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Nonprofiteer
← THE CREDIT UNION FOUNDATION OF NEW MEXICO INC

Form 990 for tax year 2022

Filed by THE CREDIT UNION FOUNDATION OF NEW MEXICO INC.

Totals

Total revenue
$433,436
Total expenses
$245,136
Contributions and grants received
$429,884
Grants paid
$138,000
Program service revenue
$0
Investment income
$4,552
Other revenue
-$1,000
Total assets, end of year
$3,261,544
Total liabilities, end of year
$769,618
Net assets or fund balances, end of year
$2,491,926
Program services expenses (Part IX)
$229,348
Management and general expenses
$15,788
Fundraising expenses
$0
Program service expenses (Part III)
$229,348

Program services were 93.6% of total expenses calculated — Part IX's program-services column over total expenses, both as filed.

Line items

Every line the filer filed in Parts VIII, IX and X, as filed and in filed order. Blank columns are left out, and the lines are not forced to add up to the totals above.

Revenue

Part VIII, the statement of revenue.

  • 1f · All other contributions, gifts and grants

    $429,884

  • 3 · Investment income

    total $4,552 · related or exempt $4,552

  • 8a · Fundraising events: gross income

    $0

  • 8b · Fundraising events: direct expenses

    $1,000

  • 8c · Net income from fundraising events

    total -$1,000 · excluded -$1,000

Functional expenses

Part IX, the statement of functional expenses.

  • 2 · Grants to domestic individuals

    total $138,000 · program services $138,000

  • 11a · Fees: management

    total $6,921 · management and general $6,921

  • 11c · Fees: accounting

    total $17,735 · program services $8,868 · management and general $8,867

  • 11g · Fees: other

    total $6,396 · program services $6,396

  • 13 · Office expenses

    total $7,682 · program services $7,682

  • 24a · Other expenses: CONTRIBUTION EXPENSE

    total $68,402 · program services $68,402

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $2,782,578 · end of year $3,259,217

  • 2 · Savings and temporary cash investments

    beginning of year $224,723 · end of year $0

  • 4 · Accounts receivable

    beginning of year $4,160 · end of year $1,390

  • 9 · Prepaid expenses and deferred charges

    end of year $937

  • 17 · Accounts payable and accrued expenses

    end of year $4,726

  • 25 · Other liabilities

    beginning of year $707,834 · end of year $764,892

  • 27 · Net assets without donor restrictions

    beginning of year $1,850,496 · end of year $1,850,751

  • 28 · Net assets with donor restrictions

    beginning of year $453,131 · end of year $641,175

Mission and programs · 2022

Mission

TO MANAGE AND ADMINISTER FUNDS CONTRIBUTED BY CREDIT UNIONS AS UNCLAIMED FUNDS FROM ABANDONED INDIVIDUAL DEPOSITOR ACCOUNTS BY EXPENDING THESE FUNDS FOR EDUCATIONAL AND CHARITABLE PURPOSES, PRIMARILY BY GRANTING SCHOLARSHIPS TO STUDENTS AND THROUGH BEQUESTS TO ACCREDITEDUNIVERSITIES, COLLEGES, AND TRADE SCHOOLS IN NEW MEXICO.

Activities or mission (Part I)

NMCUEF MANAGES AND ADMINISTERS FUNDS CONTRIBUTED BY CREDIT UNIONS AS UNCLAIMED FUNDS BY GRANTING SCHOLARSHIPS TO STUDENTS AND THROUGH BEQUESTS TO ACCREDITED UNIVERSITIES, COLLEGES, AND TRADE SCHOOLS IN NEW MEXICO.

  • CUFNM'S SOLE PURPOSE IS TO AWARD SCHOLARSHIPS FOR HIGHER EDUCATION TO ACCREDITED UNIVERSITIES, COLLEGES, AND TRADE SCHOOLS WITHIN THE STATE OF NEW MEXICO FOR QUALIFYING STUDENTS LIVING IN NEW MEXICO. IN 2022, CUFNM AWARDED OVER 138 SCHOLARSHIPS TOTALING $138,000.THIS TOTAL WAS OFFSET BY SCHOLARSHIP MONEY RETURNED DUE TO RECIPIENTS DECLINING THE SCHOLARSHIP REQUIREMENTS.

    Expenses $229,348 · Grants $138,000

As filed on the 2022 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

  • Karen Griffo

    CHAIRMAN

    Total calculated
    $0
    Hours/week
    1

  • Judy Carrasco

    VICE CHAIR

    Total calculated
    $0
    Hours/week
    0.25

  • Donald Sarich

    BOARD SECRETARY/TREASURER

    Total calculated
    $0
    Hours/week
    0.25

  • Rick Anderson

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.25

  • Lily Currin

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.25

  • Stuart Johnston

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.25

  • Nelson Medina

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.25

Compensation is as filed in Part VII: reportable pay from this organization and from related organizations, other compensation, and hours per week. The total, marked calculated, is our sum of the three dollar columns, with a blank column counted as $0; the form itself has no total. On a Form 990-EZ the columns are Part IV's instead, and on a Form 990-PF Part VIII's — compensation, contributions to benefit plans, and expense account — and the total sums those.

Grants on this return

No itemized grants to organizations on this return.

Related organizations on this return

Schedule R Part II: tax-exempt organizations related to the filer by control. It does not record shared board members or money.

Provenance

Return type
form_990
Tax year
2022
Filed
4 October 2023
IRS schema version
2022v5.0
Source object
202322909349301217

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