Albuquerque Convention & Visitors Bureau Inc

“Executive committee - consists of the chair, chair-elect, immdeiate past chair, secretary/treasurer, director appointed by mayor of the city of albuquerque, 2 directors appointed by the president of city council, 3 directors selected by the chair and the president of acvb. All of these members are on the governing body and possess all powers of the board except to amend the bylaws. All action taken by the committee must be reported to the full board.”

“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, albuquerque convention & visitors bureau is comprised of members, no classes - just a simple majority vote is needed.”

“Pursuant to albuquerque convention & visitors bureau's by-laws, voting directors of the board are elected by and from the membership. In addition to the directors elected by the members, certain directors serve as ex officio directors by appointment from various entities, including municipality and related associations.”

“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 990. This is a standing committee responsible for oversight of audit and fiscal activities of the organization.”

“Albuquerque convention & visitors bureau's by-laws include a conflict of interest statement. In addition, 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. In addition, the board's attorney is present at executive committee and board meetings to observe the proceedings and remind directors of the policy when necessary.”

“The ceo is reviewed by the board's compensation committee and his salary is approved by them - 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 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 ceo's compensation. Average percent of salary increase available to staff based on merit is also a factor in determining annual raises. The other officers or key employees are reviewed by their designated manager and the proposed salaries are approved by the ceo/president - 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 ceo when setting the compensation.”

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

“As a 501(c)(6) trade association, acvb is comprised of members of the hospitality industry (hotels, restaurants, attractions, retail) and other related business and economic industries (banks, insurance firms, realtors, etc). Board directors are elected from the membership. Directors are required to be in key decision-making positions of their companies (e.g. Owner, general manager, ceo, etc.) as such, acvb is frequently in the position to procure goods and services from directors whose businesses are directly related to the purpose and mission of acvb. These transactions are conducted at arms-length and properly documented.”

“Audit and finance committee: there was no change in either the audit oversight or selection process during the taxable year.”