Black Chamber of Commerce of New Mexico

Nonprofit profile at a glance

EIN
832191054
IRS 990 coverage
2019–2024
Forms available
Form 990 2024, Form 990-PF 2023
Location
Albquerque, NM, USA
Phone
5053402773
Rating
62
Verdict
SUPPORTED
Rating confidence
Moderate
Sector
Chambers of Commerce & Business Leagues

Reported finances

Revenue
$534,752
Expenses
$421,982
Assets
$622,514
Liabilities
$387,522

Source: IRS Form 990. Selected filing: tax year 2024. Amounts in USD.

Leadership & pay

13 people listed

Executive titles in this filing

  • KARLA CAUSEY (CEO/PRESIDEN)

Highest reported compensation

  • KARLA CAUSEY (CEO/PRESIDEN): $75,000 total reported compensation

Source: IRS Form 990. Selected filing: tax year 2024. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

Our purpose is to promote sustainable economic growth and empowerment within the black-owned business community. We are committed to achieving this by focusing on four key pillars: education, advocacy, mentorship, and networking. Through education, we strive to equip black-owned businesses with the knowledge, skills, and resources necessary to thrive in a competitive marketplace. By providing access to educational programs, workshops, and seminars, we aim to empower entrepreneurs with valuable insights, industry trends, and best practices. Advocacy lies at the heart of our mission. We advocate for the interests and needs of black-owned businesses at various levels, engaging with policymakers, organizations, and stakeholders to drive meaningful change. By championing inclusive policies, fostering an equitable business environment, and addressing systemic barriers, we aim to create a more level playing field for black entrepreneurs. Mentorship plays a crucial role in our approach. We bel

What it reported doing in 2024

2024 chamber highlights the black chamber of commerce of New Mexico embarked upon another stellar year and continued to provide exceptional services to underserved, under- engaged, under-resourced low- and moderate-income entrepreneurs and small businesses throughout the entire state of New Mexico, the chamber enhanced the small business success program (technical assistance) to allow members to specify additional categories needed for their business success. Small business members receive technical assistance at no extra charge, which includes services such as business plan development, help with government certifications, grant writing, and funding for trademarl<s for five (5) member businesses, among other benefits. Additionally, we instituted the character-based crosby micro loan program where we loan between 250 - 10,000 to qualified members without pulling a credit report but ensuring they can repay at 5% fixed interest and without a pre-payment penalty. Nusenda federal credit union powers these loans. We initiated the vaccine equity and health program and hosted workshops in clovis, roswell, carlsbad, and various locations in albuquerque. Local medical professionals facilitated the workshops and received modest compensation for sharing their expertise in local markets. The New Mexico department of health accompanied the chamber and provide free vaccinations at the various locations. The chamber began offering grants throughout albuquerque ranging from 2000 to 5000 across three-tiers. The grant program opens the first month of every quarter and the requirements were basic business requirements needed for success and for the ability for them to be prepared to successfully apply for other grants (e.g. Have a business plan, maintain a business bank account, be up to date on tax filings, and similar requirements). Finally, we launched the herb crosby memorial scholarship fund available to high school seniors attending higher education (including certificate programs) within New Mexico or attending an historically black college or university (hbcu). The chamber continues to be agile, flexible, and durable, and multi-faceted and we are reenergized and remain steadfast in the development and sustainability of economic growth throughout New Mexico.

Operating model

Revenue model
Mixed. Its operating money came from several sources; no one source provided a clear majority.
Distribution model
Direct operator. The filing allocates 100% of reported program-service expenses outside its grant, affiliate-payment, and member-benefit lines. This expense classification does not rule out separately announced grant awards.

The verdict

SUPPORTED - The filed numbers largely add up and most voting board members are independent. A relatively small share of available resources goes toward mission work and a relatively small share of total spending goes to programs.

Rating breakdown

  • Financial Efficiency: 28
  • Transparency & Controls: 86
  • Accountability: 84
  • Sustainability: 56
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 29.1%; rating input score 29
  • Program expense ratio: 36.9%; rating input score 37
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 92.3%; rating input score 92; 16th percentile among comparable filings
  • Pay-setting controls: Limited
  • Foreign activity oversight: Limited
  • Grant itemization coverage: Limited
  • Major donor itemization: Yes; rating input score 100
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 100%; rating input score 100; 63rd percentile among comparable filings
  • Governance controls: 5 of 8 controls in place; rating input score 62
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • Document-retention policy: Pass
    • CEO compensation review process: Pass
    • Other executive compensation review process: NotApplicable
    • Form 990 shared with the board: Fail
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Missing
    • Independent financial-statement audit: Fail

Sustainability

  • Operating margin: 21.1%; rating input score 77; 77th percentile among comparable filings
  • Total-asset coverage ratio: 1.48; rating input score 55; 55th percentile among comparable filings
  • Liabilities to assets ratio: 0.62; rating input score 12; 12th percentile among comparable filings
  • Officer compensation ratio: 17.8%; rating input score 18; 18th percentile among comparable filings

Growth

  • Program expense growth: 32.8% per year; rating input score 100; 91st percentile among comparable filings
  • Revenue growth: 35.1% per year; rating input score 100; 94th percentile among comparable filings
  • Asset growth: 37.7% per year; rating input score 100; 94th percentile among comparable filings

Details

  • Where the money goes: 29.1% of revenue deployed · 36.9% of spending went to programs
  • Governance: 13 of 13 board members independent · 5 of 8 filing controls reported
  • Programs: 1 filed program accomplishment · $156K in reported program spending
  • Leadership: top reported pay $75K · 13 people listed
  • Consistency: 27 of 28 current checks pass · 1 finding to review
  • Schedules: 5 filed schedules · includes major donors
  • Filing history: 2 filing years from 2019 to 2024
  • Contacts: How to reach this organization
  • Money network: 1 filed money-flow record
  • Grant readiness: Federal tax and exclusion status, award history, and grant-maker relationships.
  • People: Everyone the filings name, and which of them the filings identify by more than a name.

Key Signals

Signals prioritize questions for review. They are not findings of misconduct.

  • High — Financial Efficiency: Mission deployment rate scored 29/100.
  • Moderate — Financial Efficiency: Program expense ratio scored 37/100.
  • Review — Accountability: Governance controls: 2 of 7 not reported.
  • Moderate — Transparency & Controls: Schedule A contributions reconciliation did not reconcile in the filed values.
  • Review — Sustainability: Total-asset coverage ratio scored 55/100.
  • High — Sustainability: Liabilities to assets ratio scored 12/100.
  • High — Sustainability: Officer compensation ratio scored 18/100.