2021-05-10T11:50:37-05:00 2020-06-30 560574444 CHERRY BEKAERT LLP 3800 GLENWOOD AVE SUITE 200 RALEIGH NC 27612 990 2019-07-01 561434024 NORTH CAROLINA BIOTECHNOLOGY CENTER NORT 9195419366 PO BOX 13547 RESEARCH TRIANGLE PARK NC 27709 DOUGLAS L EDGETON PRESIDENT & CEO 9195419366 2021-05-01 1 AMANDA ADAMS P00748038 9197821040 2019 2022-09-23 18:48:47Z DOUGLAS L EDGETON PO BOX 13547 RESEARCH TRIANGLE PARK NC 27709 28968268 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. 38 37 81 0 0 0 14099443 13820143 1080723 1401760 270268 334282 -411404 50266 15039030 15606451 5204422 6026026 0 0 7111546 7385885 0 0 0 4973413 4777856 17289381 18189767 -2250351 -2583316 39746777 36713001 5903542 523741 33843235 36189260 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 1 7495592 5611510 591330 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 $125 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. 4876917 163427 219805 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, MORE THAN 128 COMPANIES SUPPORTING AT LEAST 9,100 JOBS HAVE BEEN IDENTIFIED AND ENGAGED BY THE PROGRAM. 2712681 251089 590625 THE SECTOR DEVELOPMENT PROGRAM INCLUDES THE EMERGING SECTOR DEVELOPMENT, CONFERENCE CENTER AT NC BIOTECH AND LIFE SCIENCE INTELLIGENCE ("LSI") 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. THE LSI TEAM'S ACTIVITIES MAKE IT THE LARGEST AT THE CENTER. IN ADDITION TO MARKET INTELLIGENCE, THE 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. 15085190 1 1 0 1 0 0 0 0 0 0 1 0 1 0 1 1 0 1 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 36 0 1 81 1 0 0 0 0 0 0 0 0 0 0 0 0 X 38 37 0 0 0 0 0 1 0 1 1 0 0 1 1 1 1 1 1 1 1 0 NC X MARK STOHLMAN 9195498850 15 TW ALEXANDER DRIVE RTP RESEARCH TRIANGLE PARK NC 27709 JOHN RABBY CHAIRMAN 1.00 X X 0 0 0 SANTO COSTA VICE CHAIRMAN 1.00 X X 0 0 0 MEREDITH FRIGA TREASURER 2.00 X X 0 0 0 MERRILL MASON SECRETARY 1.00 X X 0 0 0 REBECCA ALEXANDER DIRECTOR 1.00 X 0 0 0 PEYTON ANDERSON 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 1.00 X 0 0 0 GEORGE BRIGGS DIRECTOR 1.00 X 0 0 0 LAWRENCE CARIN DIRECTOR 1.00 X 0 0 0 TONY COPELAND DIRECTOR 1.00 X 0 0 0 JAMES DATIN DIRECTOR 1.00 X 0 0 0 NEAL FOWLER DIRECTOR 1.00 X 0 0 0 FRANK GRAINGER DIRECTOR 1.00 X 0 0 0 BRENT HARPHAN 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 STEVE LOMMEL DIRECTOR 1.00 X 0 0 0 TERRY MAGNUSON DIRECTOR 1.00 X 0 0 0 ADAM MONROE DIRECTOR 1.00 X 0 0 0 ARTHUR PAPPAS DIRECTOR 1.00 X 0 0 0 JOY PARR DRACH DIRECTOR 2.00 X 0 0 0 JOSHUA PRICE DIRECTOR 1.00 X 0 0 0 JOSE SARTARELLI 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 MIKE VAN SCOTT DIRECTOR 1.00 X 0 0 0 KIMBERLY VAN NOORT DIRECTOR 1.00 X 0 0 0 BHASKAR VENEPALLI 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 DOUG EDGETON PRESIDENT & CEO 40.00 X X 304500 0 48283 MARK STOHLMAN VP FINANCE & ASST TREAS. 40.00 X 136004 0 25761 WILLIAM BULLOCK SR VP, STATE OP. & ECON. DEV. 40.00 X 178227 0 29091 MARY BETH THOMAS SR VP, SCIENCE & BUS. DEV. 40.00 X 169585 0 28085 SCOTT JOHNSON VP, AG. SECTOR DEV. 40.00 X 147833 0 25521 ROBIN DEACLE VP, CORP. COMM. 40.00 X 133936 0 23171 MARK PHILLIPS VP, STATEWIDE OPERATIONS 40.00 X 138097 0 24352 ROBERT LINDBERG VP, SCIENCE & TECH. DEV. 40.00 X 136331 0 24552 SUSIE CORBETT VP, IT LSI 40.00 X 133931 0 23170 1478444 0 251986 12 0 1 0 PRACTICAL MGMT INC PO BOX 58636 RALEIGH NC 27658 BUILDING MGMT 197626 PATTON BOGGS LLP 2550 M STREET NW WASHINGTON DC 20037 LOBBYING 181327 TRIANGLE CATERING LLC 1818-104 ST ALBANS DRIVE RALEIGH NC 27609 CATERING 149002 NETGAIN TECHNOLOGIES 615 EASTOWNE DRIVE CHAPEL HILL NC 27514 FACILITIES 135813 SERVICE MASTER OF WAKE COUNTY 2736 ROWLAND ROAD RALEIGH NC 27615 IT SUPPORT 110615 6 13771286 48857 13820143 INTEREST FROM PROGRAM LOAN 900099 571010 571010 CONFERENCE CENTER 900099 333950 333950 LIBRARY RESEARCH FEES 900099 179842 179842 EVENT SPONSORSHIP 900099 46065 46065 REGISTRATION FEES 900099 23806 23806 247087 247087 1401760 301060 301060 50266 0 50266 50266 50266 13395039 13361817 33222 33222 33222 15606451 1401760 0 384548 6026026 6026026 788313 500059 288254 5105838 4311163 794675 587901 491660 96241 477568 356698 120870 426265 352398 73867 95881 30376 65505 54133 17150 36983 301759 95599 206160 1223613 1071197 152416 64004 64004 670214 528274 141940 249204 140462 108742 624204 234610 389594 804869 254988 549881 49263 15607 33656 STAFF TRAINING 208168 200456 7712 CLASSROOM TRAINING 180261 180261 CONFERENCE CENTER EXPEN 118440 118440 SPONSORSHIPS 92518 45905 46613 41325 49857 -8532 18189767 15085190 3104577 0 2667432 870517 3867732 2521151 26000 7701 149434 135259 153914 143860 21230818 12543909 8927003 8686909 16574208 15378787 713710 713710 6601342 8188333 66002 66774 39746777 36713001 618906 353044 5274864 49913 1018 114500 8754 6284 5903542 523741 X 32036523 34588414 1806712 1600846 33843235 36189260 39746777 36713001 X -2583316 93098 4836243 X 0 1 X 1 0 X 13940660 19530825 13617641 14088495 13820143 74997764 13940660 19530825 13617641 14088495 13820143 74997764 74997764 533785 120729 217054 669516 351326 1892410 76890174 6511799 0.97540 0.97510 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 0 0 0 0 0 1 0 1 301758 301758 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: - PATTON BOGGS LLP - SMITH, ANDERSON, BLOUNT, DORSETT, MITCHELL, & JERNIGAN LLP - CAPITAL CITY STRATEGIES 18344018 10370382 7973636 2454946 1772118 682828 431854 401409 30445 8686909 PRIVATE EQUITY INVESTMENTS 180344 C PROGRAM LOANS RECEIVABLE, NET 8007989 C 8188333 CAPITAL LEASE PAYABLE 6284 6284 X 15699549 93098 93098 15606451 0 15606451 18189767 0 18189767 0 18189767 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, 2020. 1 APPALACHIAN STATE UNIVERSITY 287 RIVERS STREET BOONE NC 28608 561176030 501(C)(3) 20000 RESEARCH WAKE COUNTY 300 S SALISBURY STREET RALEIGH NC 27601 566000347 170(C)(1) 100000 ECONOMIC DEVELOPMENT DUKE UNIVERSITY 2200 W MAIN STREET SUITE 710 DURHAM NC 27708 560532129 501(C)(3) 334938 RESEARCH DUKE UNIVERSITY MEDICAL CENTER 2200 W MAIN STREET SUITE 820 DURHAM NC 27708 560532129 501(C)(3) 463962 RESEARCH EAST CAROLINA UNIVERSITY 2906 GREENVILLE CENTRE 220 SOUTH CHARLES BLVD GREENVILLE NC 27858 566000403 170(C)(1) 108798 RESEARCH LEE COUNTY 408 SUMMIT DRIVE SANFORD NC 27330 566000313 170(C)(1) 100000 ECONOMIC DEVELOPMENT UNC-CHARLOTTE 9201 UNIVERSITY CITY BLVD CHARLOTTE NC 28223 560791228 170(C)(1) 86549 RESEARCH UNC-WILMINGTON 601 S COLLEGE ROAD WILMINGTON NC 28403 561258660 170(C)(1) 19445 RESEARCH NORTH CAROLINA STATE UNIVERSITY 2701 SULLIVAN DRIVE RALEIGH NC 27695 566000756 170(C)(1) 884984 RESEARCH UNC-CHAPEL HILL 104 AIRPORT DRIVE SUITE 2200 CHAPEL HILL NC 27599 566001393 170(C)(1) 1070682 RESEARCH UNC-GREENSBORO 1111 SPRING GARDEN STREET GREENVILLE NC 27412 566001468 170(C)(1) 33224 RESEARCH WESTERN CAROLINA UNIVERSITY 1 UNIVERSITY WAY CULLOWHEE NC 28723 566001440 170(C)(1) 97583 RESEARCH CAMPBELL UNIVERSITY 143 MAIN STREET BUIES CREEK NC 27506 560529440 170(C)(1) 80795 RESEARCH WAKE FOREST UNIVERSITY HEALTH 1834 WAKE FOREST ROAD WINSTON SALEM NC 27109 223849199 501(C)(3) 76500 RESEARCH 14 0 PART I, LINE 2: MONITORING USE OF GRANTS 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 PRESIDENT & CEO 304500 0 0 0 0 0 33495 0 14788 0 352783 0 0 0 MARK STOHLMAN VP FINANCE & ASST TREAS. 136004 0 0 0 0 0 14961 0 10800 0 161765 0 0 0 WILLIAM BULLOCK SR VP, STATE OP. & ECON. DEV. 178227 0 0 0 0 0 19604 0 9487 0 207318 0 0 0 MARY BETH THOMAS SR VP, SCIENCE & BUS. DEV. 169585 0 0 0 0 0 18654 0 9431 0 197670 0 0 0 SCOTT JOHNSON VP, AG. SECTOR DEV. 147833 0 0 0 0 0 16261 0 9260 0 173354 0 0 0 ROBIN DEACLE VP, CORP. COMM. 133936 0 0 0 0 0 14733 0 8438 0 157107 0 0 0 MARK PHILLIPS VP, STATEWIDE OPERATIONS 138097 0 0 0 0 0 15190 0 9162 0 162449 0 0 0 ROBERT LINDBERG VP, SCIENCE & TECH. DEV. 136331 0 0 0 0 0 14996 0 9556 0 160883 0 0 0 SUSIE CORBETT VP, IT LSI 133931 0 0 0 0 0 14732 0 8438 0 157101 0 0 0 FORM 990, PART III, LINE 3 FOR FY20, WE COMBINED THE SCIENCE AND TECHNOLOGY AND THE EMERGING COMPANY DEVELOPMENT PROGRAMS INTO THE NEW "COMMERCIALIZATION" PROGRAM. THE NEW "ECONOMIC DEVELOPMENT" PROGRAM INCLUDES: STATEWIDE DEVELOPMENT, AG SECTOR AND LIFE SCIENCE ECONOMIC DEVELOPMENT PROGRAMS. THE NEW "SECTOR DEVELOPMENT PROGRAM INCLUDES THE EMERGING SECTOR DEVELOPMENT, CONFERENCE CENTER AND LIFE SCIENCE INTELLIGENCE PROGRAMS. 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 19 SALARY LEVELS NUMBERED FROM 21 - 39. 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. FORM 990, PART XI, LINE 9: ADJUSTMENT TO GRANTS PAYABLE DUE TO ADOPTION OF ASU 2018-08 4,836,243. NC BIOSCIENCE VENTURES LLC PO BOX 13547 RESEARCH TRIANGLE PARK NC 27709 562091504 ECONOMIC DEVELOPMENT NC 16583 1679534 NORTH CAROLINA BIOTECHNOLOGY CENTER