Albuquerque Economic Development Inc
- Assets
- $3.9m
- Revenue
- $2.0m
- Investments
- $0.0
- Employees
- 14
- Location
- Albuquerque, NM
- Founding
- 03/1962
- Data as of
- 12/2023
- EIN
- 85-0157216
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.
Form
990
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.
Get More from Intellispect for FreeCreate a free account to get more data, nonprofit salaries, advanced search and more.
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Danielle Casey President And CEO | Officer | 40 | $320,353 |
Chad R Matheson Senior Vice President | 40 | $154,490 | |
Janice Torrez Board Member | Trustee | 0.08 | $0 |
Eric Weinstein Board Member | Trustee | 0.08 | $0 |
Joe Farr Board Member | Trustee | 0.08 | $0 |
Megan Oblack Board Member | Trustee | 0.08 | $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 |
| 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. | $340,971 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $681,625 |
| Pension plan accruals and contributions | $60,280 |
| Other employee benefits | $35,571 |
| Payroll taxes | $71,256 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $3,567 |
| Fees for services: Accounting | $52,790 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $20,221 |
| Fees for services: Other | $36,802 |
| Advertising and promotion | $151,889 |
| Office expenses | $61,097 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $86,505 |
| Travel | $121,891 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $35,797 |
| Interest | $20,164 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $10,643 |
| Insurance | $14,537 |
| All other expenses | $10,520 |
| Total functional expenses | $1,975,799 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $72,770 |
| Savings and temporary cash investments | $490,816 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| 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 | $8,029 |
| Net Land, buildings, and equipment | $25,248 |
| Investments—publicly traded securities | $2,986,248 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $307,900 |
| Other assets | $0 |
| Total assets | $3,891,011 |
| Accounts payable and accrued expenses | $85,791 |
| 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 | $157,615 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $330,572 |
| Total liabilities | $573,978 |
| Net assets without donor restrictions | $3,208,033 |
| Net assets with donor restrictions | $109,000 |
| 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 | $3,891,011 |