An Industrial Affiliate Program is a membership program which affiliates support with a program of research in a field of study. The university establishes the policies governing the establishment of Industrial Affiliate programs, and related procedures are outlined in OVPR-01-03: Establishment and Operation of Industrial Affiliates Programs in Support of Research at Virginia Tech. Please refer to this procedure for additional information.
Once the affiliate program has been approved by the Vice President for Research a new foundation fund must be established.
Fee Deposits should initially be sent to Virginia Tech Foundation Accounting to record the “other income” (20% or approved %) component of the deposit. To ensure appropriate treatment of IAP member fees, all of the following documents must be sent to Virginia Tech Foundation Accounting with each IAP member fee deposit:
- The check being deposited
- Virginia Tech Foundation Other Income Deposit Form (to deposit 100% of the fee)
- Request for Payment authorizing transfer of 80% (or approved %) to the University fund, signed by an authorized user of the Foundation fund.
