North Carolina Innovation Corridor

“This amendment to the organization's fy2023 irs form 990 has been reviewed by the organization's audit committee and full board of directors prior to its filing. The review process included posting the amended return to the organization's online board software portal; providing copies of the amended return as part of each entity's pre-meeting materials; and presenting the amended return in the presence of its tax advisors to the audit committee and board of directors, respectively. In reviewing earlier drafts of this amendment, an audit committee member correctly pointed out that a previous amendment filed in april 2025 was technically not reviewed by the full board of directors prior to its filing, though the amendment was entirely aligned with prior guidance the audit committee provided to management, and on which management updated the board in march 2025. Relevant details follow. The organization filed its irs form 990 for fy2023 in may 2024. Later that year, the organization conducted a competitive rfp and selected a new independent accounting firm. As part of the new firm's review of prior tax and financial documents, it offered input on schedule c of the fy2023 return and suggested the organization make a voluntary disclosure to clarify language around its description of lobbying activities. Management engaged thusly with its prior tax advisor to prepare an amendment that reflected this singular change, and it updated the audit committee fully on those efforts in the committee's november 2024 meeting. In the organization's march 2025 board meeting, the above-referenced audit committee member inquired about the status of the amended filing. He referenced the committee's november 2024 discussion and "urge(d)" that the filing of the amended fy23 form 990 not be considered a low priority and that the organization "need(s) to correct what we have submitted" as soon as possible (quotes taken from video recordings of the meeting). Upon receiving the amended return, verifying with the audit committee chairman that it comported with what was directed by the audit committee, and in keeping with the above-referenced committee member's admonishment that it be filed as soon as possible, management promptly filed the amended fy2023 irs form 990, notified audit committee chair, and uploaded copies to its online board portal. While the organization believes it complied fully with the intent of item 11(a) in both the prior and this amended filing, it offers the explanation above in the interest of full transparency.”

“The organization uses market data and a 3rd party benchmarking when determining officer compensation.”

“The organization makes its documents available upon request.”

“The organization makes its documents available upon request.”

“Contract services: program service expenses 0. Management and general expenses 323,045. Fundraising expenses 0. Total expenses 323,045. Payroll fees: program service expenses 0. Management and general expenses 19,124. Fundraising expenses 0. Total expenses 19,124.”

“Change in allowance for doubtful pledges - npv -508,225.”

“The process has not changed from prior year.”

“Form 990 is being amended to account for election under irc section 501(h) to have its lobbying activities measured by the expenditure test. The organization was unaware at the time of filing that the election had properly been made. Form 4720 has been added to reflect taxes due on excess loybbing expenditures.”