Civic Intelligence

New Mexico Economic Development Corporation

990 • Fiscal year 2021 • EIN 20-0100129

Jul 01, 2020 to Jun 30, 2021 • Filed on May 13, 2022

1720 Louisiana Blvd NE Suite 312Albuquerque, NM 87110

(505) 247-8500

Siviq Scores

Precomputed percentiles for this filing year versus similar nonprofits in the same peer cohort.

Liabilities / Assets

47th percentile

0.12x

Higher debt load relative to assets than 47% of similar nonprofits.

2021 filings • NTEE S • $1M-$5M nonprofits • Source year 2021

Liabilities / Revenue

42nd percentile

0.13x

Higher debt load relative to revenue than 42% of similar nonprofits.

2021 filings • NTEE S • $1M-$5M nonprofits • Source year 2021

Net Margin

26th percentile

-0.9%

Higher net margin than 26% of similar nonprofits.

2021 filings • NTEE S • $1M-$5M nonprofits • Source year 2021

Top Officer Pay

65th percentile

$136,240

Higher top officer pay than 65% of similar nonprofits.

Top officer pay equals 13.8% of source-year revenue.

2021 filings • NTEE S • $1M-$5M nonprofits • Source year 2021

Asset Growth

35th percentile

1.9%

Faster asset growth than 35% of similar nonprofits.

2021 filings • NTEE S • $1M-$5M nonprofits • Annualized from 2020 to 2021

Revenue Growth

9th percentile

-35%

Faster revenue growth than 9% of similar nonprofits.

2021 filings • NTEE S • $1M-$5M nonprofits • Annualized from 2020 to 2021

Assets

Up

$1,038,292

Up $19,855 (+1.9%) from 2020

Net Assets

Down

$909,586

Down $9,123 (-1.0%) from 2020

Liabilities

Up

$128,706

Up $28,978 (+29%) from 2020

Revenue

Down

$989,699

Down $540,667 (-35%) from 2020

Expenses

Down

$998,822

Down $342,337 (-26%) from 2020

Net Income

Down

-$9,123

Down $198,330 (-105%) from 2020

Historical Trend

Balance Sheet Trend

The highlighted filing sits inside the broader history for assets, liabilities, and net assets.

$1.5M$1.0M$500K$0Assets 2010: $493,016Liabilities 2010: $63,380Net Assets 2010: $429,6362010Assets 2011: $523,407Liabilities 2011: $98,258Net Assets 2011: $425,1492011Assets 2012: $439,193Liabilities 2012: $99,213Net Assets 2012: $339,9802012Assets 2013: $366,616Liabilities 2013: $130,684Net Assets 2013: $235,9322013Assets 2014: $318,832Liabilities 2014: $58,177Net Assets 2014: $260,6552014Assets 2015: $273,605Liabilities 2015: $72,610Net Assets 2015: $200,9952015Assets 2016: $356,136Liabilities 2016: $46,752Net Assets 2016: $309,3842016Assets 2017: $637,011Liabilities 2017: $31,323Net Assets 2017: $605,6882017Assets 2018: $739,422Liabilities 2018: $29,057Net Assets 2018: $710,3652018Assets 2019: $762,562Liabilities 2019: $33,060Net Assets 2019: $729,5022019Assets 2020: $1,018,437Liabilities 2020: $99,728Net Assets 2020: $918,7092020Assets 2021: $1,038,292Liabilities 2021: $128,706Net Assets 2021: $909,5862021Assets 2022: $949,430Liabilities 2022: $111,380Net Assets 2022: $838,0502022Assets 2023: $1,017,213Liabilities 2023: $70,526Net Assets 2023: $946,6872023Assets 2024: $1,034,413Liabilities 2024: $257,581Net Assets 2024: $776,8322024

Highlighted filing

2021

Assets$1,038,292
Liabilities$128,706
Net Assets$909,586

Operations Trend

Revenue, expenses, and net income across loaded years, with this filing highlighted.

$2.0M$1.5M$1.0M$500K$0-$500KExpenses 2010: $1,165,8892010Revenue 2011: $1,205,087Expenses 2011: $1,135,674Net Income 2011: $69,4132011Expenses 2012: $686,7432012Expenses 2013: $747,4662013Revenue 2014: $1,037,465Expenses 2014: $1,012,742Net Income 2014: $24,7232014Revenue 2015: $1,064,238Expenses 2015: $1,123,898Net Income 2015: -$59,6602015Revenue 2016: $1,301,644Expenses 2016: $1,193,255Net Income 2016: $108,3892016Revenue 2017: $1,122,003Expenses 2017: $825,699Net Income 2017: $296,3042017Revenue 2018: $1,100,435Expenses 2018: $995,758Net Income 2018: $104,6772018Revenue 2019: $1,130,224Expenses 2019: $1,111,087Net Income 2019: $19,1372019Revenue 2020: $1,530,366Expenses 2020: $1,341,159Net Income 2020: $189,2072020Revenue 2021: $989,699Expenses 2021: $998,822Net Income 2021: -$9,1232021Revenue 2022: $1,108,730Expenses 2022: $1,180,266Net Income 2022: -$71,5362022Revenue 2023: $1,207,870Expenses 2023: $1,099,233Net Income 2023: $108,6372023Revenue 2024: $1,098,576Expenses 2024: $1,268,431Net Income 2024: -$169,8552024

Highlighted filing

2021

Revenue$989,699
Expenses$998,822
Net Income-$9,123
Jump To
Filing Snapshot
Filing Period
Jul 1, 2020 to Jun 30, 2021
Signed
May 13, 2022
Return Version
2020v4.0
Gross Receipts
$989,699
Mission and Program Overview

Mission

Organization's primary mission is to recuit new businesses to new mexico.

Promote and better the common economic interest of the state of new mexico and its citizens through economic development marketing and business development programs.

Balance Sheet Detail
LineBeginningEndChange
Assets
Cash and Non-Interest-Bearing Accounts$808,802$823,795▲ $14,993
Accounts Receivable$122,592$94,000▼ $28,592
Land, Buildings, and Equipment, Net$11,222$47,949▲ $36,727
Prepaid Expenses and Deferred Charges$4,300$1,027▼ $3,273
Total Assets$1,018,437$1,038,292▲ $19,855
Other Assets Total$71,521$71,521→ $0
Liabilities
Other Liabilities$71,521$71,521→ $0
Accounts Payable and Accrued Expenses$28,207$57,185▲ $28,978
Total Liabilities$99,728$128,706▲ $28,978
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$918,709$909,586▼ $9,123
Total Net Assets Fund Balance$918,709$909,586▼ $9,123
Total Liabilities and Net Assets / Fund Balance$1,018,437$1,038,292▲ $19,855

Asset Categories

AssetBook ValueDepreciationBasis
Equipment$47,949$42,237$90,186
Other Assets Org$71,521--
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseOtherTotal
Melinda AllenPresidentFT$133,000$3,240$136,240
Tim NittiPresident (f-$124,335-$124,335
Tim NittiPresident (former)-$124,335-$124,335

Board Members and Trustees

NameTitle
Pat Vincent-collawnBoard Chair
Alicia KeysBoard Member
Cassie AriasBoard Member
Davin LopezBoard Member
Dawn BoulwareBoard Member
John HeatonBoard Member
Julia WiseBoard Member
Missi CurrierBoard Member
Pat VanderpoolBoard Member
Cari LemonRegion 5-Director
Senator Clemente SanchezRegion 1-CHA
Joe DigregorioRegion 1-pre
Debbie JohnsonSecretary
David HaleTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$989,000
Program Service Revenue
$0
Investment Income
$699
Other Revenue
$0
All Other Contributions
$85,000
Change in Net Assets
$-9,123

Audited Revenue Reconciliation

Revenue per Audited Statements
$989,699
Revenue Not Reported on Form 990
$15,819
Total Revenue per Audited Statements
$1,005,518
Total Revenue per Form 990
$989,699
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$547,796
Salaries, Compensation, and Employee Benefits$451,026
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Current Officers, Directors, Trustees, and Key Employees---$136,240
Comp Disqual Persons---$124,335
Fees for Services Other---$115,198
Other Salaries and Wages---$113,128
Occupancy---$41,682
Other Employee Benefits---$41,367
Payroll Taxes---$27,765
Office Expenses---$9,040
Pension Plan Contributions---$8,191
Insurance---$7,238
Travel---$5,649
Depreciation Depletion---$2,541
Other Expenses---$1,049
Total Functional Expenses$0$0$0$998,822

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Audited Statements$1,014,641
Expenses per Audited Statements$998,822
Total Expenses per Form 990$998,822
Expenses Not Reported on Form 990$15,819
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Professional Fundraising Fees$0
Political and Lobbying Activity
Political campaign activity
No
Subject to proxy tax
No
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Due to Others$71,521
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
No
Audit committee
Yes
Business relationship with 35% controlled entity
No
Business relationship with family members
No
Business relationship with organization members
No
Material changes to governing documents
No
Compensation from other sources disclosed
No
CEO compensation reviewed
Yes
Other officer compensation reviewed
No
Conflict-of-interest policy
Yes
Audited financial statements prepared
No
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Form 990, Page 6, Part VI, Line 11B

The 990 is provided to the board before filing of the return.

Form 990, Page 6, Part VI, Line 12C

Before business decisions are made, the board of directors determines whether or not there is a conflict of interest.

Form 990, Page 6, Part VI, Line 15A

The president and ceo salaries are determined by the board of directors. All other employee salaries are determined by the president and ceo.

Form 990, Page 6, Part VI, Line 19

All public documents are available upon request.

Filing and Contact Details

Filer

Filer Name
New Mexico Economic Development
EIN
20-0100129
Phone
5052478500
Address
1720 LOUISIANA BLVD NE SUITE 312, ALBUQUERQUE, NM 87110

Signing Officer

Name
Melinda Allen
Title
President
Phone
5052478500
Signed
2022-05-13
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Melinda Allen
Formed
2003
Legal Domicile
Nm
Voting Board Members
14
Independent Board Members
14
Employees
7

Preparer

Firm
Hinkle Landers Pc
Address
2500 9TH ST NW, ALBUQUERQUE, NM 87102-1055
Preparer
Jeremy T Richter
Phone
5058838788
Supplemental Narrative

Additional Explanations

Form 990, Part IX, Line 11G

Professional services 115,198 0 0

Financial Statement Notes

Schedule D, Page 3, Part X

Nmedc is a not-for-profit corporation and has been recognized as tax-exempt pursuant to section 501(c)(6) of the internal revenue code. Management believes that there are no uncertain tax positions that would require recognition, measurement, or disclosure. Due to the statutes of limitations, nmedc is only subject to examination by tax authorities for years ended june 30, 2018 and thereafter.

Raw XML Appendix399 raw XML fields

This appendix keeps the raw XML leaves available for debugging and edge-case review. The human report above is the primary experience.

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IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0THE 990 IS PROVIDED TO THE BOARD BEFORE FILING OF THE RETURN.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1BEFORE BUSINESS DECISIONS ARE MADE, THE BOARD OF DIRECTORS DETERMINES WHETHER OR NOT THERE IS A CONFLICT OF INTEREST.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2THE PRESIDENT AND CEO SALARIES ARE DETERMINED BY THE BOARD OF DIRECTORS. ALL OTHER EMPLOYEE SALARIES ARE DETERMINED BY THE PRESIDENT AND CEO.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3ALL PUBLIC DOCUMENTS ARE AVAILABLE UPON REQUEST.
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ReturnHeader/BuildTS02022-09-23 18:48:47Z
ReturnHeader/BusinessOfficerGrp/DiscussWithPaidPreparerInd0true
ReturnHeader/BusinessOfficerGrp/PersonNm0MELINDA ALLEN
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0PRESIDENT
ReturnHeader/BusinessOfficerGrp/PhoneNum05052478500
ReturnHeader/BusinessOfficerGrp/SignatureDt02022-05-13
ReturnHeader/Filer/BusinessName/BusinessNameLine1Txt0NEW MEXICO ECONOMIC DEVELOPMENT
ReturnHeader/Filer/BusinessName/BusinessNameLine2Txt0CORP
ReturnHeader/Filer/BusinessNameControlTxt0NEWM
ReturnHeader/Filer/EIN0200100129
ReturnHeader/Filer/PhoneNum05052478500
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ReturnHeader/PreparerFirmGrp/PreparerFirmName/BusinessNameLine1Txt0HINKLE LANDERS PC
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/AddressLine1Txt02500 9TH ST NW
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/CityNm0ALBUQUERQUE
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/StateAbbreviationCd0NM
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/ZIPCd0871021055
ReturnHeader/PreparerPersonGrp/PhoneNum05058838788
ReturnHeader/PreparerPersonGrp/PreparationDt02022-05-16
ReturnHeader/PreparerPersonGrp/PreparerPersonNm0JEREMY T RICHTER
ReturnHeader/ReturnTs02022-05-16T12:05:27-05:00
ReturnHeader/ReturnTypeCd0990
ReturnHeader/SigningOfficerGrp/PersonFullName/PersonFirstNm0MELINDA
ReturnHeader/SigningOfficerGrp/PersonFullName/PersonLastNm0ALLEN
ReturnHeader/TaxPeriodBeginDt02020-07-01
ReturnHeader/TaxPeriodEndDt02021-06-30
ReturnHeader/TaxYr02020

Document Assets

No mirrored PDF or thumbnail assets are attached yet.

Filings

Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$1.03$0.26$0.78$1.10$1.27$0.17
2023Detailed filing. Detailed filing data is available for this year.$1.02$0.07$0.95$1.21$1.10$0.11
2022Detailed filing. Detailed filing data is available for this year.$0.95$0.11$0.84$1.11$1.18$0.07
2021Detailed filing. Detailed filing data is available for this year.$1.04$0.13$0.91$0.99$1.00$0.01
2020Detailed filing. Detailed filing data is available for this year.$1.02$0.10$0.92$1.53$1.34$0.19
2019Detailed filing. Detailed filing data is available for this year.$0.76$0.03$0.73$1.13$1.11$0.02
2018Detailed filing. Detailed filing data is available for this year.$0.74$0.03$0.71$1.10$1.00$0.10
2017Detailed filing. Detailed filing data is available for this year.$0.64$0.03$0.61$1.12$0.83$0.30
2016Detailed filing. Detailed filing data is available for this year.$0.36$0.05$0.31$1.30$1.19$0.11
2015Detailed filing. Detailed filing data is available for this year.$0.27$0.07$0.20$1.06$1.12$0.06
2014Detailed filing. Detailed filing data is available for this year.$0.32$0.06$0.26$1.04$1.01$0.02
2013Facts available. Structured filing facts are available, but richer extracted sections are limited.$0.37$0.13$0.24$0.75
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$0.44$0.10$0.34$0.69
2011Summary only. Only limited summary data is available for this year.$0.52$0.10$0.43$1.21$1.14$0.07
2010Facts available. Structured filing facts are available, but richer extracted sections are limited.$0.49$0.06$0.43$1.17