New Mexico Rural Rehabilitation Corporation
- Assets
- $1.9m
- Revenue
- $36.9k
- Investments
- $0.0
- Employees
- 1
- Location
- Albuquerque, NM
- Founding
- 09/1971
- Data as of
- 06/2023
- EIN
- 85-0210244
Organization Overview
New Mexico Rural Rehabilitation Corporation is located in Albuquerque, NM. The organization was established in 1971. According to its NTEE Classification (E50) the organization is classified as: Rehabilitative Care, under the broad grouping of Health Care and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. New Mexico Rural Rehabilitation Corporation is a 501(c)(4) and as such, is described as a "Civic League, Social Welfare Organization, and Local Association of Employees" by the IRS.
For the year ending 06/2023, New Mexico Rural Rehabilitation Corporation generated $36.9k in total revenue. This represents a relatively dramatic decline in revenue. Over the past 8 years, the organization has seen revenues fall by an average of (7.2%) each year. All expenses for the organization totaled $156.8k during the year ending 06/2023. 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
PROVIDE FUNDING FOR DEVELOPMENT OF RURAL AREAS
Describe the Organization's Program Activity:
Part 3 - Line 4a
HOUSING LOANS: SERVICED 8 LOANS TOTALING APPROXIMATELY $320,000 EXPENSES WERE UNUSUALLY HIGH IN 2022 BECAUSE OF A LOAN DEFAULT.
AGRICULTURAL LOANS SERVICED 5 LOANS TOTALLING APPROXIMATELY $517,000
NEW MEXICO RURAL REHABILITATION CORPORATION ADMINISTERS A PROGRAM OF STUDENT LOANS. THIS PROGRAM, TUITION ASSISTANCE PROGRAM, MAKES LOANS TO LOW INCOME STUDENTS SEEKING NON-DEGREE POST SECONDARY CERTIFICATION IN VARIOUS TRADES AND OCCUPATIONS. STUDENT LOANS AS OF JUNE 2023 TOTALED $38,000
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 |
|---|---|---|---|
Gerald Martinez Director | Trustee | 1 | $0 |
Linda Stover Secretary | OfficerTrustee | 1 | $0 |
Drew Olmstead Executive Director | OfficerTrustee | 40 | $60,000 |
Rick Voeks President | OfficerTrustee | 1 | $0 |
Louis DE Santos Vice President | OfficerTrustee | 1 | $0 |
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 | $36,575 |
| Investment income | $288 |
| 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 | $36,863 |
| 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. | $60,000 |
| Compensation of current officers, directors, key employees. | $1,800 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $5,000 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $1,167 |
| Payroll taxes | $5,216 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $1,418 |
| Fees for services: Accounting | $11,100 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $0 |
| Office expenses | $3,937 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $9,976 |
| Travel | $19 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $1,328 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $10,069 |
| Insurance | $0 |
| All other expenses | $1,076 |
| Total functional expenses | $156,788 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $537,095 |
| Savings and temporary cash investments | $204,864 |
| 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 | $895,600 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $232,711 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $9,582 |
| Total assets | $1,879,852 |
| Accounts payable and accrued expenses | $921 |
| 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 | $0 |
| Total liabilities | $921 |
| Net assets without donor restrictions | $0 |
| 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 | $810,349 |
| Retained earnings, endowment, accumulated income, or other funds | $1,068,582 |
| Total liabilities and net assets/fund balances | $1,879,852 |