Attach to Form 990 or 990-EZ.
Information about Schedule O (Form 990 or 990-EZ) and its instructions is at| Return Reference | Explanation |
|---|---|
| FORM 990, PART VI, SECTION A, LINE 2 | THE GREATER ALBUQUERQUE CHAMBER OF COMMERCE'S (GACC) BOARD OF DIRECTORS IS COMPRISED PRIMARILY OF CEO'S OF VARIOUS BUSINESSES IN THE GREATER ALBUQUERQUE NEW MEXICO AREA. DUE TO THE LARGE SIZE OF THE GACC BOARD OF DIRECTORS, THERE ARE BOARD MEMBERS WHO MAY HAVE BUSINESS TRANSACTIONS WITH OTHER BOARD MEMBERS IN THE ORDINARY COURSE OF THEIR OWN BUSINESSES. THE GACC HAS A WRITTEN CONFLICT OF INTEREST POLICY THAT ALL BOARD MEMBERS RECEIVE. IF A SITUATION ARISES WHERE THERE MIGHT BE A CONFLICT RELATED TO A GACC TRANSACTION, THE AFFECTED BOARD MEMBER RECUSES THEMSELVES FROM BOTH THE DISCUSSION AND VOTE ON THAT MATTER. |
| FORM 990, PART VI, SECTION A, LINE 8B | ALL ACTIVITIES OF EACH COMMITTEE ARE BROUGHT BEFORE THE BOARD FOR APPROVAL. |
| FORM 990, PART VI, SECTION B, LINE 11 | CORPORATE TAX FORM 990 WILL BE REVIEWED EVERY YEAR BY THE FINANCE COMMITTEE. THESE FIVE INDIVIDUALS ARE ALWAYS CURRENT MEMBERS ON THE BOARD OF DIRECTORS. |
| FORM 990, PART VI, SECTION B, LINE 12C | THE GREATER ALBUQUERQUE CHAMBER OF COMMERCE (GACC) BOARD OF DIRECTORS IS COMPRISED PRIMARILY OF CEO'S OF VARIOUS BUSINESSES IN THE GREATER ALBUQUERQUE NEW MEXICO AREA. DUE TO THE LARGE SIZE OF THE GACC BOARD OF DIRECTORS, THERE ARE BOARD MEMBERS WHO MAY HAVE BUSINESS TRANSACTIONS WITH OTHER BOARD MEMBERS IN THE ORDINARY COURSE OF THEIR OWN BUSINESSES, OR OCCASIONALLY WITH GACC ITSELF. TO ENSURE CONFLICTS OF INTEREST DO NOT ARISE, GACC HAS A WRITTEN CONFLICT OF INTEREST POLICY THAT APPLIES TO ALL BOARD MEMBERS AND OFFICERS. THE PROCESS THAT GACC USES TO REGULARLY AND CONSISTENTLY MONITOR AND ENFORCE COMPLIANCE WITH THIS POLICY ARE AS FOLLOWS: THE GACC WRITTEN CONFLICT OF INTEREST POLICY IS PROVIDED TO EACH BOARD MEMBER UPON ACCEPTING A POSITION ON THE GACC BOARD OF DIRECTORS AT THEIR INITIAL BOARD MEMBER ORIENTATION MEETING. AT THE ORIENTATION MEETING, THE POLICY IS REVIEWED IN DETAIL WITH EACH NEW BOARD MEMBER. AT THE GACC ANNUAL BOARD OF DIRECTORS MEETING EACH YEAR, THE BOARD REVIEWS THE CONFLICT OF INTEREST POLICY, AND EACH BOARD MEMBER IS AGAIN PROVIDED WITH A COPY OF THE CONFLICT OF INTEREST POLICY. FOR BOARD MEMBERS THAT DID NOT ATTEND THE ANNUAL BOARD MEETING, A COPY OF THE CONFLICT OF INTEREST POLICY IS PROVIDED TO THEM WITH A COPY OF THE ANNUAL BOARD OF DIRECTOR MEETING MINUTES. |
| FORM 990, PART VI, SECTION B, LINE 15A | EXECUTIVE COMPENSATION IS DETERMINED BY THE COMPENSATION COMMITTE WHICH INCLUDES: THE CHAIRMAN OF THE BOARD, THE CHAIR ELECT, AND THE IMMEDIATE PAST CHAIR. THIS COMMITTEE, BECAUSE OF ITS COMPOSITION, PROVIDES CONTINUITY. ANNUAL GOALS ARE SET AT THE BEGINNING OF THE YEAR AND REVIEWED (ANNUALLY AFTER THE AUDIT). A BONUS IS GIVEN IF GOALS ARE MET AND IF REVENUE IS AVAILABLE. OTHER VARIABLES, SUCH AS DOING A MARKET COMPARISON OF SALARIES WITH OTHER CHAMBERS OF THE SAME SIZE, ARE ALSO FACTORED IN THE DETERMINATION OF SALARY FOR THE YEAR. |
| FORM 990, PART VI, SECTION C, LINE 19 | THE ORGANIZATION MAKES ITS GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY AND FINANCIAL STATEMENTS AVAILABLE TO THE PUBLIC UPON REQUEST. |
| FORM 990, PART XII, LINE 2C | THIS PROCESS HAS NOT CHANGED FROM THE PRIOR YEAR. |
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