Founded in 1937, the Georgia Tech Research Corporation (GTRC) is a state-chartered, not-for-profit corporation serving Georgia Tech as a University System of Georgia-approved cooperative organization. By charter, GTRC "...shall be operated exclusively for scientific, literary, and educational purposes...conduct laboratories, engage in scientific research, and distribute and disseminate information resulting from research..." GTRC is an IRS section 501(c)(3) not-for-profit organization and serves as the contracting agency for all of the sponsored research activities at Georgia Tech. It also licenses all intellectual property (patents, software, trade secrets, etc.) created at Georgia Tech. Additionally, GTRC assists Georgia Tech in obtaining quality research space, enters into long-term leases for specialized research equipment, and conducts other research support programs as requested by the Institute. All funds collected by GTRC are used to support various Georgia Tech research programs requested by the Institute and as approved by the twelve-member board of trustees.