Auburn Research Park I

“The Form 990 is reviewed by key members of the management team and the Board of Directors.”

“All conflicts of interest or apparent conflicts of interest of directors are to be disclosed to the chairperson of the board and the executive director. Conflicts or apparent conflicts of all others acting for or on behalf of the arp1 are to be disclosed to the executive director. Violations of the policy, including failure to disclose conflicts, may result in termination of the conflicted person.”

“The foundation did not have any committees with the authority to act on behalf of the governing body.”

“Auburn research park i makes its governing documents, conflict of interest policy, and financial statements available to the general public upon request.”

“The number of directors constituting the board of directors of the Corporation shall be ten (10), and at least six (6) of such directors shall not be either (a) a trustee, officer or employee of Auburn University, or (b) the brother, sister, ancestor, descendant, spouse, brother-in-law, sister-in-law, mother-in-law, or father-in-law of a trustee, officer or employee of Auburn University (each such director, an "Auburn Independent Director"), and at least two (2) of such directors shall not be either (a) a director, trustee, officer or employee of Auburn Research and Technology Foundation, an Alabama nonprofit corporation (the "Foundation"), or (b) the brother, sister, ancestor, descendant, spouse, brother-in-law, sister-in-law, mother-in-law, or father-in-law of a director, trustee, officer or employee of the Foundation (each such director, an "ARTF Independent Directorcollectively with the Auburn Independent Directors, the "Independent Directors").”

“Consolidation adjustment pushed down to Auburn Research Park I”

“During fiscal year 2018, the university entered into an agreement to lease space in building 5 and made a prepayment of $245,000. Upon commencement of the lease and occupancy of the facility by the university, for a period of ten years, $24,500 shall be credited and deducted annually from all rent otherwise payable by the university to the foundation for the lease of space (the "rent credit"). This rent credit shall serve as a declining credit account in favor of the university against the prepayment funds. The university began their lease with the foundation for building 5 on september 16, 2020. During fiscal years 2025 and 2024, $24,500 of the prepaid rent was recognized as revenue.”