Nonprofit Landscape in Santa Fe
There are 1,608 nonprofits in the Santa Fe metro area. These represent the largest universe of reported nonprofits in the state. The IRS lists 1,523 active tax-exempt organizations operating in Santa Fe, including 501(c)(3)s, to which you can make a tax-deductible donation. Santa Fe metro nonprofits employ 12,537 people, earn more than $2 billion in revenue each year, and have assets of $7 billion.
Executives are subject to duty of care in carrying out a mission, as is the board. More than 35 percent should not be included in the nonprofit’s budget for program expense to avoid being classified as failing. Santa Fe has nonprofits with high expenses such as St Vincent hospital at $437,963,426 annually. People donate reusable materials to Habitat for Humanity restores to build homes locally and globally. Starting a business in Santa Fe requires planning, financial decisions, legal procedures. In 2021, the median property value in Santa Fe was $315,100. Most people drove alone to work with an average commute of 23.1 minutes. The average car ownership was 2 cars per household.
Creating a Nonprofit in New Mexico
To start a nonprofit corporation in New Mexico, you must file nonprofit articles of incorporation with the Secretary of State. These can be submitted in person, by mail, or online. The articles of incorporation cost $25 to file. Once filed with the state, the articles officially create the nonprofit corporation, but truly preparing the nonprofit to pursue its mission involves several additional steps.
Within 10 business days after submitting the application to the Secretary of State Department, you should get a response. If the application is granted, you will receive your Articles of Incorporation at this time. Congratulations on forming a charity in New Mexico. A nonprofit company must have at least three directors under law.
To comply with IRS regulations, you need to identify three unconnected individuals. Choosing the correct name is one of the most essential steps an entrepreneur can make. Guidestar states that regulation of nonprofit activity helps "maintain trust in the [nonprofit] sector" by protecting donors and organizations from potential fraud. New Mexico is one of very few states that allow online registration.
Overview of Nonprofits in New Mexico
There are 6,556 nonprofits in New Mexico that have received 501(c)3 status from the IRS. The IRS lists 10,947 active tax-exempt organizations in New Mexico, including 8,850 501(c)(3) organizations. Nonprofit organizations in New Mexico reported $8.92 billion in revenue in their most recent tax filings.
Combined, these organizations employ 75,473 people, earn over $10 billion in revenue each year, and have $26 billion in assets. While this analysis does not include all nonprofits in the state, it does show the great potential to weave together a strong, dynamic, collaborative network to advance the common good.