Greater Gallup Economic Development Corporation

What it reported doing in 2024

(1)business attraction & recruitment (bar): under its bar program, the ggedc continued to perform under a contract from mckinley county to over see and coordinate the work of consultant teams on inter-related development projects, engaged by the county to plan and design: (a) an automotive / autonomous vehicles proving ground complex; (b) a hydrogen / multi-fuel hub; (c) a multi-functional inland port facility. Ggedc staff and local consultants coordinated communications. Hosted many meetings, provided information to the the New Mexico legislature to draft and secure passage of the trade ports development and site development acts, accompanied outside expert consultants on site visits to industrial partner and best practice sites (including bnsf railway headquarters in fort worth, tx; 3 major ports; and 7 top proving ground facilities), and tracked progress oneach of the initiatives. These efforts were funded by three planning and design grants from the New Mexico department of transportation(nm dot). The ggedc also provided technical assistance to the city of gallup (also pursuant to an nmdot grant) to secure expert assistance in obtaining from us customs a foreign trade zone and user-fee airport designation for the gallup municipal airport an initiative likewise interrelated with the inland port complex design. This certification process is run in parallel with plans for rehabilitation of the airport terminal facility. Highlights of the organizations bar work included two economic roundtable conferences, each hosting over 50 participants, focused on the tradeport initiatives: one was held in gallup in october 2024; and the second one was held in santa fe in february 2025. Additionally, the ggedc assisted mckinley county in providing a public presntation on the tradeport as part of economic development week activities in may 2025. The ggedc's industrial recruitment efforts included (a) active processing of "prospective recruitment opportunities" (pro) forms to vet potential fit for companies; (b) close communication with and technical assistance to a number of companies considering relocating to the greater gallup area, resulting in one company committing to relocate and several companies sustaining interest; and (c) attendance and networking with industry leaders at several national conferences and trade shows, including the transatlantic business investment council (tbic), journal of commerce (joc) inland distribution conference, the international manufacturing technology show (imts), the select USA investment summit in Maryland, the 2024 world hydrogen north america conference and breakbulk trade show in houston, and promat 2025. (2) marketing: to enhance its public and market profile, the ggedc updated its website, customer relations management system, and public relations materials, in addition to hosting an annual community reception attended by over 50 invitees. Marketing materials were provided at many of the trade shows attended by ggedc representitives, in collaboration with the New Mexico partnership and other economic development organizations in the region. (3) business retention & expansion (bre): the ggedc continued and refined its award-winning bre program, including semi-annual surveys and interviews with key economic-base employers and recognition of local employers for their economic contributions to the region. The ggedc also continued its support for expansion of the mckinley paper facilities located in eastern mckinley county, along with further planning and development of the prewitt industrial complex associated with the decommissioned escalante generating station. Ggedc's bre work included management of a leads (local economic assistance & delevopment support) program and technical assistance in updating the city of gallup's local economic development act (leda) ordinance.

Financial Efficiency

• Mission deployment rate: 88.5%; rating input score 89
• Program expense ratio: 75.2%; rating input score 75
• Fundraising efficiency: $26.14 raised per $1 spent on fundraising; rating input score 65; 65th percentile among comparable filings

Transparency & Controls

• Consistency checks: 100%; rating input score 100; 63rd percentile among comparable filings
• Pay-setting controls: 1 of 6 controls in place; rating input score 17
  • Compensation committee: Missing
  • Independent consultant: Missing
  • Other Form 990s reviewed: Missing
  • Written employment contract: Missing
  • Compensation survey or study: Missing
  • Board or committee approval: Pass
• 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: 9 of 9 controls in place; rating input score 100
  • Conflict-of-interest policy: Pass
  • Whistleblower policy: Pass
  • Document-retention policy: Pass
  • CEO compensation review process: Pass
  • Other executive compensation review process: Pass
  • Form 990 shared with the board: Pass
  • Board meeting minutes documented: Pass
  • Audit committee oversight: Pass
  • Independent financial-statement audit: Pass

Sustainability

• Operating margin: -17.2%; rating input score 11; 11th percentile among comparable filings
• Total-asset coverage ratio: 2.81; rating input score 74; 74th percentile among comparable filings
• Liabilities to assets ratio: 0.02; rating input score 61; 61st percentile among comparable filings
• Officer compensation ratio: 24.5%; rating input score 10; 10th percentile among comparable filings

Growth

• Program expense growth: 13.3% per year; rating input score 100; 72nd percentile among comparable filings
• Revenue growth: 9.3% per year; rating input score 100; 64th percentile among comparable filings
• Asset growth: 24.5% per year; rating input score 100; 87th percentile among comparable filings