Ncinnovation Inc

“NORTH CAROLINA GENERAL STATUTE 143-728 ESTABLISHED CERTAIN REQUIREMENTS FOR THE ORGANIZATION TO RECEIVE STATE FUNDS, INCLUDING MANDATES CONCERNING ITS ARTICLES OF INCORPORATION AND BYLAWS. SPECIFICALLY, NCGS SEC. 143-728(d)(1)(a) REQUIRED THE ORGANIZATION TO ADHERE TO THE FOLLOWING GOVERNANCE PROVISIONS RELATED TO ITS GOVERNING BOARD: "THE BOARD SHALL BE COMPOSED OF 13 VOTING MEMBERS AS FOLLOWS: FOUR MEMBERS APPOINTED BY THE GENERAL ASSEMBLY UPON RECOMMENDATION OF THE SPEAKER OF THE HOUSE OF REPRESENTATIVES, FOUR MEMBERS APPOINTED BY THE GENERAL ASSEMBLY UPON RECOMMENDATION OF THE PRESIDENT PRO TEMPORE OF THE SENATE, AND THE REMAINING MEMBERS ELECTED AS PROVIDED IN THE BYLAWS OF NCINNOVATION. THE DIRECTORS SHALL HOLD STAGGERED FOUR-YEAR TERMS AND SHALL ELECT THEIR OWN CHAIR FROM AMONG THEIR NUMBER." IN ITS NOVEMBER 2023 MEETING, THE ORGANIZATION'S BOARD AMENDED ITS ARTICLES OF INCORPORATION AND BYLAWS TO REFLECT THESE LEGAL REQUIREMENTS. IT ALSO ADOPTED FORMAL POLICIES CONCERNING PROHIBITED GIFTS, CONFLICTS OF INTEREST, AND WHISTLE-BLOWER PROTECTIONS IN THE SAME MEETING.”

“The amended and restated by laws of the organization dated 11/8/2023 created a new committee structure of the governing body. The board's next regular meeting was in february 2024. In between these meetings, the nominating and corporate governance committee met to discuss recommendations to the board for new committee members and chairs. In parallel, the organization had a time-sensitive obligation to address an agreed-upon partial-year bonus payment to the president & ceo. To address this matter, members of the then-existing executive committee met in january 2024. Minutes and action items from that meeting were inadvertently not reported to the full board at its february 2024 meeting. Subsequent to this meeting, minutes were approved and signed by the then three board members that comprised the executive committee in its january meeting. The full board of directors subsequently ratified the legacy committee's actions in its november 2024 meeting.”

“The 990 is reviewed by the audit committee of the board of directors prior to filing.”

“This ncinnovation, inc. Conflicts of interest and gift policy (this "policy") implements the requirements of section 143-728(d)(7)-(8) of the north carolina general statutes. This policy applies to all current ncinnovation, inc. ("nci") employees, officers, and directors, and any other individuals designated by the board of directors of nci (the "board") from time to time as subject to this policy (collectively, "subject persons"). This policy provides nci with procedures and standards to guide subject persons in the performance of their duties and to prevent subject persons from benefiting from or holding an equity position in any intellectual property, licensing, or business entity supported or funded by nci. In addition to the nci-specific requirements under the above-referenced statute, the directors and officers of nci owe fiduciary duties to nci under chapter 55a of the north carolina general statutes, otherwise known as the north carolina nonprofit corporation act, to act in good faith, with the care an ordinarily prudent person in a like position would exercise under similar circumstances, and in a manner reasonably believed to be in the best interests of nci. This policy is intended to supplement and not supersede any applicable law, including (without limitation) the provisions of the north carolina nonprofit corporation act regarding director conflicts of interest. Nothing in this policy authorizes nci or any subject person to engage in any act of self-dealing, inurement or any other act prohibited by applicable law or regulation. For additional details regarding our policy see the written policy on our website at https://ncinnovation.org/resources/.”

“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.”

“The organization is a public-private partnership to accelerate and scale commercialized innovation from nc's universities, create jobs, and improve economic opportunities in all 100 counties of north carolina.”

“Change in allowance for doubtful pledges - npv $422,568”

“The process has not changed from prior year.”

“Description:contract services total fees:869470”

“Description:recruitment fees total fees:101119”

“Description:payroll fees total fees:41781”

“Description:professional development total fees:14111”

“Description:investment consultant total fees:32143”