2024-11-01T10:57:48-05:00 2023-12-31 410746749 CLIFTONLARSONALLEN LLP 6501 AMERICAS PARKWAY NE SUITE 500 ALBUQUERQUE NM 87110 990 2023-01-01 850377424 NEW MEXICO COMMUNITY DEVELOPMENT LOAN FUND INC NEWM 5052433196 PO BOX 705 ALBUQUERQUE NM 87103 F LEROY PACHECO PRESIDENT/CEO 5052433196 2024-10-30 1 1 STEPHEN LIVINGSTON P00317845 5058428290 2024-10-30 2023 2024-10-15 13:58:12Z F LEROY PACHECO PO BOX 705 ALBUQUERQUE NM 87103 2638234 0 X WWW.LOANFUND.ORG X 1989 NM TO ENCOURAGE AND FACILITATE THE INVESTMENT OF CAPITAL IN LOW-INCOME NEW MEXICO COMMUNITIES. 14 14 9 14 0 0 720230 928070 1666760 1676180 7032 33984 0 0 2394022 2638234 0 0 0 0 1103262 1167220 0 0 288605 1121719 1665407 2224981 2832627 169041 -194393 38252004 42531939 36668182 41292730 1583822 1239209 X SEE SCHEDULE O 0 0 2213075 0 1676180 THE LOAN PROGRAM ENCOURAGES AND FACILITATES THE INVESTMENT OF CAPITAL IN LOW-INCOME NEW MEXICO COMMUNITIES THROUGH INDIVIDUALS, RELIGIOUS AND COMMUNITY ORGANIZATIONS, FOUNDATIONS, GOVERNMENT ENTITIES, LENDING INSTITUTION AND OTHERS. IN 2023, THERE WERE 54 NEW LOANS MADE IN THE AMOUNT OF $8,823,571. THE LOANS WERE MADE TO 37 MINORITY-OWNED BUSINESSES INCLUDING 14 WOMAN-OWNED BUSINESSES, AND 3 NON-PROFIT ORGANIZATIONS. 2213075 1 1 0 0 0 0 0 0 0 0 1 0 0 0 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 1 71 0 1 9 1 0 0 0 0 0 0 0 0 0 0 0 0 X 14 14 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 0 0 NM X X X CONCHIE SEARLE 5052433196 PO BOX 705 ALBUQUERQUE NM 87102 HERB CROSBY PHD CHAIR 1.00 X X 0 0 0 ERIC HALL VICE CHAIR 1.00 X X 0 0 0 IDA FIERRO SECRETARY 1.00 X X 0 0 0 MANNY ORTIZ TREASURER 1.00 X X 0 0 0 DAVID ALLEN DIRECTOR 1.00 X 0 0 0 JUSTIN HORWITZ DIRECTOR 1.00 X 0 0 0 DAR JOHNSON DIRECTOR 1.00 X 0 0 0 DONNA L LOPEZ DIRECTOR 1.00 X 0 0 0 SUZANNE V MIRABAL DIRECTOR 1.00 X 0 0 0 BETH PETRUNO DIRECTOR 1.00 X 0 0 0 CHRIS SAMBORSKI DIRECTOR 1.00 X 0 0 0 SHELLY BRANSCOM DIRECTOR 1.00 X 0 0 0 MIKE DEVENZEIO DIRECTOR 1.00 X 0 0 0 IZAAC JUDA ZUBIA DIRECTOR 1.00 X 0 0 0 F LEROY PACHECO PRESIDENT/CEO 40.00 X 247729 0 38277 CONCHIE SEARLE CFO 40.00 X 142673 0 20668 GEORGE KENEFIC DIRECTOR OF ENTERPRISE 40.00 X 114660 0 21759 505062 0 80704 3 0 1 0 DAVID HICKS 5620 CINDER CONE DR NW ALBUQUERQUE NM 87120 TRAINING TO LENDING STAFF, LOAN PROCESSI 111700 1 153846 774224 928070 PROGRAM LOAN INTEREST 900099 1556167 1556167 OTHER LENDING PROGRAM INCOME 900099 120013 120013 1676180 33984 33984 2638234 1676180 0 33984 X 449348 159337 202174 87837 522364 397501 29052 95811 12211 9806 185 2220 117386 79630 16082 21674 65911 38678 14812 12421 50050 40040 5005 5005 94720 75776 9472 9472 7154 5724 715 715 310635 310635 20172 10086 5043 5043 13156 6578 3289 3289 NET LOAN LOSS RESERVE 705965 705965 OUTREACH 408460 326768 40846 40846 LOAN ADMINISTRATION 33295 33295 REPAIRS AND MAINTENANCE 13948 6974 3487 3487 7852 6282 785 785 2832627 2213075 330947 288605 5498227 8215803 326021 246164 69598 88454 6436 3054 31798957 33375701 4313 4478 689339 312632 360355 376707 188097 221578 38252004 42531939 238854 310772 42241 28163603 32609502 7630401 7872456 593083 500000 36668182 41292730 X 1378031 1112244 205791 126965 1583822 1239209 38252004 42531939 X -194393 -150220 X X 0 1 X 1 1 1 X 124020 330381 472692 720230 928070 2575393 124020 330381 472692 720230 928070 2575393 16996 2558397 2212 2004 1838 7032 33984 47070 2039 2039 2624502 7619681 0.97480 0.94550 X SCHEDULE A, PART II, LINE 10, EXPLANATION OF OTHER INCOME: MISCELLANEOUS INCOME - 2021 AMOUNT: $ 2,039. RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 91500 91500 443325 171829 271496 154514 140803 13711 376707 SUBORDINATED DEBT 500000 500000 X 2638234 0 2638234 0 2638234 2832627 0 2832627 0 2832627 PART X, LINE 2: THE LOAN FUND BELIEVES IT HAS APPROPRIATE SUPPORT FOR ANY TAX POSITIONS TAKEN, AND AS SUCH, DOES NOT HAVE ANY UNCERTAIN TAX POSITIONS THAT ARE MATERIAL TO THE FINANCIAL STATEMENTS. X 0 0 0 0 0 0 0 1 0 F LEROY PACHECO PRESIDENT/CEO 228729 0 19000 0 0 0 7246 0 31031 0 286006 0 0 0 CONCHIE SEARLE CFO 130673 0 12000 0 0 0 4130 0 16538 0 163341 0 0 0 PART I, LINE 3 PRESIDENT/CEO IS REVIEWED ANNUALLY BY THE BOARD CHAIR AND VICE-CHAIR AND IS SIGNED OFF BY ALL PARTIES. PART I, LINE 7 BONUSES CAN BE EARNED BASED UPON MEETING ORGANIZATIONAL GOALS SET PRIOR TO THE START OF THE BONUS PERIOD AND ARE AT THE DISCRETION OF THE BOARD OF DIRECTORS. DAVID HICKS FORMER DIRECTOR WITHIN THE LAST 5 YEARS 111700 TRAINING TO LENDING STAFF, LOAN PROCESSING, PROCEDURE IMPROVEMENT. 0 FORM 990, PART III, LINE 1 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. FORM 990, PART VI, SECTION A, LINE 1A THE EXECUTIVE COMMITTEE SHALL HAVE AND MAY EXERCISE ALL OF THE AUTHORITY OF THE BOARD OF DIRECTORS IN THE MANAGEMENT OF THE AFFAIRS OF THE CORPORATION, EXCEPT WHERE THE ACTION OF THE BOARD OF DIRECTORS IS EXPRESSLY REQUIRED BY STATUTE, THE BYLAWS, OR THE ARTICLES OF INCORPORATION, AND SHALL HAVE POWER TO AUTHORIZE THE SEAL OF THE CORPORATION TO BE AFFIXED TO ALL PAPERS WHICH MAY REQUIRE IT. FORM 990, PART VI, SECTION B, LINE 11B THE CPA FIRM OF CHOICE PREPARES THE 990, A DRAFT COPY IS SUBMITTED TO THE ENTITY FOR REVIEW BY THE CONTROLLER AND THE PRESIDENT. ONCE THE REVIEW IS COMPLETED, IT IS COMMUNICATED BACK TO THE CPA FIRM WHETHER THERE ARE ANY CHANGES TO BE MADE. MEMBERS OF THE BOARD RECEIVE A DRAFT COPY OF THE 990 FOR THEIR REVIEW PRIOR TO FILING WITH THE IRS. FORM 990, PART VI, SECTION B, LINE 12C 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. IN CONNECTION WITH ANY ACTUAL OR POSSIBLE CONFLICT OF INTEREST, AN INTERESTED PERSON MUST DISCLOSE THE EXISTENCE OF THE FINANCIAL INTEREST AND BE GIVEN THE OPPORTUNITY TO DISCLOSE ALL MATERIAL FACTS TO THE DIRECTORS AND MEMBERS OF COMMITTEES WITH GOVERNING BOARD DELEGATED POWERS CONSIDERING THE PROPOSED TRANSACTION OR ARRANGEMENT. AFTER DISCLOSURE OF THE FINANCIAL INTEREST AND ALL MATERIAL FACTS, AND AFTER ANY DISCUSSION WITH THE INTERESTED PERSON, HE/SHE SHALL LEAVE THE GOVERNING BOARD OR COMMITTEE MEETING WHILE THE DETERMINATION OF CONFLICT OF INTEREST IS DISCUSSED AND VOTED UPON. THE REMAINING BOARD OR COMMITTEE MEMBERS SHALL DECIDE IF A CONFLICT OF INTEREST EXISTS. IF A CONFLICT OF INTEREST EXISTS, THE GOVERNING BOARD OR COMMITTEE SHALL, IF APPROPRIATE, APPOINT A DISINTERESTED PERSON OR COMMITTEE TO INVESTIGATE ALTERNATIVES TO THE PROPOSED TRANSACTION OR ARRANGEMENT. IF A MORE ADVANTAGOUS TRANSACTION OR ARRANGEMENT IS NOT REASONABLY POSSIBLE UNDER CIRCUMSTANCES NOT PRODUCING A CONFLICT OF INTEREST, THE GOVERNING BOARD OR COMMITTEE SHALL DETERMINE BY A MAJORITY VOTE OF THE DISINTERESTED DIRECTORS WHETHER THE TRANSATION OR ARRANGEMENT IS IN THE CORPORATION'S BEST INTEREST, FOR ITS OWN BENEFIT, AND WHETHER IT IS FAIR AND REASONABLE. IT SHALL MAKE ITS DECISION WHETHER TO ENTER INTO THE TRANSACTION OR ARRANGEMENT BASED ON THE ABOVE DETERMINATION. FAILURE TO DISCLOSE CONFLICTS OF INTEREST MAY CAUSE THE GOVERNING BOARD OR COMMITTEE TO SEEK DISCIPLINARY AND CORRECTIVE ACTIONS. THE DELIBERATIONS AND DECISIONS ARE DOCUMENTED IN THE BOARD MINUTES. FORM 990, PART VI, SECTION B, LINE 15A AN INDEPENDENT COMMITTEE OF THE BOARD CONSISTING OF THE CHAIRMAN AND VICE-CHAIRMAN REVIEW COMPARABILITY 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 PROCESS DESCRIBED HERE WAS LAST COMPLETED IN 2023. FORM 990, PART VI, SECTION C, LINE 18 THE FORM 990 IS ALSO EMAILED TO THE INVESTORS (MISSION PARTNERS). FORM 990, PART VI, SECTION C, LINE 19 THE ORGANIZATION MAKES ITS GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY AND FINANCIAL STATEMENTS AVAILABLE UPON REQUEST AND ARE MAINTAINED AT THE OFFICE LOCATION AND COMPANY WEBSITE. FORM 990, PART IX, LINE 24E TRAINING: PROGRAM SERVICE EXPENSES 6,282. MANAGEMENT AND GENERAL EXPENSES 785. FUNDRAISING EXPENSES 785. TOTAL EXPENSES 7,852. FORM 990, PART XI, LINE 9: CHANGE IN ACCOUNTING PRINCIPAL -150,220. FORM 990, PART XII, LINE 2C THE ORGANIZATION DID NOT CHANGE ITS OVERSIGHT OR SELECTION PROCESS OF AN INDEPENDENT ACCOUNTANT DURING THE TAX YEAR. IT DOES NOT HAVE A SEPARATE AUDIT COMMITTEE, INSTEAD THE ENTIRE BOARD REVIEWS THE AUDIT AND IS PART OF THE SELECTION PROCESS.