Biostrategy Partners Inc.

“The purpose of the organization was updated to expanded our service areas beyond greater philadelphia since our membership is no longer limited to philadelphia. The organization was more formally integrated with the commonwealth of pennsylvania's keystone innovation zones (kiz) in the past; however, funding from the state is no longer available and biostrategy partners transitioned to a university-industry funded organization with the opportunity to seek other sources of funding, such as federal grants. Therefore, state-related keystone innovation zone structures, such as committees, were removed as they are no longer relevant. Most of the other changes are directed to the structure of research institution membership and how those institutions are represented on the board. In addition, each corporate partner has non-voting board observer rights. Irrelevant committees were removed and officer roles were updated. Several sections require updates as summarized below: 1. 2-1: clarifying purpose of org and removing the limitation of "greater philadelphia" 2. 3-1: removing the kiz language artifacts and replacing with current consortium membership structure 3. 4-1: adjusted to reflect process for academic institutions to nominate reps to the bod 4. 4-2: executive committee is no longer relevant 5. 4-6(5): expanding funding sources to include private orgs 6. 4-7: adjusted per current membership agreements 7. 4-8(a-b) options for vacant seats and substitutes 8. 5: removal of irrelevant committees, providing us with flexibility to create new standing committees 9. 5-3: addition of observer seats, primarily for jrd, gsk and other sponsors. Ken and lori would be interested, subject to bod approval. We should clarify whether biosp bod can have a closed-door meeting that excludes observers. 10. 7: updating officer roles.”

“The finance committee first reviews the 990 and makes a recommendation to take to the board of directors. The board of directors review it either in a regularly scheduled board of directors meeting or the return is sent via email along with a form to send back documenting each director's review of the 990, all of which must be collected prior to filing.”

“Interested persons as defined in the conflict of interest policy have a duty to disclose potential conflicts of interest to the bod, which then determines whether there is a conflict and what course of action to take.”

“If compensation is paid, the board of directors chair selects a member of the executive committee (ec) to collect data related to the compensation provided by biosp to its employees and key compensated contractors. The member of the ec will provide a summary of the findings to the chair and the ec. The ec will discuss the data and have the minutes reflect the discussion and vote on an appropriate compensation for the individual(s) whose package is under review.”

“Biostrategy partners, inc. Makes its governing documents, conflict of interest policy, and financial statements available to the public upon request.”

“Consultation: program service expenses 20,303. Management and general expenses 0. Fundraising expenses 0. Total expenses 20,303.”