TY 2022 Form 990 Schedule O

efile Public Visual Render ObjectId: 202421309349303427 - Submission: 2024-05-09 TIN: 27-1585738

SCHEDULE O
(Form 990)

Department of the Treasury
Internal Revenue Service

Supplemental Information to Form 990 or 990-EZ

Complete to provide information for responses to specific questions on
Form 990 or 990-EZ or to provide any additional information.
right arrow

Attach to Form 990 or 990-EZ.
right arrow

Go to www.irs.gov/Form990 for the latest information.

OMB No. 1545-0047

2022

Open to Public
Inspection

Name of the organization

VIRGINIA TECH APPLIED RESEARCH
CORPORATION

Employer identification number

27-1585738

Return Reference	Explanation
FORM 990, PART VI, SECTION B, LINE 11B	THIS FORM 990 IS PREPARED BY BROWN, EDWARDS & COMPANY, LLP BASED ON INFORMATION PROVIDED BY MANAGEMENT. THE FORM 990 IS REVIEWED INTERNALLY BY THE CFO AND CEO AND VT-ARC'S OUTSIDE COUNSEL. THE FORM 990 IS PROVIDED TO THE VT-ARC AUDIT COMMITTEE AND THEN TO THE WHOLE BOARD FOR APPROVAL PRIOR TO FILING WITH THE IRS.
FORM 990, PART VI, SECTION B, LINE 12C	ANNUALLY, EACH OFFICER, DIRECTOR AND KEY EMPLOYEE OF THE CORPORATION SUBMITS A CONFLICT OF INTEREST DISCLOSURE STATEMENT WHICH IS REVIEWED BY LEGAL COUNSEL AND THE AUDIT COMMITTEE TO ENSURE THAT THERE ARE NO ACTUAL OR POTENTIAL CONFLICTS OF INTEREST.
FORM 990, PART VI, SECTION B, LINE 15	THE COMPENSATION OF THE VT-ARC CEO IS DETERMINED BY THE COMPENSATION COMMITTEE OF THE VT-ARC BOARD, TAKING INTO ACCOUNT SURVEY INFORMATION FOR CEOS OF COMPANIES OF COMPARABLE SIZE, SECTOR AND LOCATION, MARKET CONDITIONS, AND PERFORMANCE. THIS PROCESS IS COMPLETED ANNUALLY AND IS EFFECTIVE AT THE START OF THE FISCAL YEAR. ALSO NOTE THAT A SIMILAR PROCESS IS USED FOR THE VP, FINANCE & ADMIN (CFO); VP, OPERATIONS & DEVELOPMENT; AND VP, TECHNOLOGY. BENEFITS PAID TO THE CEO WERE ESTABLISHED CONSISTENT WITH THE AFFILIATION AGREEMENT WITH THE UNIVERSITY, WHICH REQUIRES SUCH BENEFITS OF UNIVERSITY AFFILIATES TO BE AS CLOSE AS PRACTICABLE TO THE BENEFITS OFFERED TO SIMILARLY SITUATED STAFF AT VIRGINIA TECH.
FORM 990, PART VI, SECTION C, LINE 19	GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY AND FINANCIAL STATEMENTS ARE AVAILABLE UPON REQUEST AND ARE ALSO AVAILABLE TO THE PUBLIC THROUGH VT-ARC.
FORM 990, PART IX, LINE 11G	CONSULTING: PROGRAM SERVICE EXPENSES 1,873,615. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 1,873,615. SUBCONTRACTORS: PROGRAM SERVICE EXPENSES 2,238,450. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 2,238,450. PROFESSIONAL SERVICES: PROGRAM SERVICE EXPENSES 0. MANAGEMENT AND GENERAL EXPENSES 62,830. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 62,830.
PART XII, LINE 2C	THIS PROCESS IS UNCHANGED FROM THE PRIOR YEAR.

Return Reference

Explanation

FORM 990, PART VI, SECTION B, LINE 11B

THIS FORM 990 IS PREPARED BY BROWN, EDWARDS & COMPANY, LLP BASED ON INFORMATION PROVIDED BY MANAGEMENT. THE FORM 990 IS REVIEWED INTERNALLY BY THE CFO AND CEO AND VT-ARC'S OUTSIDE COUNSEL. THE FORM 990 IS PROVIDED TO THE VT-ARC AUDIT COMMITTEE AND THEN TO THE WHOLE BOARD FOR APPROVAL PRIOR TO FILING WITH THE IRS.

FORM 990, PART VI, SECTION B, LINE 12C

ANNUALLY, EACH OFFICER, DIRECTOR AND KEY EMPLOYEE OF THE CORPORATION SUBMITS A CONFLICT OF INTEREST DISCLOSURE STATEMENT WHICH IS REVIEWED BY LEGAL COUNSEL AND THE AUDIT COMMITTEE TO ENSURE THAT THERE ARE NO ACTUAL OR POTENTIAL CONFLICTS OF INTEREST.

FORM 990, PART VI, SECTION B, LINE 15

THE COMPENSATION OF THE VT-ARC CEO IS DETERMINED BY THE COMPENSATION COMMITTEE OF THE VT-ARC BOARD, TAKING INTO ACCOUNT SURVEY INFORMATION FOR CEOS OF COMPANIES OF COMPARABLE SIZE, SECTOR AND LOCATION, MARKET CONDITIONS, AND PERFORMANCE. THIS PROCESS IS COMPLETED ANNUALLY AND IS EFFECTIVE AT THE START OF THE FISCAL YEAR. ALSO NOTE THAT A SIMILAR PROCESS IS USED FOR THE VP, FINANCE & ADMIN (CFO); VP, OPERATIONS & DEVELOPMENT; AND VP, TECHNOLOGY. BENEFITS PAID TO THE CEO WERE ESTABLISHED CONSISTENT WITH THE AFFILIATION AGREEMENT WITH THE UNIVERSITY, WHICH REQUIRES SUCH BENEFITS OF UNIVERSITY AFFILIATES TO BE AS CLOSE AS PRACTICABLE TO THE BENEFITS OFFERED TO SIMILARLY SITUATED STAFF AT VIRGINIA TECH.

FORM 990, PART VI, SECTION C, LINE 19

GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY AND FINANCIAL STATEMENTS ARE AVAILABLE UPON REQUEST AND ARE ALSO AVAILABLE TO THE PUBLIC THROUGH VT-ARC.

FORM 990, PART IX, LINE 11G

CONSULTING: PROGRAM SERVICE EXPENSES 1,873,615. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 1,873,615. SUBCONTRACTORS: PROGRAM SERVICE EXPENSES 2,238,450. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 2,238,450. PROFESSIONAL SERVICES: PROGRAM SERVICE EXPENSES 0. MANAGEMENT AND GENERAL EXPENSES 62,830. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 62,830.

PART XII, LINE 2C

THIS PROCESS IS UNCHANGED FROM THE PRIOR YEAR.

For Paperwork Reduction Act Notice, see the Instructions for Form 990 or 990-EZ.

Cat. No. 51056K

Schedule O (Form 990) 2022

Software ID:
Software Version: