New Mexico Student Loan Guarantee Corporation
- Assets
- $15.2m
- Revenue
- $5.5m
- Investments
- $10.0m
- Employees
- 4
- Location
- Albuquerque, NM
- Founding
- 02/1984
- Data as of
- 09/2023
- EIN
- 85-0291314
Organization Overview
New Mexico Student Loan Guarantee Corporation, operating under the name New Mexico Student Loans, is located in Albuquerque, NM. The organization was established in 1984. 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 09/2023, New Mexico Student Loans employed 4 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 09/2023, New Mexico Student Loans generated $5.5m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 4.5% each year. All expenses for the organization totaled $5.1m during the year ending 09/2023. You can explore the organizations financials more deeply in the financial statements section below.
Form
990T
Mission & Program ActivityExcerpts From the 990T Filing
TAX YEAR
2023
Describe the Organization's Mission:
Part 3 - Line 1
NEW MEXICO STUDENT LOAN GUARANTEE CORPORATION IS AN ORGANIZATION PROVIDING QUALITY FINANCIAL SERVICES & CULTIVATING STRONG PROFESSIONAL RELATIONSHIPS TO ENCOURAGE & ASSIST IN THE PURSUIT OF HIGHER EDUCATION, THUS ENHANCING THE QUALITY OF LIFE & FUTURE SUCCESS OF OUR STAKEHOLDERS.
Describe the Organization's Program Activity:
STUDENT LOAN PROGRAMS: UNDER THE FEDERAL FAMILY EDUCATIONAL LOAN PROGRAM (FFELP)-THE GUARANTEE CORPORATION IS REQUIRED TO COLLECT ON DEFAULTED LOANS.
STUDENT LOAN PROGRAMS: UNDER THE FEDERAL FAMILY EDUCATIONAL LOAN PROGRAM (FFELP) GUARANTOR PAYS LENDER CLAIMS ON DEFAULTED LOANS.
THE GUARANTEE CORPORATION RECEIVES REGULATORY FEES FOR PARTICIPATION IN THE FFELP PROGRAM.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Brad Allpass President | Officer | 10 | $0 |
Reginald Storment Legal Counsel | 10 | $0 | |
Grace Tackman Asst VP Of Human Resources | Officer | 10 | $0 |
Estevan Martinez Asst VP Of It | Officer | 10 | $0 |
Tracy Rowe Treasurer | Officer | 10 | $0 |
Dan Salzwedel Director | Trustee | 2 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Aespheaa Prog Sys & Maint | 9/29/22 | $421,171 |
180 Resolutions Collection Service | 9/29/22 | $469,654 |
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 | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $0 |
| Total Program Service Revenue | $5,402,654 |
| Investment income | $78,362 |
| 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 | $5,481,016 |
| 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. | $220,177 |
| Compensation of current officers, directors, key employees. | $220,177 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $599,445 |
| Pension plan accruals and contributions | $32,102 |
| Other employee benefits | $139,842 |
| Payroll taxes | $38,089 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $50,395 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $526,095 |
| Advertising and promotion | $143,654 |
| Office expenses | $43,633 |
| Information technology | $282,167 |
| Royalties | $0 |
| Occupancy | $63,651 |
| Travel | $23,812 |
| 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 | $0 |
| Insurance | $36,171 |
| All other expenses | $0 |
| Total functional expenses | $5,055,415 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $3,549,827 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $160,766 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $679,037 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $55,444 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $9,994,851 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $776,152 |
| Total assets | $15,216,077 |
| Accounts payable and accrued expenses | $1,025,920 |
| 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 | $0 |
| Total liabilities | $1,025,920 |
| Net assets without donor restrictions | $13,634,736 |
| Net assets with donor restrictions | $555,421 |
| 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 | $15,216,077 |