New Mexico Property Insurance Program FY2020 filing

Not tax-deductible

Albuquerque, NM501(c)(6)Since 1969EIN 23-7045075Revenue $5.2M in FY2020

On file with the IRSnmpropertyinsurance.com7601 Jefferson St Ne Ste 380, 87109-4496 · Albuquerque, NMTax-exempt since Mar 1970

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To provide essential Property Insurance to applicants in New Mexico.

$111K paid to officers and key staff.
Mission: Form 990 Part I, line 1 · Pay: Part VII

Before you give

FY2020 · Form 990Independent: from IRS data, not the org
Download 990
IRS status
501(c)(6)
not on the IRS revocation list
Looks good: listed by the IRS and not on the revocation list.
IRS BMF · Auto-Revocation List
Tax-deductible gifts
No
Donations are not tax-deductible
Worth a look: the IRS does not list gifts to it as deductible.
IRS Pub. 78 · IRS BMF
Latest return
FY2024
latest Form 990
Looks good: the latest return is for FY2024, 2 tax years back; within 2 tax years.
IRS e-file · Filing history
Surplus or deficit
2 of 5
filings with a surplus
Average deficit $227K a year · 3% of revenue · last 5 filings
Concern: a surplus in 2 of the last 5 filings.
Pt I · Ln 19 · 5 filings
Pay to officers and key staff
$111K
to officers and key staff · 3% of spending
Looks good: pay to officers and key staff is 3% of spending; 15% or less.
Pt VII · Sec A
Cash reserves
20 mo
of spending, in cash
Looks good: 19.6 months of spending in cash; 3 or more.
Pt X · Ln 1–2 · Pt I · Ln 18
Liabilities
$5K
0.05% of total assets
Looks good: liabilities are 0% of assets; 50% or less.
Pt X · Ln 26
Independent board members
9
of 9 voting members
Looks good: 9 of 9 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$5.2M
Spent
$4.2M
Net assets
$10.3M
By yearFY2020–FY2024
Revenue
$5.2M
FY2020
Tap a bar for its year
Revenue by fiscal year
FY2020$5.2M
FY2021$4.8M
FY2022$4.6M
FY2023$5.0M
FY2024$16.6M
Expenses
$4.2M
FY2020
Tap a bar for its year
Expenses by fiscal year
FY2020$4.2M
FY2021$4.8M
FY2022$5.1M
FY2023$11.4M
FY2024$11.8M
Net assets
$10.3M
FY2020
Tap a bar for its year
Net assets by fiscal year
FY2020$10.3M
FY2021$10.3M
FY2022$9.9M
FY2023$3.5M
FY2024$8.3M

From the FY2020 Form 990 · figures checked against the IRS filing · see the original

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Is it real?

Yes. Never revoked by the IRS. Latest filing on record: FY2024. IRS ruling in Mar 1970.

IRS Pub. 78 · IRS Auto-Revocation List · IRS Business Master File

Who runs it and what they're paid

10 people listed on the 990; $111K paid to officers and key staff.

Part VII, Section A · reportable compensation
Plan Supervisor
$110,901Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
Director
$0Pt VII · Sec A

Compensation history total reportable pay by year · 2 named individuals · Part VII

NameFY2024FY2023FY2022FY2021FY2020
Analisa Sisneros$115,177$98,748$91,232——
Terrie Dunlap——$66,605$111,523$110,901

Total reportable compensation (Form 990 Part VII column D / Schedule J column E) by filing year, matched by name within this organization. The Schedule J base / bonus / deferred breakdown is not parsed into this dataset.

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Questions the 990 asks

The form asks each of these directly. These are the filed answers.

  • Family or business ties among officersPt VI · Ln 2No
  • Top official's pay set by an independent reviewPt VI · Ln 15aNo

Programs and updates

Insures property for New Mexico residents who need it.

Questions for New Mexico Property Insurance Program

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Provided by the organization

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1 program · in their own filed words · FY2020
01

Provide essential property insurance to applicants in new mexico who are unable to secure it in the normal insurance market. 394 claims were processed in 2020. There were 9,313 policies in force as of 12/31/2020.

Pt IX · col B

By the numbers

The FY2020 990, line by line.

1The main four
Money inPt VIII
$5.2M
Ln 12
Fees for servicesLn 2g$5.1M
Investment incomeLn 3$124K
Money outPt IX
$4.2M
Ln 25
Owns and owesPt X
$10.3M
net assets · Ln 32
Cash and savingsLn 1–2$6.9M
Total assetsLn 16$10.3M
LiabilitiesLn 26$5K
PeoplePt VI, VII
10
listed · VII A
PaidVII A1
Voting boardVI 1a9
IndependentVI 1b9
2In more detail
Revenue in detailPt VIII
Fees for servicesLn 2g$5.1M
Investment incomeLn 3$124K
Total revenueLn 12$5.2M
Assets in detailPt X, end of year
CashLn 1$649K
SavingsLn 2$6.3M
Cash and savings togetherLn 1–2$6.9M
InvestmentsLn 11–13$3.4M
Other assetsLn 15$2K
Total assetsLn 16$10.3M
LiabilitiesLn 26$5K
Net assetsLn 32$10.3M
OperationsPt I, VI
EmployeesI 55
VolunteersI 69
Fiscal year endsHeaderDecember
Conflict-of-interest policyVI 12aNo
Whistleblower policyVI 13No
Records policyVI 14No
3Year over year
Balance sheet, start vs end of yearPt X · col A, B
LineStart FY20End FY20
Cash and savingsLn 1–2$6.1M$6.9M
InvestmentsLn 11–13$3.3M$3.4M
Total assetsLn 16$9.4M$10.3M
LiabilitiesLn 26$2K$5K
Net assetsLn 32$9.4M$10.3M
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Pay of current officers, directors and key staffLn 5$112K
Other salaries and wagesLn 7$264K
Pension plan contributionsLn 8$8K
Other employee benefitsLn 9$35K
Payroll taxesLn 10$30K
Legal feesLn 11b$10K
Accounting feesLn 11c$41K
Other fees for servicesLn 11g$536K
Advertising and promotionLn 12$4K
Office expensesLn 13$94K
Information technologyLn 14$532K
OccupancyLn 16$34K
TravelLn 17$3K
Conferences, conventions and meetingsLn 19$2K
InsuranceLn 23$3K
Other expenses (24a–d)Ln 24$2.5M
Total functional expensesLn 25$4.2M

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2024 Latest $16.6M$11.8M$4.8M$8.3M 990 PDF
FY2023 $5.0M$11.4M−$6.4M$3.5M 990 PDF
FY2022 $4.6M$5.1M−$434K$9.9M 990 PDF
FY2021 $4.8M$4.8M−$33K$10.3M 990 PDF
FY2020 Viewing $5.2M$4.2M$935K$10.3M 990 PDF

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Schedules filed Part IV

III · Programs I · Grants R · Related orgs G · Fundraising L · Interested persons A · Public support F · Foreign M · Noncash
See the full FY2020 990 (6 parts)
Part I · Summary $5,178,312 revenue, 12 lines filed
I-8 Contributions and grantsPrior year $0$0
I-9 Program service revenuePrior year $5,201,858$5,054,798
I-10 Investment incomePrior year $106,814$123,514
I-11 Other revenuePrior year $0$0
I-12 Total revenuePrior year $5,308,672$5,178,312
I-13 Grants and similar amounts paidPrior year $0$0
I-14 Benefits paid to membersPrior year $0$0
I-15 Salaries and benefitsPrior year $424,906$448,816
I-16a Professional fundraising feesPrior year $0$0
I-17 Other expensesPrior year $4,407,193$3,794,321
I-18 Total expensesPrior year $4,832,099$4,243,137
I-19 Revenue less expensesPrior year $476,573$935,175
Part VI · Governance 9 of 9 board members independent, 4 to look at
VI-1a Voting members of the governing body9
VI-1b Independent voting members9
VI-12a Written conflict of interest policyNo
VI-13 Written whistleblower policyNo
VI-14 Document retention and destruction policyNo
VI-15a Process for setting top official's payNo
VI-2 Family or business relationship among officers or directorsNo
Part VIII · Statement of revenue $5,178,312 across 3 lines filed
VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $5,054,798$5,054,798
VIII-3 Investment incomeExcluded from tax $123,514$123,514
VIII-12 Total revenueRelated to mission $5,054,798 · Unrelated business $0 · Excluded from tax $123,514$5,178,312
Part IX · Statement of functional expenses $4,243,137 across 16 lines filed
IX-5 Pay of current officers, directors and key staff$112,035
IX-7 Other salaries and wages$264,278
IX-8 Pension plan contributions$7,993
IX-9 Other employee benefits$34,811
IX-10 Payroll taxes$29,699
IX-11b Legal fees$9,992
IX-11c Accounting fees$40,747
IX-11g Other fees for services$535,714
IX-12 Advertising and promotion$3,655
IX-13 Office expenses$93,614
IX-14 Information technology$532,353
IX-16 Occupancy$34,202
IX-17 Travel$2,659
IX-19 Conferences, conventions and meetings$1,697
IX-23 Insurance$2,691
IX-24 Other expenses (24a–d)$2,536,997
IX-25 Total functional expenses$4,243,137
Part X · Balance sheet $10,343,194 assets, 11 lines filed
X-1 Cash, non-interest-bearingStart of year $273,405$648,597
X-2 Savings and temporary cash investmentsStart of year $5,839,895$6,298,603
X-11 Publicly traded securitiesStart of year $1,503,366$1,546,722
X-12 Other securitiesStart of year $1,785,793$1,847,115
X-15 Other assetsStart of year $2,157$2,157
X-16 Total assetsStart of year $9,404,616$10,343,194
X-17 Accounts payable and accrued expensesStart of year $1,640$5,043
X-26 Total liabilitiesStart of year $1,640$5,043
X-27 Net assets without donor restrictionsStart of year $9,402,976$10,338,151
X-32 Total net assets or fund balancesStart of year $9,402,976$10,338,151
X-33 Total liabilities and net assetsStart of year $9,404,616$10,343,194
Part XI · Reconciliation of net assets $10,338,151 net assets at year end
XI-1 Total revenue$5,178,312
XI-2 Total expenses$4,243,137
XI-3 Revenue less expenses$935,175
XI-4 Net assets at start of year$9,402,976
XI-9 Other changes in net assets$0
XI-10 Net assets at end of year$10,338,151

Form 990 e-file (XML) FY2020 from the IRS · Classification, formation year and address from the IRS Business Master File

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