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WESST provides the consulting and training we need at all stages of our business growth.
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2011
WESST’s Impact on New Mexico Economy Continues to Grow StrongI am proud to present the WESST 2011 Annual
Report.The report summarizes the highlights from Fiscal Year
2011, a pivotal year for us in which we focused our efforts on our core mission to be a home to entrepreneurs by providing the support system of one-‐on-‐one consultaHon, high value workshops, loans and incubaHon while at the same Hme ensuring that WESST remains a sustainable organizaHon.
In our ongoing effort to provide these services, WESST conHnues to have a significant economic impact statewide through its support of WESST clients. In this annual report, you will find a summary of an economic impact study conducted by the Mid-‐Region Council of Governments illustraHng the significant impact WESST has had on our statewide economy from 2008 to 2011, including 1,159 jobs created, $93M in personal income and $60M in wage and salary impact.
With this in mind, WESST conHnues the process of transiHoning start-‐up and small companies into self-‐sustaining companies offering viable products and services while creaHng new jobs.
As always, we need more volunteers and acHve board members. As you read the report, think of areas where you might want to become involved.
On behalf of the enHre WESST staff and board of directors, I would like to thank you for your support. Your support and posiHve comments are the fuel that keeps us moving forward to make WESST a home to our entrepreneurs.
Mary Jury
WESST CLIENT:KRYSIA BOINIS, VAPOUR BEAUTYTAOS, NEW MEXICO
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Letter from Mary Jury, 2012 Board Chair
Albuquerque • Rio Rancho • Santa Fe • Farmington • Las Cruces • Roswell | www.wesst.org | 1-‐800-‐GO-‐WESST
WESST 2011BOARD OF DIRECTORSBeverly Reece Bendicksen -‐ ChairHeritage Hotels & Resorts, Inc.
Mary Jury -‐ Vice ChairWork Space Dynamics
Ab PoVer -‐ SecretaryGordon Electric Supply, Inc.
Angela Anderson -‐ TreasurerAffordable Solar Group
Marjorie Rogers -‐ Immediate Past ChairModrall Sperling
Sally AdamsClear Channel Outdoor
Jackie BacaBueno Foods
Dave BalandMerrill Lynch Pierce, Fenner & Smith, Inc.
Michael BickelBank of Albuquerque
Julienne BrownAmbiance Home Staging & Interior Redesign LLC
David P. BuchholtzBrownstein, HyaX, Farber, Schreck
Don ChalmersDon Chalmers Ford
Sul KassiciehUNM Anderson School of Management
Agnes NoonanWESST
Deborah PeacockPeacock Myers, P.C.
Sharen RamirezWells Fargo Bank
Adam TrubowTAL Realty
David VederaBV Alan, Inc.
Judy Zano]Linx
TRAINING & CONSULTINGOur training programs focus on
the skills needed to start, run and grow a successful business including strategic planning, business planning, marketing and accounting. WESST consultants serve as professional one-‐on-‐one business coaches and advisors providing expertise in management, finance, sales and marketing, search engine optimization (SEO) and social media to meet the specific needs of New Mexico entrepreneurs.
LOW COST LOANSWESST’s loan program focuses on
providing underserved populations including women and low-‐income individuals with access to capital for their businesses. In addition to receiving a loan from WESST, clients will also receive business counseling and training to ensure successful business outcomes while the loan is in place and WESST will continue supporting the client after the loan is paid off.
INCUBATIONThe WESST Enterprise Center in
Albuquerque is a world-‐class, 37,000 square-‐foot mixed-‐use business incubator accommodating up to 20 light manufacturing, service and
high-‐tech businesses. The incubator provides operational support and resources to start-‐up and early-‐stage businesses. Incubator clients receive hands-‐on business consulting from a strategic business advisory council. The WESST Incubator was recognized in October 2011 as one of the “7 Hot Startup Incubators” by CNNMoney.
SPECIAL PROGRAMSREFUGEE MICROENTERPRISE PROGRAM
With support from the Office of Refugee Resettlement, WESST provides loans to qualified, documented political refugees to start a small business, expand an existing business or establish good credit. Since 2002, WESST has extended over 125 loans totaling $787,000 to political refugees in New Mexico.
YOUTH IDA PROGRAMThis unique program helps New
Mexico teens build strong financial skills and helps them learn how to save money and invest in their own personal futures. Called the Youth Individual Development Account program, this initiative matches student savings that can then be used for higher education, small business start-‐up or a down payment on a first home.
WESST AT A GLANCEWESST is a statewide small business development and training organization committed to growing New Mexico’s economy by cultivating entrepreneurship. Founded in 1988 as a 501(c)(3) non-‐profit, WESST has nurtured the entrepreneurial dreams of thousands of New Mexicans by providing training, technical assistance, access to capital and business incubation.
609 Broadway NEAlbuquerque, NM 87102
505-‐246-‐6900
Albuquerque • Rio Rancho • Santa Fe • Farmington • Las Cruces • Roswell | www.wesst.org | 1-‐800-‐GO-‐WESST
WESST Enterprise Center Albuquerque, NM
WESST Economic Impact Report WESST Economic Impact Report WESST Economic Impact Report WESST Economic Impact Report WESST Economic Impact Report Bernalillo County Sandoval County Santa Fe County Rest of State
Direct Employment 491 jobs 47 jobs 118 jobs 503 jobs
GDP $51.0M $3.9M $22.2M $51.0M
Personal Income $30.6M $6.1M $21.3M $35.6M
Wages $24.4M $2.0M $9.1M $24.5M
Personal Consumption $27.4M $3.9M $22.1M $33.9M
Could not have
started our business
without the help of
WESST.
An independent study by the Mid-‐Region Council of Governments of WESST’s statewide economic impact concludes that between 2008-‐2011, the role of WESST as a support system for small business development has directly resulted in 1,159 jobs with $60 million in wage and salary compensation. The study credits WESST’s work with helping grow small businesses with $87 million in consumer spending, $93 million in personal income and $128 million in Gross Domestic Product.
The study analyzed results from three specific counties where WESST has branch offices, including Bernalillo County, Sandoval County and Santa Fe County. WESSTbranches that are located outside
of these counties contributed to significant economic impact as well, as highlighted in the overall analysis of statewide results (shown above).
Agnes Noonan, President of WESST, points out that, “This level of economic development and job creation is comparable to locating a new, 290-‐person business to New Mexico each year. For New Mexico to continue to be competitive in the marketplace, WESST will continue its focus of supporting and growing businesses that create jobs. That is the most sustainable way of effecting long-‐term, economic impact for individuals and families in our New Mexico work force.”
“
“
Middle Rio Grande Council of Governments (MRCOG)Economic Impact Report (2008-‐2011)
Albuquerque • Rio Rancho • Santa Fe • Farmington • Las Cruces • Roswell | www.wesst.org | 1-‐800-‐GO-‐WESST
WESST CLIENT:ELISSA BREITBARDBette’s Bath & Day SpaAlbuquerque, NM
FINANCIAL STEWARDSHIP
As a steward of government, private and individual funds, WESST is committed to financial accountability
and transparency. To demonstrate that commitment, we retain the services of an independent auditor to
review and verify our financial statements. We also provide our financial data so that our donors, contributors
and other stakeholders can assess our performance and make informed decisions.
SUMMARY OF FINANCIALS FOR YEAR ENDING DECEMBER 31, 2011
The table below summarizes our 2011 financial activity. Our 2011 IRS 990 forms and Audited Consolidated
Financial Statements and Independent Auditors’ Report are available for download at
www.wesst.org/about/financials.
Summary Financial PositionSummary Financial Position Summary of Revenues and ExpensesSummary of Revenues and Expenses
ASSETS Support and Revenue
Cash and Cash Equivalents $ 2,896,504 Contributions and support $ 392,464
Receivables 1,297,714 Government grants 1,205,927
Prepaid Expenses 8,528 Consulting, training and other fees 40,697
Property and Equipment, net of 6,231,998 WEC membership 207,065
accumulated depreciation Interest and loan fees 77,263
Total assets $ 10,434,744 In-‐kind 391,382
Total support and revenue $ 2,314,798
LIABILITIES AND NET ASSETS
Liabilities Expenses
Accounts payable and accrued expenses
$ 87,667 Business consulting and training $ 1,471,722
Funds held for others 74,486 Financial assistance 799,131
Line of Credit 126,800 Management and general 224,159
Loans payable 1,531,195 Fundraising 181,175
Capital lease payable -‐-‐ WESST Enterprise Center
1,075,590
Total liabilities $ 2,895,738 Total Expenses $ 2,676,187
Net Assets Change in net assets* $ (361,389)Unrestricted $ 6,320,637 *See MD&A -‐ 2011 Independent Audit Report*See MD&A -‐ 2011 Independent Audit Report
Temporarily Restricted 1,217,024Permanently Restricted 1,345 Total Net Assets 7,539,006Total Liabilities and net assets $ 10,434,744
Albuquerque • Rio Rancho • Santa Fe • Farmington • Las Cruces • Roswell | www.wesst.org | 1-‐800-‐GO-‐WESST
*includes gifts to Jacki P. Riggs Scholarship Fund WESST Annual Report | www.wesst.org | 1-‐800-‐GO-‐WESST
THANK YOU TO OUR 2011 DONORS
Assets for Independence, U.S. Department of Health and Human Services Bank of AmericaCity of AlbuquerqueComcastEDA, U.S. Department of CommerceHearst FoundationMcCune Charitable FoundationOffice of Refugee Resettlement, U.S. Department of Health and Human ServicesOffice of Women’s Business Ownership, U.S. SBAPNMR Services CompanyRural Community Development Initiative, USDASBA Microloan Program, U.S. SBAState of New Mexico
Allstate Foundation Program for Investment in Micro-‐Entrepreneurs, U.S. SBAUS Bank
Ab and Cara Potter*Albuquerque Community FoundationBank of the WestCiti FoundationNational Electric SupplyNew Mexico Community FoundationRoberta Cooper Ramo and Dr. Barry RamoSummit ElectricThe Bell Group
United Way of Central New Mexico, Women in PhilanthropyVictor R. Jury, Jr.Wells Fargo Bank and Foundation
AnonymousBBVA Compass BankDon Chalmers Ford
Adam TrubowAgnes Noonan*Aspen InstituteBank of AlbuquerqueBetty’s Bath and Day SpaBeverly and Perry BendicksenBueno Foods, The Baca FamilyCentury BankGerald Martin General ContractorJulienne and John Brown*Modrall, Sperling, Roehl, Harris & Sisk, P.A.Peacock Myers P.CVirginia StanleyWilliam and Gloria Johnson
Angela Anderson and David HughesAnne and David NokesApplied Capital, Inc.Bruce and Sandy SeligmanCindy and Curt McGillCliff and Nancy BlaugrundDavid and Karen VederaDuffy and Jean Ann SwanFrench Funerals and CremationsHubbard Broadcasting FoundationJim and Bette BradburyJulia BowdichLaurel Shelton
Marjorie and Steve Rogers*Mary WiederholtMichael and Carla BickelNew Mexico Bank & TrustSharen and Rene RamirezSul and Heyam Kassicieh
Accurate Drug and DNA Testing, Inc.Achievement GalleryAdam Simon*Alpha Center for Therapeutic MassageAmy MillerAnna O’ConnellAnn Lerner*Ann Silva’s Bernina Sewing CenterAnthony UrquidezAriel GarciaArlene Siegel Gallery*Austin Bartsch*Avila Retail Development & ManagementB.C. DesignsBeverly RogoffBrigid NoonanBV Alan, IncCandace Moore*Caroline Chamblin*Carol RadosevichCarolyn Karo*Charles Stephen & Company, Inc.*Cheryl GoodingChristine Mages*Cindy and Cone WilsonClare ZurawskiContract AssociatesDavid Stryker*Debbie and Louis BacaDeborah Peacock and Nate KornDiane and Greg Harrison Ogawa*Divine Cleaning ServicesDonald KnightDoug and Sarah Brown
Serial Entrepreneurs:$50,000 and above
Entrepreneurs:$20,000 to $49,999
Job Creators:$10,000 to $19,999
Shareholders:$5,000 to $9,999
Investors:$2,500 to $4,999
Job Creators (cont.):$10,000 to $19,999
Start-Up Investors:$1,000 to $2,499
Start-Up Investors (cont.):$1,000 to $2,499
Other Investors:up to $999
*includes gifts to Jacki P. Riggs Scholarship Fund WESST Annual Report | www.wesst.org | 1-‐800-‐GO-‐WESST
THANK YOU TO OUR DONORS
Doug LeeElaine WilliamsErnestine AbalosFredric and Lauren Herman*Garrey Carruthers*Gary and Terri Giron GordonGreat Livin’Joanie Griffin/Griffin and AssociatesIsabel Garza*Jackie Kerby Moore*Jan BandrofchakJeannee Ow*Jennifer CraigJoAnne and Murray TuckerJo Ann GarayJohn Fidel*Jose BerronesJudy Zanotti and Dave Davis*Kate MulqueenKathleen Seyle*Klinger Constructors, LLCKosh SolutionsLeslie ElgoodLorina MolinaMedical Practice SolutionsMichael Megliola*Monica HusseyMyra MaherNew Mexico Community CapitalNightingale UrnsNina Anthony*Paceline Consulting GroupPatricia RogersPaul and LaDonna HopkinsPaul Dumond*Peter and Kathie WinogradPremier High School*Ricky Ray PfadenhaurRoofcare, LLCSally and Ken AdamsSanta Fe Women’s Club and Library AssociationSara GinSharen Jones*Shoemaker Law FirmSocialbomb, LLC*Sridhar Yarlagadda
Stacy Sacco and Dorothy StermerSusan and Samuel KeithTasha CaldwellTeresa and James FlemingThea and Mark Pierce*Thomas and Mary CooleyVerge Fund/Verge ManagementWayne and Margaret UnzeWendy ShannonWendy York*Western Extralite CompanyWilliard Lewis*
4 EssenHal Balance OilsAndrew MelendrezBank of AlbuquerqueBarry BarneXBeverly BendicksenBrownstein, HyaX, Farber, Schreck, LLPCarla HallCarol RadosevichChris CerviniCity of AlbuquerqueClear Channel OutdoorConcept GreenCorless and AssociatesDan Sandweiss, NM Small Business MarkeHngDandy DesignDorothy Stermer & Stacy SaccoEH Thomas ConsulHng, Inc.First Community BankGerald MarHn, Ltd.GreeHngs, Etc., Inc.Griffin & AssociatesHeritage HotelsHP Life Center for ExcellenceIngrid E. BakerJennifer CantrellJulienne and John Brown*Karen BernhardtKathy McCormickLaDonna HopkinsLaurie RoachLiving Wall Band
Lorena Chavez, Enchantment Land CDCMary Ellen Merrigan, Merrigan Group, LLCMary WiederholtMax Bloom, Branding, MarkeHng, CommunicaHonMichelle BacaMicrosopModrall, Sperling, Roehl, Harris & Sisk, PANew Mexico Business WeeklyOso Technologies, Inc.Peacock Myers, P. C.Phil Messuri, Financial NetworkReni PublishingReHrement StrategiesRicky Rey PfadenhauerRoswell Community CenterRoyal ProperHesSanta Fe Business IncubatorShane BarberSlate Street CaféTim TokarskiUS BankValerie Almanzar, Keller Williams RealtyVapour Organic BeautyVickie Wilcox, Wilcox Law FirmWayne Unze, Maestas & WardWebb Johnson, SW SoluHons House, LLC Wells Fargo BankWendy ShannonWESST Board of DirectorsWestern Commerce BankWorkspace DynamicsYvonne Bryan, Yvonne Bryan's Bookkeeping Services
The above list includes financial contributors as of December 31, 2011. If any omissions have occurred, we regret the error and ask that you please contactAnn UXerback at [email protected].
Other Investments:up to $999
In-Kind Donations:
In-Kind Donations: (cont.)Other Investments (cont.):up to $999
*includes gifts to Jacki P. Riggs Scholarship Fund WESST Annual Report | www.wesst.org | 1-‐800-‐GO-‐WESST
