Abqid Inc

“William (bill) bice and paul short are in a business relationship.”

“The form 990 is reviewed by the outsourced cfo and the executive director. Once the review is finished and any revisions made, a complete copy is provided to the board prior to filing.”

“Annually each officer and member of a committee with board designated powers shall sign a statement that affirms each person: a. Has received a copy of the conflict of interest policy, b. Has read and understands the policy, c. Has agreed to comply with the policy.”

“The compensation is approved by the independent members of the board while following the organization's conflict of interest policy. Comparibility data is used in determining the compensation packages, the compensation package is approved in advance of payment, and a contemporaneous written record of the deliberation and decision is maintained. The process last performed in 2016.”

“Governing documents, conflict of interest policy and financial statements are all readily available to the public upon request at abqid, inc. Offices during regular business hours.”

“The principal purpose of abqid, inc. Is to engage economic development in the greater albuquerque and santa fe, new mexico areas by promoting, encouraging, and developing entrepreneurship through educational and training programs as well as providing capital to startups through a private equity fund it formed.”

“The organization expanded its economic development programs into santa fe, new mexico. These were not new programs, but an expansion of the programs currently conducted by the organization into a new economic development area of new mexico.”

“- the abqid accelerator - this is a three-month, intensively mentored, curriculum-based program that provides a $20,000 investment from abqid fund i lp in exchange for 6% equity in an entrepreneur's startup. Approximately 5-10 startups are selected for each program with the objective of taking them from a conceptual stage to a minimum viable product (mvp) that can be tested with prospective, early-adopter type customers (those sufficiently appreciative of the value of the product or service to be tolerant of an incomplete or unreliable product or service). As noted, the investments are made through a private equity fund that abqid formed for this purpose. Abqid conducts the educational portion of this program. In 2016, abqid facilitated two programs, one in santa fe and another in albuquerque. A total of ten companies completed the programs and 30% of them had at least 1 female founder. - startup weekend albuquerque - is a 54-hour weekend event, during which groups of developers, business managers, startup enthusiasts, marketing gurus, graphic artists and more pitch ideas for new startup companies, form teams around those ideas, and work to develop a working prototype, demo, or presentation by sunday evening. In 2016, we supported several startup weekends, including a startup weekend specifically for women. - entrepreneurial bootcamp - unlike typical entrepreneurial programs that focus on business formation, this program is entirely based on understanding the customer validation process. In 2016, we held quarterly bootcamps for all members of the community. - ideahacks - are collaborative sessions where we use creative thinking to generate a series of new ideas then explore their limitless possibilities. Idea hacks eliminate the constraints that normally stifle innovation. We take big problems and apply our individual and collective knowledge, experience and creativity without rules for the solutions we create. We tackle real problems and attempt to change the conversation in a big way. The outcomes tend to be original and provide new directions to experiment on truly novel business models. In 2016, we held quarterly events and served a diverse group of entrepreneurs.”

“Several board members are directly or indirectly investors in the venture fund, abqid fund i, lp (see schedule r, part iii). However, no board member owns a controlling interest in the venture fund.”

“Professional coaching: program service expenses 94,961. Management and general expenses 0. Fundraising expenses 0. Total expenses 94,961. Speaker fees: program service expenses 4,000. Management and general expenses 0. Fundraising expenses 0. Total expenses 4,000. Janitorial services: program service expenses 497. Management and general expenses 133. Fundraising expenses 70. Total expenses 700. Outside contract services: program service expenses 4,060. Management and general expenses 1,087. Fundraising expenses 572. Total expenses 5,719.”

“The committee and process was established in 2016 and there has been no change in either the oversight process or the selection process during the tax year subsequent to its establishment.”