Innovate Abq Inc

“The filing organization is a component unit of the University of New Mexico (UNM). The following officers and directors have a business relationship with one another by virtue of their positions as directors of employees with related entities with the University of New Mexico: Richard Larson, Robert G. Frank, David W. Harris,”

“The bylaws were amended on February 11, 2016 to include the following changes: -Removed the language that required the number of directors to be eleven (11) to include that number of directors as approved by the Regents of the University of New Mexico -Adjusted the appointment terms of the directors on the board from two years to three years.”

“The Regents of The University of New Mexico is the sole member of Innovate ABQ, Inc. The regents shall have all rights and privileges granted to it by The New Mexico Nonprofit Corporation Act, The University Research and Economic Development Act, The Articles of Incorporation and the Bylaws.”

“The regents of The University of New Mexico is the sole member of Innovate ABQ, Inc. The regents must approve the appointment of all directors.”

“PER A MEMORANDUM OF AGREEMENT BETWEEN THE REGENTS OF THE UNIVERSITY OF NEW MEXICO (REGENTS/UNIVERSITY) AND INNOVATE ABQ, INC. (INNOVATE), SECTION 8.0, "Development Framework and Development Business Plan: University Approval. The Parties acknowledge that on March 9, 2015, the Regents, by unanimous vote, and the University President approved the written development framework for the development of the Real Estate as submitted to the Regents by Innovate on such date (the "Development Framework"). Innovate shall submit to the University President and the Regents for approval a written proposed development business plan for the Project (the "Development Business Plan") by no later than March 9, 2016, unless such date is extended with the approval of the Regents and the University President. Innovate shall implement the development of the Real Estate and the Project in accordance with the Development Framework and the Development Business Plan. Any substantial deviation from the Development Framework or the Development business Plan must be approved in advance by the University President and the Regents. Nothing in this section shall be construed, however, to limit the authority and power of Innovate to commence actual development and implementation of the Project prior to the approval of the Development Business Plan."”

“Prior to filing, the Innovate ABQ, Inc. Board of Directors receive draft copies of the Form 990 to review and approve.”

“Periodic reviews shall be conducted to ensure that the corporation operates in a manner consistent with its charitable purposes and that it does not engage in activities that could jeopardize its status as an organization exempt from federal tax. In connection with any actual or possible conflicts of interest, an interested person must disclose the existence and nature of his or her financial interest and must be given the opportunity to disclose all material facts to the directors and members of committees with board-delegated powers considering the proposed transaction or arrangement. After disclosure of the possible conflict of interest, and after any discussion with the interested person, He/She shall leave the board or committee meeting while the remaining board or committee members determine whether a conflict of interest exists. If it is determined that a conflict exists, an intersted person must recuse Himself/Herself from voting on the transactions or arrangement that results in the conflict of interest. There were no instances of conflict during the year.”

“The organization does not compensate any directors or employees, therefore there is no review and approval of compensation reuqired.”

“Innovate ABQ, Inc. makes its governing documents, conflict of interest policy, and financial statements available to the public upon request.”

“A goal of Innovate ABQ Inc. is to create a one-stop-shop environment for companies, entrepreneurs, and investors in an innovation community connected to the University and to downtown Albuquerque. Innovate ABQ Inc. will encourage, bolster, and enhance innovated economic development and job creation and technology transfer in the Albuquerque area.”