Albuquerque Regional Economic Alliance

“The 55 elected members of the aed board of directors are leaders in the local business community. Most are business owners or c-level executives. As a result, they may have ongoing or occasional business relationships with other board members in the fields of banking, law, insurance, real estate, or other service areas. Because of the complex and layered nature of these transactions, aed is unable to identify all of these possible relationships.”

“Aed collects member dues and holds member meetings allowing members to vote on various issues including, but not limited to, governing body elections.”

“Each member will, at every members' meeting, have one vote for all purposes. The members present in person or by proxy will constitute a quorum. A quorum once attained continues until adjournment despite voluntary withdrawal of enough members to leave less than a quorum. The act of the majority of the members present or represeneted by proxy at a meeting at which a quorum is present will constitute members' actions unless a greater proportion is required by the nonprofit corporation act, or by aed bylaws. This has not changed.”

“The board, by resolution adopted by a majority of the directors in office, may designate and appoint committees each of which will consist of two or more directors, and will have and may exercise the authority of the board, except to the extent limited by law or the resolution of designation. A majority of the members of a committee may fix its rules of procedure; if the rules are not fixed, the rules applicable to the board will apply. An action by a committee shall be reported to the board at a board meeting succeeding such action and shall be subject to revision by the board although no rights of third parties shall be affected by any revision. The designation and appointment of any committee and the delegation thereto of authority will relieve the board of directors, or any individual director, or any responsibility imposed upon the board or a director. If an executive committee is designated and appointed by the board, it will have and may exercise all authority and power of the board except to the extent limited by law or the resolution of designation. This has not changed.”

“The form 990 was reviewed by members of the audit committee prior to filing; the audit committee reports to the executive committee for final approval; and a digital copy of the form 990 was provided to the entire board of directors for review.”

“Before business decisions are made the board of directors determines whether an individual has a conflict of interest and, if so, whether the individual must recuse himself or herself from discussion and vote.”

“The board of directors evaluates employees' salaries annually as part of the budget approval process. Raises are based on performance and are approved by the board of directors during the budgeting process.”

“Organization makes form 990 and the organizations governing documents, conflict of interest policy and financial statements, available to the public upon request. The form 990 is also available on guidestar.com.”

“An audit committee, appointed by the executive committee, oversees the annual audit of aed's financial statements and selection of an independent auditor. This proces has not changed from prior year.”