Albuquerque Economic Development Inc

Analysis

Albuquerque Economic Development Inc is a registered charity in United States, based in Albuquerque, NM. It received its IRS tax-exemption ruling in November 2022, 4 years ago. Its declared purposes cover community improvement and capacity building, which this site groups under community and economic development. The IRS classifies it as a publicly supported organisation (donations from the general public) under section 501(c)(3), and contributions to it are listed as tax-deductible.

In the financial year ending December 2023, Albuquerque Economic Development Inc reported income of $2.0m and spending of $2.0m, spending 101% of its income. Across the 5 years on record, from December 2019 to December 2023, income grew from $1.6m to $2.0m (+20%), an average of +4.6% a year. The sharpest change came in the year to December 2021, when income rose by 53%. Over the whole period it spent 103% of the income it received.

Among 19,475 United States charities whose main cause is community and economic development and that reported income, Albuquerque Economic Development Inc sits at the 84th percentile: it is larger than about 84% of them. Against every charity in United States with reported income it ranks in the 86th percentile, and in the 87th percentile within NM. Charities of a similar size with the same main cause include Northern Berkshire Community Coalition Inc ($2.0m), Groundwork Denver Incorporated ($2.0m) and Latino Pastoral Action Center ($2.0m).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 86% and program service revenue 7.4% of the total. Compensation of current officers, directors and key employees was $341k (17% of expenses). Other salaries and wages came to $682k. At year end it held assets of $3.9m against liabilities of $574k, net assets of $3.3m. It reported 14 employees.