Board Summary

Corporate Board Summary

Name: Old Dominion University Research Foundation
Date Established: Established in 1965,
Incorporated February 7, 1967
Type of Corporation: Private not-for-profit
Tax Status: 501 (c) (3) Tax Exempt
509 (a) (3) Private Foundation
Purpose: “The Corporation shall be organized and conduct its operations for the exclusive benefit of Old Dominion University, a Commonwealth of Virginia institution of higher education. The purpose of the corporation is to serve as the administrative, financial and fiscal agent for Old Dominion University in research and sponsored program administration.”
Mission: Old Dominion University Research Foundation collaborates with the university for the successful administration of sponsored programs by providing responsive and cost-effective support.
Fiscal Year: July 1 through June 30
Management: The business affairs of the corporation shall be managed by a Board of Trustees.
Number of Trustees: Not less than six (6) nor more than twenty (20) members. There shall be one who shall be the president of Old Dominion University.
Responsibilities: The Board of Trustees shall have the powers and duties necessary for the administration of the affairs of the Foundation (Corporation).
Quorum: Minimum of 40%
Officers: President, vice-president, secretary, treasurer, and an executive director. No full-time employee of the university may be an officer.
Tenure of Officers: The president, vice-president, secretary, and treasurer are elected for a one (1) year term. The executive director shall be selected by the board and serves at their pleasure.

Executive Committee and other committees as deemed necessary. Current standing committees include:

  • Audit and Finance
  • Compensation
  • Nominating
  • Strategic Planning
Indemnity: The Research Foundation shall indemnify each trustee and officer and may indemnify or agree to indemnify any person who is serving or has served as an employee of the Foundation.
Insurance: Directors’ and officers’ liability coverage is provided through a policy with Travelers Casualty and Assurance Company.

Roles and Responsibilities of Trustees

Board members and officers have the duty and responsibility to manage the affairs of the Research Foundation. These duties and responsibilities include, but are not limited to:

  • Election of officers
  • Adoption and amendment of articles of incorporation and by-laws
  • Appointment and oversight of the Research Foundation’s executive director
  • Establishment of policies concerning the Research Foundation and its operation
  • Delegation of authority to the executive director
  • Approval of annual operating budget
  • Negotiation of agreements with Old Dominion University
  • Oversight of corporate financial activities and audit review
  • Settlement of grievances and resolution of disputes
  • Fiduciary responsibilities for Foundation’s ERISA qualified 403(b) Retirement Plan
  • Other fiduciary responsibilities as a trustee of a private not-for-profit corporation in Virginia