Rosselot's administration included the 1946 establishment of the Industrial Development Council, renamed to the Georgia Tech Research Institute in 1948 and its present name, the Georgia Tech Research Corporation, in 1984. The Georgia Board of Regents had ruled that all money received in a year had to be spent that year, which was problematic because most government contracts the EES had received spanned multiple years. Georgia Tech president Blake Van Leer and vice president Cherry Emerson solution was to create the Industrial Development Council, a non-profit corporation that would manage contracts for research services and subsequently hire the Engineering Experiment Station to perform the research. It would handle patents garnered through research, and distribute funds garnered from contracts and patents as needed. The new organization was almost immediately used to weather a severe drop in state support (from $89,000 to $3,000) during the recession of 1949.