Biomedical Research Foundation of Northwest Louisiana

“Per the by-laws, the board of directors has delegated broad authority to the executive committee of the biomedical research foundation.”

“The organization's cfo is responsible for the preparation, review and filing of form 990 and, if required, form 990t and all related forms and schedules. The organization distributes the completed form 990 to each board member prior to filing.”

“Brf has a written conflict of interest policy covering all persons who meet the irs definition of "disqualified person." its executive committee consists of the board officers and other board members and is responsible for managing this policy. The policy is reviewed annually by the full board. All board members and staff officers are required to complete a disclosure form at least annually and are required to notify the committee in writing of any proposed contracts or transactions involving a conflict of interests. The disclosure forms and actual contracts and transactions are reviewed by this committee. Persons who have a conflict are not allowed to participate in nor are they permitted to hear the discussion of the matter except to disclose material facts and respond to questions. They cannot be present when a vote is taken on the matter. Specific guidelines exist to assist the committee in determining the fair market value of a transaction or contract involving a conflicted person.”

“The executive committee has the sole authority to establish the compensation of the president and staff vice-presidents and key employees. Compensation is reviewed annually in connection with the budgeting process. The committee has written guidelines for evaluating the reasonableness of compensation including published surveys and comparisons to similar organizations, both taxable and tax exempt, for funtionally comparable positions. Minutes are kept of all executive committee meetings. The minutes are reviewed and approved at the next executive committee meeting.”

“The organization will fully comply with all federal and state public disclosures required with respect to its status as a tax exempt, not-for-profit organization. Specifically, documents will be made available for public inspections and copies will be provided upon request in accordance with procedures and requirements set forth in current irs regulations as amended from time to time.”

“Our mission is to promote, encourage, carry on, and aid in the conduct and commercialization of scientific investigations and technology development; the development and implementation of novel business ideas and processes; education, training, and allied supportive activities; and the development of a cultural and physical environment, all of which shall be directed toward assisting the region in attracting new businesses or in retaining, starting, or growing existing businesses or in any other economic development activities.”

“Our mission is to promote, encourage, carry on, and aid in the conduct and commercialization of scientific investigations and technology development; the development and implementation of novel business ideas and processes; education, training, and allied supportive activities; and the development of a cultural and physical environment, all of which shall be directed toward assisting the region in attracting new businesses or in retaining, starting, or growing existing businesses or in any other economic development activities.”

“Distribution of capital from subsidiary organization 539,500.”

“The organization's process has not changed from the filing of the previous form 990.”