West Virginia University Innovation Corporation

“The west virginia university innovation corporation general managerial duties including payroll and accounting functions were outsourced to a third party vendor, keylogic.”

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

“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 wvuic's irs determination letter, financial statements, form 990 and form 990-t are open and available for inspection at the wvuic upon request.”

“Thomas flaherty - 200 capitol street, charleston, wv 25301.”

“The voting membership of the board of directors includes four voting members and four non-voting officers. The four voting board of director members include the following west virginia university (wvu) representatives: the wvu president; the wvu vice president for administration and finance; the wvu vice president for legal, government, and entrepreneurial engagement; and the wvu chairmen of the board of governors. There is no set term an individual may serve as a board of director member. All are appointed based on their position at wvu with the intention that board of director members will retain their board membership for the duration of their position in one of the above listed wvu positions. Non-voting officers are elected by the voting members of the board for a one year term. For the fiscal year 2017 there were no members of the board of directors who was directly paid by the west virginia university innovation corporation.”

“Research subcontractors: program service expenses 1,409,013. Management and general expenses 48,732. Fundraising expenses 0. Total expenses 1,457,745. Security: program service expenses 20,371. Management and general expenses 0. Fundraising expenses 0. Total expenses 20,371.”

“Financial statement rounding (-$1) -1.”

“The wvu division of finance is responsible for the preparation of both the financial statements and the external audit of the financial records. The wvuic treasurer is responsible for the oversight and review of both processes.”