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Nonprofiteer
← THE NEW MEXICO BAPTIST FOUNDATION

Form 990 for tax year 2024

Filed by THE NEW MEXICO BAPTIST FOUNDATION.

Totals

Total revenue
$1,674,849
Total expenses
$1,675,464
Contributions and grants received
$19,233
Grants paid
$48,408
Program service revenue
$1,568,362
Investment income
$87,254
Other revenue
$0
Total assets, end of year
$61,900,462
Total liabilities, end of year
$47,851,736
Net assets or fund balances, end of year
$14,048,726
Program services expenses (Part IX)
$1,005,313
Management and general expenses
$461,999
Fundraising expenses
$208,152
Program service expenses (Part III)
$1,005,313

Program services were 60.0% 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

    $19,233

  • 2a · Program service revenue: TRUST MANAGEMENT

    total $968,362 · related or exempt $968,362

  • 2b · Program service revenue: MANAGEMENT SERVICES

    total $600,000 · related or exempt $600,000

  • 3 · Investment income

    total $222,101 · excluded $222,101

  • 7a · Gross sales of assets other than inventory

    securities $9,403,322

  • 7b · Less cost or other basis and sales expenses

    securities $9,538,169

  • 7c · Gain or loss

    securities -$134,847

  • 7d · Net gain or loss

    total -$134,847 · related or exempt -$134,847

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $48,408 · program services $48,408

  • 5 · Compensation of officers, directors and key employees

    total $309,500 · program services $182,261 · management and general $87,692 · fundraising $39,547

  • 7 · Other salaries and wages

    total $681,037 · program services $401,055 · management and general $192,960 · fundraising $87,022

  • 9 · Other employee benefits

    total $368,242 · program services $216,854 · management and general $104,335 · fundraising $47,053

  • 11b · Fees: legal

    total $2,374 · program services $1,398 · management and general $673 · fundraising $303

  • 11c · Fees: accounting

    total $46,134 · program services $27,168 · management and general $13,071 · fundraising $5,895

  • 11g · Fees: other

    total $23,286 · program services $13,713 · management and general $6,598 · fundraising $2,975

  • 13 · Office expenses

    total $22,035 · program services $12,976 · management and general $6,243 · fundraising $2,816

  • 14 · Information technology

    total $66,726 · program services $39,294 · management and general $18,906 · fundraising $8,526

  • 16 · Occupancy

    total $16,073 · program services $9,058 · management and general $4,880 · fundraising $2,135

  • 17 · Travel

    total $36,202 · program services $21,319 · management and general $10,257 · fundraising $4,626

  • 19 · Conferences, conventions and meetings

    total $4,566 · program services $2,689 · management and general $1,294 · fundraising $583

  • 20 · Interest

    total $138 · program services $81 · management and general $39 · fundraising $18

  • 22 · Depreciation, depletion and amortization

    total $33,246 · program services $18,736 · management and general $10,094 · fundraising $4,416

  • 23 · Insurance

    total $8,175 · program services $4,814 · management and general $2,316 · fundraising $1,045

  • 24a · Other expenses: MISCELLANEOUS

    total $8,934 · program services $5,261 · management and general $2,531 · fundraising $1,142

  • 24b · Other expenses: BOARD MEETING EXPENSES

    total $388 · program services $228 · management and general $110 · fundraising $50

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $260,766 · end of year $581,693

  • 2 · Savings and temporary cash investments

    beginning of year $4,342,275 · end of year $5,654,824

  • 9 · Prepaid expenses and deferred charges

    beginning of year $12,868 · end of year $19,381

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

    $959,232

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

    $686,422

  • 10c · Land, buildings and equipment, net

    beginning of year $249,320 · end of year $272,810

  • 11 · Investments: publicly traded securities

    beginning of year $39,563,318 · end of year $41,311,107

  • 12 · Investments: other securities

    beginning of year $11,029,905 · end of year $14,060,647

  • 17 · Accounts payable and accrued expenses

    beginning of year $15,420 · end of year $35,050

  • 25 · Other liabilities

    beginning of year $42,563,940 · end of year $47,816,686

  • 27 · Net assets without donor restrictions

    beginning of year $7,343,035 · end of year $7,974,620

  • 28 · Net assets with donor restrictions

    beginning of year $5,536,057 · end of year $6,074,106

Mission and programs · 2024

Mission

THE NEW MEXICO BAPTIST FOUNDATION SEEKS TO FULFILL ITS MISSION TO GENERATE FUNDS FOR KINGDOM CAUSES AROUND THE WORLD. WE ARE COMMITTED TO ASSISTING INDIVIDUALS, CHURCHES, AND CHARITIES IMPACTING THE WORLD THROUGH THE FAITHFUL STEWARDSHIP OF GOD'S RESOURCES. THE FOUNDATION MANAGES FUNDS ENTRUSTED FOR THE ONGOING BENEFIT OF CHURCHES, MISSIONS, MINISTRY, AND CHARITABLE ORGANIZATIONS. IN ADDITION, THE FOUNDATION PROVIDES RESOURCES FOR ESTATE PLANNING, CHARITABLE GIFTING, ENDOWMENT CREATION, SCHOLARSHIPS, CHURCH FINANCE, AND COMPASSION CAUSES.

  • THE GENERAL PURPOSE OF THE NEW MEXICO BAPTIST FOUNDATION (FOUNDATION) SHALL BE TO SERVE ANY BAPTIST INSTITUTION, AGENCY, OR ENTERPRISE OR ANY BENEVOLENT, CHARITABLE, EDUCATIONAL OR MISSIONARY UNDERTAKING, INSTITUTION OR AGENCY FOSTERED BY OR HAVING THE OFFICIAL SANCTION OF THE BAPTIST CONVENTION OF NEW MEXICO, OR THE SOUTHERN BAPTIST CONVENTION. SUCH CONJOINED PURPOSES TO BE EXECUTED SIMULTANEOUSLY IN THE FURTHERANCE OF THE DEVELOPMENT OF BENEVOLENT, CHARITABLE, EDUCATIONAL AND MISSIONARY ACTIVITIES IN, AND FOR THE BENEFIT OF, SCHOOLS, HOSPITALS, ORPHANAGES AND OTHER ENTERPRISES OPERATED AS BAPTIST INSTITUTIONS OR UNDER THE SUPERVISION OF THE BAPTIST CONVENTION OF NEW MEXICO OR THE SOUTHERN BAPTIST CONVENTION, OR FOR ANY CHARITABLE PURPOSE WHEN A PART OF THE INCOME OF A PARTICULAR TRUST SHALL BE FOR THE PURPOSE HEREIN ABOVE STATED, AND TO SUCH END MAY RECIEVE BY BEQUEST, DEVISE, GIFT, PURCHASE OR LEASE, EITHER ABSOLUTELY OR IN TRUST, ANY REAL OR PERSONAL PROPERTY. TO CONVEY SUCH PROPERTY, TO INVEST AND REINVEST THE SAME OF THE PROCEEDS THEREOF, IN SUCH MANNER AS IN THE JUDGMENT OF THE BOARD OF DIRECTORS WILL BEST PROMOTE SUCH OBJECTIVES. TO MAKE DISTRIBUTIONS OF INCOME AND PRINCIPAL IN ACCORDANCE WITH THE DIRECTIONS OF THE DONOR, GRANTOR OR TESTATOR. IN THE ABSENCE OF SUCH DIRECTION, SUCH DISTRIBUTIONS SHALL BE MADE AT THE DISCRETION OF THE BOARD OF DIRECTORS OF THE FOUNDATION TO AN INSTITUTION OR AGENCY OF THE BAPTIST CONVENTION OF NEW MEXICO.

    Expenses $1,005,313 · Grants $48,408

As filed on the 2024 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

  • Rick Breeden

    PRESIDENT

    Total calculated
    $390,801
    From this org
    $309,500
    From related orgs
    $0
    Other
    $81,301
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $309,500
    Bonus
    not reported
    Other
    not reported
    Deferred
    $81,301
    Nontaxable benefits
    not reported
    Filer's total
    $390,801

  • Ted With

    CHAIRMAN

    Total calculated
    $0
    Hours/week
    2

  • Robert Ewing

    VICE CHAIR

    Total calculated
    $0
    Hours/week
    2

  • Linda Dean

    SECRETARY

    Total calculated
    $0
    Hours/week
    2

  • Charles Stockton

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Lewis Williams

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Steve Ballew

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Chris Payton

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Carroll Vaughn

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • John Loudat

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Richard Gomez

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Randy Patterson

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

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 · 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

  • GUIDESTONE

    $11,486

    PASTOR RETIREMENT

  • NEW MEXICO BAPTIST CHILDRENS HOME

    $11,486

    FOSTER CARE ASSISTAN

  • AMERICAN BIBLE SOCIETY C/O HAMILTOM TRUST

    $11,486

    BIBLE DISTRIBUTION

  • SHARE THE JOY BAPTIST CONVENTION OF NM

    $11,329

    WOMENS GOSPEL ED.

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
2024
Filed
13 October 2025
IRS schema version
2024v5.0
Source object
202522879349302667

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