West Virginia University Innovation Corporation

“The West Virginia University Innovation Corporation board of directors, with the exception of the independent board of director members, are employed by West Virginia United Health System WVUHS. Board members with reportable compensation are not compensated for their role on the WVUIC Board of Directors but for their roles at their respective organization.”

“The 990 was prepared by the West Virginia United Health System Tax Team utilizing information provided by The West Virginia University Tax Services Unit and the Accounting staff for WVUIC. The 990 was provided to the WVUIC President and Treasurer for review and emailed to WVUIC Board Members prior to filing.”

“During 2024, WVUIC had employees reporting under two different entities. Those reporting under WVUIC followed the WVUIC COI process which is as follows. West Virginia University Innovation Corporation UIC maintains a conflict of interest policy which is provided to UIC employees as part of the UIC employee handbook. The 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 UIC 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 UIC employees are required to disclose all outside consulting arrangements to the employees department leader by August 31 of each year. Directors employed by WVUHS were compliant with the WVUHS CIO policies and procedures.”

“West Virginia University Innovation Corporation UIC directors and officers are employed and compensated by West Virginia University WVU. Compensation for every WVU and for every UIC employee 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 programs and restructures it as necessary. Market and/or competency based adjustments may be warranted based on ones employment functions, as determined by a classification review. In addition, employees may be awarded merit-based pay adjustments in conjunction with superior performance.”

“WVUHS engages an independent group to perform an executive compensation review and compensation survey annually. This information is provided to the compensation committee which is made up of independent board members who are then responsible for setting the compensation packages offered to each executive, ensuring that the compensation package does not exceed fair market value based on the data from the consultant group. The minutes of the compensation committee are contemporaneously documented and retained. Full compensation surveys were completed for 2022, 2023, and 2024 compensation amounts, with data provided by the independent consultant to the compensation committee.”

“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 July 6, 2015 to the West Virginia University Innovation Corporation. This certificate is affixed to the Articles of Incorporation of the West Virginia University Innovation Corporation. That certificate along with the WVUICs IRS determindation letter, financial statements, form 990 and form 990-T are open and available for inspection at the WVUIC upon request. The WVUICs IRS determination letter is also available at the West Virginia University tax services website. Copies of the Form 990 are available upon request.”

“WVUIC financial information is prepared and maintained by WVUHS Corporate Accounting. Financial activity for WVUIC was included in the consolidated annual financial statements of West Virginia United Health System.”

“In 2023, West Virginia United Health System WVUHS, EIN 55-0754713, transitioned to a centralized accounts payable process in which WVUHS made the majority of vendor payments and then issued the required 1099s. WVUHS is reimbursed by the entities for their portion of payments made, vendor payments that meet the Top 5 Independent Contractor reporting requirements are reported in Part VII, Section B of the reporting entity.”