Civic Intelligence

New Mexico Economic Development Corporation

990 • Fiscal year 2022 • EIN 20-0100129

Jul 01, 2021 to Jun 30, 2022 • Filed on May 11, 2023

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

49th percentile

0.12x

Higher debt load relative to assets than 49% of similar nonprofits.

2022 filings • NTEE S • $1M-$5M nonprofits • Source year 2022

Liabilities / Revenue

42nd percentile

0.10x

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

2022 filings • NTEE S • $1M-$5M nonprofits • Source year 2022

Net Margin

23rd percentile

-6.5%

Higher net margin than 23% of similar nonprofits.

2022 filings • NTEE S • $1M-$5M nonprofits • Source year 2022

Top Officer Pay

62nd percentile

$135,360

Higher top officer pay than 62% of similar nonprofits.

Top officer pay equals 12.2% of source-year revenue.

2022 filings • NTEE S • $1M-$5M nonprofits • Source year 2022

Asset Growth

19th percentile

-8.6%

Faster asset growth than 19% of similar nonprofits.

2022 filings • NTEE S • $1M-$5M nonprofits • Annualized from 2021 to 2022

Revenue Growth

54th percentile

12%

Faster revenue growth than 54% of similar nonprofits.

2022 filings • NTEE S • $1M-$5M nonprofits • Annualized from 2021 to 2022

Assets

Down

$949,430

Down $88,862 (-8.6%) from 2021

Net Assets

Down

$838,050

Down $71,536 (-7.9%) from 2021

Liabilities

Down

$111,380

Down $17,326 (-13%) from 2021

Revenue

Up

$1,108,730

Up $119,031 (+12%) from 2021

Expenses

Up

$1,180,266

Up $181,444 (+18%) from 2021

Net Income

Down

-$71,536

Down $62,413 (-684%) from 2021

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

2022

Assets$949,430
Liabilities$111,380
Net Assets$838,050

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

2022

Revenue$1,108,730
Expenses$1,180,266
Net Income-$71,536
Jump To
Filing Snapshot
Filing Period
Jul 1, 2021 to Jun 30, 2022
Signed
May 11, 2023
Return Version
2021v4.0
Gross Receipts
$1,108,730
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$823,795$726,830▼ $96,965
Accounts Receivable$94,000$118,331▲ $24,331
Land, Buildings, and Equipment, Net$47,949$92,372▲ $44,423
Prepaid Expenses and Deferred Charges$1,027$1,027→ $0
Total Assets$1,038,292$949,430▼ $88,862
Other Assets Total$71,521$10,870▼ $60,651
Liabilities
Accounts Payable and Accrued Expenses$57,185$61,865▲ $4,680
Other Liabilities$71,521$49,515▼ $22,006
Total Liabilities$128,706$111,380▼ $17,326
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$909,586$838,050▼ $71,536
Total Net Assets Fund Balance$909,586$838,050▼ $71,536
Total Liabilities and Net Assets / Fund Balance$1,038,292$949,430▼ $88,862

Asset Categories

AssetBook ValueDepreciationBasis
Equipment$92,372$82,494$174,866
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseOtherTotal
Melinda AllenPresidentFT$130,394$4,966$135,360

Board Members and Trustees

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

Revenue Composition

Contributions and Grants
$1,106,772
Program Service Revenue
$0
Investment Income
$1,958
Other Revenue
$0
All Other Contributions
$106,772
Change in Net Assets
$-71,536

Audited Revenue Reconciliation

Revenue per Audited Statements
$1,108,730
Revenue Not Reported on Form 990
$16,386
Total Revenue per Audited Statements
$1,125,116
Total Revenue per Form 990
$1,108,730
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$668,305
Salaries, Compensation, and Employee Benefits$511,961
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages---$268,687
Current Officers, Directors, Trustees, and Key Employees---$135,360
Fees for Services Other---$113,470
Other Employee Benefits---$69,032
Depreciation Depletion---$40,257
Payroll Taxes---$30,973
Office Expenses---$12,107
Travel---$9,472
Pension Plan Contributions---$7,909
Insurance---$4,530
Other Expenses---$2,974
Occupancy---$226
Total Functional Expenses$0$0$0$1,180,266

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Audited Statements$1,196,652
Expenses per Audited Statements$1,180,266
Total Expenses per Form 990$1,180,266
Expenses Not Reported on Form 990$16,386
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
Lease Liability$38,645
Due to Others$10,870
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
2023-05-11
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Melinda Allen
Formed
2003
Legal Domicile
Nm
Voting Board Members
13
Independent Board Members
13
Employees
6

Preparer

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

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, 2019 and thereafter.

Raw XML Appendix374 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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IRS990/PYInvestmentIncomeAmt0699
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IRS990/PYSalariesCompEmpBnftPaidAmt0451026
IRS990/PYTotalExpensesAmt0998822
IRS990/PYTotalRevenueAmt0989699
IRS990/ReconcilationRevenueExpnssAmt0-71536
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IRS990ScheduleD/FootnoteTextInd0X
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IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt110870
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc0LEASE LIABILITY
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IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0NMEDC 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, 2019 AND THEREAFTER.
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0SCHEDULE D, PAGE 3, PART X
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IRS990ScheduleD/TotalExpensesPerForm990Amt01180266
IRS990ScheduleD/TotalLiabilityAmt049515
IRS990ScheduleD/TotalRevenuePerForm990Amt01108730
IRS990ScheduleD/TotalRevEtcAuditedFinclStmtAmt01125116
IRS990ScheduleD/TotExpnsEtcAuditedFinclStmtAmt01196652
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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.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0FORM 990, PAGE 6, PART VI, LINE 11B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1FORM 990, PAGE 6, PART VI, LINE 12C
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2FORM 990, PAGE 6, PART VI, LINE 15A
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3FORM 990, PAGE 6, PART VI, LINE 19
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IRS990/TaxablePartyNotificationInd0false
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IRS990/TotalContributionsAmt01106772
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IRS990/TotalFunctionalExpensesGrp/ManagementAndGeneralAmt00
IRS990/TotalFunctionalExpensesGrp/ProgramServicesAmt00
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IRS990/TotalGrossUBIAmt00
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IRS990/TotalLiabilitiesGrp/BOYAmt0128706
IRS990/TotalLiabilitiesGrp/EOYAmt0111380
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IRS990/TotalOtherCompensationAmt04966
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IRS990/TotalRevenueGrp/ExclusionAmt01958
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IRS990/TravelGrp/TotalAmt09472
IRS990/TypeOfOrganizationCorpInd0X
IRS990/UnrelatedBusIncmOverLimitInd0false
IRS990/UponRequestInd0X
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IRS990/USAddress/CityNm0ALBUQUERQUE
IRS990/USAddress/StateAbbreviationCd0NM
IRS990/USAddress/ZIPCd087110
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IRS990/VotingMembersIndependentCnt013
IRS990/WebsiteAddressTxt0NMPARTNERSHIP.COM
IRS990/WhistleblowerPolicyInd0false
ReturnHeader/BuildTS02023-04-26 12:10:37Z
ReturnHeader/BusinessOfficerGrp/DiscussWithPaidPreparerInd0true
ReturnHeader/BusinessOfficerGrp/PersonNm0MELINDA ALLEN
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0PRESIDENT
ReturnHeader/BusinessOfficerGrp/PhoneNum05052478500
ReturnHeader/BusinessOfficerGrp/SignatureDt02023-05-11
ReturnHeader/Filer/BusinessName/BusinessNameLine1Txt0NEW MEXICO ECONOMIC DEVELOPMENT
ReturnHeader/Filer/BusinessName/BusinessNameLine2Txt0CORP
ReturnHeader/Filer/BusinessNameControlTxt0NEWM
ReturnHeader/Filer/EIN0200100129
ReturnHeader/Filer/PhoneNum05052478500
ReturnHeader/Filer/USAddress/AddressLine1Txt01720 LOUISIANA BLVD NE SUITE 312
ReturnHeader/Filer/USAddress/CityNm0ALBUQUERQUE
ReturnHeader/Filer/USAddress/StateAbbreviationCd0NM
ReturnHeader/Filer/USAddress/ZIPCd087110
ReturnHeader/PreparerFirmGrp/PreparerFirmEIN0850232815
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/PreparationDt02023-05-11
ReturnHeader/PreparerPersonGrp/PreparerPersonNm0JEREMY T RICHTER
ReturnHeader/ReturnTs02023-05-11T19:33:59-04:00
ReturnHeader/ReturnTypeCd0990
ReturnHeader/SigningOfficerGrp/PersonFullName/PersonFirstNm0MELINDA
ReturnHeader/SigningOfficerGrp/PersonFullName/PersonLastNm0ALLEN
ReturnHeader/TaxPeriodBeginDt02021-07-01
ReturnHeader/TaxPeriodEndDt02022-06-30
ReturnHeader/TaxYr02021

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