2024-05-03T07:22:19-05:00 2023-06-30 882730877 CHERRY BEKAERT ADVISORY LLC 3800 GLENWOOD AVE SUITE 200 RALEIGH NC 27612 990 2022-07-01 561434024 NORTH CAROLINA BIOTECHNOLOGY CENTER NORT 9195419366 PO BOX 13547 RESEARCH TRIANGLE PARK NC 27709 DOUGLAS L EDGETON PRESIDENT & CEO 9195419366 2024-05-01 1 DOUGLAS EDGETON 999009999 0 AMY DOSIK P00890743 9197821040 2 AAL1 IAL1 2022 2023-04-26 12:10:37Z DOUGLAS L EDGETON PO BOX 13547 RESEARCH TRIANGLE PARK NC 27709 22024713 0 X WWW.NCBIOTECH.ORG X 1984 NC TO PROVIDE LONG-TERM ECONOMIC AND SOCIETAL BENEFITS TO NORTH CAROLINA THROUGH SUPPORT OF BIOTECHNOLOGY RESEARCH, BUSINESS, EDUCATION AND STRATEGIC POLICY STATEWIDE. 40 39 81 39 0 0 17301129 17737762 2389551 2998349 148054 1096636 73028 53570 19911762 21886317 4225151 4402611 0 0 7820617 9035199 0 0 0 4319501 5082263 16365269 18520073 3546493 3366244 40603397 44128955 910241 1032245 39693156 43096710 X THE NORTH CAROLINA BIOTECHNOLOGY CENTER AIDS THE BIOTECHNOLOGY-RELATED EFFORTS OF RESEARCHERS, BUSINESSES, STATE AND FEDERAL GOVERNMENTS, AND OTHER AGENCIES PRIMARILY THROUGH AWARDS OF GRANTS AND LOANS RELATED TO SPECIFIC PROGRAMS AND OTHER SERVICES TO GROW [OR ADVANCE] THE INDUSTRY IN NORTH CAROLINA. 0 0 6638755 4106812 701720 OUR COMMERCIALIZATION PROGRAM COMBINES THE SCIENCE AND TECHNOLOGY DEVELOPMENT AND THE EMERGING COMPANY DEVELOPMENT PROGRAMS INTO ONE. SCIENCE AND TECHNOLOGY DEVELOPMENT PROGRAM IS A FUNDAMENTAL PROGRAM OF THE NORTH CAROLINA BIOTECHNOLOGY CENTER. THE GOAL OF THIS PROGRAM IS TO STRENGTHEN THE STATE'S INFRASTRUCTURE FOR LIFE SCIENCE RESEARCH WHICH IS AN ESSENTIAL PREREQUISITE FOR SCIENTIFIC ADVANCES LEADING TO NEW PRODUCTS AND APPLICATIONS. TO MEET THIS GOAL, THE PROGRAM PROVIDES SERVICES AND SUPPORT TO STATE UNIVERSITIES, COLLEGES, AND NONPROFIT INSTITUTIONS THAT CONTRIBUTE TO LIFE SCIENCE DEVELOPMENT THROUGH RESEARCH, TEACHING, AND PUBLIC SERVICE. SUPPORT IS PRIMARILY PROVIDED IN THE FORM OF GRANTS. SINCE 1984, THE PROGRAM HAS PROVIDED OVER $143 MILLION TO ENHANCE THE RESEARCH AND INTELLECTUAL CAPABILITIES OF THE STATE'S ACADEMIC AND NONPROFIT RESEARCH INSTITUTIONS. THE EMERGING COMPANIES DEVELOPMENT PROGRAM IS THE SECOND LARGEST PROGRAM OF THE NORTH CAROLINA BIOTECHNOLOGY CENTER. THE GOAL OF THIS PROGRAM IS TO STRENGTHEN AND SUPPORT NORTH CAROLINA LIFE SCIENCE COMPANIES WITH FUNDING; TECHNOLOGY ASSESSMENT; STRATEGIC PARTNERSHIPS; BUSINESS PLAN ADVICE; NETWORKING AND CAREER TRANSITION SUPPORT; INFORMATION ON VENTURE CAPITAL AND AVAILABLE LABORATORY SPACE; AND PROFESSIONAL REFERRALS. THE LOAN PROGRAM IN PARTICULAR PROVIDES LOANS TO EARLY STAGE COMPANIES. THESE LOANS ARE DESIGNED TO SUPPORT LIFE SCIENCE COMPANY INCEPTION, RESEARCH, AND GROWTH. 4408204 98766 THE ECONOMIC DEVELOPMENT PROGRAM NOW INCLUDES STATEWIDE DEVELOPMENT, AG SECTOR AND LIFE SCIENCE DEVELOPMENT PROGRAMS. THE AGRICULTURAL SECTOR DEVELOPMENT PROGRAM IS A PROGRAM OF THE NORTH CAROLINA BIOTECHNOLOGY CENTER FOCUSED ON THE LARGEST INDUSTRY SECTOR IN THE STATE - AGRICULTURE. THE CORE FOCUS OF THE PROGRAM IS TO SUPPORT THE LARGEST GLOBAL ECONOMIC CLUSTER OF AGRICULTURE BIOTECHNOLOGY IN ITS CONTINUED GROWTH AND CONTRIBUTION. THE AGRICULTURE BIOTECHNOLOGY PROGRAM FOSTERS A DYNAMIC AGRICULTURE COMMUNITY, IMPROVES TECHNOLOGY AND VALUE, AND ATTRACTS AND SUSTAINS JOBS IN AGRICULTURE TO THE STATE. SINCE 2010, MANY COMPANIES SUPPORTING THOUSANDS OF JOBS HAVE BEEN IDENTIFIED AND ENGAGED BY THE PROGRAM. 4356939 197033 2296628 THE SECTOR DEVELOPMENT PROGRAM INCLUDES THE EMERGING SECTOR DEVELOPMENT, CONFERENCE CENTER AT NC BIOTECH AND LIFE SCIENCE INTELLIGENCE PROGRAMS. THE CONFERENCE CENTER IS AN EVENT AND MEETING SPACE SOLUTION FOR NUMEROUS LIFE SCIENCE COMPANIES, ORGANIZATIONS AND EDUCATIONAL INSTITUTIONS. IT INCLUDES MEETING AND CATERING SERVICES AND CO-WORKING SPACES. IN ADDITION TO MARKET INTELLIGENCE, THE LSI TEAM IS RESPONSIBLE FOR NETWORK SECURITY AND IT SUPPORT, TECHNICAL SUPPORT FOR THE CENTER'S WEBSITE, CORPORATE RECORD RETENTION AND HISTORICAL ARCHIVES, MANAGEMENT OF THE CENTER'S CLIENT RELATIONSHIP MANAGEMENT SYSTEM, CENTER-WIDE IMPACT MEASUREMENTS, AND PROJECT MANAGEMENT. 15403898 1 1 0 1 0 0 0 0 0 0 1 1 1 0 0 1 1 0 0 0 0 0 0 0 0 0 0 1 0 1 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 1 61 0 1 81 1 0 0 0 0 0 0 0 0 0 0 0 0 X 40 39 0 0 0 0 0 1 0 1 1 0 0 1 1 1 1 1 1 1 1 0 NC X JAMES BULLOCK 9195498850 15 TW ALEXANDER DRIVE RTP RESEARCH TRIANGLE PARK NC 27709 SANTO COSTA CHAIR 2.00 X X 0 0 0 MEREDITH FRIGA VICE CHAIR AND TREASURER 2.00 X X 0 0 0 PEYTON ANDERSON SECRETARY 2.00 X X 0 0 0 MERRILL MASON DIRECTOR 2.00 X X 0 0 0 DOUG EDGETON ASSISTANT SECRETARY 40.00 X X 327787 0 82682 REBECCA ALEXANDER DIRECTOR 1.00 X 0 0 0 JOHN ANTHONY ATALA DIRECTOR 1.00 X 0 0 0 JOHN ATKINS III DIRECTOR 2.00 X 0 0 0 MICHELLE BERREY DIRECTOR 2.00 X 0 0 0 GEORGE BRIGGS DIRECTOR 1.00 X 0 0 0 JAMES DATIN DIRECTOR 1.00 X 0 0 0 JOY PARR DRACH DIRECTOR 2.00 X 0 0 0 NEAL FOWLER DIRECTOR 1.00 X 0 0 0 KELLY FULLER DIRECTOR 1.00 X 0 0 0 PENNY GORDON-LARSEN DIRECTOR 1.00 X 0 0 0 FRANK GRAINGER DIRECTOR 1.00 X 0 0 0 WILLIAN HAWKINS III DIRECTOR 1.00 X 0 0 0 UNDI HOFFLER DIRECTOR 1.00 X 0 0 0 DAN JANIES DIRECTOR 1.00 X 0 0 0 MOISE KHAYRALLAH DIRECTOR 1.00 X 0 0 0 MARY KLOTMAN DIRECTOR 1.00 X 0 0 0 KAREN LEVERT DIRECTOR 2.00 X 0 0 0 JENNIFER LODGE DIRECTOR 1.00 X 0 0 0 STEVE LOMMEL DIRECTOR 2.00 X 0 0 0 SHEILA MIKHAIL DIRECTOR 1.00 X 0 0 0 ADAM MONROE DIRECTOR 1.00 X 0 0 0 HERNAN NAVARRO DIRECTOR 1.00 X 0 0 0 ARTHUR PAPPAS DIRECTOR 1.00 X 0 0 0 SHARON PAYNTER DIRECTOR 1.00 X 0 0 0 JOHN RABBY DIRECTOR 2.00 X 0 0 0 MACHELLE BAKER SANDERS DIRECTOR 1.00 X 0 0 0 JOSE SARTARELLI DIRECTOR 1.00 X 0 0 0 THOMAS STITH DIRECTOR 1.00 X 0 0 0 MICHAEL TANNER DIRECTOR 1.00 X 0 0 0 BEN TEAGUE DIRECTOR 1.00 X 0 0 0 STEVE TROXLER DIRECTOR 1.00 X 0 0 0 BHASKAR VENEPALLI DIRECTOR 1.00 X 0 0 0 THOMAS WALKER DIRECTOR 1.00 X 0 0 0 BRAD WILSON DIRECTOR 1.00 X 0 0 0 BENJAMIN YERXA DIRECTOR 1.00 X 0 0 0 JAMES BULLOCK VP FINANCE ,ASSISTANT TREASURER FOR BOD 40.00 X 64293 0 7611 MARK STOHLMAN TERM 22023 VP FINANCE ,ASSISTANT TREASURER FOR BOD 40.00 X 141125 0 47241 MARY BETH THOMAS SR VP, SCIENCE AND BUSINESS DEVELOPMENT 40.00 X 188971 0 53616 WILLIAM BULLOCK SR VP, STATEWIDE OPERATIONS & ECONOMIC DEVELOPMENT 40.00 X 191599 0 53905 MARY HECHT-KISSELL VP, CORP COMM 40.00 X 136897 0 40621 MARK PHILLIPS VP, STATEWIDE OPERATIONS 40.00 X 154521 0 45711 ROBERT LINDBERG VP, SCIENCE & TECHONOLGY DEVELOPMENT 40.00 X 156319 0 45956 SUSIE CORBETT VP, IT LSI 40.00 X 157936 0 45131 VIVIAN DOELLING VP, ECD 40.00 X 156581 0 45986 1676029 0 468460 24 0 1 0 BAKER ROOFING COMPANY PO BOX 26057 RALEIGH NC 27611 ROOFING SERVICES 404119 CATERING WORKS INC 2319 LAURELBROOK STREET RALEIGH NC 27604 FOOD SERVICES 257496 PMI PO BOX 58636 RALEIGH NC 27658 FACILITIES MANAGEMENT 177533 NETGAIN TECHNOLOGIES 615 EASTOWNE DRIVE CHAPEL HILL NC 27514 IT SUPPORT 156149 WRAL DIGITAL SOLUTIONS 2619 WESTERN BLVD RALEIGH NC 27606 COMMUNICATIONS 143220 8 17605175 132587 17737762 CONFERENCE CENTER 900099 918358 918358 LIBRARY RESEARCH FEES 900099 727163 727163 INTEREST FROM PROGRAM LOAN 900099 701720 701720 DATABASE SEARCHES 900099 141524 141524 INTER-LIBRARY LOAN 900099 24774 24774 484810 484810 2998349 96762 96762 53570 0 53570 53570 53570 1138270 138396 999874 999874 999874 21886317 2998349 0 1150206 4402611 4402611 1022958 556461 466497 6182675 5504666 678009 625967 535126 90841 686748 558603 128145 516851 441169 75682 57746 20061 37685 79850 27740 52110 201229 91048 110181 1020067 1020067 34290 34028 262 1015784 574363 441421 102322 102322 60829 60829 821216 821216 657038 228252 428786 51185 51185 FACILITIES AND MAINTENA 625594 253467 372127 GRANTS AND SPONSORSHIPS 174870 174870 CONTRIBUTIONS EXPENSE/G 123726 48136 75590 G&A SPONSORSHIPS, AWARD 56517 56517 18520073 15403898 3116175 0 2381292 12739387 8209161 260425 373698 368081 429658 136398 218746 22630478 14971485 7398865 7658993 6689588 5811850 6126101 6651902 9282697 9964080 11214 20216 40603397 44128955 910241 1032245 910241 1032245 X 39246875 42736710 446281 360000 39693156 43096710 40603397 44128955 3366244 37310 0 X 0 1 X 1 0 X 14088495 13820143 14173968 17301129 17737762 77121497 14088495 13820143 14173968 17301129 17737762 77121497 77121497 669516 351326 244120 137877 150332 1553171 78674668 9408905 0.98030 0.97830 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 1 0 0 0 0 0 0 1 201229 201229 0 PART II-B, LINE 1: NC BIOTECHNOLOGY ENGAGED THE FOLLOWING FIRMS TO BE DIRECTLY INVOLVED WITH THE LEGISLATIVE SESSIONS IN ORDER TO HELP THE BIOTECHNOLOGY CENTER SEEK SEVERAL APPROPRIATIONS RELATED TO THE CENTER'S CORE OPERATING BUDGET AND OTHER PROGRAMS: - SMITH, ANDERSON, BLOUNT, DORSETT, MITCHELL, & JERNIGAN LLP - CAPITAL CITY STRATEGIES - G2G CONSULTING - CONNECT C, LLC 19408157 11977635 7430522 2695467 2565117 130350 526854 428733 98121 7658993 PRIVATE EQUITY INVESTMENTS 5111619 F STOCKS 1540283 C 6651902 PRIVATE EQUITY INVESTMENTS 167407 C PROGRAM LOANS RECEIVABLE, NET 9796673 C 9964080 X 21923627 37310 37310 21886317 0 21886317 18520073 0 18520073 0 18520073 PART X, LINE 2: THE CENTER IS EXEMPT FROM INCOME TAX UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE. MANAGEMENT HAS EVALUATED THE EFFECT OF THE GUIDANCE PROVIDED BY U.S. GENERALLY ACCEPTED ACCOUNTING PRINCIPLES ON ACCOUNTING FOR UNCERTAINTY IN INCOME TAXES. MANAGEMENT BELIEVES THAT THE CENTER CONTINUES TO SATISFY THE REQUIREMENTS OF A TAX-EXEMPT ORGANIZATION AT JUNE 30, 2023. 1 DAVIDSON COLLEGE 325 CONCORD ROAD DAVIDSON NC 28035 560529961 501(C)(3) 22830 0 RESEARCH DUKE UNIVERSITY PO BOX 602651 CHARLOTTE NC 282602651 560532129 501(C)(3) 285403 0 RESEARCH EAST CAROLINA UNIVERSITY 1000 EAST 5TH STREET GREENSBORO NC 278584353 566000403 501(C)(3) 196317 0 RESEARCH HIGH POINT UNIV 833 MONTLIEU AVENUE HIGH POINT NC 272680001 560529999 501(C)(3) 92700 0 RESEARCH NC ASSOC FOR BIOMEDICAL RESEARCH PO BOX 19469 RALEIGH NC 276199469 561683704 501(C)(3) 10000 0 RESEARCH NC CENTRAL UNIVERSITY P O BOX 19713 DURHAM NC 27707 560007304 501(C)(3) 50000 0 RESEARCH NORTH CAROLINA STATE UNIVERSITY CAMPUS BOX 7214 RALEIGH NC 276957214 566000756 501(C)(3) 543359 0 RESEARCH RTI INTERNATIONAL PO BOX 900002 RALEIGH NC 276759000 560686338 501(C)(3) 21057 0 RESEARCH TRANSYLVANIA COUNTY 101 S BROAD STREET BREVARD NC 28712 566000343 501(C)(3) 40000 0 ECONOMIC DEV UNC - ASHEVILLE BUSINESS OFFICE UNC-A ONE UNIVERSITY HEIGHTS ASHEVILLE NC 288043299 566002370 501(C)(3) 21023 0 RESEARCH UNC GREENSBORO P O BOX 26170 GREENSBORO NC 274026170 566001468 501(C)(3) 74148 0 RESEARCH UNC PEMBROKE 1 UNIVERSITY DR PEMBROKE NC 28372 566000805 501(C)(3) 24750 0 RESEARCH UNC-CHAPEL HILL PO BOX 402420 ATLANTA GA 303842420 566001393 501(C)(3) 424925 0 RESEARCH UNC-CHARLOTTE 9201 UNIVERSITY CITY BOULEVARD CHARLOTTE NC 282230001 560791228 501(C)(3) 42750 0 RESEARCH UNC-WILMINGTON 601 SOUTH COLLEGE ROAD WILMINGTON NC 284035676 561258660 501(C)(3) 157239 0 RESEARCH WAKE FOREST UNIVERSITY HEALTH 300 SOUTH HAWTHORNE ROAD WINSTONSALEM NC 27103 223849199 501(C)(3) 167683 0 RESEARCH 16 0 PART I, LINE 2: THE NORTH CAROLINA BIOTECHNOLOGY CENTER (NC BIOTECH) PRIMARILY AWARDS REIMBURSEMENT GRANTS AND REQUIRES EACH GRANTEE TO SUBMIT AN ACCOUNTING OF THE EXPENSES ASSOCIATED WITH THE PURPOSE FOR WHICH THE GRANT WAS AWARDED AS OUTLINED BY THE NC BIOTECH GRANT PROGRAMS. THE GRANTEE SUBMITS AN INVOICE THAT PROVIDES A BREAKDOWN OF EXPENDITURES INCURRED DURING THE PERIOD ACCOUNTING TO THE APPROVED BUDGET FOR THE GRANT. THIS INVOICE SHOWS CUMULATIVE EXPENDITURES THROUGH THE END OF THE REPORTING PERIOD. ALL INVOICES CLAIMING REIMBURSEMENT FOR EQUIPMENT COSTING MORE THAN $5,000 MUST INCLUDE A DESCRIPTION OF THE EQUIPMENT PURCHASED SUPPORTED BY AN INVOICE WHICH SHOWS THE ACQUISITION PRICE. ANY CHANGE GREATER THAN 10% OR $500 TO THE PROPOSED GRANTEE BUDGET REQUIRES A WRITTEN REQUEST AND JUSTIFICATION TO BE SUBMITTED TO NC BIOTECH FOR APPROVAL OF THE PROGRAM STAFF. NC BIOTECH PROGRAM STAFF MONITORS THE PROGRESS OF PROJECTS SUPPORTED BY NC BIOTECH GRANTS. DEPENDING UPON THE GRANT PROGRAM, AN INTERIM PROGRESS REPORT(S) MAY BE REQUIRED. A FINAL REPORT IS REQUIRED AT THE CONCLUSION OF THE PROJECT. BOTH THE PROGRESS REPORTS AND THE FINAL REPORT CONTAIN THREE COMPONENTS: 1) TECHNICAL DESCRIPTION OF THE PROJECT; 2) NARRATIVE OF THE PROGRESS ON THE PROJECT, GOALS TO BE ACHIEVED, AND RESULTS ANTICIPATED; AND 3) FINANCIAL SUPPORT FOR EXPENDITURES AND COMPARISON OF ACTUAL VS. PROJECT BUDGET. NC BIOTECH WILL NOT PAY A FINAL INVOICE OR DISBURSE MORE THAN 90% OF THE TOTAL GRANT AWARD UNTIL ALL INTERIM AND FINAL REPORTS HAVE BEEN RECEIVED, REVIEWED, AND ACCEPTED. IN ADDITION, NC BIOTECH NOTIFIES ALL GRANT RECIPIENTS THAT THE AWARDS ARE SUBJECT TO STATE REPORTING REQUIREMENTS FOR NON-PROFIT ORGANIZATIONS. X X X X X 0 0 0 0 0 0 0 0 0 DOUG EDGETON ASSISTANT SECRETARY 327787 0 0 0 0 0 36057 0 46625 0 410469 0 0 0 WILLIAM BULLOCK SR VP, STATEWIDE OPERATIONS & ECONOM 191599 0 0 0 0 0 21076 0 32829 0 245504 0 0 0 MARY BETH THOMAS SR VP, SCIENCE AND BUSINESS DEVELOPM 188971 0 0 0 0 0 20787 0 32829 0 242587 0 0 0 SUSIE CORBETT VP, IT LSI 157936 0 0 0 0 0 17373 0 27758 0 203067 0 0 0 VIVIAN DOELLING VP, ECD 156581 0 0 0 0 0 17224 0 28762 0 202567 0 0 0 ROBERT LINDBERG VP, SCIENCE & TECHONOLGY DEVELOPMENT 156319 0 0 0 0 0 17195 0 28761 0 202275 0 0 0 MARK PHILLIPS VP, STATEWIDE OPERATIONS 154521 0 0 0 0 0 16997 0 28714 0 200232 0 0 0 MARK STOHLMAN TERM 22023 VP FINANCE ,ASSISTANT TREASURER FOR 141125 0 0 0 0 0 15524 0 31717 0 188366 0 0 0 MARY HECHT-KISSELL VP, CORP COMM 136897 0 0 0 0 0 15059 0 25562 0 177518 0 0 0 FORM 990, PART VI, SECTION A, LINE 7A THE COMPOSITION OF OUR GOVERNING BOARD IS SPECIFIED IN THE BY-LAWS AND CONSISTS OF SPECIFIC POSITIONS FROM VARIOUS ORGANIZATIONS IN THE STATE (PRESIDENT OF THE UNIVERSITY OF NORTH CAROLINA FOR EXAMPLE). MEMBERS ARE APPOINTED BY VARIOUS STATE OFFICIALS, FOR EXAMPLE (3 MEMBERS ARE APPOINTED FROM THE GOVERNOR'S OFFICE). THE ORGANIZATION CAN HAVE UP TO 40 BOARD MEMBERS OF WHICH 19 ARE ELECTED BY THE BOARD MEMBERS THEMSELVES AND NOT SPECIFICALLY DESIGNATED OR APPOINTED. FORM 990, PART VI, SECTION B, LINE 11B THE REVIEW AND FILING OF THE 990 HAS BEEN DELEGATED TO THE CENTER'S AUDIT COMMITTEE. A THOROUGH REVIEW IS CONDUCTED PRIOR TO FILING. A COMPLETE COPY OF THE FINALIZED RETURN IS SENT TO THE BOARD OF DIRECTORS BEFORE FILING. FORM 990, PART VI, SECTION B, LINE 12C NORTH CAROLINA BIOTECHNOLOGY CENTER REQUIRES ALL BOARD OF DIRECTORS AND OFFICERS OF THE ORGANIZATION TO COMPLETE A STATEMENT OF ECONOMIC INTEREST FORM EACH YEAR. THESE ARE DELIVERED TO AN ATTORNEY/ADVISOR WHO REVIEWS THEM AND CREATES A CD FOR STORAGE/RECORD RETENTION. THESE ARE MAINTAINED BY THE CENTER IN THE FINANCE DEPARTMENT AND OFF-SITE. THROUGH THESE DOCUMENTS, THE NORTH CAROLINA BIOTECHNOLOGY CENTER IS AWARE OF THE ASSOCIATIONS REPORTED BY THE BOARD MEMBERS AND OFFICERS, AND CAN REVIEW FINANCIAL TRANSACTIONS AND OTHER ACTIVITIES FOR POTENTIAL CONFLICTS OF INTEREST. IN THE EVENT OF A POTENTIAL CONFLICT OF INTEREST, ANY INTERESTED PARTY MUST RECUSE HIMSELF/HERSELF FROM ANY DISCUSSIONS OR VOTE. FORM 990, PART VI, SECTION B, LINE 15 THE NORTH CAROLINA BIOTECHNOLOGY CENTER HAS A SALARY STRUCTURE IN PLACE FOR THE PURPOSE OF ADMINISTERING, MANAGING AND ADJUSTING SALARIES. BASED ON BENCHMARK COMPARISONS TO THE SELECTED LABOR MARKET, JOBS ARE ASSIGNED TO SALARY LEVELS. THE SALARY STRUCTURE IS MADE UP OF OVERLAPPING PAY RANGES. THE SALARY STRUCTURE FOR THE NORTH CAROLINA BIOTECHNOLOGY CENTER CONSISTS OF 10 SALARY LEVELS NUMBERED FROM 10 - 20. EACH SALARY LEVEL CONSISTS OF A MINIMUM JOB RATE AND A MAXIMUM. THE MINIMUM IS THE LOWEST SALARY RATE THAT THE NORTH CAROLINA BIOTECHNOLOGY CENTER PAYS FOR AN EMPLOYEE WHO MEETS THE MINIMUM QUALIFICATIONS FOR A PARTICULAR JOB. THE JOB RATE IS THE COMPETITIVE SALARY RATE DETERMINED BY SALARY SURVEYS AND IS BASED ON THE MEDIAN SALARIES IN THE COMPETITIVE LABOR MARKET. IT IS THE CONTROL POINT OF THE SALARY STRUCTURE. THE MAXIMUM IS THE HIGHEST SALARY RATE APPLIED TO A PARTICULAR JOB AT THE NORTH CAROLINA BIOTECHNOLOGY CENTER. THE NORTH CAROLINA BIOTECHNOLOGY CENTER CONTINUALLY REVIEWS AND UPDATES JOB DESCRIPTIONS TO ENSURE THAT THE JOB DESCRIPTION AND THE JOB ITSELF ARE LINED UP APPROPRIATELY. IF THEY ARE NOT, THE SALARY GRADE FOR THE POSITION IS REVIEWED AND CHANGED ACCORDINGLY AND SO IS THE SALARY. WHEN CONSIDERING A SALARY FOR A NEW EMPLOYEE, THE NORTH CAROLINA BIOTECHNOLOGY CENTER USES A SALARY ALIGNMENT GUIDE WHICH CONSIDERS THE APPLICANT'S EDUCATION, DIRECTLY RELATED EXPERIENCE IN TERMS OF THE JOB DESCRIPTION, AND YEARS OF DIRECTLY RELATED EXPERIENCE. WHEN CONSIDERING EXECUTIVE POSITIONS, NCBC USES THE MOST RECENT SALARY SURVEYS FOR A SIMILAR POSITION IN THE OPEN MARKET AND BASES THE SALARY ON THE SALARY ALIGNMENT GUIDE AS WELL AS SIMILAR POSITIONS AT THE ORGANIZATION. THE DEVELOPMENT AND COMPENSATION COMMITTEE REVIEWS AND APPROVES COMPENSATION FOR SENIOR MANAGEMENT (PRESIDENT AND SENIOR VICE PRESIDENTS) AND BENEFIT PACKAGES AS A WHOLE. COMPENSATION DECISIONS ARE MADE BY THE COMMITTEE AND DOCUMENTED IN THE MEETING MINUTES. FORM 990, PART VI, SECTION C, LINE 19 THE ORGANIZATION'S GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND FINANCIAL STATEMENTS ARE AVAILABLE TO THE PUBLIC UPON REQUEST. NC BIOSCIENCE VENTURES LLC (TERM 122022) PO BOX 13547 RESEARCH TRIANGLE PARK NC 27709 562091504 ECONOMIC DEVELOPMENT NC 0 0 NORTH CAROLINA BIOTECHNOLOGY CENTER