Albuquerque Public Schools Foundation

“The organizations bylaws were updated to reflect the following changes: - directors elected to serve on the board of directors shall serve a three year term with the option to renew in three year increments. - the board of directors may include as many as four aps high school aged students.”

“There are no committees with authority to act on behalf of the governing body.”

“The 990 draft is reviewed and voted on by the finance committee of the albuquerque public schools education foundation. Following approval by the finance committee, the draft is presented to the full board for review and a vote at the subsequent quarterly meeting.”

“Employees, officers, and board members are subject to the conflict interest policy. Employees and officers attest to their independence when hired and are required to inform the organization should their situation change. Board members receive the conflict of interest policy upon appointment and are required to attest to their independence annually. If a conflict arises, it is reviewed by independent members of the board. A person with a conflict of interest is not allowed to vote on the transaction on which the conflict exists.”

“The salary of the executive director and any other key employees are determined by albuquerque public school's (aps) district compensation committee under the guidelines for aps employees since they are employed by aps. This process includes the review and approval by independent persons, comparability data and the use of a salary grade system, and contemporaneous substantiation of the salary decision. The process described here was last completed in 2025.”

“The organization make its governing documents, conflict of interest policy and financial statements available to the public upon request.”

“The aps foundation staff are employees of albuquerque public schools (aps). Aps issues and files the w-2's and other payroll tax reports as required. The aps foundation does not have any employees and, therefore, is not required to file, and does not file, any w-2's or other payroll tax reports. Since the aps foundation, through its memorandum of understanding with aps, effectively reimburses the compensation of aps employees for time spent working on foundation business, this compensation expense has been reported on lines 5 though 7 in the part ix statement of functional expenses.”

“Change in value of beneficial interest in trust 5,174. Net asset restatement 481,000.”

“There was no change in the oversight or selection process during the tax year.”