2024-10-31T10:17:57-05:00 2023-12-31 133628255 CONDON O'MEARA MCGINTY & DONNELLY LLP ONE BATTERY PARK PLAZA 7TH FL NEW YORK NY 10004 990 2023-01-01 834717659 ALLIANCE FOR INNOVATIVE REGULATION INSTITUTE ALLI 9174465425 1331 4TH STREET SE SUITE 905 WASHINGTON DC 20003 JO ANN BAREFOOT CHAIR, TREASURER, CEO 9174465425 2024-10-23 1 0 ALEXANDER LAZZARUOLO P01775353 2126617777 2023 2024-10-15 13:58:12Z JO ANN BAREFOOT 1331 4TH STREET SE SUITE 905 WASHINGTON DC 20003 4625872 0 X WWW.REGULATIONINNOVATION.ORG X 2019 DC LEVERAGE DIGITAL MODERNIZATION TO HELP BUILD A FINANCIAL SYSTEM THAT SERVES EVERYONE 6 5 16 6 0 0 2700168 4439722 33469 164680 36 9747 0 11723 2733673 4625872 0 0 0 0 1464848 2627519 0 0 137487 1061995 1826317 2526843 4453836 206830 172036 1797134 1096583 999717 127130 797417 969453 X AIR IS A NON-PARTISAN 501(C)(3) PROMOTING THE USE OF 'RESPONSIBLE INNOVATION' TO HELP SOLVE SYSTEMIC CHALLENGES IN FINANCIAL SERVICES LIKE FINANCIAL EXCLUSION, RACE AND GENDER BIAS, PREDATORY PRACTICES, FINANCIAL CRIMES LIKE HUMAN TRAFFICKING, AND CLIMATE CHANGE. 1 0 636808 29680 GATES FOUNDATION: LEVERAGING A GRANT FROM THE BILL AND MELINDA GATES FOUNDATION, AIR PARTNERS WITH VARIOUS ENTITIES AND KEY STAKEHOLDERS TO ENSURE THAT CONSUMERS OF DIGITAL FINANCIAL SERVICES (DFS) IN LOW-AND MIDDLE-INCOME COUNTRIES (LMICS), PARTICULARLY VULNERABLE CONSUMERS, BENEFIT FROM TECHNOLOGY TOOLS AND POLICY GUIDANCE THAT HELPS IDENTIFY AND MITIGATE RISKS OF DFS. FOR OUR FIRST 2023 TECHSPRINT UNDER THIS GRANT, WE PARTNERED WITH THE CAMBRIDGE SUPTECH LAB TO DELIVER A TECHSPRINT FOCUSED ON CHATBOTS AND DATA ANALYTICS. ADDITIONALLY, WE LAUNCHED OUR GENERATIVEAI PROGRAM WHICH STARTED WITH CONVENING THE TECH COMMUNITY AND REGULATORS TO DEBATE AND EXPLORE THE POSSIBILITIES AND RISKS OF GENERATIVEAI. IN ADDITION TO THESE SPECIFIC EVENTS, OUR LEADERSHIP TEAM CONTINUES TO BE VISIBLE AND VOCAL ON THE GLOBAL STAGE ON KEY CONSUMER PROTECTION ISSUES AND THE USE OF EMERGING TECHNOLOGY, BUILDING OUR REPUTATION AS THOUGHT LEADERS. WE'VE LEVERAGED THE BAREFOOT INNOVATION PODCAST TO SHARE KNOWLEDGE, CREATE INTEREST AND START DEBATE ON KEY TOPICS. 478251 135000 FEDERAL HOUSING FINANCE AGENCY (FHFA) - AIR SUPPORTS THE FHFA'S OFFICE OF GOVERNANCE AND STRATEGIC INITIATIVES (OGSI) IN ITS MISSION TO STAND UP THE FINANCIAL TECHNOLOGY (FINTECH) OFFICE AND TO SUPPORT THE DEVELOPMENT OF KEY SHORT-TERM INITIATIVES INCLUDING THE ROBUST PLANNING THAT GOES INTO STANDING UP AN INNOVATION OFFICE AND EXECUTING A SUCCESSFUL TECHSPRINT IN FISCAL YEAR 2023.THIS YEAR AIR PARTNERED WITH THE FHFA TO SUPPORT THE PLANNING AND EXECUTION OF THE AGENCY'S FIRST TECHSPRINT, HOSTING 80 PARTICIPANTS IN-PERSON AND OBSERVED BY HUNDREDS OF ATTENDEES IN-PERSON AND ONLINE. 382543 DEPARTMENT OF STATE ANTI-CORRUPTION INNOVATION LAB (ASET) - AIR WAS SELECTED BY THE STATE DEPARTMENT'S BUREAU OF INTERNATIONAL NARCOTICS AND LAW ENFORCEMENT AFFAIRS (INL) TO IDENTIFY NEW TECHNOLOGIES THAT CAN THWART ILLEGAL TRANSACTIONS TIED TO GLOBAL CORRUPTION. THE ANTI-CORRUPTION SOLUTIONS THROUGH EMERGING TECHNOLOGIES (ASET) PROGRAM IS DESIGNED TO SUPPORT THE WHITE HOUSE SUMMIT FOR DEMOCRACY, INCLUDING THROUGH TECHSPRINTS AND OTHER INITIATIVES TO DEVELOP POTENTIAL DIGITAL TOOLS. THIS YEAR HAS BEEN A SIGNIFICANT MILESTONE YEAR FOR AIR. AFTER COMPLETING A TECHSPRINT IN 2022, WE QUICKLY PIVOTED TO SCOPING YEAR 2 TO FOCUS ON ANTI-CORRUPTION IN PROJECT FINANCING WITH PARTICULAR INTEREST IN LATIN AMERICAN AND CARIBBEAN MARKETS. OUR KEY FRAME OF REFERENCE IS TO FOCUS ON TECHNOLOGY THAT CAN BE USED TO DETECT AND PREVENT CORRUPTION IN DEVELOPMENT PROJECTS. IN 2023 WE ADVANCED PLANNING FOR A SECOND ANTI-CORRUPTION FOCUSED TECHSPRINT AND IDENTIFIED PROSPECTIVE PARTNERSHIPS TO SUPPORT THE TECHSPRINT EXECUTION AND POST-SPRINT PROTOTYPE INCUBATION. ADDITIONALLY, WE ATTENDED ROUNDTABLE DISCUSSIONS WITH 40+ PARTICIPANTS IN LIMA, PERU, DRAFTED A WHITE PAPER IDENTIFYING ANTI-CORRUPTION CHALLENGES IN DEVELOPMENT FINANCING AND PROPOSED TECHNOLOGY SOLUTIONS, AND ADVANCED EARLY STAGE PLANNING FOR ROUNDTABLES AND A TECHSPRINT WHICH IS PLANNED FOR 2024. 797441 MINORITY DEPOSITORY INSTITUTION DIGITAL TRANSFORMATION PROJECT - WITH FUNDING FROM VISA AND CITI, AIR CONTINUES TO PARTNER WITH THE NATIONAL BANKERS ASSOCIATION (NBA), THE NATIONAL BANKERS ASSOCIATION FOUNDATION (NBAF), AND VISA TO DELIVER ON THE GOAL TO HELP MINORITY-OWNED INSTITUTIONS STRENGTHEN THEIR DIGITAL CAPABILITIES VIA THE MDI CONNECTTECH AND MDI ACCELERATE PROGRAMS. THIS YEAR AIR LED THE RECRUITMENT AND ONBOARDING OF 15 BANKS AND 3 CREDIT UNIONS INTO THE INITIAL COHORT, PUBLISHED A WHITEPAPER, CREATED A PROJECT MANAGEMENT OFFICE, AND EXECUTED OUR COMMUNICATIONS PLANS TO BRING AWARENESS TO THE PROGRAMS. AIR INITIATED DISCUSSIONS WITH ALL THE BANKS AND CREDIT UNIONS TO IDENTIFY AND SYNTHESIZE PAIN POINTS TO ADOPTING AND ADDRESSING TECHNOLOGY CHALLENGES AND NEEDS. WE PARTNERED WITH AN EXTERNAL CONSULTANT TO BEGIN THE TECHNOLOGY ASSESSMENTS PHASE FOR THE BANKS AND CREDIT UNIONS. WE ALSO LED CLOSED DOOR INFORMATION SESSIONS WITH REGULATORS AND SENATE STAFF TO PROVIDE AN UPDATE ON THE PROGRAMS, AND CONTINUE TO HIGHLIGHT THE TECHNOLOGY CHALLENGES FOR MDIS. EXPECTED COMPLETION OF THE DIGITAL TECHNOLOGY ASSESSMENTS AND IMPLEMENTATION PLANS IS SLATED FOR 2024. THE LEARNINGS FROM THE ASSESSMENTS WILL BE SHARED IN A FINAL CONVENING LED BY AIR WHICH IS SLATED FOR MAY 2024.NATIONAL CREDIT REGULATOR PROJECT IN SOUTH AFRICA (IFC/WORLD BANK) - AIR PROVIDED STRATEGIC ADVISORY SERVICES TO THE NCR AND EXECUTED A SERIES OF TECHSPRINT ROUNDTABLES AND A TECH DEMONSTRATION FOCUSED ON LEVERAGING TECHNOLOGICAL INNOVATION TO IMPROVE THE RESILIENCE AND COMPLIANCE OF SMALL CREDIT PROVIDERS, SPECIFICALLY REGULATION 19 (13) WHICH PRESCRIBES THE MANNER AND FORM IN WHICH CREDIT PROVIDERS REGISTERED WITH THE NCR MUST SUBMIT CREDIT INFORMATION TO THE CREDIT BUREAU.CLIMATE POSITIVE TECHSPRINT - IN JANUARY 2023 AIR HELD A TECHSPRINT WHICH BROUGHT TOGETHER A DIVERSE GROUP OF EXPERTS TO EXPLORE HOW TO DEVELOP A CLIMATE-POSITIVE BLOCKCHAIN AND CONSENSUS MECHANISM THAT COULD ACTUALLY REMOVE CARBON FROM THE ATMOSPHERE, AND WHICH MAY BE IMPLEMENTED AS AN ALTERNATIVE TO THE ENERGY- AND CARBON-INTENSIVE MINING WHICH CURRENTLY UNDERPINS CERTAIN BLOCKCHAIN. IN PARTNERSHIP WITH OTHER SUBJECT MATTER EXPERTS, AIR PUBLISHED A WHITEPAPER "INCENTIVIZING GIGATON-SCALE CARBON DIOXIDE REMOVAL VIA A CLIMATE POSITIVE BLOCKCHAIN". THE PAPER FOCUSED ON A NEW MECHANISM USING A NEW CRYPTO TOKEN THAT INCENTIVES THE REMOVAL OF CARBON DIOXIDE FROM THE ATMOSPHERE USING A NOVEL CO 2 REMOVAL (CDR) TECHNOLOGY-DIRECT AIR CARBON CAPTURE AND STORAGE (DACCS). PUBLIC POLICY - AIR ACTIVELY CONTINUES TO RAISE AWARENESS RELATED TO TECHNOLOGY DEVELOPMENTS SUCH AS THE AVAILABILITY OF VASTLY EXPANDED DIGITAL DATA AND THE EMERGENCE OF INCREASINGLY POWERFUL ARTIFICIAL INTELLIGENCE TOOLS LIKE MACHINE LEARNING AND GENERATIVE AI. THE PROJECT'S GOAL IS TO EDUCATE AND ENGAGE U.S. CONGRESSIONAL LEADERS REGARDING THE NEED FOR REGULATOR MODERNIZATION AND POSITION AIR AS A TRUSTED BIPARTISAN SOURCE OF EXPERTISE AND INSIGHT ON MATTERS RELATED TO FINANCIAL AND FINANCIAL REGULATORY TECHNOLOGY. REGULATORY AGENCIES ARE VERY SENSITIVE TO BOTH POSITIVE AND NEGATIVE INPUT FROM CONGRESS. ADVANCING UNDERSTANDING OF THESE ISSUES ON CAPITOL HILL CAN GREATLY ACCELERATE PROGRESS ON REGULATORY MODERNIZATION. WITH FUNDING FROM FLOURISH VENTURES, AIR DESIGNED A THREE PRONGED PROJECT FOCUSED ON 1) POLICY ENGAGEMENT, 2) CONVENING TO CREATE FAVORABLE ENVIRONMENTS, AND 3) THOUGHT LEADERSHIP. OUR WORK WILL CONTINUE INTO 2024.COMMUNICATIONS PLATFORM - THIS YEAR WE'VE CREATED 19 EPISODES VIA THE BAREFOOT INNOVATION PODCAST WITH A TOTAL OF 16,207 EPISODE DOWNLOADS, AND WE KNOW THAT MANY MORE STREAM THE PODCAST ACROSS MULTIPLE PLATFORMS AND CHANNELS. THE MOST POPULAR EPISODES IN 2023 ARE: (1) BRAVE NEW WORLD: A CONVERSATION WITH CHATGPT, (2) SIMON TAYLOR ON HOW CRYPTO AND DEFI MOVE FORWARD AND (3) DELICIA HAND AND CLEVE MESIDOR ON RETHINKING CONSUMER PROTECTION PARADIGM. THE INTEREST IN THE CHATGPT EPISODE REFLECTS THE INTEREST WE HAVE SEEN FROM FINANCIAL REGULATORS IN THIS SUBJECT. 797441 2295043 1 1 0 0 0 0 0 0 0 0 0 0 0 0 1 0 1 0 0 0 1 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 13 0 1 16 1 0 0 0 0 0 0 0 0 0 0 0 0 X 6 5 0 0 1 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 0 0 CA DC NY WA X X DAVIS POLK WARDWELL LLP ATTN JER 2124503164 250 LEXINGTON AVENUE NEW YORK NY 10017 JO ANN BAREFOOT CHAIR AND PRESIDENT 1.00 X X 271360 0 40965 CANTWELL MUCKENFUSS III VICE PRESIDENT 0.00 X 0 0 0 TRACY BASINGER BOARD MEMBER 0.00 X 0 0 0 THOMAS CURRY BOARD MEMBER 0.00 X 0 0 0 SHAMIR KARKAL BOARD MEMBER 0.00 X 0 0 0 KABIR KUMAR BOARD MEMBER 0.00 X 0 0 0 DAVID EHRICH EXECUTIVE DIRECTOR 1.00 X 270728 0 12201 KISHA PERKINS CHIEF PROGRAM OFFICER 1.00 X 253117 0 33320 RANDY REPKA CHIEF GROWTH OFFICER 1.00 X 165506 0 60316 ALEXA FRAZIER CHIEF OF STAFF 1.00 X 123081 0 34507 MARIAMA JALLOH-HEYWARD PROGRAM DIRECTOR 1.00 X 122245 0 19143 JOSEPH ADLER HEAD OF CONTENT 1.00 X 107322 0 25859 1313359 0 226311 7 0 1 0 CHAKRA ADVISORS LLC 3445 DEER RIDGE DRIVE DANVILLE CA 94506 SUBJECT MATTER EXPERT 102300 1 1059228 3380494 4439722 CONSULTING REVENUE 900099 135000 135000 CONFERENCE REVENUE 900099 29680 29680 164680 9747 9747 EXCHANGE GAIN OR LOSS 900099 11723 11723 11723 4625872 164680 0 21470 X 595254 238530 332232 24492 1576902 631895 880124 64883 103246 41373 57625 4248 211198 84631 117877 8690 140919 56469 78652 5798 67484 45898 20501 1085 788709 536430 239593 12686 36438 24783 11069 586 56085 38145 17037 903 323684 220149 98329 5206 PUBLIC RELATIONS 235567 160218 71560 3789 PROJECT CONTRACTORS 201594 137111 61240 3243 TECHNOLOGY 71988 48962 21868 1158 EDUCATION EVENTS 32511 22112 9876 523 12257 8337 3723 197 4453836 2295043 2021306 137487 1520018 729137 240036 240410 37080 127036 1797134 1096583 56723 64630 942994 62500 999717 127130 X 797417 969453 797417 969453 1797134 1096583 172036 0 X 0 1 X 1 0 X 614500 1122050 1732653 2700168 4439722 10609093 614500 1122050 1732653 2700168 4439722 10609093 2367435 8241658 36 9747 9783 11723 11723 10630599 244147 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 REFUNDABLE ADVANCES 62500 62500 4625872 0 4625872 0 4625872 4453836 0 4453836 0 4453836 SUB-SAHARAN AFRICA 0 1 NCR ROUNDTABLES, SHOWCASE AND TECHSPRINT PROGRAM SERVICE 34829 EAST ASIA AND THE PACIFIC 0 6 GATES FOUNDATION WORKSHOPS, ETC. PROGRAM SERVICE 114000 SOUTH AMERICA 0 2 ANTI-CORRUPTION SOLUTIONS THROUGH EMERGING TECHNOLOGIES - INTER AMERICAN DEVELOPMENT BANK PROGRAM SERVICE 19000 0 9 0 0 0 9 167829 0 167829 0 0 0 0 0 0 X X 0 0 0 0 0 0 0 0 0 JO ANN BAREFOOT CHAIR AND PRESIDENT 271360 0 0 0 0 0 23582 0 17383 0 312325 0 0 0 KISHA PERKINS CHIEF PROGRAM OFFICER 253117 0 0 0 0 0 7563 0 25757 0 286437 0 0 0 DAVID EHRICH EXECUTIVE DIRECTOR 270728 0 0 0 0 0 0 0 12201 0 282929 0 0 0 RANDY REPKA CHIEF GROWTH OFFICER 165506 0 0 0 0 0 18901 0 41415 0 225822 0 0 0 ALEXA FRAZIER CHIEF OF STAFF 123081 0 0 0 0 0 10931 0 23576 0 157588 0 0 0 FORM 990, PART III, LINE 2 DEPARTMENT OF STATE, WHITE HOUSE SUMMIT FOR DEMOCRACY - AIR WAS SELECTED BY THE STATE DEPARTMENT'S BUREAU OF INTERNATIONAL NARCOTICS AND LAW ENFORCEMENT AFFAIRS (INL) TO IDENTIFY NEW TECHNOLOGIES THAT THWART ILLEGAL TRANSACTIONS TIED TO GLOBAL CORRUPTION. THE ANTI-CORRUPTION SOLUTIONS THROUGH EMERGING TECHNOLOGIES (ASET) PROGRAM IS DESIGNED TO SUPPORT THE WHITE HOUSE SUMMIT FOR DEMOCRACY, INCLUDING THROUGH TECHSPRINTS AND OTHER INITIATIVES TO DEVELOP POTENTIAL DIGITAL TOOLS. FEDERAL HOUSING FINANCE AUTHORITY (FHFA)- AIR SUPPORTS THE OFFICE OF GOVERNANCE AND STRATEGIC INITIATIVES (OGSI) IN ITS MISSION TO STAND UP THE FINANCIAL TECHNOLOGY (FINTECH) OFFICE AND TO SUPPORT THE DEVELOPMENT OF KEY SHORT-TERM INITIATIVES INCLUDING THE ROBUST PLANNING THAT GOES INTO EXECUTING A SUCCESSFUL TECH SPRINT IN FISCAL YEAR 2023. GATES FOUNDATION - AIR HAS A FOUR-YEAR, MULTIMILLION-DOLLAR GRANT FROM THE FOUNDATION TO ADVANCE TECHNOLOGY TOOLS AND POLICY GUIDANCE IN EMERGING MARKETS THAT PROTECT CONSUMERS OF DIGITAL FINANCIAL SERVICES FROM HARM. MINORITY DEPOSITORY INSTITUTION DIGITAL TRANSFORMATION PROJECT - VISA'S MULTINATIONAL DIVERSITY AND CORPORATE RESPONSIBILITY ACTIVITIES INCLUDE SUPPORT FOR MDIS. ITS MDI ACCELERATE PROGRAM DIRECTED $100 MILLION OF DEPOSITS TO MDIS AS OF FEBRUARY 2023. THE COMPANY IS THE INAUGURAL FUNDER OF MDI CONNECTTECH, AN AIR INITIATIVE TO HELP MINORITY-BACKED INSTITUTIONS STRENGTHEN THEIR DIGITAL CAPABILITIES. NATIONAL CREDIT REGULATOR PROJECT IN SOUTH AFRICA (IFC/WORLD BANK) - AIR IS PROVIDING STRATEGIC ADVISORY SERVICES TO THE NCR TEAM TOWARDS THE EXECUTION OF A TECHSPRINT OR A TECH DEMONSTRATION. CLIMATE POSITIVE TECHSPRINT - IN 2022 AIR PREPARED FOR A TECHSPRINT FOR JANUARY 2023 WHICH BROUGHT TOGETHER A DIVERSE GROUP OF EXPERTS TO EXPLORE HOW TO DEVELOP A CLIMATE-POSITIVE BLOCKCHAIN AND CONSENSUS MECHANISM WHICH MAY BE IMPLEMENTED AS AN ALTERNATIVE TO THE ENERGY- AND CARBON-INTENSIVE MINING WHICH CURRENTLY UNDERPINS CERTAIN BLOCKCHAINS. DIGITAL IDENTITY - AIR LAUNCHED A TWO-YEAR INITIATIVE FOCUSED ON EXPLORING THE POTENTIAL THAT ROBUST DIGITAL IDENTITY SYSTEMS CAN ADVANCE CRITICAL GOALS IN FINANCIAL SERVICES, PARTICULARLY IN EXPANDING FINANCIAL INCLUSION, PROTECTING PRIVACY, AND COMBATING MONEY LAUNDERING AND OTHER FINANCIAL CRIMES. AIR, IN PARTNERSHIP WITH THE ASPEN INSTITUTE FINANCIAL SECURITY PROGRAM WILL LEAD A SERIES OF ONLINE AND IN-PERSON ROUNDTABLES FOCUSED ON ADDRESSING THE BARRIERS TO WIDESPREAD DIGITAL ID ADOPTION. CARBON MARKETS - WE ARE FACING AN EXISTENTIAL CLIMATE CRISIS AND ACTIONS MUST BE TAKEN TO REDUCE AND CAPTURE GREENHOUSE GAS (GHG) EMISSIONS. VOLUNTARY CARBON MARKETS (VCMS) PROVIDE A MARKET-BASED MECHANISM THAT ALLOWS CORPORATES TO PURCHASE CARBON OFFSETS TO SATISFY THEIR NET-ZERO COMMITMENTS. AIR WAS ENGAGED TO CONDUCT EXTENSIVE RESEARCH ON THIS TOPIC AND TO PUBLISH A WHITEPAPER DETAILING OUR RESEARCH AND RECOMMENDATIONS. A FOCAL POINT OF OUR RESEARCH WILL BE CENTERED AROUND BETTER CARBON ACCOUNTING PRACTICES, DEVELOPMENT AND GREATER USE OF FINANCIAL PRODUCTS AND SERVICES IN VCMS, AND OTHER AREAS WHERE THE PUBLIC SECTOR SHOULD BE INVOLVED. IN 2024 AIR WILL RELEASE THE WHITEPAPER AND A SERIES OF MICRO-CONTENT RAISING AWARENESS OF BOTH THE PUBLIC AND PRIVATE SECTORS TO CREATE A MORE LIQUID, EFFICIENT, AND TRANSPARENT MARKET. PUBLIC POLICY - AIR ACTIVELY CONTINUES TO RAISE AWARENESS RELATED TO TECHNOLOGY DEVELOPMENTS SUCH AS THE AVAILABILITY OF VASTLY EXPANDED DIGITAL DATA AND THE EMERGENCE OF INCREASINGLY POWERFUL ARTIFICIAL INTELLIGENCE TOOLS LIKE MACHINE LEARNING AND GENERATIVE AI. THE PROJECT'S GOAL IS TO EDUCATE AND ENGAGE U.S. CONGRESSIONAL LEADERS REGARDING THE NEED FOR REGULATOR MODERNIZATION AND POSITION AIR AS A TRUSTED BIPARTISAN SOURCE OF EXPERTISE AND INSIGHT ON MATTERS RELATED TO FINANCIAL AND FINANCIAL REGULATORY TECHNOLOGY. WITH FUNDING FROM FLOURISH VENTURES, AIR DESIGNED A THREE PRONGED PROJECT FOCUSED ON 1) POLICY ENGAGEMENT, 2) CONVENING TO CREATE FAVORABLE ENVIRONMENTS, AND 3) THOUGHT LEADERSHIP. OUR WORK WILL CONTINUE INTO 2024. " FORM 990, PART VI, SECTION A, LINE 4 AIR UPDATED ITS BYLAWS IN OCTOBER 2023 FOR TWO PRIMARY REASONS. THE FIRST IS THAT ONE OF AIR'S CO-FOUNDERS RETIRED FROM THE ORGANIZATION. THIS CO-FOUNDER WAS ALSO AN OFFICER OF THE BOARD. THE PRIMARY AMENDMENT TO THE BYLAWS WERE RELATED TO BOARD OFFICER REQUIREMENTS. THE PREVIOUS REQUIREMENT WAS THAT THE ORGANIZATION SHALL HAVE A PRESIDENT AND A SECRETARY. THE AMENDED BYLAWS STATE THAT THE ORGANIZATION SHALL HAVE A PRESIDENT AND A TREASURER WHO MUST BE SEPARATE INDIVIDUALS. THE DEFINITION OF THE PRESIDENT'S ROLE WAS UPDATED AND THE DEFINITION OF THE TREASURER'S ROLE WAS ADDED. ADDITIONALLY, AIR BEGAN WORKING WITH A NEW PRO BONO LAW FIRM. THE NEW FIRM REVIEWED OUR CURRENT BYLAWS AND PROVIDED THE SUGGESTED UPDATES TO THE AMENDED BYLAWS. FORM 990, PART VI, SECTION B, LINE 11B THE FORM 990 IS PRESENTED TO THE FULL BOARD PRIOR TO FILING WITH THE INTERNAL REVENUE SERVICE. FORM 990, PART VI, SECTION B, LINE 12C POTENTIAL CONFLICTS OF INTEREST ARE RAISED AT THE AUDIT COMMITTEE MEETINGS AND ADDRESSED AT THE QUARTERLY BOARD MEETINGS. FORM 990, PART VI, SECTION B, LINE 15A IN 2022, AIR HIRED AN INDEPENDENT COMPENSATION CONSULTANT WHO DID AN INDUSTRY REVIEW OF COMPARABLE POSITIONS FOR THE CEO AND EXECUTIVE DIRECTOR OF THE ORGANIZATION. THIS WAS REVIEWED BY THE AUDIT COMMITTEE AND THEN BY THE FULL BOARD AND ADJUSTMENT TO COMPENSATION WERE MADE ACCORDINGLY. THERE WAS NO INCREASE IN COMPENSATION FOR THE CEO OR EXECUTIVE DIRECTOR IN 2023. 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 IX, LINE 11G OTHER PROFESSIONAL FEES: PROGRAM SERVICE EXPENSES 11,545. MANAGEMENT AND GENERAL EXPENSES 5,157. FUNDRAISING EXPENSES 273. TOTAL EXPENSES 16,975. CONSULTING: PROGRAM SERVICE EXPENSES 524,885. MANAGEMENT AND GENERAL EXPENSES 234,436. FUNDRAISING EXPENSES 12,413. TOTAL EXPENSES 771,734.