West Virginia University Research Corporation

“Effective may 26, 2015, all west virginia university research corporation directors are employed by west virginia university.”

“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.”

“West virginia university research corporation (rc) maintains both a conflict of interest policy and a whistleblower policy both of which are provided to rc employees as part of the rc employee handbook. The conflict of interest policy requires all research investigators to submit a conflict of interest in research disclosure on, at minimum, an annual basis. All investigators are required to update their disclosure information within thirty days of the development of a new significant financial interest in research. Additionally rc employees within the office of tech transfer must annually disclose significant financial interests for institutional conflicts of interest to the conflict of interest office by july 31 of each year. Finally, all rc employees are required to disclose all outside consulting arrangements to the employee's department leader by august 31 of each year.”

“Effective may 26, 2015, all west virginia university research corporation (rc) directors are employed by west virginia university and are compensated by a related organization, west virginia university (wvu). Compensation for every wvu and for every rc employee 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. Wvu periodically reviews the salary administration program and restructures 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.”

“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.”

“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. The focus of the west virginia growth investment llc will be to invest in small businesses located within the west virginia region that demonstrate the potential for growth and a suitable return.”

“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 five 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 and executive dean for health sciences; the wvu vice president and chief financial officer; the wvu vice president for research; the wvu senior associate vice president for health sciences research and graduate education; a member of the wvu general counsel; 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.”

“ROUNDING $2 2.”

“Beginning with fiscal year 2016, the west virginia university research corporation (rc) and the west virginia university innovation corporation (uic) have entered into four separate agreements in which the rc has extended a line of credit to the uic. The first agreement was for $1 million, does not bear interest, and payment is due in full on august 16, 2025. The second agreement was for $1.5 million, does not bear interest, with payment of $1 million due on august 16, 2025 and the remaining $500,000 due on may 16, 2026. The third agreement was for $1 million, does not bear interest, with payments due as follows: $500,000 is due november 1, 2025, $100,000 is due on march 13, 2025, $100,000 is due on march 28, 2025, $250,000 is due on april 10, 2025, and $50,000 is due on april 28, 2025. The fourth agreement was for $800,000 and has a fixed interest rate of 3%. Payment is due in full on december 31, 2022. Accrued interest payable on this loan was $38,085.85 at june 30, 2020. All agreements and loan terms were approved by the board of directors for both organizations.”