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NMFA highlights new headquarters, staffing growth and systems overhaul to track outcomes
Summary
NMFA presented its renovated headquarters and a three-year strategic plan emphasizing enterprise risk management and a new integrated business application (Salesforce + Sage Intacct) to improve reporting, reduce manual processes and capture program impact metrics.
The New Mexico Finance Authority described to the oversight committee how it has retooled operations after rapid program growth, citing a new headquarters and a multi-year effort to modernize data and financial systems.
Board Chair Kathy Keith and NMFA CEO Markita Russell led a tour-style briefing that said NMFA purchased and renovated a 25,000-square-foot building (acquired December 2022) and spent about $16.1 million including acquisition, construction and technology. Russell said staff growth from about 44 employees before 2020 to about 80 today drove the need for a building that fits expanded operations and board work.
Russell framed the strategic plan as a shorter, adaptable road map: ‘‘we put out a 3 year strategic plan knowing full well that we might look a little different 3 years from now,’’ she told the committee. The plan emphasizes four goals including advancing economic development, strengthening infrastructure, maximizing community impact and optimizing organizational effectiveness. To meet the latter, NMFA plans a multiyear integrated business application (IBA) combining Salesforce (CRM), Ivy Tech (loan servicing), Sage Intacct (general ledger) and an HR platform to eliminate disconnected systems and provide one source of truth for KPIs.
Russell said the move to unified systems responds to lessons from COVID-era programs and enterprise risk management work: ‘‘Too much of our existing operations rely on manual inputs...we have about 4 different systems that we currently operate...but they're not connected.’’ NMFA expects an intensive change-management and an 18-month planning period aimed at delivering a minimal viable product within a year after implementation work begins.
The board chair and committee members praised the staff for progress and urged continued reporting on metrics and impact. NMFA also announced development of risk-rating scorecards and credit scorecards to standardize underwriting across program types.
Next steps: NMFA will continue policy development, pursue IBA implementation, publish impact metrics once systems are live and provide oversight briefings to the committee.
