1.1
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(see source).
Why It Matters
Sources:Source
Welcome to your daily briefing on nonprofit developments in New Mexico. Today we're covering 4 key stories including updates on new mexico nonprofit headlines, background & context. Let's dive in.
1
New Mexico Nonprofit Headlines
2 stories
1.2
New Mexico Community Foundation Launches Sustaining New Mexico Fund.
The New Mexico Community Foundation established the Sustaining New Mexico Fund in 2022 to enhance nonprofit sustainability.
Why It Matters
This initiative provides crucial support for nonprofits in New Mexico, helping them thrive in challenging environments.
Sources:Source
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2
Background & Context
2 stories
2.1
Form 1023-EZ has eligibility limits that most applicants miss.
The streamlined Form 1023-EZ is available only to organizations meeting specific limits on projected revenue, assets, and activity types. Filing 1023-EZ when ineligible produces a determination that is technically valid but vulnerable to retroactive revocation if discovered. The full 1023 is harder to file but harder to challenge.
Why It Matters
Loss of exemption is retroactive to the original determination, exposing the organization to back-tax liability. The eligibility checklist is the only protection.
2.2
A conflict-of-interest policy that fails the test.
The IRS-recommended COI policy requires (1) annual disclosure by all directors and key employees, (2) a process for review of any disclosed conflict, (3) recusal procedures, and (4) documentation in board minutes. Policies that have only the disclosure form without the review and recusal process do not satisfy the recommendation.
Why It Matters
A weak COI policy is a Schedule L disclosure waiting to happen, and Schedule L disclosures correlate with future IRS examination selection.
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DateMay 13, 2026
Stories4
Sections2
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