Albuquerque Economic Development Inc

Organization Overview

Albuquerque Economic Development Inc is located in Albuquerque, NM. The organization was established in 1962. According to its NTEE Classification (S30) the organization is classified as: Economic Development, under the broad grouping of Community Improvement & Capacity Building and related organizations. As of 12/2023, Albuquerque Economic Development Inc employed 14 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Albuquerque Economic Development Inc is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.

For the year ending 12/2023, Albuquerque Economic Development Inc generated $2.0m in total revenue. This represents relatively stable growth, over the past 9 years the organization has increased revenue by an average of 1.2% each year. All expenses for the organization totaled $2.0m during the year ending 12/2023. While expenses have increased by 1.2% per year over the past 9 years. They've been increasing with an increasing level of total revenue. 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 STRENGTHEN THE ALBUQUERQUE METROPOLITAN AREA THROUGH THE RECRUITMENT OF BUSINESS AND INDUSTRY, AND BY PROVIDING SUPPORT FOR THE RETENTION AND EXPANSION OF ECONOMIC BASE EMPLOYERS.

Describe the Organization's Program Activity:

Part 3 - Line 4a

BUSINESS RECRUITMENT, RETENTION AND EXPANSION: AREA RECRUITS COMPANIES THAT EXPORT THE MAJORITY OF THEIR GOODS AND SERVICES OUTSIDE OF NEW MEXICO, THEREBY BRINGING NEW MONEY INTO THE STATES ECONOMY.BUSINESS DEVELOPMENT: AREA ASSISTS EXISTING LOCAL BUSINESSES WITH THEIR EXPANSION PLANS, HELPING CONNECT THEM TO RESOURCES THAT POSITION THEM FOR GROWTH.


RECRUITMENT AND DEVELOPMENT OF CONTRIBUTORS: AREA INVITES LEADING METRO AREA BUSINESSES TO CONTRIBUTE TO THE ORGANIZATION AND TO BE ENGAGED FOR THE ADVANCEMENT OF ITS MISSION. AREA PROVIDES EDUCATIONAL PROGRAMS, TRAINING AND NETWORKING OPPORTUNITIES TO ITS CONTRIBUTORS.


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Board, Officers & Key Employees

Name (title)Compensation
Danielle Casey
President And CEO
$320,353
Chad R Matheson
Senior Vice President
$154,490
Janice Torrez
Board Member
$0
Eric Weinstein
Board Member
$0
Joe Farr
Board Member
$0
Megan Oblack
Board Member
$0

Financial Statements

Statement of Revenue
Federated campaigns$0
Membership dues$0
Fundraising events$0
Related organizations$0
Government grants $415,657
All other contributions, gifts, grants, and similar amounts not included above$1,266,250
Noncash contributions included in lines 1a–1f $0
Total Revenue from Contributions, Gifts, Grants & Similar$1,681,907
Total Program Service Revenue$144,969
Investment income $93,080
Tax Exempt Bond Proceeds $0
Royalties $0
Net Rental Income $0
Net Gain/Loss on Asset Sales $35,361
Net Income from Fundraising Events $0
Net Income from Gaming Activities $0
Net Income from Sales of Inventory $0
Miscellaneous Revenue$0
Total Revenue $1,955,317

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