New Mexico Community Development Loan Fund Inc

“Members of the board receive and review a draft copy of the 990 information return prior to filing.”

“Each director, principal officer and member of a committee with board-delegated powers is required annually to sign a statement affirming they have received a copy of the policy, has read and understood the policy, agrees to comply with the policy, and understands the organization is a tax-exempt charitable organization and, as such, must primarily engage in activities that accomplish one or more of its tax-exempt purposes. The policy also contains provisions for periodic reviews and procedures for diclosure of actual or possible conflicts.”

“An independent committee of the board consisting of the chairman and vice-chairman review comparibility data from guidestar as well as the performance of the president and other pertinent metrics. Using this information, they then determine any compensation adjustments and this determination is documented in writing that is signed by the chairman, vice-chairman and the president after the parties hold a meeting to discuss. The organization does not currently have any additional compensated officers or key employees as defined in the irs instructions. The organization will follow the same procedure above that is done for the president for any compensated officers or key employees should they be hired by the organization.”

“The organization makes its governing documents, conflict of interest policy and financial statements available upon request.”

“The loan fund was formed to encourage and facilitate the investment of capital in low-income new mexico communities through individuals, religious and community organizations, foundations, government entities, lending institution and others. The loan fund places particular emphasis on assisting low-income, minority and woman-owned businesses and those who meet other special requirements and are unable to access affordable loans from traditional sources such as banks.”

“Training: program service expenses 7,478. Management and general expenses 935. Fundraising expenses 935. Total expenses 9,348. Telephone: program service expenses 3,768. Management and general expenses 471. Fundraising expenses 471. Total expenses 4,710.”

“The organization did not change its oversight or selection process during the tax year.”