New Mexico Tech Foundation
- Assets
- $41.0m
- Revenue
- $5.9m
- Investments
- $10.3m
- Employees
- 0
- Location
- Socorro, NM
- Founding
- 12/1965
- Data as of
- 06/2023
- EIN
- 85-0194323
Organization Overview
New Mexico Tech Foundation is located in Socorro, NM. The organization was established in 1965. According to its NTEE Classification (U11) the organization is classified as: Single Organization Support, under the broad grouping of Science & Technology and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. New Mexico Tech 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 06/2023, New Mexico Tech Foundation generated $5.9m in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 17.5% each year . All expenses for the organization totaled $3.7m during the year ending 06/2023. While expenses have increased by 6.4% per year over the past 7 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
PROMOTE AND ADVANCE THE INTERESTS OF THE NEW MEXICO INSTITUTE OF MINING AND TECHNOLOGY.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE FOUNDATION IS ORGANIZED TO PROMOTE AND ADVANCE THE INTERESTS OF THE NEW MEXICO INSTITUTE OF MINING AND TECHNOLOGY. THIS INCLUDES SUPPORT OF MEETINGS AND EVENTS THAT RAISE THE PROFILE OF NEW MEXICO TECH WITH FRIENDS, ALUMNI AND DONORS, WITH THE GOAL OF GAINING FINANCIAL SUPPORT THROUGH DONATIONS.
PROVIDES SCHOLARSHIPS AND GRANTS TO SUPPORT STUDENTS ATTENDING THE NEW MEXICO INSTITUTE OF MINING AND TECHNOLOGY, AS WELL AS RECRUITING, ADVERTISING, AND OTHER ASSOCIATED ACTIVITIES.
LEASES APARTMENTS TO NEW MEXICO INSTITUTE OF MINING AND TECHNOLOGY FOR ITS STUDENTS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Dr Stephen Wells Trustee (through March 2023) | Trustee | 1.5 | $0 |
Dr Cleve Mcdaniel Trustee (through March 2023) | Trustee | 1.5 | $0 |
Dr Nelia Dunbar Trustee | Trustee | 1 | $0 |
Clinton Marrs President | OfficerTrustee | 1 | $0 |
Jeffrey Corey Vice President | OfficerTrustee | 1 | $0 |
Borden Putnam III Treasurer/secretary | OfficerTrustee | 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 | $5,035,454 |
| Noncash contributions included in lines 1a–1f | $3,476,137 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $5,035,454 |
| Total Program Service Revenue | $100,733 |
| Investment income | $808,848 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $5,945,035 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $3,314,728 |
| Grants and other assistance to domestic individuals. | $8,250 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $20,526 |
| Fees for services: Lobbying | $49,132 |
| Fees for services: Fundraising | $91,667 |
| Fees for services: Investment Management | $40,863 |
| Fees for services: Other | $57,500 |
| Advertising and promotion | $0 |
| Office expenses | $731 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $3,433 |
| Travel | $543 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $66,868 |
| Insurance | $1,489 |
| All other expenses | $53,182 |
| Total functional expenses | $3,708,912 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,026,593 |
| Savings and temporary cash investments | $68,573 |
| Pledges and grants receivable | $711,817 |
| 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 | $1,382 |
| Net Land, buildings, and equipment | $1,196,667 |
| Investments—publicly traded securities | $27,486,644 |
| Investments—other securities | $10,270,204 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $275,267 |
| Total assets | $41,037,147 |
| Accounts payable and accrued expenses | $14,375 |
| 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 | $273,522 |
| Total liabilities | $287,897 |
| Net assets without donor restrictions | $21,610,764 |
| Net assets with donor restrictions | $19,138,486 |
| 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 | $41,037,147 |
Grants Awarded
Over the last fiscal year, New Mexico Tech Foundation has awarded $1,954,468 in support to 2 organizations.
| Grant Recipient | Amount |
|---|---|
NEW MEXICO INSTITUTE OF MINING & TECHNOLOGY PURPOSE: SCHOLARSHIPS ($926,446) AND ACADEMIC SUPPORT ($751,311) | $1,677,757 |
NEW MEXICO TECH UNIVERSITY RESEARCH PARK CORPORATION PURPOSE: TECHNOLOGICAL RESEARCH | $276,711 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
New Mexico Tech Foundation Socorro, NM | $41,037,147 | $5,945,035 |
Seg Foundation Tulsa, OK | $19,676,976 | $481,519 |
Society Of Petroleum Engineers Tr Richardson, TX | $10,206,766 | $719,076 |
Gates Biomanufacturing Facility Support Foundation Aurora, CO | $2,224,842 | $751,182 |
Lowell Observatory Foundation Flagstaff, AZ | $13,980,770 | $3,755,865 |
Comms Vnext Lafayette, CO | $72,702 | $0 |
Lasa Robotics Association Inc Austin, TX | $98,209 | $0 |
Alamo Regional Academy Of Science And Engineering San Antonio, TX | $23,769 | $0 |
Eegs Foundation Denver, CO | $43,806 | $0 |
Alcor Care Tr Supporting Organization 06062016 Scottsdale, AZ | $17,397,026 | $253,255 |
Rocky Mountain Institute International Boulder, CO | $0 | $0 |
Eaa Chapter 1515 Se Texas Flyers Kountze, TX | $4,095 | $500 |
Insights New Mexico Science Center Inc El Paso, TX | $4,738,706 | $0 |