West Virginia High Technology Consortium Foundation

“The wvhtc foundation board of directors reviews and approves the irs form 990 before it is filed.”

“Substantive decisions are made by the wvhtc foundation's board of directors and carried out by the organization's management. In addressing these decisions as well as carrying out the organization's day-to-day operation and contractual activities, organizational policy and practice requires any director, officer and/or employee to: (1) disclose potential conflicts; (2) withdraw from any activities in which a potential conflict exists; and (3) note the withdrawal or act of abstaining from the activity. All potential conflicts encountered by the board of directors and their withdrawal from voting, decision-making or related activity is duly noted by the corporate secretary and made part of the meeting or board activity minutes.”

“The process for determining compensation for the organization's chief executive officer and top management officials includes a formal compensation analysis provided by an independent accounting firm in which the job duties and responsibilities for each position as well as the actual employee's experience, skills, capabilities, and credentials are benchmarked by industry and regional standards. The organization's executive compensation is determined based upon: (1) external analysis and guidance from an accounting and/or executive compensation specialist firm; (2) the annual review; (3) independent analysis, and approved by the organization's board of directors. This process and the final work product are overseen by the organization's legal counsel.”

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

“Adjustment to related company notes payable/notes receivable -22,306,446.”

“The organization has not changed either its oversight process or selection process during the tax year.”

“West virginia high technology consortium foundation a west virginia non-profit 501(c)(3) corporation with a principal place of business located at: 1000 galliher dr., ste 1000, fairmont wv 26554 (dba "high technology foundation") summary and schedule of the organization's purpose, objectives and activity 4/01/2016-03/31/2017 the purpose and objectives of the west virginia high technology consortium foundation (the "high technology foundation") are clearly set forth as part of its mission statement, as contained in its corporate charter of august 12, 1993 and summarized as follows: to facilitate economic viability by building strong industries of advanced technology and providing contractual support to government agencies; to develop better employment opportunities and improve the standard of living in west virginia; to encourage research and development organizations and high technology manufacturers to locate in the state; to take steps to facilitate development of west virginia's human resources by providing opportunities for its residents; to enhance the research capabilities of the state's public and private schools; to establish a continuing forum to foster greater dialogue throughout the research community within the state; and to promote the development of high technology industries and research facilities in west virginia. In carrying out its purpose and objectives during the 04/01/2016 to 03/31/2017 term, the high technology foundation engaged in scientific and/or technology-based research and development; small business support, including commercialization and investment; government contracting support; real estate development and commercial leasing and subleasing, as more specifically set forth below. I. Office locations and related economic development activities. In efforts to achieve economic development, the high technology foundation's activities include build-out, leasing, subleasing and operations of the following facilities in the i-79 technology park: innovation center 1000 technology dr., ste 1000 fairmont, wv 265554 foundation innovator business incubator division 1000 technology dr., ste 1200 fairmont, wv 26554 training center 3000 technology dr. Fairmont, wv 26554 facility iv 5000 nasa blvd. Fairmont, wv 26554 i-79 research center 1000 galliher dr. Fairmont wv 26554 ii. Affiliate program, including workforce education. The affiliate program provided small business assistance, networking opportunities and workforce education activities. Under the affiliate program, company representatives were either elected or appointed to serve and provide support and advice to the high technology foundation. The affiliate program benefits included network and business community initiatives, educational seminars, discounted rates for certain services, and employee benefit and health insurance association plan opportunities. Iii. Innova small business support services. The innova program provided business support services to entrepreneurs and businesses interested in the development and commercialization of a product. As an ongoing innitiative, innova spurs economic development by assisting entrepreneurs with business opportunities and obtaining capital necessary to successfully launch products in the marketplace. This program seeks to provide services to any west virginia entrepreneur whose product demonstrates commercial viability. Iv. Technology-based research and related programs. The main focus of the organization's scientific research group involved utilization of technology-based research as a vehicle for economic development and diversification. Much of the work was provided to the federal government, as customer, particularly the united states department of defense ("dod") and nasa. The following is a list of the technology-based research programs carried out during the above-referenced term: 1. Army nigh vision lab (anvl and anvl2) - this program provided assembly, operation and software support to the tinders”