New Mexico Fundraiser Bond | AmeriPro Surety Bonds |
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New Mexico Professional Fundraisers
Besides obtaining a New Mexico fundraiser bond, organizations which operate as charities in New Mexico, and, who also meet certain regulations, are required to be registered with the New Mexico Office of the Attorney General.
If the organization is a “professional fundraiser,” New Mexico state law also mandates that they must register as such.
New Mexico Fundraiser Organizations:
The following types of charitable organizations may be required to register as professional fundraisers in New Mexico.
- Environmental groups
- Educational institutions;
- Religious organizations;
- Organzations engaging in some philanthropic cause;
- Civic organizations;
- Patriotic organizations;
Professional fundraisers are defined as: “…a person that solicits or employs or directs others to solicit contributions from the public on behalf of a charitable organization in exchange for compensation and has custody or control of the contributions; provided that “professional fundraiser” does not include a director, officer, bona fide employee or salaried officer, volunteer, attorney, accountant or investment counselor of a charitable organization..”
Becoming Licensed as a New Mexico Professional Fundraiser:
Before solicitation of funds begins, the submission and approval of a New Mexico fundraiser license is required.
* Completion of a New Mexico fundraiser application;
* Providing the name of the fundraiser organization, including addresses, emails, and contact information;
* Stating the names of the persons who will have custody over the funds raised;
* Providing the names, addresses, and contact information for all officers and directors of the New Mexico fundraiser company;
* A full description of the method or methods used to raise funds;
* Providing the amount to be paid to the professional fundraiser, and the total amount – or net amount of funds raised which will go to charity;
* Finally, obtaining a $25,000 New Mexico fundraiser bond, which must be included when the application is submitted. The application will not be processed without the surety bond.
New Mexico Fundraiser Bond: The Purpose of this Bond
The state of New Mexico requires a New Mexico fundraiser bond for $25,000.
The bond is to protect others, not including the fundraiser entity, from any real acts off theft, fraud, or other criminal malfeasance related to the duties as a professional charitable fundraiser.
The bond should not be construed as a liability insurance policy; this it is not.
A liability insurance policy would be purchase to protect the charitable fundraiser entity.
New Mexico Fundraiser Bond: The Cost
While the face value of the New Mexico fundraiser bond is $25,000, applicants may pay as low as 1%, or $250.00, for the surety bond.
The premium for the bond will be determined primarily by the applicant’s credit score.
AmeriPro Surety Bonds will work to obtain the best pricing for this surety bond regardless of your credit.
New Mexico Fundraiser Bond: Duration
The New Mexico Fundraiser bond is issued for a period of one year; thereafter the bond must be renewed in order to maintain licensing.
The renewal premium will be conditioned upon an applicant’s credit scoring at the time of the renewal.
About AmeriPro Surety Bonds
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And because we do know you have choices, we are even more grateful that you’ve chosen us for your New Mexico fundraiser bond.