AZ Venture Capital Inc.

Legal name: Az Venture Capital Inc

Nonprofit profile at a glance

EIN: 882595973
IRS 990 coverage: 2022–2024
Official website data refreshed: Sep 2026
Forms available: Form 990 2024, Form 990-T 2023
Location: Phoenix, AZ, USA
Phone: 9544681748
Rating: 68
Verdict: SUPPORTED
Rating confidence: Moderate
Sector: Community, Neighborhood Development

Official website

Reported finances

Revenue: $1,074,099
Expenses: $1,046,712
Assets: $13,103,024
Liabilities: $18,419,446

Source: IRS Form 990. Selected filing: tax year 2024. Amounts in USD.

Leadership & pay

7 people listed

Executive titles in this filing

JAMES GOULKA (PRESIDENT & CEO)

Highest reported compensation

AARON FAVREAU (DIR. OF VENTURE INVESTMENTS): $167,467 total reported compensation
SAMAD REED (DIR. OF VENTURE INVESTMENTS): $125,461 total reported compensation
JENNIFER PALMER (DIR. OPS./EXEC. ASSISTANT/SECRETARY): $114,477 total reported compensation

Source: IRS Form 990. Selected filing: tax year 2024. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

AVC helps build companies that impact Arizona.

What it reported doing in 2024

As of december 31, 2025, avc has successfully allocated $23.45 million to 36 innovative portfolio companies, including highlighted ventures. These strategic investments have generated a total of $228m private capital. Additionally, we anticipate the creation/retention of 634 high paying jobs for the state of Arizona. At avc, our mission extends beyond financial metrics; we are dedicated to fostering an inclusive and diverse investment ecosystem across Arizona. We are proud to report that 28% of our funding is directed toward businesses owned by socially and economically disadvantaged individuals (sedi) and 25% are considered very small business. Through these efforts, we are not just investing in companies; we are investing in communities and a brighter future for all arizonans.

Operating model

Revenue model: Grant-funded. 100% of the money available for current operations came from government grants.
Distribution model: Direct operator. The filing allocates 100% of reported program-service expenses outside its grant, affiliate-payment, and member-benefit lines. This expense classification does not rule out separately announced grant awards.

The verdict

SUPPORTED - A large share of available resources goes toward mission work and the filed numbers largely add up. Program spending has declined or grown slowly and revenue has declined or grown slowly.

Rating breakdown

Financial Efficiency: 69
Transparency & Controls: 70
Accountability: 81
Sustainability: 49
Growth: 20

Detailed rating inputs

Financial Efficiency

Mission deployment rate: 77.1%; rating input score 77
Program expense ratio: 79.1%; rating input score 79
Fundraising efficiency: Limited

Transparency & Controls

Consistency checks: 100%; rating input score 100; 63rd percentile among comparable filings
Pay-setting controls: 1 of 6 controls in place; rating input score 17
- Compensation committee: Missing
- Independent consultant: Missing
- Other Form 990s reviewed: Missing
- Written employment contract: Missing
- Compensation survey or study: Missing
- Board or committee approval: Pass
Foreign activity oversight: Limited
Grant itemization coverage: Limited
Major donor itemization: Yes; rating input score 100
Related-party transparency: Limited

Accountability

Independent voting board: 75%; rating input score 75; 16th percentile among comparable filings
Governance controls: 8 of 9 controls in place; rating input score 89
- Conflict-of-interest policy: Pass
- Whistleblower policy: Pass
- Document-retention policy: Pass
- CEO compensation review process: Pass
- Other executive compensation review process: Pass
- Form 990 shared with the board: Pass
- Board meeting minutes documented: Pass
- Audit committee oversight: Fail
- Independent financial-statement audit: Pass

Sustainability

Operating margin: 2.5%; rating input score 44; 44th percentile among comparable filings
Total-asset coverage ratio: 12.52; rating input score 93; 93rd percentile among comparable filings
Liabilities to assets ratio: 1.41; rating input score 3; 3rd percentile among comparable filings
Officer compensation ratio: 46.7%; rating input score 2; 2nd percentile among comparable filings

Growth

Program expense growth: -9.1% per year; rating input score 0; 5th percentile among comparable filings
Revenue growth: -102.9% per year; rating input score 0; 0th percentile among comparable filings
Asset growth: 28.7% per year; rating input score 100; 90th percentile among comparable filings

Details

What they do: Mission, programs, and operating context captured from the official website.
Where the money goes: 77.1% of revenue deployed · 79.1% of spending went to programs
Governance: 3 of 4 board members independent · 8 of 9 filing controls reported
Programs: 1 filed program accomplishment · $828K in reported program spending
Leadership: top reported pay $167K · 7 people listed · 1 of 6 pay-setting controls reported
Consistency: 28 of 28 current checks pass
Schedules: 5 filed schedules · includes major donors and executive pay
Filing history: 3 filing years from 2022 to 2024
Contacts: How to reach this organization
Money network: 4 filed money-flow records
Grant readiness: Federal tax and exclusion status, award history, and grant-maker relationships.
People: Everyone the filings name, and which of them the filings identify by more than a name.
Staff and benefit plans: Retirement and health plans the organization files with the Department of Labor, and the people in them.

Key Signals

Signals prioritize questions for review. They are not findings of misconduct.

High — Growth: Program expense growth scored 0/100.
High — Growth: Revenue growth scored 0/100.
Moderate — Sustainability: Operating margin scored 44/100.
Review — Accountability: Governance controls: Audit committee oversight not reported.
High — Sustainability: Officer compensation ratio scored 2/100.
High — Sustainability: Liabilities to assets ratio scored 3/100.