Overview
What is New Mexico Rural Rehabilitation Corporation?
New Mexico Rural Rehabilitation Corporation is a nonprofit organization dedicated to fostering rural development. They offer financial aid through a student loan program known as the tuition assistance program, specifically for low-income students pursuing non-degree post-secondary certifications in diverse trades and occupations. Furthermore, the corporation manages eight housing loans, totaling approximately $320,000. However, it's noteworthy that expenditures in 2022 experienced an increase due to an unusual loan default. The corporation's mission is to uplift rural communities by providing essential funding and resources.
Official website here: www.nmruralrehab.com
Is New Mexico Rural Rehabilitation Corporation legitimate?
New Mexico Rural Rehabilitation Corporation is a legitimate nonprofit organization registered as a 501(c)(4) entity. New Mexico Rural Rehabilitation Corporation submitted a form 990, which is a tax form used by tax-exempt organizations in the U.S., indicating its operational transparency and adherence to regulatory requirements. Donations to this organization are tax deductible.
Heare are some key statistics you may want to consider:
Executive Compensation: $60,000
Professional Fundraising Fees: $0
Other Salaries and Wages: $5,000
For more financial information, click here
Official website here: www.nmruralrehab.com
What is the mission statement of New Mexico Rural Rehabilitation Corporation?
The New Mexico Rural Rehabilitation Corporation is committed to providing funding for the development of rural areas. One of their key initiatives involves administering a student loan program known as the tuition assistance program. This program offers financial aid to low-income students pursuing non-degree post-secondary certifications in various trades and occupations. Additionally, the corporation manages housing loans, servicing eight loans with an approximate total value of $320,000. However, expenses for these loans were significantly higher in 2022 due to a loan default. In essence, the corporation's mission is to promote rural growth and development through financial assistance, particularly in the fields of education and housing.
Official website here: www.nmruralrehab.com
Who is the CEO of New Mexico Rural Rehabilitation Corporation?
Drew Olmstead is the Director of New Mexico Rural Rehabilitation Corporation.
Official website here: www.nmruralrehab.com
What is the revenue of New Mexico Rural Rehabilitation Corporation?
New Mexico Rural Rehabilitation Corporation's revenue in 2023 was $36,863.
Official website here: www.nmruralrehab.com
Who are the executives of New Mexico Rural Rehabilitation Corporation and what are their salaries?
The average compensation at New Mexico Rural Rehabilitation Corporation during 2023 was $65,000. There is 1 employee and 4 volunteers at New Mexico Rural Rehabilitation Corporation.
Here are 5 key members and their salaries:
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- Other: $0
- Compensation: $60,000
- Related: $0
- Other: $0
- Compensation: $0
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- Other: $0
- Compensation: $0
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- Other: $0
Official website here: www.nmruralrehab.com
Where can I find the form 990 for New Mexico Rural Rehabilitation Corporation?
New Mexico Rural Rehabilitation Corporation's most recent form 990 was submitted in 2023 and can be accessed here.
Official website here: www.nmruralrehab.com
Learn more at the official website: www.nmruralrehab.com
Mission Statement of New Mexico Rural Rehabilitation Corporation
The New Mexico Rural Rehabilitation Corporation, in essence, is committed to fostering the development of rural areas. One of its key initiatives involves administering a student loan program known as the Tuition Assistance Program. This program extends financial aid to low-income students, enabling them to pursue non-degree post-secondary certifications in diverse trades and occupations. By doing so, the corporation aims to empower the local workforce and contribute to the overall growth and progress of rural communities.
Beyond its student loan program, New Mexico Rural Rehabilitation Corporation also engages in housing development. It services eight housing loans, currently amounting to approximately $320,000. However, it's worth noting that expenses associated with one of these loans saw an unusual surge in 2022 due to a default. This aspect underscores the corporation's dedication to supporting rural communities, even in the face of challenges. By providing funding for both educational and housing initiatives, New Mexico Rural Rehabilitation Corporation plays a significant role in shaping the future of rural areas and the individuals who call them home.
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Impact
October, 2024
The New Mexico Rural Rehabilitation Corporation significantly impacts rural development by providing crucial funding to enhance educational and housing opportunities. Through its tuition assistance program, the corporation offers loans to low-income students pursuing non-degree post-secondary certifications in various trades and occupations. This initiative helps to uplift individuals and empower communities by improving access to vocational training, ultimately fostering economic growth in rural areas.
Additionally, the corporation manages several housing loans, totaling approximately $320,000, which supports homeownership and stable living conditions for residents. While the organization faced challenges in 2022 due to high expenses from a loan default, its ongoing commitment to rural rehabilitation underscores its integral role in facilitating development and addressing the unique needs of New Mexico’s rural populations. Overall, its efforts contribute to the betterment of health, education, and economic stability in these communities.
This information is meant to be a general summary of New Mexico Rural Rehabilitation Corporation. Please take the time to review official sources before making any decisions based upon the content provided here.
Financials
This financial information is from Propublica.
Other financial information:
This information is from the most recently submitted tax form from this organization, which was in 2023.
- Investment Income: $288
- Program Service Revenue: $36,575
- Gross Receipts: $36,863
Assets and Liabilities:
- Total Assets: $1,879,852
- Total Liabilities: $921
- Net Assets: $1,878,931
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
INTEREST OF AGRICULTURAL LOANS
Revenue
$19,366
INTEREST ON HOUSING LOANS
Revenue
$14,609
INTEREST ON STUDENT LOANS
Revenue
$2,600
Organization Details
Founding Year
1933
Phone
(505) 256-7649Principal Officer
Drew Olmstead
Main Address
PO BOX 81554, ALBUQUERQUE, NM, 87198
Website
www.nmruralrehab.comNTEE Category
Code: E50 - Health
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