Albuquerque Regional Economic Alliance

“The 42 elected members of the area 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, area is unable to identify all of these possible relationships.”

“Area holds meetings allowing board members to vote on various issues including, but not limited to, governing body elections.”

“Each board member will, at every members meeting, have one vote for all purposes. The board members present in person will constitute a quorum. A quorum once attained continues until adjournment despite voluntary withdrawal of enough board members to leave less than a quorum. The act of the majority of the board members present at a meeting at which a quorum is present will constitute board members actions unless a greater proportion is required by the nonprofit corporation act, or by area bylaws.”

“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.”

“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.”

“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.”

“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 areas financial statements and selection of an independent auditor. This process has not changed from prior year.”

“CONSULTING FEES $36,802”

“Effective may 11, 2022, the irs formally determimed areas tax-exempt status under irc section 501(c)(3), with the additional designation of public charity status under 170(b)(1)(a)(vi).”