The Uab Research Foundation

“The return is prepared by outside accountants and reviewed by the managing director before filing.”

“Each director, principal officer or member of a board committee who has a direct or indirect financial interest, through a business investment or through a family member, is required to disclose any such actual or potential financial interest, to the board of directors of uabrf. A financial interest is defined as an interest in any entity with which uabrf has a transaction or arrangement, in a compensation arrangement with uabrf or with any entity or individual with which uabrf has a transaction or arrangement or a potential ownership or investment interest in, or compensation arrangement with, any entity or individual with which uabrf is negotiating a transaction or arrangement. Any such person making a disclosure is required to recuse him or herself from the remainder of the meeting and is unable to vote on the transaction.”

“The ua system patent policy and the uab conflict of commitment policy are available on the uabrf website. All other documents are available upon request.”

“For financial reporting purposes, the foundation is considered a special-purpose government entity engaged only in business-type activities as defined by gasb statement no. 35. Basic financial statements - and management's discussion and analysis - for public colleges and universities, as an amendment to gasb 34, basic financial statements - and management's discussion and analysis - for state and local governments. Business-type activities are those that are financed in whole or in part by fees charged to external parties for goods or services. Accordingly, the financial statements of the foundation have been prepared using the economic resources measurement focus and the modified basis of cash receipts and cash disbursements. Royalties, research income, and investment income from nonmarketable securities of start-up companies, excluding unrealized gains and losses, are recognized on the cash basis. Legal income and expense are reported on the accrual basis. All other revenues and expenses are reported on the accrual basis when the related revenue has been earned or obligation has occurred. The form 990 has been prepared consistent with the financial statements each year.”