State Library of New Mexico Foundation

What it reported doing in 2024

The New Mexico State Library Foundation supports New Mexicos 103 public libraries, including through the national Libraries as Launchpads program, a collaboration between the NM State Library and Creative Startups, to support for small businesses and entrepreneurs through their local library. Five individual libraries and one county library system hosted business Pre-accelerator programs. Six pre-accelerator workshops and six peer-to-peer meet-ups were hosted in each of the 6 locations (72 individual sessions); 42 people signed up for Pre-accelerator series. The Foundation also supported the Social Wellbeing Tools in Action Program. New Mexico State Library worked with 15 rural New Mexico librarians to receive mentoring and guidance to help them develop an understanding of post pandemic needs in their communities, using an established set of social wellbeing tools from the Rural Libraries and Social Wellbeing project. Coming out of a pandemic, rural libraries and the community members they serve face the challenge of reestablishing mutual support, rebuilding social connection, and strengthening resiliency. The tools prioritize community engagement and dialogue, with a focus on reaching the isolated and marginalized, as a foundation for taking action to improve wellbeing in the community. The libraries received small seed grants to support wellbeing projects. The Rural Services Program includes the Books by Mail Program and three statewide rural bookmobiles programs. All of the Rural Services Programs are funded by LSTA, a federal grant. Eight employees travel 64,000 miles on average annually and serve over 5,000 library card holders at 95 stops with annual circulation over 20,000. The Books by Mail program provides library services to readers who are homebound or unable to visit a public library, and people who can only read large print books due to a visual disability. Books by Mail serves over 250 households statewide with an annual circulation 2,859. Materials circulated by Books by Mail include paperback books in regular and large print, CDs, and magazines in addition to distributing Free Matter for the Blind as provided by the Library for the Blind and Print Disabled. The bookmobiles carry a collection of up to 3,000 books on the vehicle. Materials include hardcover and paperback books, DVDs, Audiobooks on CD, and take-home activity kits. Registered bookmobile users can also use their library cards to access the digital library collection from Hoopla that includes eBooks, eAudiobooks, comics, movies, TV shows, and music.

Financial Efficiency

• Mission deployment rate: 100%; rating input score 100
• Program expense ratio: 98.2%; rating input score 98

Transparency & Controls

• Consistency checks: 100%; rating input score 100; 52nd percentile among comparable filings
• Major donor itemization: Yes; rating input score 100

Sustainability

• Operating margin: -11.5%; rating input score 14; 14th percentile among comparable filings
• Total-asset coverage ratio: 0.44; rating input score 34; 34th percentile among comparable filings
• Liabilities to assets ratio: Limited
• Officer compensation ratio: 0%; rating input score 63; 63rd percentile among comparable filings

Growth

• Program expense growth: 35.9% per year; rating input score 100; 87th percentile among comparable filings
• Revenue growth: -9.9% per year; rating input score 0; 5th percentile among comparable filings
• Asset growth: -21.1% per year; rating input score 0; 6th percentile among comparable filings