Function: |
Innovation and Partnerships |
Procedure |
Joint Venture Procedure |
Contact: |
Gregory O'Connor Director of New Ventures |
As specified in the Research Foundation for the State University of New York’s ("RF") Joint Venture Policy (the "Policy"), Operations Managers must notify the Director of New Ventures of certain types of contemplated Joint Ventures as dictated by the Policy. Once notified by the campus, the Director of New Ventures will review the subject proposed Joint Venture with the appropriate RF departments, including without limitation the RF General Counsel or its delegate. Where such Joint Venture requires the approval of the RF President or the RF Board, the Director of New Ventures shall ensure that the proposed Joint Venture is reviewed by the RF’s Office of Innovation and Partnership’s staff, RF Chief Financial Officer and RF General Counsel, or their respective delegates, prior to seeking approval from the RF President and/or the RF Board.
As explained in the Joint Venture Policy, the RF should only participate in Joint Ventures which are substantially related to the RF’s tax-exempt purposes. Examples of activities that are substantially related to the RF’s tax-exempt purposes include:
Always refer to the Director of New Ventures for resolution of any question or ambiguity as to whether a proposed activity is related to the RF’s exempt purposes, or whether an activity qualifies as a Joint Venture.
As specified in the Joint Venture Policy, the creation of for-profit Joint Ventures structured as a separate legal entity (whether as a "C" corporation or as a pass-through entity, such as a partnership or limited liability company ("LLC") that has chosen to be taxed as a partnership), requires the approval of the RF President, followed by approval by the Board of Directors. In examining these transactions for approval, the RF will consider the following:
None
Date |
Summary of Change |
March 2, 2017 |
Update on notice requirement and moved equity language to new policy./guideline. |
September 10, 2015 |
New document |
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