New Mexico Educational Assistance Foundation
- Assets
- $354.4m
- Revenue
- $14.0m
- Investments
- $606.5k
- Employees
- 74
- Location
- Albuquerque, NM
- Founding
- 11/1981
- Data as of
- 06/2021
- EIN
- 85-0291313
Organization Overview
New Mexico Educational Assistance Foundation, operating under the name New Mexico Student Loans, is located in Albuquerque, NM. The organization was established in 1981. According to its NTEE Classification (B82) the organization is classified as: Scholarships & Student Financial Aid, under the broad grouping of Education and related organizations. As of 06/2022, New Mexico Student Loans employed 74 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. New Mexico Student Loans 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 06/2021, New Mexico Student Loans generated $14.0m in total revenue. This represents a relatively dramatic decline in revenue. Over the past 6 years, the organization has seen revenues fall by an average of (7.2%) each year. All expenses for the organization totaled $14.7m during the year ending 06/2021. As we would expect to see with falling revenues, expenses have declined by (7.0%) per year over the past 6 years. 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
2021
Describe the Organization's Mission:
Part 3 - Line 1
PROMOTE THE PUBLIC WELFARE AND PROSPERITY OF THE PEOPLE OF NEW MEXICO BY STIMULATING THE AVAILABILITY OF FINANCIAL ASSISTANCE FOR POST-SECONDARY EDUCATION SO AS TO GIVE GREATER HIGHER EDUCATION OPPORTUNITY.
Describe the Organization's Program Activity:
Part 3 - Line 4a
STUDENT LOAN PROGRAMS: ORIGINATE, PURCHASE AND SERVICE STUDENT LOANS. PROGRAM SERVICE EXPENSE AMOUNTS INCLUDE COST OF INTEREST ON DEBT ISSUED TO FUND LOANS. THE NUMBER OF OUTSTANDING LOANS ON 06/30/2022 WAS 45,779.
STUDENT LOAN PROGRAMS: PROVIDE ADMINISTRATIVE SERVICE FOR THE NEW MEXICO STUDENT LOAN GUARANTEE CORPORATION, FUNCTIONING AS THE GUARANTY AGENCY UNDER THE GUARANTEED STUDENT LOAN PROGRAM (FEDERAL FAMILY EDUCATION LOAN PROGRAM).
DEFAULT FFELP COLLECTIONS: COLLECTING ON LOANS THAT WERE DEFAULTED IN THE FFELP PROGRAM. COUNSEL AND WORK WITH BORROWERS TO BRING THEM BACK INTO GOOD STANDING AND REHABILITATE THEIR LOANS WHENEVER POSSIBLE.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Brad Allpass President & CEO | OfficerTrustee | 30 | $192,076 |
Reginald Storment General Counsel | 30 | $155,482 | |
Grace Tackman Vice President Admin Service | Officer | 10 | $135,549 |
Estevan Martinez Asst Vice President Info Te | Officer | 10 | $117,619 |
Lois Fort Director Of Operations | Officer | 30 | $106,434 |
Tracy Rowe Asst Vice President Of Finan | Officer | 30 | $97,475 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
It1 Source Llc Computer Software | 6/29/22 | $314,480 |
Dataprint Services Computer Software | 6/29/22 | $233,038 |
Avtex Solutions Telephone System | 6/29/22 | $158,875 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Total Revenue from Contributions, Gifts, Grants & Similar | $17,402 |
| Investment income | $38,673 |
| 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 | $13,989,676 |
| Statement of Expenses | |
|---|---|
| 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. | $926,109 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $3,363,732 |
| Pension plan accruals and contributions | $187,953 |
| Other employee benefits | $581,443 |
| Payroll taxes | $296,783 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $27,582 |
| Fees for services: Accounting | $32,364 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $1,119,240 |
| Advertising and promotion | $10,272 |
| Office expenses | $283,426 |
| Information technology | $685,778 |
| Royalties | $0 |
| Occupancy | $218,204 |
| Travel | $2,659 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $4,401,203 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $542,598 |
| Insurance | $109,929 |
| All other expenses | $0 |
| Total functional expenses | $14,732,067 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,200 |
| Savings and temporary cash investments | $6,201,782 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $49,527 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $305,278,304 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $741,258 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $606,460 |
| Investments—program-related | $16,890,534 |
| Intangible assets | $0 |
| Other assets | $20,296,674 |
| Total assets | $354,396,919 |
| Accounts payable and accrued expenses | $1,768,924 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $166,964,000 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $16,149,525 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $66,314,930 |
| Total liabilities | $251,197,379 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Total liabilities and net assets/fund balances | $103,199,540 |