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Nonprofiteer
← NEW MEXICO EDUCATIONAL ASSISTANCE FOUNDATION

Form 990 for tax year 2023

Filed by NEW MEXICO EDUCATIONAL ASSISTANCE FOUNDATION.

Totals

Total revenue
$17,611,116
Total expenses
$12,617,822
Contributions and grants received
$90,637
Grants paid
$0
Program service revenue
$16,358,751
Investment income
$1,161,728
Other revenue
$0
Total assets, end of year
$243,416,067
Total liabilities, end of year
$132,334,272
Net assets or fund balances, end of year
$111,081,795
Program services expenses (Part IX)
$7,589,889
Management and general expenses
$5,027,933
Fundraising expenses
$0
Program service expenses (Part III)
$7,589,889

Program services were 60.2% 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.

  • 1e · Government grants (contributions)

    $83,137

  • 1f · All other contributions, gifts and grants

    $7,500

  • 2a · Program service revenue: STUDENT LOAN INTEREST

    total $10,155,321 · related or exempt $10,155,321

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

    total -$116,408 · related or exempt -$116,408

  • 2c · Program service revenue: SERVICE FEES

    total $1,721,981 · related or exempt $1,721,981

  • 2d · Program service revenue: OTHER REVENUE

    total $945,810 · related or exempt $558,822 · unrelated business $2,000 · excluded $384,988

  • 2f · All other program service revenue

    total $3,652,047 · related or exempt $3,652,047

  • 3 · Investment income

    total $1,176,587 · related or exempt $1,176,587

  • 7a · Gross sales of assets other than inventory

    other assets $55,566

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

    other assets $70,425

  • 7c · Gain or loss

    other assets -$14,859

  • 7d · Net gain or loss

    total -$14,859 · related or exempt -$14,859

Functional expenses

Part IX, the statement of functional expenses.

  • 5 · Compensation of officers, directors and key employees

    total $841,155 · program services $630,866 · management and general $210,289

  • 7 · Other salaries and wages

    total $2,854,137 · program services $1,066,080 · management and general $1,788,057

  • 8 · Pension plan contributions

    total $226,386 · program services $84,560 · management and general $141,826

  • 9 · Other employee benefits

    total $557,710 · program services $208,316 · management and general $349,394

  • 10 · Payroll taxes

    total $273,620 · program services $102,203 · management and general $171,417

  • 11b · Fees: legal

    total $35,428 · management and general $35,428

  • 11c · Fees: accounting

    total $40,844 · program services $40,844

  • 11g · Fees: other

    total $678,928 · program services $303,546 · management and general $375,382

  • 12 · Advertising and promotion

    total $79,531 · program services $79,073 · management and general $458

  • 13 · Office expenses

    total $278,118 · program services $110,144 · management and general $167,974

  • 14 · Information technology

    total $685,477 · program services $203,545 · management and general $481,932

  • 16 · Occupancy

    total $263,412 · management and general $263,412

  • 17 · Travel

    total $43,843 · program services $17,849 · management and general $25,994

  • 20 · Interest

    total $3,522,845 · program services $3,522,845

  • 22 · Depreciation, depletion and amortization

    total $885,972 · management and general $885,972

  • 23 · Insurance

    total $130,648 · program services $250 · management and general $130,398

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

    total $862,561 · program services $862,561

  • 24b · Other expenses: TRUST EXPENSES

    total $39,088 · program services $39,088

  • 24c · Other expenses: BAD DEBT EXPENSE

    total $318,119 · program services $318,119

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 $20,713,951 · end of year $22,537,926

  • 4 · Accounts receivable

    beginning of year $106,438 · end of year $431,247

  • 7 · Other notes and loans receivable

    beginning of year $194,915,949 · end of year $151,162,747

  • 9 · Prepaid expenses and deferred charges

    beginning of year $534,518 · end of year $370,537

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

    $18,267,418

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

    $12,014,235

  • 10c · Land, buildings and equipment, net

    beginning of year $4,757,554 · end of year $6,253,183

  • 12 · Investments: other securities

    beginning of year $3,241,473 · end of year $2,400,752

  • 13 · Investments: program-related

    beginning of year $46,603,728 · end of year $44,162,780

  • 15 · Other assets

    beginning of year $17,535,566 · end of year $16,095,695

  • 17 · Accounts payable and accrued expenses

    beginning of year $2,744,625 · end of year $2,394,756

  • 20 · Tax-exempt bond liabilities

    beginning of year $156,400,000 · end of year $109,325,000

  • 25 · Other liabilities

    beginning of year $23,143,343 · end of year $20,614,516

  • 31 · Retained earnings, endowment or other funds

    beginning of year $106,122,409 · end of year $111,081,795

Mission and programs · 2023

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 06/30/2024 WAS 25,347.

    Expenses $5,490,135 · Revenue $14,208,733

  • 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 $1,288,044 · Revenue $1,288,044

  • 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 $460,150 · Revenue $295,622

  • FAFSA COMPLETION: THE FOUNDATION ASSISTED STUDENTS IN COMPLETING FASFA APPLICATIONS AND IN COLLECTING ON AR AND PERKINS ACCOUNTS FOR SCHOOLS.

    Expenses $351,560 · Revenue $566,352

As filed on the 2023 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

  • Brad Allpass

    PRESIDENT & CEO

    Total calculated
    $231,958
    From this org
    $208,476
    From related orgs
    $0
    Other
    $23,482
    Hours/week
    30 + 10 related

    Schedule J breakdown matched by us

    Base
    $197,283
    Bonus
    $11,193
    Other
    not reported
    Deferred
    $13,272
    Nontaxable benefits
    $10,210
    Filer's total
    $231,958

  • Reginald Storment

    GENERAL COUNSEL

    Total calculated
    $191,622
    From this org
    $163,605
    From related orgs
    $0
    Other
    $28,017
    Hours/week
    30 + 10 related

    Schedule J breakdown matched by us

    Base
    $158,443
    Bonus
    $5,162
    Other
    not reported
    Deferred
    $11,666
    Nontaxable benefits
    $16,351
    Filer's total
    $191,622

  • Grace Tackman

    VICE PRESIDENT ADMIN SERVICE

    Total calculated
    $179,607
    From this org
    $146,684
    From related orgs
    $0
    Other
    $32,923
    Hours/week
    30 + 10 related

    Schedule J breakdown matched by us

    Base
    $139,848
    Bonus
    $6,836
    Other
    not reported
    Deferred
    $10,488
    Nontaxable benefits
    $22,435
    Filer's total
    $179,607

  • Estevan Martinez

    ASST VICE PRESIDENT INFO TE

    Total calculated
    $160,233
    From this org
    $141,360
    From related orgs
    $0
    Other
    $18,873
    Hours/week
    30 + 10 related

    Schedule J breakdown matched by us

    Base
    $136,214
    Bonus
    $5,146
    Other
    not reported
    Deferred
    $9,872
    Nontaxable benefits
    $9,001
    Filer's total
    $160,233

  • Tracy Rowe

    ASST VICE PRESIDENT OF FINAN

    Total calculated
    $140,867
    From this org
    $116,423
    From related orgs
    $0
    Other
    $24,444
    Hours/week
    30 + 10 related

  • Lois Fort

    DIRECTOR OF OPERATIONS

    Total calculated
    $128,491
    From this org
    $110,723
    From related orgs
    $0
    Other
    $17,768
    Hours/week
    30 + 10 related

  • Kevin Powers

    VICE CHAIR

    Total calculated
    $0
    Hours/week
    2

  • Laura M Montoya

    DIRECTOR

    Total calculated
    $0
    Hours/week
    2

  • Marsha Majors

    DIRECTOR

    Total calculated
    $0
    Hours/week
    2

  • Rosenda Minella

    SECRETARYTREASURER

    Total calculated
    $0
    Hours/week
    2

  • Alex Heubeck

    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 -$162,532 · share of assets $548,942 · controlled entity

    Directly controlled by NMEAF

Provenance

Return type
form_990
Tax year
2023
Filed
14 May 2025
IRS schema version
2023v6.0
Source object
202521349349306792

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