2026-09-08T09:44:06-05:00 2025-06-30 410746749 CLIFTONLARSONALLEN LLP 20 E THOMAS ROAD SUITE 2300 PHOENIX AZ 85012 990 2024-07-01 882595973 AZ VENTURE CAPITAL INC AZVE 9544681748 2303 N 44TH ST 14-1203 PHOENIX AZ 85008 JAMES GOULKA PRESIDENT & CEO 9544681748 2026-09-03 1 1 JACQUELINE ECKMAN P01300648 6022662248 2026-09-03 2024 JAMES GOULKA 2303 N 44TH ST 14-1203 PHOENIX AZ 85008 1074099 0 X WWW.AZVENTURECAP.COM X 2022 AZ TO PROMOTE ACCESS TO EQUITY CAPITAL TO UNDERREPRESENTED BUSINESSES, CATALYZE PRIVATE INVESTMENT, AND FUEL ECONOMIC GROWTH AND GOOD JOBS IN ARIZONA. 4 3 5 3 0 0 1130230 1074000 0 0 246 99 0 0 1130476 1074099 0 0 0 0 651768 739846 0 0 0 428462 306866 1080230 1046712 50246 27387 9340891 13103024 11444738 18419446 -2103847 -5316422 THE ARIZONA VENTURE CAPITAL, INC. (AVC) IS A NONPROFIT ORGANIZATION ESTABLISHED TO PROMOTE ACCESS TO EQUITY CAPITAL FOR UNDERREPRESENTED BUSINESSES, CATALYZE PRIVATE INVESTMENT, AND FUEL ECONOMIC GROWTH AND JOB CREATION IN ARIZONA. 0 0 827773 0 0 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. 827773 1 1 0 0 0 0 0 0 0 0 0 0 1 0 0 1 1 0 0 0 0 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 3 0 1 5 1 0 0 0 0 0 0 0 0 0 0 0 0 X 4 3 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 X THE ORGANIZATION 9544681748 2303 N 44TH ST 14-1203 PHOENIX AZ 85008 JENNIFER PALMER DIR. OPS./EXEC. ASSISTANT/SECRETARY 40.00 X X 111558 0 2919 VADA MANAGER CHAIR 0.25 X X 0 0 0 SANDRA WATSON VICE CHAIR 0.25 X X 0 0 0 JIM SWANSON TREASURER 0.25 X X 0 0 0 JAMES GOULKA PRESIDENT & CEO 40.00 X 80712 0 389 SAMAD REED DIR. OF VENTURE INVESTMENTS 40.00 X 125461 0 0 AARON FAVREAU DIR. OF VENTURE INVESTMENTS 40.00 X 115734 0 51733 433465 0 55041 5 0 1 0 0 1074000 1074000 99 99 1074099 0 0 99 365956 329360 36596 265875 239287 26588 57687 51918 5769 50328 45295 5033 127807 45212 82595 43603 15425 28178 52435 19858 32577 563 563 51660 51660 11736 11736 8121 6570 1551 7730 7730 52 52 3159 3159 1046712 827773 218939 0 70497 73926 2800 4175 32027 9257481 12997071 5938 0 9340891 13103024 71637 66792 11373101 18352654 11444738 18419446 X -2103847 -5316422 -2103847 -5316422 9340891 13103024 27387 -3239962 0 X 0 1 X 0 0 X 8235035 1130230 1074000 10439265 8235035 1130230 1074000 10439265 10439265 8928 246 99 9273 10448538 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 PWR LAB, INC 566000 C SCHOLA, INC 890000 C POLLS FOR MESSAGES 450000 C INVISION AZ LLC/AZ-VC 3551157 C PANGAEA VENTURES IMPACT FUND 3363054 C MINDSET MEDICAL 1300000 C DEEPLOOK MEDICAL 375000 C ALTR FLTR 400000 C DELTA DEVELOPMENT 100000 C EASY STREET OFFERS 1000000 C LENOSS MEDICAL 500000 C PRICKLY PEAR 85000 C MASTHEAD DBA 100000 C STARDAY FOODS 316860 C 12997071 X -2165863 -3239962 -3239962 1074099 0 1074099 1046712 0 1046712 0 1046712 PART X, LINE 2: THE COMPANY IS EXEMPT FROM FEDERAL INCOME TAXES UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE. ACCORDINGLY, NO PROVISION FOR INCOME TAXES HAS BEEN REFLECTED IN THE COMPANY'S FINANCIAL STATEMENTS. MANAGEMENT BELIEVES THAT NO UNCERTAIN TAX POSITIONS EXIST FOR THE COMPANY AT JUNE 30, 2025 AND 2024. THE COMPANY FILES INCOME TAX RETURNS IN THE U.S. FEDERAL JURISDICTION AND STATE OF ARIZONA. X 0 0 0 0 0 0 0 0 0 AARON FAVREAU DIR. OF VENTURE INVESTMENTS 103934 0 11800 0 0 0 3381 0 48352 0 167467 0 0 0 FORM 990, PART VI, SECTION B, LINE 11B THE CEO WILL REVIEW THE DRAFT FORM 990 AND RECOMMEND APPROVAL FOR FILING TO THE BOARD OF DIRECTORS. THE BOARD OF DIRECTORS WILL REVIEW AND APPROVE BEFORE FILING WITH THE IRS. FORM 990, PART VI, SECTION B, LINE 12C THE CORPORATION'S CONFLICT OF INTEREST POLICY APPLIES TO DIRECTORS, OFFICERS, COMMITTEE MEMBERS WITH BOARD-DELEGATED POWERS, AND OTHER PERSONS ABLE TO EXERCISE SUBSTANTIAL INFLUENCE OVER THE ORGANIZATION. COVERED INDIVIDUALS ARE REQUIRED TO DISCLOSE ACTUAL OR POTENTIAL CONFLICTS AND RELATED FINANCIAL INTERESTS. THE BOARD OR APPROPRIATE COMMITTEE REVIEWS DISCLOSED INTERESTS, DETERMINES WHETHER A CONFLICT EXISTS, AND ANY INTERESTED PERSON IS RECUSED FROM DELIBERATIONS AND VOTING ON THE MATTER. THE DISINTERESTED MEMBERS REVIEW THE TRANSACTION AND MAY APPROVE IT ONLY IF IT IS DETERMINED TO BE FAIR, REASONABLE, AND IN THE BEST INTERESTS OF THE CORPORATION. CONFLICT-OF-INTEREST PROCEEDINGS ARE DOCUMENTED IN THE MEETING MINUTES. FORM 990, PART VI, SECTION B, LINE 15 THE ORGANIZATION OBTAINS AND REVIEWS COMPARATIVE DATA FROM SIMILAR ORGANIZATIONS. ALONG WITH BASE SALARY AND BENEFITS, BONUS PERFORMANCE CRITERIA ARE ESTABLISHED AND REVIEWED BEFORE THE END OF THE FISCAL YEAR. THE COMPENSATION COMMITTEE APPROVES THE CALCULATIONS ANNUALLY AND APPROVES THE CEO EMPLOYMENT AGREEMENT WHEN NECESSARY. THE COMPENSATION OF THE OFFICERS OF THE ORGANIZATION IS DOCUMENTED IN THE MINUTES OF THE COMMITTEE AND BOARD MEETINGS. THE PROCESS DESCRIBED HERE WAS LAST COMPLETED IN 2025. FORM 990, PART VI, SECTION C, LINE 19 THE ORGANIZATION MAKES ITS GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND FINANCIAL STATEMENTS AVAILABLE UPON REQUEST.