2018-11-15T17:25:40-06:00 2017-12-31 271728945 PKF O'CONNOR DAVIES LLP 665 FIFTH AVENUE NEW YORK NY 10022 990 2017-01-01 060706038 BERMUDA INSTITUTE OF OCEAN SCIENCES (BIOS) INC BERM 4412971880 17 BIOLOGICAL STATION ST GEORGES BD GE 01 WILLIAM B CURRY PRESIDENT/DIRECTOR 4412971880 2018-11-14 1 GARRETT M HIGGINS P00543209 2122862600 2018-11-14 47.19.39.42 2018-11-14 18:45:13 ES P DA39A3EE5E6B4B0D3255BFEF95601890AFD80709 CA72600D86868BB63E6792AE27374A61CFC4C663 2017 2019-02-21 02:37:17Z WILLIAM B CURRY 17 BIOLOGICAL STATION ST GEORGES BD GE 01 20723816 0 X WWW.BIOS.EDU X 1926 NY BIOS'S MISSION IS TO SEEK AND SHARE FUNDAMENTAL KNOWLEDGE OF THE OCEANS (CONTINUED IN SCHEDULE O) THROUGH STATE-OF-THE-ART SCIENTIFIC RESEARCH, WORLD-CLASS FIELD EXPEDITIONS, AND COMPREHENSIVE EDUCATIONAL EXPERIENCES. 33 33 59 33 -36427 -36427 10568532 17397714 1991752 1965890 140960 215134 132154 143796 12833398 19722534 1766967 2351827 0 0 7337109 7486633 0 0 576217 6772089 6756210 15876165 16594670 -3042767 3127864 36630025 43086076 7010401 8536928 29619624 34549148 X BIOS'S MISSION IS TO SEEK AND SHARE FUNDAMENTAL KNOWLEDGE OF THE OCEANS THROUGH STATE-OF-THE-ART SCIENTIFIC RESEARCH, WORLD-CLASS FIELD EXPEDITIONS, AND COMPREHENSIVE EDUCATIONAL EXPERIENCES. 0 0 11253564 2351827 SCIENTIFIC RESEARCH: RESEARCH CONDUCTED AT BIOS IS RELEVANT TO THE WATERS SURROUNDING BERMUDA, AS WELL AS GLOBAL EARTH SYSTEM, AND IS MULTIDISCIPLINARY, SPANNING THE BIOLOGICAL, CHEMICAL, GEOLOGICAL, AND PHYSICAL SCIENCES. THE MAJOR ACCOMPLISHMENTS OF THE LARGEST PROJECT AT BIOS, THE BERMUDA ATLANTIC TIME-SERIES STUDY, INCLUDES: PROVISION OF CLIMATE-CHANGE RELEVANT UNDERSTANDING OF OCEAN HEALTH AND FUNCTION; PUBLICATION OF MORE THAN THIRTY SCIENTIFIC PAPERS EACH YEAR; SUPPORT OF MORE THAN FIFTY NATIONAL AND INTERNATIONAL SCIENTIFIC COLLABORATORS; AND ACCESS OF SCIENTIFIC DATA TO SEVERAL THOUSAND RESEARCHERS EACH YEAR. IN SUPPORT OF THIS EFFORT, BIOS' SHIP OPERATIONS CONTRIBUTE TO MULTIDISCIPLINARY, MULTI-INSTITUTIONAL SCIENTIFIC RESEARCH WITH NUMEROUS EXPEDITIONS EACH YEAR TOTALING 150-200 DAYS AT SEA. 2742408 1965890 EDUCATION: FROM HANDS-ON PROGRAMS FOR BERMUDA GRADE-SCHOOL STUDENTS TO GRADUATE RESEARCH INTERNSHIPS IN OCEANOGRAPHY, BIOS CONDUCTS A VARIETY OF EDUCATION PROGRAMS EACH YEAR THAT PREPARE THE NEXT GENERATION FOR THE SCIENTIFIC AND TECHNICAL CHALLENGES OF THE FUTURE. BIOS'S YEAR-LONG ON-ISLAND EDUCATION PROGRAM PROVIDES TRAINING AND RESOURCES TO BERMUDA'S GRADE-SCHOOL TEACHERS AND OFFERS HANDS-ON LEARNING EXPERIENCES TO APPROXIMATELY 1,000 STUDENTS EACH YEAR. UNIVERSITY STUDENTS FROM THE U.S., UK, CANADA, AND OTHER COUNTRIES AROUND THE WORLD TAKE PART IN BIOS COURSES, RESEARCH INTERNSHIPS, AND OTHER EDUCATIONAL OFFERINGS THAT ENHANCE STUDENTS' IN-CLASSROOM EDUCATION WITH SPECIALIZED INSTRUCTION AND PRACTICAL SCIENTIFIC RESEARCH EXPERIENCE IN BOTH THE LAB ABD IN THE FIELD. EACH YEAR, MORE THAN 300 UNDERGRADUATE AND GRADUATE STUDENTS BENEFIT FROM BIOS' UNIVERSITY EDUCATION PROGRAMS. 13995972 1 1 0 0 0 0 0 0 0 1 1 0 0 0 0 1 1 0 0 1 1 1 0 0 0 0 0 1 0 1 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 1 4 0 59 1 1 1 1 BD 0 0 0 0 0 0 0 0 X 33 33 0 0 0 0 0 0 0 1 1 0 0 0 1 1 1 1 1 1 1 0 NY X X VICTORIA MILLETT 4412971880 17 BIOLOGICAL STATION ST GEORGES BD GE 01 J WILLIAM CHARRIER CHAIRMAN 15.00 X X 0 0 0 IDWAL WYN HUGHES PHD VICE-CHAIRMAN 2.00 X X 0 0 0 WILLIAM H WILLIAMS VICE-CHAIRMAN 1.50 X X 0 0 0 KENNETH H BRINK PHD TRUSTEE 1.50 X 0 0 0 THOMAS M CHURCH PHD TRUSTEE 0.50 X 0 0 0 PATRICK BARLOW TRUSTEE 0.50 X 0 0 0 DIANA H FRAZIER TRUSTEE 0.50 X 0 0 0 JAMES N GALLOWAY PHD TRUSTEE 0.50 X 0 0 0 LINDA K GLOVER TRUSTEE 5.00 X 0 0 0 DENNIS HANSELL PHD TRUSTEE 0.50 X 0 0 0 PAUL HANLE PHD TRUSTEE 0.50 X 0 0 0 GARY H ISAKSEN PHD TRUSTEE 0.50 X 0 0 0 ALAN H MCGOWAN TRUSTEE 1.00 X 0 0 0 JAMES N STANARD PHD TRUSTEE 0.50 X 0 0 0 DEBORAH K STEINBERG PHD TRUSTEE 0.50 X 0 0 0 ANTHONY WILLIAMS TRUSTEE 0.50 X 0 0 0 MICHAEL A BUTT TRUSTEE 0.50 X 0 0 0 GRAHAM COLLIS TRUSTEE 0.50 X 0 0 0 CHARLES COOPER TRUSTEE 0.50 X 0 0 0 BRIAN DUPERREAULT TRUSTEE 0.50 X 0 0 0 RICHARD FERRETT TRUSTEE 0.50 X 0 0 0 MICHAEL D HAMER PHD TRUSTEE 0.75 X 0 0 0 CHRISTOPHER MAYBURY TRUSTEE 0.50 X 0 0 0 BRIAN M O'HARA TRUSTEE 0.50 X 0 0 0 JONATHAN REISS TRUSTEE 0.50 X 0 0 0 RALPH E RICHARDSON TRUSTEE 0.50 X 0 0 0 HON GERALD DE SIMONS OBE TRUSTEE 0.50 X 0 0 0 IAN STRECKER TRUSTEE 0.50 X 0 0 0 LADY JUDY VEREKER TRUSTEE 3.00 X 0 0 0 COLIN BROWN TRUSTEE 0.50 X 0 0 0 MICHAEL W COLLINS TRUSTEE 0.50 X 0 0 0 BURT SINGER TRUSTEE 1.50 X 0 0 0 BESS WARD TRUSTEE 0.50 X 0 0 0 WILLIAM CURRY PHD PRESIDENT AND CEO 40.00 X 342186 0 18920 WILLIAM WELTON CHIEF FINANICAL AND OPERAT 40.00 X 210828 0 20779 VICTORIA MILLETT TREASURER/CONTROLLER 40.00 X 168000 0 13371 GILLIAN M S HOLLIS SECRETARY 40.00 X 88608 0 10410 NICHOLAS BATES DIRECTOR OF RESEARCH 40.00 X 226975 0 18722 AUDREY ROGERSON DIRECTOR OF RESOURCE DEVEL 40.00 X 184500 0 0 QUENTIN LEWIS MARINE SUPERINTENDENT 40.00 X 152623 0 12893 ANDREW PETERS DIRECTOR OF EDUCATION 40.00 X 126435 0 11941 ERIC HOCHBERG ASSOCIATE SCIENTIST 40.00 X 124162 0 17916 RICHARD VERLINI PORT CAPTAIN/RELIEF MASTER 40.00 X 129036 0 20863 1753353 0 145815 18 0 1 0 DEYTENS SHIPYARDS INC 1670 DRYDOCK AVE BLDG 236 NORTH CHARLESTON SC 29405 REPAIRS/DRY DOCK EXPENSE 2002087 BERNHARD SCHULTE SHIPMANAGEMENT RICHMOND HOUSE 12 PAR LA VILLE HAMILTON BD HM HX SHIP MANAGEMENT SERVICES 251781 MARINE SYSTEMS INC PO BOX 301284 DALLAS TX 753031284 RV MAIN ENGINE 211668 13 11378646 6019068 296345 17397714 EDUCATION 611710 1965890 1965890 1965890 203783 203783 391684 254001 137683 137683 -36427 174110 752855 741504 11351 11351 11351 11890 5777 6113 6113 19722534 1965890 -36427 395357 2209983 2209983 141844 141844 1118800 230955 887845 5253616 4439127 394083 420406 230735 177631 39512 13592 572123 486131 47446 38546 311359 239699 53318 18342 82838 82838 60000 60000 384789 363989 20800 14 14 286699 226292 43989 16418 55874 51552 4322 388719 388719 662816 602938 41892 17986 77487 34219 43228 40 207344 207344 1599843 1409139 190704 237215 222186 15029 REPAIRS & MAINTENANCE 1179432 1018192 142795 18445 SUPPLIES AND FOOD 929622 909057 18254 2311 FUEL 310090 310090 INTERNS EXPENSES 262813 236005 23388 3420 30615 8028 198 22389 16594670 13995972 2022481 576217 849233 2848295 757517 2345584 4468024 3545966 640506 207401 66504 15846 50646 7824 37418640 18663965 16034500 18754675 13753216 15069999 9879 290486 36630025 43086076 1186661 1273233 365372 394518 4123231 5750000 1335137 1119177 7010401 8536928 X 9746051 11421176 10093625 13071672 9779948 10056300 29619624 34549148 36630025 43086076 3127864 1801660 0 X X 0 1 X 1 1 1 X 10162749 10834871 15231016 10568532 17397714 64194882 10162749 10834871 15231016 10568532 17397714 64194882 7932700 56262182 828084 615000 597936 597065 489009 3127094 7325 7325 67329301 10526336 0.83560 0.82230 X 13732393 276352 2003207 711774 15300178 13910141 25350 512255 715353 13732393 14817400 27664 -250731 684192 13910141 14785342 26869 613739 608550 14817400 13418829 26900 1876332 536719 14785342 0.10070 0.65730 0.24200 0 0 486850 486850 16878346 8929111 7949235 8195057 4602137 3592920 11858387 5132717 6725670 18754675 X 22705572 1801660 921600 259778 2983038 19722534 0 19722534 17776048 921600 259778 1181378 16594670 0 16594670 PART V, LINE 4: THE PURPOSE OF BIOS'S ENDOWMENT FUNDS IS TO PROVIDE LONG-TERM SUPPORT FOR THE INSTITUTION. INCOME FROM DONOR-RESTRICTED ENDOWMENT FUNDS IS UTILIZED BY BIOS IN ACCORDANCE WITH DONOR INTENT. PART X, LINE 2: BIOS RECOGNIZES THE EFFECT OF INCOME TAX POSITIONS ONLY WHEN THEY ARE MORE LIKELY THAN NOT TO BE SUSTAINED. MANAGEMENT HAS DETERMINED THAT BIOS HAD NO UNCERTAIN INCOME TAX POSITIONS THAT REQUIRE FINANCIAL STATEMENT RECOGNITION OR DISCLOSURE. BIOS IS NO LONGER SUBJECT TO EXAMINATION BY THE APPLICABLE TAXING JURISDICTIONS FOR PERIODS PRIOR TO 2014. PART XI, LINE 2D - OTHER ADJUSTMENTS: COST OF GOODS SOLD RECLASSED TO FORM 990, PART VIII, LINE 10B 5,777. RENTAL EXPENSE RECLASSED TO FORM 990, PART VIII, LINE 6B 254,001. PART XII, LINE 2D - OTHER ADJUSTMENTS: COST OF GOODS SOLD RECLASSED TO FORM 990, PART VIII, LINE 10B 5,777. RENTAL EXPENSES RECLASSED TO FORM 990, PART VIII, LINE 6B 254,001. 1 EAST ASIA AND THE PACIFIC - AUSTRALIA, BRUNEI, BURMA, CAMBODIA, 0 0 SCIENTIFIC RESEARCH AND EDUCATION 33700 EUROPE 0 0 SCIENTIFIC RESEARCH AND EDUCATION 108144 BERMUDA 1 103 PROGRAM SERVICES SCIENTIFIC RESEARCH AND EDUCATION 13854128 1 103 0 0 1 103 13995972 0 13995972 EAST ASIA AND THE PACIFIC - AUSTRALIA, BRUNEI, BURMA, CAMBODIA, TO FACILITATE SCIENTIFIC RESEARCH 33700 WIRE TRANSFER EUROPE TO FACILITATE SCIENTIFIC RESEARCH 7000 WIRE TRANSFER EUROPE TO FACILITATE SCIENTIFIC RESEARCH 101144 WIRE TRANSFER 3 0 0 0 0 0 0 PART I, LINE 2: USE OF GRANT FUNDS OUTSIDE THE USA ARE SUBJECT TO THE SAME SCRUTINY AS ARE FUNDS INSIDE THE USA. THE FUNDS ARE ISSUED TO THE ORGANIZATION ONLY, BASED ON AN APPROVED PROPOSAL, PERIODIC REPORTS ARE REQUIRED AND FUNDS ARE ONLY RELEASED ON A REIMBURSEMENT BASIS. BIOS MAINTAINS ACCOUNTING PROCEDURES GOVERNING ALL EXPENDITURES INCLUDING GRANT EXPENDITURES IN ITS ACCOUNTING AND POLICIES PROCEDURE MANUAL. GRANT FUNDING IS PROVIDED CONTRACTUALLY VIA SUBAWARD OR GRANT AGREEMENT VIA BIOS. FEDERAL PROJECT GRANT FUNDING FOR SUBAWARDS REQUIRE MONITORING IN TWO AREAS - (A) SUBRECIPIENT INSTITUTION COMPLIANCE WITH THE AUDITING REQUIREMENTS OF OMB CIRCULAR A-133 AND (B) SUBRECIPIENT PROVIDES PIS WITH ROUTINE AND REVIEWING OF TECHNICAL REPORTS AND REVIEW OF INVOICING IN RELATION TO BUDGET. CONTRACTUAL AGREEMENTS DICTATE SCOPE, PERIOD OF PERFORMANCE, AUDIT AND COMPENSATION (COST REIMBURSEMENT) REQUIREMENTS. ALL AGREEMENTS ARE TO FACILITATE SCIENTIFIC RESEARCH IN ACCORDANCE WITH THE ORGANIZATION'S MISSION. THIS IS CONSISTENTLY APPLIED IN US EXPENDITURES AND NON US EXPENDITURES ALIKE. FORM 990, SCHEDULE F, PART I, LINE 3, COLUMN (F) ACCRUAL METHOD IS USED TO ACCOUNT FOR EXPENDITURES. 1 WOODS HOLE OCEANOGRAPHIC INSTITUTE 569 WOODS HOLE ROAD BOSTON MA 02543 042105850 501(C)(3) 270833 TO FACILITATE SCIENTIFIC RESEARCH MARINE BIOLOGICAL LABORATORY PO BOX 3218 BOSTON MA 022413218 042104690 501(C)(3) 301578 TO FACILITATE SCIENTIFIC RESEARCH UNIVERSITY OF HAWAII HAWAII INST OF MARINE BIOLOGY 46-007 LILIPUNA RD KANEOHE HI 967442366 996000354 501(C)(3) 288694 TO FACILITATE SCIENTIFIC RESEARCH CALIFORNIA STATE UNIVERSITY 18111 NORDHOFF STREET NORTHRIDGE CA 913308232 951992732 501(C)(3) 201753 TO FACILITATE SCIENTIFIC RESEARCH UNIVERSITY OF CONNECTICUT 438 WHITNEY ROAD EXT UNIT 1133 STORRS CT 062691133 060772160 501(C)(3) 233465 TO FACILITATE SCIENTIFIC RESEARCH UNIVERSITY OF MASSACHUSETTS - BOSTON QUINN ADMIN BLDG 2ND FL RM 02/80-93 100 MORRISSEY BLVD BOSTON MA 021253393 043167352 501(C)(3) 102994 TO FACILITATE SCIENTIFIC RESEARCH COLLEGE OF WILLIAM & MARY VIRGINIA INST OF MARINE SCIENCE PO BOX 1346 1375 GREATE ROAD GLOUCESTER PT VA 230621346 546001802 501(C)(3) 35251 TO FACILITATE SCIENTIFIC RESEARCH FLORIDA STATE UNIVERSITY FOR RESEARCH PO BOX 3064166 TALLAHASSEE FL 323064166 593211153 501(C)(3) 34087 TO FACILITATE SCIENTIFIC RESEARCH THE REGENTS OF THE UNIVERSITY OF CALIFORNIA 8622 DISCOVERY WAY 0210 LA JOLLA CA 920930210 956006145 501(C)(3) 328229 TO FACILITATE SCIENTIFIC RESEARCH THE RESEARCH FOUNDATION FOR THE STATE UNIVERSITY OF NEW YORK 1400 WASHINGTON AVENUE MSC 312 ALBANY NY 12222 141368361 501(C)(3) 32062 TO FACILITATE SCIENTIFIC RESEARCH OREGON STATE UNIVERSITY 312 KERR ADMINISTRATION BLDG CORVALLIS OR 973312140 611730890 501(C)(3) 222530 TO FACILITATE SCIENTIFIC RESEARCH UNIVERSITY OF FLORIDA 236 GRINTER HALL PO BOX 115500 GAINESVILLE FL 32611 596002052 501(C)(3) 44195 TO FACILITATE SCIENTIFIC RESEARCH CORAL REEF RESEARCH FOUNDATION 6050 SANTO ROAD SUITE 170 SANDIEGO CA 92124 954316261 501(C)(3) 48149 TO FACILITATE SCIENTIFIC RESEARCH THE UNIVERSITY OF SOUTHERN MISSISSIPPI 118 COLLEGE DRIVE HATTIESBURG MS 394060001 646000818 501(C)(3) 9947 TO FACILITATE SCIENTIFIC RESEARCH EMBRY-RIDDLE AERONAUTICAL UNIVERSITY 600 S CLYDE MORRIS BOULEVARD DAYTONA BEACH FL 321143900 590936101 501(C)(3) 39587 TO FACILITATE SCIENTIFIC RESEARCH THE UNIVERSITY OF SOUTH FLORIDA 3702 SPECTRUM BLVD TAMPA FL 336129445 593102112 501(C)(3) 11630 TO FACILITATE SCIENTIFIC RESEARCH 16 PART I, LINE 2: BIOS MAINTAINS ACCOUNTING PROCEDURES GOVERNING ALL EXPENDITURES INCLUDING GRANT EXPENDITURES IN ITS ACCOUNTING AND POLICIES PROCEDURE MANUAL. GRANT FUNDING IS PROVIDED CONTRACTUALLY VIA SUBAWARD OR GRANT AGREEMENT VIA BIOS. FEDERAL PROJECT GRANT FUNDING FOR SUBAWARDS REQUIRE MONITORING IN TWO AREAS - (A) SUBRECIPIENT INSTITUTION COMPLIANCE WITH THE AUDITING REQUIREMENTS OF OMB CIRCULAR A-133 AND (B) SUBRECIPIENT PROVIDES PIS WITH ROUTINE AND REVIEWING OF TECHNICAL REPORTS AND REVIEW OF INVOICING IN RELATION TO BUDGET. CONTRACTUAL AGREEMENTS DICTATE SCOPE, PERIOD OF PERFORMANCE, AUDIT AND COMPENSATION (COST REIMBURSEMENT) REQUIREMENTS. ALL AGREEMENTS ARE TO FACILITATE SCIENTIFIC RESEARCH IN ACCORDANCE WITH THE ORGANIZATION'S MISSION. THIS IS CONSISTENTLY APPLIED IN US EXPENDITURES AND NON US EXPENDITURES ALIKE. X X 1 1 X X X 0 0 0 0 0 0 0 0 0 WILLIAM CURRY PHD PRESIDENT AND CEO 267750 0 0 0 74436 0 0 0 18920 0 361106 0 0 0 WILLIAM WELTON CHIEF FINANICAL AND OPERAT 200789 0 0 0 10039 0 0 0 20779 0 231607 0 0 0 VICTORIA MILLETT TREASURER/CONTROLLER 160000 0 0 0 8000 0 0 0 13371 0 181371 0 0 0 NICHOLAS BATES DIRECTOR OF RESEARCH 216424 0 0 0 10551 0 0 0 18722 0 245697 0 0 0 AUDREY ROGERSON DIRECTOR OF RESOURCE DEVEL 184500 0 0 0 0 0 0 0 0 0 184500 0 0 0 QUENTIN LEWIS MARINE SUPERINTENDENT 151550 0 0 0 1073 0 0 0 12893 0 165516 0 0 0 PART I, LINE 1A PART I LINE 1A: HOUSING ALLOWANCES ARE PROVIDED TO SUPPLEMENT THE EXCESSIVE COST OF HOUSING IN BERMUDA. MOST STAFF ARE ABLE TO BENEFIT FROM THE RELATIVELY LOW COST HOUSING AVAILABLE ON CAMPUS. ALL ALLOWANCES PROVIDED ARE INCLUDED IN W-2'S WHERE REQUIRED. X 6345 REPLACEMENT COST X 1 290000 OPINION OF EXPERT 1 0 0 0 PART I, COLUMN (B): THE NUMBER OF CONTRIBUTIONS IN PART I, COLUMN B IS THE NUMBER OF CONTRIBUTORS. FORM 990, PART VI, SECTION B, LINE 11B BIOS HAS ITS FORM 990 PREPARED BY AN OUTSIDE ACCOUNTING FIRM AND HAS ESTABLISHED THE FOLLOWING REVIEW PROCESS TO ENSURE THAT THE INFORMATION REPORTED IS COMPLETE AND ACCURATE. WHEN THE FORM 990 HAS BEEN PREPARED, REVIEWED BY CFO, CEO, DIRECTOR OF RESEARCH & SENIOR SCIENTIST, CONTROLLER & TREASURER, DIRECTOR OF RESOURCES DEVELOPMENT AND EDUCATION DIRECTOR AND IS READY TO BE FILED WITH THE INTERNAL REVENUE SERVICE, IT'S SUBMITTED ELECTRONICALLY TO THE AUDIT COMMITTEE AND THE CHAIRMAN OF THE FINANCE COMMITTEE FOR REVIEW AND COMMENTS PRIOR TO ITS SUBMISSION. EACH COMMENT OR ISSUE, IF ANY, IS DOCUMENTED AND ADDRESSED UNTIL THE RETURN IS FINALIZED AND APPROVED FOR FILING FORM 990, PART VI, SECTION B, LINE 12C BIOS INC. HAS A CONFLICT OF INTEREST POLICY GOVERNING ANY INTERESTED PERSON (ANY DIRECTOR, PRINCIPAL OFFICER, KEY EMPLOYEE OR MEMBER OF A COMMITTEE WITH GOVERNING BOARD DELEGATED POWERS, WHO HAS DIRECT OR INDIRECT FINANCIAL INTEREST) IS AN INTERESTED PERSON, I.E. NOT INDEPENDENT. A CONFLICT OF INTEREST MAY EXIST IF AN INTERESTED PERSON HAS DIRECTLY OR INDIRECTLY THROUGH BUSINESS, INVESTMENT OR FAMILY, (A) AN OWNERSHIP/INVESTMENT INTEREST IN AN ENTITY OF WHICH BIOS HAS A TRANSACTION ARRANGEMENT, (B) A COMPENSATION ARRANGEMENT WITH BIOS OR ANY ENTITY OR INDIVIDUAL WITH WHICH BIOS HAS A TRANSACTION OR ARRANGEMENT, OR (C) A POTENTIAL OWNERSHIP OR INVESTMENT INTEREST IN OR COMPENSATION ARRANGEMENT. IN CONNECTION WITH ANY ACTUAL OR POSSIBLE CONFLICT OF INTEREST, AN INTERESTED PERSON MUST DISCLOSE THE EXISTENCE OF THE FINANCIAL INTEREST AND BE GIVEN AN OPPORTUNITY TO DISCLOSE ALL MATERIAL FACTS TO THE DIRECTORS AND MEMBERS OF COMMITTEES WITH GOVERNING BOARD POWERS. UPON DISCLOSURE OF THE FINANCIAL INTEREST AND MATERIAL FACTS, THE BOARD MINUS THE INTERESTED PERSON WILL DISCUSS AND VOTE UPON DETERMINATION OF THE EXISTENCE OF A CONFLICT OF INTEREST. IF A CONFLICT OF INTEREST IS DEEMED TO EXIST THE GOVERNING BOARD WILL TAKE APPROPRIATE CORRECTIVE ACTION. FORM 990, PART VI, SECTION B, LINE 15 BIOS INC. HAS ESTABLISHED A WRITTEN COMPENSATION POLICY FOR THEIR COMPENSATION COMMITTEE TO FOLLOW IN ESTABLISHING THE COMPENSATION FOR THE CEO, EXECUTIVE DIRECTOR, TOP MANAGEMENT OFFICIAL, OTHER OFFICERS OR KEY EMPLOYEES. COMPENSATION OF THE PRESIDENT AND CEO IS DETERMINED BY THE COMPENSATION COMMITTEE BASED ON REVIEW OF COMPARABLE STATISTICS AND OTHER SOURCES AS THEY DEEM APPROPRIATE. COMPENSATION OF OTHER OFFICERS AND KEY MANAGEMENT PERSONNEL ARE DETERMINED BY THE PRESIDENT AND CEO WITH THE ADVICE OF THE CHAIRMAN. COMPENSATION IS REVIEWED IN THE COMPENSATION COMMITTEE MEETINGS. THE DECISIONS ARE DOCUMENTED AND MAINTAINED IN THE MINUTES OF THE COMPENSATION COMMITTEE. THIS PROCESS WAS LAST UNDERTAKEN IN FISCAL YEAR 2017. FORM 990, PART VI, SECTION C, LINE 19 BIOS INC. MAKES ITS FORM 990 AVAILABLE FOR THE PUBLIC INSPECTION AS REQUIRED UNDER SECTION 6104 OF THE INTERNAL REVENUE CODE BY MAKING IT AVAILABLE ON GUIDESTAR.ORG AND OTHER SIMILAR TYPES OF WEBSITES. IN ADDITION FORM 990, THE FINANCIAL STATEMENTS, CONFLICT OF INTEREST POLICY, ARTICLES OF INCORPORATION AND BY-LAWS ARE AVAILABLE UPON WRITTEN REQUEST AT BIOS, 17 BIOLOGICAL STATION, ST. GEORGE GE 01, BERMUDA, OR BY CALLING THE ORGANIZATION DIRECTLY AT (441) 297-1880. FORM 990, PART XII, LINE 2C: THE ORGANIZATION HAS AN AUDIT COMMITTEE THAT ASSUMES RESPONSIBILITY FOR OVERSIGHT OF THE AUDIT OF ITS FINANCIAL STATREMENTS AND SELECTION OF AN INDEPENDENT ACCOUNTANT. THIS PROCESS DID NOT CHANGE FROM THE PRIOR YEAR.