Albuquerque Convention & Visitors Bureau Inc

“The executive committee of the board shall be composed of eight (8) directors who are selected by the chair-elect as follows: chair (voting), chair-elect (voting), immediate past chair (voting), secretary-treasurer (voting), one (1) at-large acvb board director approved by the mayor (voting), one (1) mayor's designee (non-voting), one (1) director appointed by the president of the city council (non-voting), president & ceo (non-voting). No more than two (2) of the voting directors will be from the hotel ownership and/or operating interests (lodging) category. The city administration will approve the one mayoral-approved at-large director within 15 days and notify city council of the mayor-approved at-large director. All of these members are on the governing body and possess all powers of the board except to amend the bylaws, where voting is applicable. 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, visit abq is comprised of members. Members may be any person, firm or corporation interested in promoting and stimulating the convention and visitor industry in albuquerque and new mexico 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.”

“Visit abq'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 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 2017. 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 2017.”

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

“As a 501(c)(6) trade association, visit abq 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, visit abq is frequently in the position to procure goods and services from directors whose businesses are directly related to the purpose and mission of visit abq. These transactions are conducted at arms-length and properly documented.”

“AUTO EXPENSE 9,622.”

“ROUNDING 2.”

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