Response to the Carolina Journal: December 9, 2025 Article on NCInnovation
NCInnovation is committed to full transparency in our governance, operations, and communications. We appreciate the role that journalists play in reporting on public institutions, and we want to ensure that coverage of our work is factually accurate and helpful to the public.
Regarding the Carolina Journal article published on December 9, 2025, NCInnovation respectfully requests corrections to the story. The article attributes several quotes about NCInnovation’s communications strategy to Michelle Bolas and states that she “has been doing communications and marketing for 25 years.” Those statements are incorrect.
The comments referenced were made by Michelle Fiscus, NCInnovation’s Chief Communications Officer. Michelle Bolas, NCInnovation’s Acting President and CEO, has a long background in university research, innovation strategy, and commercialization– not marketing and communications.
We ask that the article be updated to properly attribute the quotes to Ms. Fiscus and reflect this correction.
There are also two other factual inaccuracies in the published story that we respectfully ask to be corrected for the record:
- The board-resolution date listed in paragraph two is incorrect. The article references a November 12, 2023 resolution; the correct date is November 8, 2023.
- Under the sub-header Leadership Changes and Communications Overhaul, the story states that Art Pope was appointed to NCInnovation’s Executive Committee. For accuracy, it should reflect that Mr. Pope was appointed to the Board of Directors, not the Executive Committee.
NCInnovation maintains rigorous financial practices, strong internal controls, and reporting that aligns fully with Generally Accepted Accounting Principles. This work has been validated by two consecutive clean independent audits for Fiscal Years 2024 and 2025—an important signal of the organization’s operational discipline and commitment to public trust.
In March 2025, the Office of the State Auditor released its Performance Audit, which reaffirmed that NCInnovation is managing state resources responsibly and in accordance with statutory requirements.
Our audit history reflects a consistent and demonstrated pattern: NCInnovation is operating with fiscal integrity, compliance, and transparency. Reporting on ad-hoc conversation around current unaudited financials for the FY ending June 30, 2026, is misleading.
Management remains fully committed to accurate, timely, and transparent financial reporting to the Office of State Controller, the General Assembly, and our Board of Directors. This includes routine financial updates, quarterly reporting, and ongoing compliance monitoring.
Additionally, NCInnovation values its longstanding partnership with the General Assembly and remains fully committed to meeting all statutory requirements outlined in G.S. 143-728. Our organization was designed to operate with transparency, accountability, and regular legislative oversight, and we welcome continued collaboration with lawmakers.
Over the past three years, NCInnovation has offered to meet with the John Locke Foundation (JLF) (the Carolina Journal owner and operator) at least five times to answer questions, walk through statute, and ensure accurate reporting.
Each offer has been ignored or declined. During this same period, JLF has not once participated in a substantive meeting with NCInnovation, despite publishing an extensive commentary about the organization.
The lack of engagement has resulted in preventable factual errors. For more than a year, JLF publicly based its arguments on language from a draft bill that never became law. Only after NCInnovation pointed out that the quoted provisions do not appear anywhere in statute did JLF retract those claims.
We continue to maintain an open invitation for JLF leadership and analysts to meet, learn about our work directly, and reduce the likelihood of future misunderstandings.
NCInnovation’s mission: to help move university innovations to market and expand economic opportunities across all of North Carolina– remains unchanged. Our board and leadership team continue to work collaboratively, guided by strong governance and a commitment to responsible stewardship of public and private resources.
We appreciate the opportunity to ensure accurate reporting and remain available to answer any additional questions.
NCInnovation, Inc. is a Research Triangle Park, NC-based 501(c)(3) public-private partnership designed to accelerate commercialized innovation from North Carolina’s research universities. Backed by more than $25 million in private philanthropic commitments, NCInnovation uses the interest and income from a $500 million State-funded endowment to provide non-dilutive grant funding, mentors, and support services so that North Carolina university proofs-of-concept return value to the regional communities that created them. Learn more at NCInnovation.org.
