New Mexico Economic Development Corporation
- Assets
- $949.4k
- Revenue
- $1.1m
- Investments
- $0.0
- Employees
- 6
- Location
- Albuquerque, NM
- Founding
- 09/2004
- Data as of
- 06/2022
- EIN
- 20-0100129
Organization Overview
New Mexico Economic Development Corporation is located in Albuquerque, NM. The organization was established in 2004. According to its NTEE Classification (S41) the organization is classified as: Chambers of Commerce & Business Leagues, under the broad grouping of Community Improvement & Capacity Building and related organizations. As of 06/2022, New Mexico Economic Development Corporation employed 6 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. New Mexico Economic Development Corporation is a 501(c)(6) and as such, is described as a "Business League, Chambers of Commerce, or Real Estate Board" by the IRS.
For the year ending 06/2022, New Mexico Economic Development Corporation generated $1.1m in total revenue. The organization has seen a slow decline revenue. Over the past 7 years, revenues have fallen by an average of (2.3%) each year. All expenses for the organization totaled $1.2m during the year ending 06/2022. As we would expect to see with falling revenues, expenses have declined by (0.2%) per year over the past 7 years. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2022
Describe the Organization's Mission:
Part 3 - Line 1
PROMOTE AND BETTER THE COMMON ECONOMIC INTEREST OF THE STATE OF NEW MEXICO AND ITS CITIZENS THROUGH ECONOMIC DEVELOPMENT MARKETING AND BUSINESS DEVELOPMENT PROGRAMS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROMOTE AND BETTER THE COMMON ECONOMIC INTEREST OF THE STATE OF NEW MEXICO AND ITS CITIZENS. PROVIDES SERVICES TO RECRUIT BUSINESS TO NEW MEXICO THAT INCLUDE: SITE SELECTION ASSISTANCE, LABOR MARKET ANALYSIS, JOB TRAINING ASSISTANCE, CUSTOM RESEARCH, BUILDING INFORMATION, ACCESS TO REGULATORY AUTHORITIES, EMPLOYEE RECRUITMENT ASSISTANCE AND COORDINATION OF STATE AND LOCAL ECONOMIC PROFESSIONALS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Melinda Allen President | Officer | 40 | $130,394 |
Pat Vincent-Collawn Board Chair | OfficerTrustee | 2 | $0 |
Debbie Johnson Secretary | OfficerTrustee | 1 | $0 |
Cassie Arias-Ward Treasurer | OfficerTrustee | 10 | $0 |
Alicia Keys Board Member | Trustee | 0.5 | $0 |
Clemente Sanchez Region 1-Cha | Trustee | 0.5 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $1,000,000 |
| All other contributions, gifts, grants, and similar amounts not included above | $106,772 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $1,106,772 |
| Total Program Service Revenue | $0 |
| Investment income | $1,958 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $1,108,730 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $135,360 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $268,687 |
| Pension plan accruals and contributions | $7,909 |
| Other employee benefits | $69,032 |
| Payroll taxes | $30,973 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $0 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $113,470 |
| Advertising and promotion | $0 |
| Office expenses | $12,107 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $226 |
| Travel | $9,472 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $40,257 |
| Insurance | $4,530 |
| All other expenses | $0 |
| Total functional expenses | $1,180,266 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $726,830 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $118,331 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $1,027 |
| Net Land, buildings, and equipment | $92,372 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $10,870 |
| Total assets | $949,430 |
| Accounts payable and accrued expenses | $61,865 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $49,515 |
| Total liabilities | $111,380 |
| Net assets without donor restrictions | $838,050 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $949,430 |