By 1938, the Engineering Experiment Station was producing useful technology, and the station needed a method to conduct contract work outside the state budget. Consequently, the Industrial Development Council (IDC) was formed. The IDC was created as a non-profit contract organization for the EES, which allowed the EES to receive federal contracts while still retaining its relationship with Georgia Tech and the State of Georgia. It was created by the Chancellor of the University System and the president of Georgia Power Company, and the Engineering Experiment Station's director was a member of the council. The IDC later became the Georgia Tech Research Corporation, which currently serves as the sole contract organization for all Georgia Tech faculty and departments. In addition, the contract organization manages the intellectual property that results from research.