Albuquerque Convention & Visitors Bureau

“Board directors are engaged in businesses related to and compatible with the hospitality industry. As such they are frequently in the position to procure goods and services from each other in the daily operation of their businesses.”

“As a 501(c)(6) trade association, visit abq is comprised of members. Members may be any person, firm or corporation interested in promoting and stimulating the convention, sports and visitor industry in albuquerque and new mexico and are eligible for membership.”

“Pursuant to visit abq's bylaws, voting directors of the board are elected by and from the membership. Among the elected directors, six (6) represent hotel ownership and/or operating interests, four (4) represent non-lodging interests in the hospitality industry, two (2) represent general business industries, and one (1) non-lodging interest member of the lodgers' tax advisory board. In addition to the directors elected by the members, certain directors serve as ex-officio directors by appointment from various entities, including the following: two (2) albuquerque city council members or representatives, the mayor or mayoral representative, the manager of the albuquerque convention center or representative, the president & ceo of visit albuquerque.”

“The form 990 was provided to the audit/finance committee of the board of directors for its review. The audit/finance committee reported to the board of directors that they had reviewed the form 990. This is a standing committee responsible for oversight of audit and fiscal activities of the organization.”

“In addition to the board policy to disclose conflicts of interest annually, visit abq's by-laws include a conflict of interest statement. Also, a conflict of interest policy is in place which includes a requirement of recusal from discussion and voting if a matter before the board has potentially significant impact on a director's business operations. This policy is reviewed at least annually and is a part of a formal board orientation process for new members.”

“The president & ceo's compensation is reviewed by the board's compensation committee and the salary is approved by the committee - indicated by signature of the board chair on internal payroll forms. Industry guidelines are regularly published based on compensation and benefit surveys indicating average salary and benefits for president/ceo's (and other staff) based on numerous variables including type of entity, size of budget, size of staff, etc. These surveys as well as surveys conducted in the local market place which includes information from government, nonprofit and industry businesses are reviewed and considered by the compensation committee when setting the president & ceo's compensation. Average percent of salary increase available to staff based on merit is also a factor in determining annual raises. This process was last completed in fy 2024. The other officers or key employees are reviewed by their designated manager and the proposed salaries are approved by the president & ceo - indicated by a signature on internal payroll forms. Industry guidelines are regularly published based on compensation and benefit surveys indicating average salary and benefits for staff based on numerous variables including type of entity, size of budget, size of staff, etc. These surveys as well as surveys conducted in the local market place which include information from government. Nonprofit and industry businesses are reviewed and considered by the manager(s) and president & ceo when setting the compensation. This process was last completed in fy 2024.”

“The organization makes its governing documents, conflict of interest policy and financial statements available for public inspection by request. The vp maintains these documents, reviews and responds to requests. In addition, the audited financial statements are posted on organization's website.”

“The majority of the funding pays for media placements so they are paying media invoices with those dollars.”

“The audit and finance committee assumes responsibility for oversight of the audit of its finanical statements and selection of an independent accountant. This process has not changed from the previous year.”