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 or employees with related entities with the university of new mexico: chaouki abdallah (interim president), david harris, garnett stokes, and richard larson.”

“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 park 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.”

“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 park and economic development act, the articles of incorporation, and the by-laws.”

“Prior to filing, the innovate abq, inc. Board of directors received 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 interested 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 board conducted a market study of similar organizations before approving the compensation of the executive director in august 2017.”

“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.”

“Property security services: program service expenses 104,139. Management and general expenses 0. Fundraising expenses 0. Total expenses 104,139. Payroll services: program service expenses 0. Management and general expenses 1,562. Fundraising expenses 0. Total expenses 1,562. Project manager: program service expenses 26,199. Management and general expenses 159. Fundraising expenses 0. Total expenses 26,358.”

“No change from the prior period.”