New Mexico Property Insurance Program

Organization Overview

New Mexico Property Insurance Program is located in Albuquerque, NM. The organization was established in 1970. According to its NTEE Classification (Y20) the organization is classified as: Insurance Providers, under the broad grouping of Mutual & Membership Benefit and related organizations. As of 12/2023, New Mexico Property Insurance Program employed 5 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. New Mexico Property Insurance Program 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 12/2023, New Mexico Property Insurance Program generated $5.0m in total revenue. The organization has seen a slow decline revenue. Over the past 6 years, revenues have fallen by an average of (0.1%) each year. All expenses for the organization totaled $11.4m during the year ending 12/2023. You can explore the organizations financials more deeply in the financial statements section below.

Mission & Program ActivityExcerpts From the 990 Filing

TAX YEAR

2023

Describe the Organization's Mission:

Part 3 - Line 1

TO PROVIDE ESSENTIAL PROPERTY INSURANCE TO APPLICANTS IN NEW MEXICO WHO ARE UNABLE TO SECURE IT IN THE NORMAL MARKET.

Describe the Organization's Program Activity:

Part 3 - Line 4a

PROVIDE ESSENTIAL PROPERTY INSURANCE TO APPLICANTS IN NEW MEXICO WHO ARE UNABLE TO SECURE IT IN THE NORMAL INSURANCE MARKET. 1250 CLAIMS WERE PROCESSED IN 2023. THERE WERE 6,578 POLICIES IN FORCE AS OF 12/31/2023.


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Board, Officers & Key Employees

Name (title)Compensation
Daryl Filipek
Chair
$0
Steve Fletcher
Vice Chair
$0
David Sell
Vice Chair To 9/22/2023
$0
Kendra Zacharias
Treasurer
$0
Melissa Grandon
Secretary
$0
Sarah Barnes
Director
$0

Outside Vendors & Contractors

Vendor Name (Service)Compensation
Frontier Adjusters Inc
Claims Appraisers
$1,005,367
Quickbooks Payroll Service
Payroll Services
$233,188
Beyontec Solutions Inc
Web Portal Maintenance
$147,862
View All Vendors

Financial Statements

Statement of Revenue
Federated campaigns$0
Membership dues$0
Fundraising events$0
Related organizations$0
Government grants $0
All other contributions, gifts, grants, and similar amounts not included above$0
Noncash contributions included in lines 1a–1f $0
Total Revenue from Contributions, Gifts, Grants & Similar$0
Total Program Service Revenue$4,768,371
Investment income $281,318
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 $5,049,689

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