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Nonprofiteer
← SMALL BUSINESS INVESTMENT CORPORATION

Form 990 for tax year 2022

Filed by SMALL BUSINESS INVESTMENT CORPORATION.

Totals

Total revenue
$8,947,897
Total expenses
$424,082
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$7,985,696
Investment income
$962,201
Other revenue
$0
Total assets, end of year
$123,837,033
Total liabilities, end of year
$1,958,110
Net assets or fund balances, end of year
$121,878,923
Program services expenses (Part IX)
$248,944
Management and general expenses
$175,138
Fundraising expenses
$0
Program service expenses (Part III)
$248,944

Program services were 58.7% of total expenses calculated — Part IX's program-services column over total expenses, both as filed.

Line items

Every line the filer filed in Parts VIII, IX and X, as filed and in filed order. Blank columns are left out, and the lines are not forced to add up to the totals above.

Revenue

Part VIII, the statement of revenue.

  • 2a · Program service revenue: SEVERANCE TAX PERM FUND

    total $6,196,734 · related or exempt $6,196,734

  • 2b · Program service revenue: EARNINGS ON DEBT & EQUITY INV

    total $1,788,962 · related or exempt $1,788,962

  • 3 · Investment income

    total $962,201 · excluded $962,201

Functional expenses

Part IX, the statement of functional expenses.

  • 5 · Compensation of officers, directors and key employees

    total $227,694 · program services $152,555 · management and general $75,139

  • 11b · Fees: legal

    total $15,691 · management and general $15,691

  • 11c · Fees: accounting

    total $53,223 · management and general $53,223

  • 11f · Fees: investment management

    total $30,669 · program services $30,669

  • 11g · Fees: other

    total $5,795 · management and general $5,795

  • 13 · Office expenses

    total $34 · management and general $34

  • 16 · Occupancy

    total $5,579 · management and general $5,579

  • 17 · Travel

    total $546 · management and general $546

  • 19 · Conferences, conventions and meetings

    total $1,561 · management and general $1,561

  • 23 · Insurance

    total $5,329 · management and general $5,329

  • 24a · Other expenses: FINANCE NEW MEXICO

    total $36,566 · program services $36,566

  • 24b · Other expenses: PROVISION FOR LOAN LOSSES

    total $29,154 · program services $29,154

  • 24c · Other expenses: BANK SERVICE CHARGES

    total $5,038 · management and general $5,038

  • 24d · Other expenses: DUES & SUBSCRIPTIONS

    total $4,481 · management and general $4,481

  • 24e · All other expenses

    total $2,722 · management and general $2,722

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $108,436 · end of year $13,670

  • 2 · Savings and temporary cash investments

    beginning of year $58,543,085 · end of year $31,157,110

  • 4 · Accounts receivable

    beginning of year $44,853 · end of year $189,760

  • 9 · Prepaid expenses and deferred charges

    beginning of year $14,506 · end of year $15,764

  • 12 · Investments: other securities

    end of year $7,439,502

  • 13 · Investments: program-related

    beginning of year $61,542,395 · end of year $85,021,227

  • 17 · Accounts payable and accrued expenses

    end of year $25,462

  • 25 · Other liabilities

    beginning of year $6,594,080 · end of year $1,932,648

  • 31 · Retained earnings, endowment or other funds

    beginning of year $113,659,195 · end of year $121,878,923

Mission and programs · 2022

Mission

TO MAKE DEBT OR EQUITY INVESTMENTS TO SUPPORT NEW OR EXPANDING BUSINESSES IN THE STATE OF NEW MEXICO, TO CREATE NEW JOB OPPORTUNITIES, AND TO IMPLEMENT THE NEW MEXICO SMALL BUSINESS INVESTMENT ACT.

Activities or mission (Part I)

TO MAKE DEBT OR EQUITY INVESTMENTS TO SUPPORT NEW OR EXPANDING BUSINESSES IN THE STATE OF NEW MEXICO

  • THE ORGANIZATION'S LENDING PROGRAM IS ITS PRIMARY PROGRAM. THE LENDING PROGRAM PROVIDES FUNDING, THROUGH LENDING PARTNERS, TO SMALL BUSINESSES IN NEW MEXICO THAT DO NOT HAVE ACCESS TO FUNDING FROM TRADITIONAL BANKS. DURING THE TWELVE MONTHS ENDED JUNE 30, 2023, THE NMSBIC PROVIDED FUNDS FOR 155 SMALL BUSINESS LOANS TOTALING 34.7 MILLION AND SUPPORTING 1,078 JOBS IN NEW MEXICO. THE TOTAL LOANS OUTSTANDING INCREASED FROM 49.3 MILLION TO 72.6 MILLION.

    Expenses $218,275 · Revenue $6,196,734

  • THE ORGANIZATION ALSO HAS AN EQUITY PROGRAM THAT HISTORICALLY MADE INVESTMENTS IN VENTURE CAPITAL EQUITY FUNDS. NO NEW EQUITY INVESTMENT COMMITMENTS HAVE BEEN MADE IN RECENT YEARS, BUT THERE ARE OUTSTANDING INVESTMENTS FROM PRIOR YEARS. TOTAL EQUITY INVESTMENTS OUTSTANDING WERE 2.3 MILLION AS OF JUNE 30, 2023.

    Expenses $30,669 · Revenue $1,788,962

As filed on the 2022 return.

Listed in Part VII

  • Joseph H Badal

    CHAIR

    Total calculated
    $0
    Hours/week
    8

  • Alan Fowler

    VICE CHAIR

    Total calculated
    $0
    Hours/week
    4

  • Steven Morgan

    SECRETARY/TR

    Total calculated
    $0
    Hours/week
    4

  • Tim Eichenberg

    DIRECTOR TO

    Total calculated
    $0
    Hours/week
    3

  • Anne Beckett

    DIRECTOR

    Total calculated
    $0
    Hours/week
    3

  • Robert Valdiviez

    DIRECTOR

    Total calculated
    $0
    Hours/week
    3

  • Joshua Smith

    DIRECTOR

    Total calculated
    $0
    Hours/week
    3

  • Laura Montoya

    DIRECTOR BEG

    Total calculated
    $0
    Hours/week
    3

  • Russ Cummins (Rdc Advisors LLC)

    EXEC DIR/INV

    Total calculated
    $222,614
    From this org
    $222,614
    From related orgs
    $0
    Other
    $0
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $192,614
    Bonus
    $30,000
    Other
    not reported
    Deferred
    not reported
    Nontaxable benefits
    not reported
    Filer's total
    $222,614

Compensation is as filed in Part VII: reportable pay from this organization and from related organizations, other compensation, and hours per week. The total, marked calculated, is our sum of the three dollar columns, with a blank column counted as $0; the form itself has no total. On a Form 990-EZ the columns are Part IV's instead, and on a Form 990-PF Part VIII's — compensation, contributions to benefit plans, and expense account — and the total sums those. A Schedule J breakdown is as filed: base pay, bonus, other, deferred compensation and nontaxable benefits from this organization, with any from related organizations beside each, and the filer's own total. It is shown with the Part VII listing of the same name on the same return. The form gives no key between the two, so that pairing is ours, and is marked matched by us.

Schedule J

Answered yes

  • 3 · Written employment contract
  • 3 · Approval by the board or compensation committee

Answered no

  • 4a · Severance or change-of-control payment
  • 4b · Supplemental nonqualified retirement plan
  • 4c · Equity-based compensation arrangement
  • 5a · Pay contingent on this organization's revenues
  • 5b · Pay contingent on a related organization's revenues
  • 6a · Pay contingent on this organization's net earnings
  • 6b · Pay contingent on a related organization's net earnings
  • 7 · Other non-fixed payments
  • 8 · Paid under the initial-contract exception

The filer's explanations (Part III)

SCHEDULE J, PART III
THE ORGANIZATION DOES NOT PROVIDE ANY HEALTH INSURANCE OR RETIREMENT BENEFITS, NOR DOES IT COVER GROSS RECEIPTS TAX OR THE EMPLOYER PORTION OF FICA AND MEDICARE TAXES FOR THE INDEPENDENT CONTRACTOR.

Part I's answers as filed. A line not listed was left unanswered; on lines 1a and 3 that means the box was not checked.

Grants on this return

No itemized grants to organizations on this return.

Provenance

Return type
form_990
Tax year
2022
Filed
19 February 2024
IRS schema version
2022v5.0
Source object
202410519349300216

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