Asu Research Enterprise

“Form 990, Part I, Line 1 ASU Research Enterprise ("ASURE") IS AN EMERGING ORGANIZATION THAT PERFORMS DEVELOPMENT AND APPLIED RESEARCH PROJECTS THROUGH CONDUCTING CLASSIFIED AND UNCLASSIFIED APPLIED RESEARCH PROJECTS FROM PROOF-OF-CONCEPT THROUGH OPERATIONAL IMPLEMENTATION, IN CLOSE COORDINATION WITH ARIZONA STATE UNIVERSITY.”

“FORM 990, PART VI, SECTION A LINE 6: ASU ENTERPRISE PARTNERS ("EP") SERVES AS THE SOLE MEMBER OF THE ORGANIZATION, AND PROVIDES THEM WITH VARIOUS SUPPORTING SERVICES, SUCH AS LEGAL, HUMAN RESOURCES, FINANCIAL, MARKETING AND TECHNICAL SERVICES. IN ADDITION, EP MANAGES THE RESERVES AND PROVIDES GOVERNANCE AND OVERSIGHT OF THE ORGANIZATION. DECISIONS SUBJECT TO APPROVAL FORM 990, PART VI, SECTION A, LINE 7A AND 7B: PER THE BYLAWS OF ASURE, THE FOLLOWING ACTIONS SHALL NOT BE TAKEN BY THE CORPORATION WITHOUT THE APPROVAL OF THE MEMBER: ELECTION AND REMOVAL OF DIRECTORS, AMENDMENT OF THE ARTICLES OF INCORPORATION OF THE CORPORATION, AMENDMENT OF THE BYLAWS OF THE CORPORATION, MERGER, CONSOLIDATION OR DISSOLUTION OF THE CORPORATION, THE CREATION OF ANY SUBSIDIARIES OR AFFILIATES OF THE CORPORATION, ADOPTION OF THE STRATEGIC AND ANNUAL BUSINESS PLANS AND ADOPTION OF THE ANNUAL BUDGET PREPARED BY THE CORPORATION AND ANY ACTIONS TAKEN BY THE CORPORATION, THE SELECTION AND RETENTION OF THE CEO OF THE CORPORATION, THE MAKING OF ANY CAPITAL EXPENDITURES, THE SELECTION OF THE MANNER AND LOCATION OF INVESTMENT OF ANY FINANCIAL ASSETS, THE CREATION OR EXTENSION OF ANY LOANS BY OR ANY BORROWING BY THE CORPORATION OR THE SALE OF ANY CAPITAL ASSETS BY THE CORPORATION. Form 990 Review Process Form 990, Part VI, Section B, Line 11b: ASURE'S FORM 990, RETURN OF ORGANIZATION EXEMPT FROM INCOME TAX, IS PREPARED BY AN OUTSIDE ACCOUNTING FIRM. THE DRAFT IS SUBMITTED TO ASURE'S MANAGEMENT FOR REVIEW AND ACCURACY OF REPORTING. THE BOARD OF DIRECTORS HAS DELEGATED REVIEW OF THE FORM 990 TO THE AUDIT COMMITTEE OF ASU Enterprise Partners ("EP"). MANAGEMENT AND A REPRESENTATIVE OF THE OUTSIDE ACCOUNTING FIRM REVIEW THE FORM 990 WITH THE AUDIT COMMITTEE. Once approved and accepted by the audit committee, a full copy of the Form 990 is provided to the entire Board of Directors. It is then signed by the treasurer and submitted electronically to the IRS and Board of Directors.”

“Form 990, Part VI, Section B, Line 12c: Upon hire and on an annual basis, all employees are required to disclose any conflicts or potential conflicts relating to their involvement with ASURE. In addition, any time the individuals referred to above become aware of a new conflict, they are required to submit an updated conflict of interest/commitment form to EP's General Counsel. Any identified conflicts would be reviewed by the Board Chair and the CEO to determine any mitigation actions needed.”

“Form 990, Part VI, Section B, Lines 15a and 15b: The Board of Directors approves the compensation package for the CEO based on current market comparisons provided by EP's Human Resources Department (which obtains this information from an independent compensation consultant), responsibilities of the position, goals of ASURE, and negotiations with the CEO. All other compensation decisions for all employees have been delegated from the board of directors to the CEO, who follows a similar process aforementioned.”

“Form 990, Part VI, Section C, Line 19: ASURE does not make its governing documents, conflict of interest policy, and financial statements available to the public.”