West Virginia University Innovation Corporation

“The west virginia university innovation corporation board of directors, with the exception of the independent board of director member, are all employed by west virginia university.”

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

“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.”

“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 employee's department leader by august 31 of each year.”

“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 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 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. The wvuic's irs determination letter and form 990 is also available at the west virginia university tax services website.”

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

“The voting membership of the board of directors includes five voting members and three non-voting officers. The five voting board of director members include the following west virginia university (wvu) representatives: wvu president; wvu general counsel; wvu vice president for research; and the wvu vice president and chief financial officer. The fifth voting member is not employed by wvu and is external to both the innovation corporation and wvu. There is no set term an individual may serve as a board of director member. The voting members who are employed by wvu 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 2020 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 1,066,104. Management and general expenses 0. Fundraising expenses 0. Total expenses 1,066,104. Payroll processing: program service expenses 0. Management and general expenses 20,752. Fundraising expenses 0. Total expenses 20,752. Other subcontractors: program service expenses 0. Management and general expenses 14,957. Fundraising expenses 0. Total expenses 14,957.”

“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. Effective with the fiscal year 2018, wvu innovation corporation no longer has a seperate audit and the audited financial statements are on a combined basis with west virginia university and west virginia university research corporation.”

“Beginning with fiscal year 2016, the west virginia university innovation corporation (uic) and the west virginia university research corporation (rc) 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 on 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.”