Civic Intelligence

New Mexico Economic Development Corporation

990 • Fiscal year 2023 • EIN 20-0100129

Jul 01, 2022 to Jun 30, 2023 • Filed on May 06, 2024

Organization ProfileNMPARTNERSHIP.COM

View Organization Page

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

37th percentile

0.07x

Higher debt load relative to assets than 37% of similar nonprofits.

2023 filings • NTEE S • $1M-$5M nonprofits • Source year 2023

Liabilities / Revenue

28th percentile

0.06x

Higher debt load relative to revenue than 28% of similar nonprofits.

2023 filings • NTEE S • $1M-$5M nonprofits • Source year 2023

Net Margin

60th percentile

9.0%

Higher net margin than 60% of similar nonprofits.

2023 filings • NTEE S • $1M-$5M nonprofits • Source year 2023

Top Officer Pay

62nd percentile

$140,071

Higher top officer pay than 62% of similar nonprofits.

Top officer pay equals 11.6% of source-year revenue.

2023 filings • NTEE S • $1M-$5M nonprofits • Source year 2023

Asset Growth

62nd percentile

7.1%

Faster asset growth than 62% of similar nonprofits.

2023 filings • NTEE S • $1M-$5M nonprofits • Annualized from 2022 to 2023

Revenue Growth

55th percentile

8.9%

Faster revenue growth than 55% of similar nonprofits.

2023 filings • NTEE S • $1M-$5M nonprofits • Annualized from 2022 to 2023

Balance Sheet
Liabilities / Assets37th percentile

Assets

Up

$1,017,213

Up $67,783 (+7.1%) from 2022

Net Assets

Up

$946,687

Up $108,637 (+13%) from 2022

Liabilities

Down

$70,526

Down $40,854 (-37%) from 2022

Revenue And Expenses
Liabilities / Revenue28th percentileNet Margin60th percentile

Revenue

Up

$1,207,870

Up $99,140 (+8.9%) from 2022

Expenses

Down

$1,099,233

Down $81,033 (-6.9%) from 2022

Net Income

Up

$108,637

Up $180,173 (+252%) from 2022

Historical Trend

Balance Sheet Trend

Asset Growth62nd percentile

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

2023

Assets$1,017,213
Liabilities$70,526
Net Assets$946,687
Open 2023 Filing

Operations Trend

Revenue Growth55th percentile

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

2023

Revenue$1,207,870
Expenses$1,099,233
Net Income$108,637
Open 2023 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2022 to Jun 30, 2023
Signed
May 6, 2024
Return Version
2022v5.0
Gross Receipts
$1,207,870
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$726,830$723,216▼ $3,614
Accounts Receivable$118,331$219,772▲ $101,441
Land, Buildings, and Equipment, Net$92,372$35,463▼ $56,909
Prepaid Expenses and Deferred Charges$1,027$26,320▲ $25,293
Intangible Assets-$12,442-
Total Assets$949,430$1,017,213▲ $67,783
Other Assets Total$10,870--
Liabilities
Accounts Payable and Accrued Expenses$61,865$57,226▼ $4,639
Other Liabilities$49,515$13,300▼ $36,215
Total Liabilities$111,380$70,526▼ $40,854
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$838,050$946,687▲ $108,637
Total Net Assets Fund Balance$838,050$946,687▲ $108,637
Total Liabilities and Net Assets / Fund Balance$949,430$1,017,213▲ $67,783

Asset Categories

AssetBook ValueDepreciationBasis
Equipment$35,463$77,198$112,661
Compensation and Service Providers
Top Officer Pay62nd percentile

Employees

NameTitleFull / Part TimeBaseOtherTotal
Melinda AllenPresidentFT$134,671$5,400$140,071

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
$1,205,000
Program Service Revenue
$0
Investment Income
$2,870
Other Revenue
$0
All Other Contributions
$105,000
Change in Net Assets
$108,637

Audited Revenue Reconciliation

Revenue per Audited Statements
$1,207,870
Revenue Not Reported on Form 990
$16,953
Total Revenue per Audited Statements
$1,224,823
Total Revenue per Form 990
$1,207,870
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$607,131
Salaries, Compensation, and Employee Benefits$492,102
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages---$248,555
Current Officers, Directors, Trustees, and Key Employees---$140,071
Fees for Services Other---$113,326
Other Employee Benefits---$66,815
Depreciation Depletion---$44,467
Travel---$40,566
Payroll Taxes---$29,303
Office Expenses---$16,564
Pension Plan Contributions---$7,358
Insurance---$4,238
Other Expenses---$3,580
Occupancy---$66
Total Functional Expenses$0$0$0$1,099,233

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Audited Statements$1,116,186
Expenses per Audited Statements$1,099,233
Total Expenses per Form 990$1,099,233
Expenses Not Reported on Form 990$16,953
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$13,300
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
2024-05-06
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

Additional Explanations

Form 990, Part IX, Line 11G

“Professional services 113,326 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, 2020 and thereafter.”

Raw XML Appendix376 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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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, 2020 AND THEREAFTER.
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0SCHEDULE D, PAGE 3, PART X
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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/ExplanationTxt4PROFESSIONAL SERVICES 113,326 0 0
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0FORM 990, PAGE 6, PART VI, LINE 11B
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IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc4FORM 990, PART IX, LINE 11G
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IRS990/SignificantNewProgramSrvcInd0false
IRS990/SubjectToExcsTaxNetInvstIncInd0false
IRS990/SubjectToProxyTaxInd0false
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IRS990/TaxablePartyNotificationInd0false
IRS990/TaxExemptBondsInd0false
IRS990/TerminateOperationsInd0false
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IRS990/TotalAssetsEOYAmt01017213
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IRS990/TotalFunctionalExpensesGrp/ManagementAndGeneralAmt00
IRS990/TotalFunctionalExpensesGrp/ProgramServicesAmt00
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IRS990/USAddress/StateAbbreviationCd0NM
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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/SignatureDt02024-05-06
ReturnHeader/Filer/BusinessName/BusinessNameLine1Txt0NEW MEXICO ECONOMIC DEVELOPMENT
ReturnHeader/Filer/BusinessName/BusinessNameLine2Txt0CORP
ReturnHeader/Filer/BusinessNameControlTxt0NEWM
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ReturnHeader/Filer/PhoneNum05052478500
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ReturnHeader/PreparerFirmGrp/PreparerFirmEIN0850232815
ReturnHeader/PreparerFirmGrp/PreparerFirmName/BusinessNameLine1Txt0HINKLE LANDERS PC
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ReturnHeader/PreparerFirmGrp/PreparerUSAddress/CityNm0ALBUQUERQUE
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/StateAbbreviationCd0NM
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/ZIPCd0871021055
ReturnHeader/PreparerPersonGrp/PhoneNum05058838788
ReturnHeader/PreparerPersonGrp/PreparationDt02024-05-07
ReturnHeader/PreparerPersonGrp/PreparerPersonNm0JEREMY T RICHTER
ReturnHeader/ReturnTs02024-05-07T11:16:23-04:00
ReturnHeader/ReturnTypeCd0990
ReturnHeader/SigningOfficerGrp/PersonFullName/PersonFirstNm0MELINDA
ReturnHeader/SigningOfficerGrp/PersonFullName/PersonLastNm0ALLEN
ReturnHeader/TaxPeriodBeginDt02022-07-01
ReturnHeader/TaxPeriodEndDt02023-06-30
ReturnHeader/TaxYr02022

Document Assets

No mirrored PDF or thumbnail assets are attached yet.

Filings

Displayed year

2023 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$1,017,213
Liabilities
$70,526
Net assets
$946,687
Revenue
$1,207,870
Expenses
$1,099,233
Net income
$108,637
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