2025-09-09T09:41:50-05:00 2024-06-30 BDO USA 421 Fayetteville Street Suite 300 Raleigh NC 27601 990 2023-07-01 844902334 NCInnovation Inc % LINDA HALL NCIN 9194247262 PO Box 14288 Research Triangle Park NC 27709 J BENNET WATERS CEO 9194247262 2025-09-09 true true SANDRA L FEINSMITH P01064157 9192781936 2025-09-09 2023 2025-03-06 01:10:19Z X J BENNET WATERS PO Box 14288 Research Triangle Park NC 27709 261014273 false X HTTPS://NCINNOVATION.ORG/ X 2020 NC SEE SCHEDULE O 12 12 10 5 0 0 10220000 253180000 0 0 62256 5899795 1000 0 10283256 259079795 0 2924550 0 0 1050990 2574219 3500 0 0 1098877 2663095 2153367 8161864 8129889 250917931 18408832 272938913 18553 3208135 18390279 269730778 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. false false 5972726 2924550 0 AS AUTHORIZED IN NORTH CAROLINA GENERAL STATUTE SEC. 143-728, NCINNOVATION SUPPORTED ITS STATEWIDE PROGRAM DEVELOPMENT BY AWARDING ITS FIRST RESEARCH COMMERCIALIZATION SUPPORT GRANTS IN A PILOT GRANT CYCLE IN MAY 2024 (WHICH WAS SUBSEQUENTLY recognized BY A PERFORMANCE AUDIT BY THE NORTH CAROLINA OFFICE OF THE STATE AUDITOR); CREATED FOUR REGIONAL NETWORKS VIA THE ESTABLISHMENT OF HUBS AT FOUR NC RESEARCH UNIVERSITIES; AND CONTINUED BUILDING THE TEAM, PROCESSES, AND INFRASTRUCTURE REQUIRED TO EXECUTE ITS MISSION. 5972726 true true false true false false false false false false true true false false false true true false false false false false false false false false false true false true false false false false false false false false false false false false false false false false false true 14 0 true 10 true false false false false false false false false false false false false X 12 12 false false true false false false false true false false false true true true true true true true true false NC X LINDA HALL 9199061806 3040 EAST CORNWALLIS ROAD RESEARCH TRIANGLE PARK NC 27709 X J BENNET WATERS PRESIDENT & CEO 40.0 0.0 X 596950 0 73510 MICHELLE BOLAS EVP & CIO 40.0 0.0 X 337500 0 56552 JEFF SURAL THRU 93023 SVP & CHIEF STRATEGY OFFICER 40.0 0.0 X 255170 0 44488 KELLY KING CHAIR 1.0 0.0 X X 0 0 0 KIRK BRADLEY VICE CHAIR 1.0 0.0 X X 0 0 0 J CANTEY ALEXANDER BEGAN 11823 BOARD MEMBER 1.0 0.0 X 0 0 0 BETH FRIEDRICH BEGAN 11823 BOARD MEMBER 1.0 0.0 X 0 0 0 KELLY FULLER BOARD MEMBER 1.0 0.0 X 0 0 0 TODD KASPER BEGAN 11823 BOARD MEMBER 1.0 0.0 X 0 0 0 STAN KELLY BOARD MEMBER 1.0 0.0 X 0 0 0 BLANNIE MILLER BEGAN 11823 SECRETARY 1.0 0.0 X X 0 0 0 ART POPE BEGAN 11823 BOARD MEMBER 1.0 0.0 X 0 0 0 VEN POOLE BOARD MEMBER 1.0 0.0 X 0 0 0 BEN TEAUGUE BEGAN 11823 BOARD MEMBER 1.0 0.0 X 0 0 0 JEFF TURNER BEGAN 11823 BOARD MEMBER 1.0 0.0 X 0 0 0 JOSH HOWARD BEGAN 03124 SVP & CHIEF RISK OFFICER 40.0 0.0 X 0 0 0 LINDA HALL BEGAN 041524 EVP & CFO 40.0 0.0 X 0 0 0 1189620 0 174550 3 false true false RTI INTERNATIONAL PO BOX 896945 RTP NC 27709 Contract Research 344110 SMITH ANDERSON 150 FAYETTEVILLE STREET RALEIGH NC 27601 LEGAL SERVICES 194944 APCO WORLDWIDE LLC 1299 PENN AVENUE NW SUITE 300 WASHINGTON DC 20004 LOBBYING EXPENSES 192684 MCGUIRE WOODS LLP 800 E CANAL STREET RICHMOND VA 23219 LOBBYING EXPENSES 111265 JAMES A HARRELL III ASSOCIATES PL 111 E North Street RALEIGH NC 27601 LOBBYING EXPENSES 110254 14 250000000 3180000 0 253180000 0 5884292 5884292 0 0 0 0 0 1949981 1934478 15503 15503 15503 0 0 0 0 0 0 0 0 0 0 259079795 5899795 X 2924550 2924550 0 0 0 1184673 744148 440525 0 928978 712579 216399 91738 63349 28389 241482 170674 70808 127348 91625 35723 0 381329 381329 162720 162720 464598 464598 0 11439 11439 1058624 901366 157258 0 247741 247741 31426 16902 14524 95856 52721 43135 0 104861 104861 58988 39934 19054 0 10546 7137 3409 0 0 2800 2800 24661 24661 MOVING EXPENSE 4306 4306 MISCELLANEOUS 3200 3200 8161864 5972726 2189138 0 708345 1210643 3060220 0 13904696 13957264 0 0 0 0 0 0 0 0 0 0 0 59180 33386 2800 0 30586 0 0 727628 257681240 0 0 0 0 7943 0 18408832 272938913 18553 283585 0 2924550 0 0 0 0 0 0 0 0 0 0 0 0 0 0 18553 3208135 X 4485583 67229 13904696 269663549 18390279 269730778 18408832 272938913 X 250917931 422568 X X false true X true false X 100000 3600000 8550000 10220000 253180000 275650000 0 0 100000 3600000 8550000 10220000 253180000 275650000 0 275650000 62256 5884292 5946548 0 1000 0 1000 281597548 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 464598 464598 7697266 8161864 558093 139523 49160 79896 257668 558093 944817 1417226 0 0 267184 464598 731782 12290 19974 64417 139523 236204 354306 0 0 0 0 0 33386 2800 30586 30586 STATE FUNDED ENDOWMENT 255706285 F PRIVATE FUNDS 1974955 F 257681240 0 0 X 259490924 422568 422568 259068356 11439 11439 259079795 8150425 8150425 11439 11439 8161864 SCHEDULE D, PART X, LINE 2: The Organization is exempt from income taxes under Section 501(c)(3) of the Internal Revenue Code ("IRC") and the applicable North Carolina statute. Therefore, no provision for federal or state income taxes has been made in the financial statements. Management evaluated the Organization's tax positions and concluded that the Organization had taken no uncertain tax positions that require adjustment to the financial statements to comply with the provisions of the Income Taxes Topic of the FASB ASC. SCHEDULE D, PART XI, LINE 2D: CHANGE IN ALLOWANCE FOR DOUBTFUL PLEDGES - NPV $422,568 true Western Carolina University 1 University Drive Cullowhee NC 28723 566001440 GOV'T ENTITY 587412 Mosquito Infectious Disease UNC Wilmington 601 College Road Wilmington NC 28403 561258660 GOV'T ENTITY 550049 Vaccine Development East Carolina University 209 East 5th Street Greenville NC 27858 566000403 GOV'T ENTITY 442000 Oncology - Melanoma UNC Greensboro 2907 E GATE CUTY DR GREENSBORO NC 27411 566001468 GOV'T ENTITY 404999 Lithium Purification UNC Charlotte 9201 Univer City Blvd Charlotte NC 28223 560791228 GOV'T ENTITY 400971 Water Purification UNC Charlotte 9201 Univer City Blvd Charlotte NC 28223 560791228 GOV'T ENTITY 354607 Powergrid Efficiency NC A&T 1601 E Market Street Greensboro NC 27411 566000007 GOV'T ENTITY 184512 Drug delivery mechanism 7 SCHEDULE I, PART 1, LINE 2 The organization's grant and monitoring process can be found at https://ncinnovation.org/statewide-rfp/. X X true false false false false false false false false J BENNET WATERS PRESIDENT & CEO 396950 0 200000 0 0 0 30000 0 43510 0 670460 0 0 0 MICHELLE BOLAS EVP & CIO 287500 0 50000 0 0 0 13042 0 43510 0 394052 0 0 0 JEFF SURAL THRU 93023 SVP & CHIEF STRATEGY OFFICER 205170 0 0 0 50000 0 12375 0 32113 0 299658 0 0 0 Schedule J, Part I, Line 4a JEFF SURAL - Severance Payment $50,000 FORM 990, PART I, LINE 1, DESCRIPTION OF ORGANIZATION MISSION: 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. FORM 990, PART VI, SECTION A, LINE 4: 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. FORM 990, PART VI, SECTION A, LINE 8B: 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. FORM 990, PART VI, SECTION B, LINE 11B: THE 990 IS REVIEWED BY THE AUDIT COMMITTEE OF THE BOARD OF DIRECTORS PRIOR TO FILING. FORM 990, PART VI, SECTION B, LINE 12C: 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/. FORM 990, PART VI, SECTION B, LINE 15: THE ORGANIZATION USES MARKET DATA AND A 3RD PARTY BENCHMARKING WHEN DETERMINING OFFICER COMPENSATION. FORM 990, PART VI, SECTION C, LINE 18: THE ORGANIZATION MAKES ITS DOCUMENTS AVAILABLE UPON REQUEST. FORM 990, PART VI, SECTION C, LINE 19: THE ORGANIZATION MAKES ITS DOCUMENTS AVAILABLE UPON REQUEST. FORM 990, PART XI, LINE 9: CHANGE IN ALLOWANCE FOR DOUBTFUL PLEDGES - NPV $422,568 FORM 990, PART XII, LINE 2C: THE PROCESS HAS NOT CHANGED FROM PRIOR YEAR. FORM 990 PART IX LINE 11G DESCRIPTION:CONTRACT SERVICES TOTAL FEES:869470 FORM 990 PART IX LINE 11G DESCRIPTION:RECRUITMENT FEES TOTAL FEES:101119 FORM 990 PART IX LINE 11G DESCRIPTION:PAYROLL FEES TOTAL FEES:41781 FORM 990 PART IX LINE 11G DESCRIPTION:PROFESSIONAL DEVELOPMENT TOTAL FEES:14111 FORM 990 PART IX LINE 11G DESCRIPTION:INVESTMENT CONSULTANT TOTAL FEES:32143