Albuquerque Economic Development Inc
- Assets
- $4.3m
- Revenue
- $2.1m
- Investments
- $0.0
- Employees
- 12
- Location
- Albuquerque, NM
- Founding
- 03/1962
- Data as of
- 12/2021
- EIN
- 85-0157216
Organization Overview
Albuquerque Economic Development Inc is located in Albuquerque, NM. The organization was established in 1962. According to its NTEE Classification (S30) the organization is classified as: Economic Development, under the broad grouping of Community Improvement & Capacity Building and related organizations. As of 12/2021, Albuquerque Economic Development Inc employed 12 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Albuquerque Economic Development Inc is a 501(c)(6) and as such, is described as a "Business League, Chambers of Commerce, or Real Estate Board" by the IRS.
For the year ending 12/2021, Albuquerque Economic Development Inc generated $2.1m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 2.5% each year. All expenses for the organization totaled $1.9m during the year ending 12/2021. While expenses have increased by 0.6% per year over the past 7 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.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2021
Describe the Organization's Mission:
Part 3 - Line 1
TO STRENGTHEN THE ALBUQUERQUE METROPOLITAN AREA THROUGH THE RECRUITMENT OF BUSINESS AND INDUSTRY, AND BY PROVIDING SUPPORT FOR THE RETENTION AND EXPANSION OF ECONOMIC BASE EMPLOYERS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
BUSINESS RECRUITMENT, RETENTION AND EXPANSION: AED RECRUITS COMPANIES THAT EXPORT THE MAJORITY OF THEIR GOODS AND SERVICES OUTSIDE OF NEW MEXICO, THEREBY BRINGING NEW MONEY INTO THE STATES ECONOMY.BUSINESS DEVELOPMENT: AED ASSISTS EXISTING LOCAL BUSINESSES WITH THEIR EXPANSION PLANS, HELPING CONNECT THEM TO RESOURCES THAT POSITION THEM FOR GROWTH.
MEMBERSHIP RECRUITMENT AND DEVELOPMENT: AED INVITES LEADING METRO AREA. BUSINESSES TO JOIN THE ORGANIZATION AND TO BE ENGAGED FOR THE ADVANCEMENT OF ITS MISSION. AED PROVIDES EDUCATIONAL PROGRAMS, TRAINING AND NETWORKING OPPORTUNITIES TO ITS MEMBERSHIP.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Danielle Casey President And CEO | Officer | 40 | $216,923 |
Debra Inman Employee | 40 | $118,269 | |
Joe Farr Chair | OfficerTrustee | 5 | $0 |
Cesar Rodriguez Secretary | OfficerTrustee | 5 | $0 |
Mindy Koch Treasurer | OfficerTrustee | 5 | $0 |
Cynthia Schultz Chair Elect | OfficerTrustee | 5 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $266,915 |
| All other contributions, gifts, grants, and similar amounts not included above | $1,201,581 |
| Noncash contributions included in lines 1a–1f | $19,028 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $1,468,496 |
| Total Program Service Revenue | $331,166 |
| Investment income | $89,408 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $211,945 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $2,101,015 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $216,923 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $658,961 |
| Pension plan accruals and contributions | $59,204 |
| Other employee benefits | $35,788 |
| Payroll taxes | $54,663 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $2,535 |
| Fees for services: Accounting | $50,911 |
| Fees for services: Lobbying | $39,421 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $23,662 |
| Fees for services: Other | $260,622 |
| Advertising and promotion | $68,206 |
| Office expenses | $55,254 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $65,408 |
| Travel | $10,488 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $2,097 |
| Interest | $6,188 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $27,700 |
| Insurance | $15,097 |
| All other expenses | $13,414 |
| Total functional expenses | $1,853,839 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $84,078 |
| Savings and temporary cash investments | $809,940 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $134 |
| Net Land, buildings, and equipment | $76,930 |
| Investments—publicly traded securities | $3,304,636 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $4,275,718 |
| Accounts payable and accrued expenses | $218,259 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $149,900 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $28,762 |
| Total liabilities | $396,921 |
| Net assets without donor restrictions | $3,878,797 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $4,275,718 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that Albuquerque Economic Development Inc has recieved totaling $10,000.
| Awarding Organization | Amount |
|---|---|
Presbyterian Healthcare Services Albuquerque, NM PURPOSE: GENERAL SUPPORT | $10,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Visit Salt Lake Salt Lake City, UT | $7,092,794 | $14,927,768 |
Saisd Historic Preservation Corporation San Antonio, TX | $3,795,273 | $2,962,141 |
Greater Phoenix Convention & Visitors Bureau Phoenix, AZ | $19,191,750 | $16,242,591 |
Central Oklahoma Workforce Investment Board Inc Oklahoma City, OK | $3,420,947 | $10,316,235 |
Whole Planet Foundation Austin, TX | $10,584,602 | $6,202,281 |
Frazier Revitalization Inc Dallas, TX | $12,774,298 | $14,569,658 |
Greater Phoenix Economic Council Phoenix, AZ | $6,926,984 | $7,545,492 |
Region 10 League For Economic Assistance & Planning Inc Montrose, CO | $16,331,779 | $8,034,942 |
Cplc Nevada Inc Phoenix, AZ | $8,204,824 | $6,300,794 |
Corpus Christi Area Convention And Tourist Bureau Inc Corpus Christi, TX | $2,305,137 | $5,577,829 |
Edinburg Economic Development Corporation Edinburg, TX | $67,135,031 | $9,281,578 |
Market Lubbock Economic Development Corporation Lubbock, TX | $8,726,484 | $8,303,064 |