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Nonprofiteer
← NEW MEXICO EDUCATIONAL ASSISTANCE FOUNDATION

Form 990 for tax year 2022

Filed by NEW MEXICO EDUCATIONAL ASSISTANCE FOUNDATION.

Totals

Total revenue
$18,703,805
Total expenses
$13,456,159
Contributions and grants received
$16,000
Grants paid
$0
Program service revenue
$16,940,475
Investment income
$1,747,330
Other revenue
$0
Total assets, end of year
$288,410,377
Total liabilities, end of year
$182,287,968
Net assets or fund balances, end of year
$106,122,409
Program services expenses (Part IX)
$8,900,321
Management and general expenses
$4,555,838
Fundraising expenses
$0
Program service expenses (Part III)
$8,900,321

Program services were 66.1% 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

    $16,000

  • 2a · Program service revenue: STUDENT LOAN INTEREST

    total $11,452,172 · related or exempt $11,452,172

  • 2b · Program service revenue: LATE AND LEGAL FEES

    total -$97,460 · related or exempt -$97,460

  • 2c · Program service revenue: SERVICE FEES

    total $1,611,378 · related or exempt $1,611,378

  • 2d · Program service revenue: OTHER REVENUE

    total $480,167 · related or exempt $439,434 · excluded $40,733

  • 2f · All other program service revenue

    total $3,494,218 · related or exempt $3,494,218

  • 3 · Investment income

    total $1,747,330 · related or exempt $1,747,330

Functional expenses

Part IX, the statement of functional expenses.

  • 5 · Compensation of officers, directors and key employees

    total $786,320 · program services $589,740 · management and general $196,580

  • 7 · Other salaries and wages

    total $2,942,454 · program services $1,163,202 · management and general $1,779,252

  • 8 · Pension plan contributions

    total $292,811 · program services $108,340 · management and general $184,471

  • 9 · Other employee benefits

    total $429,549 · program services $158,933 · management and general $270,616

  • 10 · Payroll taxes

    total $289,282 · program services $89,756 · management and general $199,526

  • 11b · Fees: legal

    total $19,650 · management and general $19,650

  • 11c · Fees: accounting

    total $40,891 · program services $40,891

  • 11g · Fees: other

    total $766,283 · program services $420,551 · management and general $345,732

  • 12 · Advertising and promotion

    total $67,309 · program services $66,260 · management and general $1,049

  • 13 · Office expenses

    total $227,579 · program services $129,513 · management and general $98,066

  • 14 · Information technology

    total $561,771 · program services $198,915 · management and general $362,856

  • 16 · Occupancy

    total $223,506 · management and general $223,506

  • 17 · Travel

    total $52,229 · program services $20,482 · management and general $31,747

  • 20 · Interest

    total $3,876,059 · program services $3,876,059

  • 22 · Depreciation, depletion and amortization

    total $674,215 · management and general $674,215

  • 23 · Insurance

    total $168,572 · management and general $168,572

  • 24a · Other expenses: US DEPT OF EDUCATION FEES

    total $1,072,337 · program services $1,072,337

  • 24b · Other expenses: TRUST EXPENSES

    total $53,638 · program services $53,638

  • 24c · Other expenses: BAD DEBT EXPENSE

    total $911,704 · program services $911,704

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $1,200 · end of year $1,200

  • 2 · Savings and temporary cash investments

    beginning of year $19,231,972 · end of year $20,713,951

  • 4 · Accounts receivable

    beginning of year $32,718 · end of year $106,438

  • 7 · Other notes and loans receivable

    beginning of year $263,988,717 · end of year $194,915,949

  • 9 · Prepaid expenses and deferred charges

    beginning of year $489,718 · end of year $534,518

  • 10a · Land, buildings and equipment: cost or other basis

    $16,331,212

  • 10b · Land, buildings and equipment: accumulated depreciation

    $11,573,658

  • 10c · Land, buildings and equipment, net

    beginning of year $4,281,586 · end of year $4,757,554

  • 12 · Investments: other securities

    beginning of year $660,900 · end of year $3,241,473

  • 13 · Investments: program-related

    beginning of year $41,116,124 · end of year $46,603,728

  • 15 · Other assets

    beginning of year $19,325,946 · end of year $17,535,566

  • 17 · Accounts payable and accrued expenses

    beginning of year $3,431,930 · end of year $2,744,625

  • 20 · Tax-exempt bond liabilities

    beginning of year $189,405,000 · end of year $156,400,000

  • 25 · Other liabilities

    beginning of year $55,614,863 · end of year $23,143,343

  • 31 · Retained earnings, endowment or other funds

    beginning of year $100,677,088 · end of year $106,122,409

Mission and programs · 2022

Mission

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.

  • 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 06/30/2023 WAS 33,048.

    Expenses $6,475,627 · Revenue $10,155,823

  • 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).

    Expenses $1,326,747 · Revenue $1,326,747

  • 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.

    Expenses $698,109 · Revenue $239,326

  • FAFSA COMPLETION: WORKING WITH HIGH SCHOOL STUDENTS, SCHOOLS, COUNSELORS, AND FAMILIES TO UNDERSTAND THE FINANCIAL ID PROCESS, TO UNDERSTAND ELIGIBILITY FOR SUBSIDIES AND ASSISTANCE, AND TO COMPLETE THE FASFA FORMS FOR COLLEGE READINESS.

    Expenses $399,838 · Revenue $16,000

As filed on the 2022 return.

Listed in Part VII

  • Brad Allpass

    PRESIDENT & CEO

    Total calculated
    $219,494
    From this org
    $196,484
    From related orgs
    $0
    Other
    $23,010
    Hours/week
    30 + 10 related

    Schedule J breakdown matched by us

    Base
    $196,484
    Bonus
    not reported
    Other
    not reported
    Deferred
    not reported
    Nontaxable benefits
    $23,010
    Filer's total
    $219,494

  • Reginald Storment

    GENERAL COUNSEL

    Total calculated
    $184,861
    From this org
    $157,164
    From related orgs
    $0
    Other
    $27,697
    Hours/week
    30 + 10 related

    Schedule J breakdown matched by us

    Base
    $157,164
    Bonus
    not reported
    Other
    not reported
    Deferred
    not reported
    Nontaxable benefits
    $27,697
    Filer's total
    $184,861

  • Grace Tackman

    VICE PRESIDENT ADMIN SERVICE

    Total calculated
    $170,282
    From this org
    $137,707
    From related orgs
    $0
    Other
    $32,575
    Hours/week
    30 + 10 related

    Schedule J breakdown matched by us

    Base
    $137,707
    Bonus
    not reported
    Other
    not reported
    Deferred
    not reported
    Nontaxable benefits
    $32,575
    Filer's total
    $170,282

  • Estevan Martinez

    ASST VICE PRESIDENT INFO TE

    Total calculated
    $146,284
    From this org
    $128,221
    From related orgs
    $0
    Other
    $18,063
    Hours/week
    30 + 10 related

  • Tracy Rowe

    ASST VICE PRESIDENT OF FINAN

    Total calculated
    $127,782
    From this org
    $103,894
    From related orgs
    $0
    Other
    $23,888
    Hours/week
    30 + 10 related

  • Lois Fort

    DIRECTOR OF OPERATIONS

    Total calculated
    $122,478
    From this org
    $104,938
    From related orgs
    $0
    Other
    $17,540
    Hours/week
    30 + 10 related

  • Andrew Jacobson

    DIRECTOR

    Total calculated
    $0
    Hours/week
    2

  • Pauline Garcia

    DIRECTOR

    Total calculated
    $0
    Hours/week
    2

  • Alex Heubeck

    DIRECTOR

    Total calculated
    $0
    Hours/week
    2

  • Julie Filatoff

    SECRETARYTREASURER

    Total calculated
    $0
    Hours/week
    2

  • Gavin Gillette

    VICE CHAIR

    Total calculated
    $0
    Hours/week
    2

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. A Schedule J breakdown is as filed: base pay, bonus, other, deferred compensation and nontaxable benefits from this organization, with any from related organizations beside each, and the filer's own total. It is shown with the Part VII listing of the same name on the same return. The form gives no key between the two, so that pairing is ours, and is marked matched by us.

Schedule J

Answered yes

  • 3 · Compensation committee
  • 3 · Written employment contract
  • 3 · Compensation survey or study
  • 3 · Approval by the board or compensation committee

Answered no

  • 4a · Severance or change-of-control payment
  • 4b · Supplemental nonqualified retirement plan
  • 4c · Equity-based compensation arrangement
  • 5a · Pay contingent on this organization's revenues
  • 5b · Pay contingent on a related organization's revenues
  • 6a · Pay contingent on this organization's net earnings
  • 6b · Pay contingent on a related organization's net earnings
  • 7 · Other non-fixed payments
  • 8 · Paid under the initial-contract exception

Part I's answers as filed. A line not listed was left unanswered; on lines 1a and 3 that means the box was not checked.

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.

Taxable family on this return

Schedule R Parts I, III and IV, as filed. These record ownership and control, not shared board members or money moved.

Related corporations and trusts

Part IV: related organizations taxable as a corporation or trust.

  • COLLECTION RESOURCES INC

    C Corp · DEBT COLLECTION · NM · 100% owned · share of income -$73,426 · share of assets $587,474 · controlled entity

    Directly controlled by NMEAF

Provenance

Return type
form_990
Tax year
2022
Filed
14 May 2024
IRS schema version
2022v5.0
Source object
202441359349312454

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