New Mexico Community Development Loan Fund

Organization Overview

New Mexico Community Development Loan Fund is located in Albuquerque, NM. The organization was established in 1991. According to its NTEE Classification (S20) the organization is classified as: Community & Neighborhood Development, under the broad grouping of Community Improvement & Capacity Building and related organizations. As of 12/2022, New Mexico Community Development Loan Fund employed 11 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. New Mexico Community Development Loan Fund 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 12/2022, New Mexico Community Development Loan Fund generated $2.4m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 5.6% each year. All expenses for the organization totaled $2.2m during the year ending 12/2022. While expenses have increased by 4.4% per year over the past 8 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

2022

Describe the Organization's Mission:

Part 3 - Line 1

TO ENCOURAGE AND FACILITATE THE INVESTMENT OF CAPITAL IN LOW-INCOME NEW MEXICO COMMUNITIES.

Describe the Organization's Program Activity:

Part 3 - Line 4a

THE LOAN PROGRAM ENCOURAGES AND FACILITATES THE INVESTMENT OF CAPITAL IN LOW-INCOME NEW MEXICO COMMUNITIES THROUGH INDIVIDUALS, RELIGIOUS AND COMMUNITY ORGANIZATIONS, FOUNDATIONS, GOVERNMENT ENTITIES, LENDING INSTITUTION AND OTHERS. IN 2022, THERE WERE 59 NEW LOANS MADE IN THE AMOUNT OF $6,745,775. THE LOANS WERE MADE TO 31 MINORITY-OWNED BUSINESSES INCLUDING 29 WOMAN-OWNED BUSINESSES, AND 1 NON-PROFIT ORGANIZATION.


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Board, Officers & Key Employees

Name (title)Compensation
Herb Crosby PHD
Chair
$0
Manny Ortiz
Treasurer
$0
Ida Fierro
Secretary
$0
David Allen
Director
$0
David Hicks
Director (retired 9/2022)
$0
Justin Horwitz
Director
$0

Financial Statements

Statement of Revenue
Federated campaigns$0
Membership dues$0
Fundraising events$0
Related organizations$0
Government grants $111,020
All other contributions, gifts, grants, and similar amounts not included above$609,210
Noncash contributions included in lines 1a–1f $0
Total Revenue from Contributions, Gifts, Grants & Similar$720,230
Total Program Service Revenue$1,666,760
Investment income $7,032
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 $2,394,022

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