Regional Development Corporation

Nonprofit profile at a glance

EIN
742805791
IRS 990 coverage
2009–2024
Forms available
Form 990 2024
Location
Santa Fe, NM, USA
Phone
5058201226
Rating
79
Verdict
SUPPORTED
Rating confidence
Moderate
Sector
Community Service Clubs

Official website

Reported finances

Revenue
$1,290,803
Expenses
$1,508,657
Assets
$1,160,763
Liabilities
$182,960

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

Leadership & pay

10 people listed

Highest reported compensation

  • PATRICK VANDERPOOL (EXECUTIVE DI): $131,693 total reported compensation

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

Overview

Mission

The regional development corporation (rdc) is a private non-profit 501(c) (3) organization dedicated to improving economic development in northern New Mexico. Rdc provides private investment opportunities and technical assistance to facilitate job growth and diversify the economies of communities in the following seven counties: los alamos, mora, rio arriba, sandoval, san miguel, santa fe, taos, and the municipalities and native american pueblos therein.

What it reported doing in 2024

Regional development corporation initiatives include business retention & expansion which provides one-on-one technical assistance services to current and future business owners free of charge. This initiative includes funding opportunities to help diversify the local economies in northern New Mexico outside of los alamos national laboratory interests. Other initiatives include the workforce and academic network pilot project to convene industry and academic statekholders in order to help job seekers and students more easily access training and education for the construction industry in northern New Mexico and the higher education workforce project which is a partnership between rdc and northern New Mexico higher education institutions to identify training needs and develop a well-educated workforce in the region. These initiatives are largely funded by triad national security, llc (triad), the company that manages los alamos national laboratory. Rdc's initiatives continued to stimulate economic diversification and development in northern New Mexico through creation of new jobs, lessening the impact of reductions at los alamos national labs.

Operating model

Revenue model
Donor-supported. 77% of the money available for current operations came from contributions and gifts.
Distribution model
Hybrid. The nonprofit split its reported program spending across 57% for direct work, and 43% for grants.

The verdict

SUPPORTED - A large share of available resources goes toward mission work and the filed numbers largely add up. Expenses are high relative to revenue and program spending has declined or grown slowly.

Rating breakdown

  • Financial Efficiency: 85
  • Transparency & Controls: 80
  • Accountability: 95
  • Sustainability: 24
  • Growth: 20

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 100%; rating input score 100
  • Program expense ratio: 87.2%; rating input score 87
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 93.3%; rating input score 93; 22nd percentile among comparable filings
  • Pay-setting controls: Limited
  • Foreign activity oversight: Limited
  • Grant itemization coverage: 62.4%; rating input score 62; 31st percentile among comparable filings
  • 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: 7 of 8 controls in place; rating input score 88
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • Document-retention policy: Pass
    • CEO compensation review process: NotApplicable
    • Other executive compensation review process: Fail
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Pass
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: -16.9%; rating input score 11; 11th percentile among comparable filings
  • Total-asset coverage ratio: 0.77; rating input score 35; 35th percentile among comparable filings
  • Liabilities to assets ratio: 0.16; rating input score 35; 35th percentile among comparable filings
  • Officer compensation ratio: 8.7%; rating input score 41; 41st percentile among comparable filings

Growth

  • Program expense growth: -5% per year; rating input score 0; 8th percentile among comparable filings
  • Revenue growth: -4.9% per year; rating input score 0; 5th percentile among comparable filings
  • Asset growth: 8.6% per year; rating input score 100; 54th percentile among comparable filings

Details

  • Where the money goes: 100% of revenue deployed · 87.2% of spending went to programs
  • Governance: 9 of 9 board members independent · 7 of 8 filing controls reported
  • Programs: 1 filed program accomplishment · $1.3M in reported program spending
  • Leadership: top reported pay $132K · 10 people listed
  • Consistency: 30 of 31 current checks pass · 1 finding to review
  • Schedules: 5 filed schedules · includes major donors and grants
  • Filing history: 16 filing years from 2009 to 2024
  • Contacts: How to reach this organization
  • Money network: 25 filed money-flow records
  • Related organizations: Filed and resolved organization relationships.
  • 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 — Sustainability: Operating margin scored 11/100.
  • High — Growth: Program expense growth scored 0/100.
  • High — Growth: Revenue growth scored 0/100.
  • Review — Accountability: Governance controls: Other executive compensation review process not reported.
  • Moderate — Sustainability: Total-asset coverage ratio scored 35/100.
  • Review — Transparency & Controls: Domestic grant itemization did not reconcile in the filed values.
  • Moderate — Sustainability: Liabilities to assets ratio scored 35/100.
  • Moderate — Sustainability: Officer compensation ratio scored 41/100.