Albuquerque Community Foundation

“The form 990 is approved by the foundation's finance committee. The board of the foundation has authorized the finance committee to approve and submit the 990 on its behalf. The cfo, president & ceo, and finance committee chair all review the form 990 prior to it being reviewed and approved by the finance committee. Once the finance committee approves the form 990, it is then posted to the foundation's website on the board page which requires a password for access. Then an e-mail is sent to all board members notifying them the form 990 is available for review. Once posted to the board page, the 990 is submitted to the irs. If any board members should identify any issues that require amendments to the form 990, the form would be amended, reviewed by the finance committee and resubmitted to the irs. All board members would be notified of changes via e-mail.”

“Each year all trustees, committee members and employees must review the conflict of interest policy and disclose any conflicts of interest. The conflicts of interest are reviewed by the cfo, president/ceo, and risk management committee chair on an annual basis. If a potential conflict arises, the person with the potential conflict abstains from discussion and/or voting on the matter.”

“The executive committee of the foundation determines the salary of the president & ceo. The executive committee reviews the performance of the president & ceo and compares that to the essential responsibilities of the position as outlined in the "ceo position description." the executive committee considers performance, market rate and cost of living adjustments in determining any compensation adjustments. The executive committee reviews industry data such as the council of foundations annual salary survey in determining an appropriate level of compensation. This decision-making process is documented in the executive committee meeting minutes. Form 990, part vi, section b, line 15b: the organization has selected no to part vi, line 15b. Its process for determining officer or key employee compensation does not include an approval by independent persons. While the board of directors review officer and key employee compensation, compensation for these individuals is set by the ceo.”

“The financial statements and form 990 for the last 3 years are posted on the foundation's website which is available to the public. Requests for governing documents must be made in writing to the cfo and the president & ceo. Contact information for all employees is located on the foundation's website.”

“Change in value of charitable remainder trusts -27,997. Employee retention credit refund 261,250. Agency fund activity -2,650,629.”