New Mexico Baptist Foundation
- Assets
- $55.5m
- Revenue
- $2.5m
- Investments
- $11.0m
- Employees
- 11
- Location
- Albuquerque, NM
- Founding
- 08/1968
- Data as of
- 12/2023
- EIN
- 85-0158371
Organization Overview
New Mexico Baptist Foundation is located in Albuquerque, NM. The organization was established in 1968. According to its NTEE Classification (X21) the organization is classified as: Protestant, under the broad grouping of Religion-Related and related organizations. As of 12/2023, New Mexico Baptist Foundation employed 11 individuals. This organization is a subordinate organization within an affiliated group for tax-exemption purposes. New Mexico Baptist Foundation is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
For the year ending 12/2023, New Mexico Baptist Foundation generated $2.5m in total revenue. This represents relatively stable growth, over the past 9 years the organization has increased revenue by an average of 2.1% each year. All expenses for the organization totaled $2.6m during the year ending 12/2023. While expenses have increased by 6.0% per year over the past 9 years. They've been increasing with an increasing level of total revenue. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2023
Describe the Organization's Mission:
Part 3 - Line 1
THE NEW MEXICO BAPTIST FOUNDATION SEEKS TO FULFILL ITS MISSION TO GENERATE FUNDS FOR KINGDOM CAUSES AROUND THE WORLD. WE ARE COMMITTED TO ASSISTING INDIVIDUALS, CHURCHES, AND CHARITIES IMPACTING THE WORLD THROUGH THE FAITHFUL STEWARDSHIP OF GOD'S RESOURCES. THE FOUNDATION MANAGES FUNDS ENTRUSTED FOR THE ONGOING BENEFIT OF CHURCHES, MISSIONS, MINISTRY, AND CHARITABLE ORGANIZATIONS. IN ADDITION, THE FOUNDATION PROVIDES RESOURCES FOR ESTATE PLANNING, CHARITABLE GIFTING, ENDOWMENT CREATION, SCHOLARSHIPS, CHURCH FINANCE, AND COMPASSION CAUSES.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE GENERAL PURPOSE OF THE NEW MEXICO BAPTIST FOUNDATION (FOUNDATION) SHALL BE TO SERVE ANY BAPTIST INSTITUTION, AGENCY, OR ENTERPRISE OR ANY BENEVOLENT, CHARITABLE, EDUCATIONAL OR MISSIONARY UNDERTAKING, INSTITUTION OR AGENCY FOSTERED BY OR HAVING THE OFFICIAL SANCTION OF THE BAPTIST CONVENTION OF NEW MEXICO, OR THE SOUTHERN BAPTIST CONVENTION. SUCH CONJOINED PURPOSES TO BE EXECUTED SIMULTANEOUSLY IN THE FURTHERANCE OF THE DEVELOPMENT OF BENEVOLENT, CHARITABLE, EDUCATIONAL AND MISSIONARY ACTIVITIES IN, AND FOR THE BENEFIT OF, SCHOOLS, HOSPITALS, ORPHANAGES AND OTHER ENTERPRISES OPERATED AS BAPTIST INSTITUTIONS OR UNDER THE SUPERVISION OF THE BAPTIST CONVENTION OF NEW MEXICO OR THE SOUTHERN BAPTIST CONVENTION, OR FOR ANY CHARITABLE PURPOSE WHEN A PART OF THE INCOME OF A PARTICULAR TRUST SHALL BE FOR THE PURPOSE HEREIN ABOVE STATED, AND TO SUCH END MAY RECIEVE BY BEQUEST, DEVISE, GIFT, PURCHASE OR LEASE, EITHER ABSOLUTELY OR IN TRUST, ANY REAL OR PERSONAL PROPERTY. TO CONVEY SUCH PROPERTY, TO INVEST AND REINVEST THE SAME OF THE PROCEEDS THEREOF, IN SUCH MANNER AS IN THE JUDGMENT OF THE BOARD OF DIRECTORS WILL BEST PROMOTE SUCH OBJECTIVES. TO MAKE DISTRIBUTIONS OF INCOME AND PRINCIPAL IN ACCORDANCE WITH THE DIRECTIONS OF THE DONOR, GRANTOR OR TESTATOR. IN THE ABSENCE OF SUCH DIRECTION, SUCH DISTRIBUTIONS SHALL BE MADE AT THE DISCRETION OF THE BOARD OF DIRECTORS OF THE FOUNDATION TO AN INSTITUTION OR AGENCY OF THE BAPTIST CONVENTION OF NEW MEXICO.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Charles Stockton Chairman | OfficerTrustee | 2 | $0 |
Ted With Vice-Chairma | OfficerTrustee | 2 | $0 |
Robert Ewing Secretary | OfficerTrustee | 2 | $0 |
Linda Dean Director | Trustee | 1 | $0 |
Lewis Williams Director | Trustee | 1 | $0 |
Steve Ballew Director | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $1,413,946 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $1,413,946 |
| Total Program Service Revenue | $1,084,264 |
| Investment income | $212,988 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$244,769 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $2,466,429 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $279,170 |
| Compensation of current officers, directors, key employees. | $79,098 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $541,813 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $323,739 |
| Payroll taxes | $0 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $804 |
| Fees for services: Accounting | $33,636 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $56,764 |
| Advertising and promotion | $0 |
| Office expenses | $29,593 |
| Information technology | $63,238 |
| Royalties | $0 |
| Occupancy | $25,894 |
| Travel | $21,896 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $6,574 |
| Interest | $81 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $27,062 |
| Insurance | $5,249 |
| All other expenses | $0 |
| Total functional expenses | $2,620,542 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $260,766 |
| Savings and temporary cash investments | $4,342,275 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $12,868 |
| Net Land, buildings, and equipment | $249,320 |
| Investments—publicly traded securities | $39,563,318 |
| Investments—other securities | $11,029,905 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $55,458,452 |
| Accounts payable and accrued expenses | $15,420 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $42,563,940 |
| Total liabilities | $42,579,360 |
| Net assets without donor restrictions | $7,343,035 |
| Net assets with donor restrictions | $5,536,057 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $55,458,452 |