu office of research integrity and compliance maintains and monitors any conflict of interest disclosure made by non-research employees. Effective may 26, 2015, all west virginia university research corporation directors are employed by west virginia university. During the fiscal year covered by the return there were also three external board of director members who were not employed by either wvu research corporation nor west virginia university. Wvurc board directors who were employees of wvu during the fiscal year 2015 are subject to wvu's policies and procedures which include the state of west virginia ethics act, and the compensation, fringe benefit and accountable plan policies and procedures. The state of west virginia ethics commission compiles on an annual basis financial disclosures submitted by wvu employees at the director level and above.”

“Effective may 26, 2015, all west virginia university research corporation directors are employed by west virginia university. During the fiscal year covered by the return there were also three external board of director members who were not employed by either wvu research corporation nor west virginia university. With the exception of these three external directors, the organizations officers are compensated by a related organization, west virginia university. Compensation for every position is determined by several factors including job analysis and evaluation, the essential duties and responsibilities of the position, and salary survey data on pay practices. We periodically review our salary administration program and restructure it as necessary. Market and/or competency based adjustments may be warranted based on one's employment functions, as determined by a classification review. In addition, employees may be awarded merit-based pay adjustments in conjunction with superior performance as documented by our performance evaluation process.”

“Pursuant to chapter 31, article i, section 28 of the official code of west virginia, 1931, as amended, a certificate of incorporation was issued by the west virginia secretary of state on june 26, 1985 to the west virginia university research corporation. This certificate is affixed to the articles of incorporation of the west virginia university research corporation. That certificate along with the wvurc's irs determination letter and form 990 are available on west virginia university's website. The affirmative action plan, financial statements and form 990-t are open and available for inspection at the wvurc upon request.”

“Effective may 26, 2015, all west virginia university research corporation directors are employed by west virginia university. During the fiscal year covered by the return there were also three external board of director members who were not employed by either wvu research corporation nor west virginia university. See the note below for form 990, part vii for contact addresses for directors who cannot be reached at the organization's mailing address.”

“During the fiscal year 2015 west virginia university research corporation became a member investor in the west virginia growth investment llc which is an llc entity filing as a partnership for income tax purposes. This focus of the west virginia growth investment llc will be to invest in small businesses located within the west virginia region that domenstrate the potential for growth and a suitable return.”

“Julie smith - 3313 four-h camp road, morgantown, wv 26508-2428. Mike green - 5000 greystone drive, morgantown, wv 26508-8616. Mark wise - 1031 imperial drive, morgantown, wv 26508-9180.”

“Unrealized gains/losses -249,610. Financial statement rounding 3.”