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← NEW MEXICO MILITARY INSTITUTE FOUNDATION INC

Form 990 for tax year 2024

Filed by NEW MEXICO MILITARY INSTITUTE FOUNDATION INC.

Totals

Total revenue
$5,187,499
Total expenses
$3,146,838
Contributions and grants received
$1,629,448
Grants paid
$2,560,718
Program service revenue
$4,115
Investment income
$2,864,308
Other revenue
$689,628
Total assets, end of year
$93,478,839
Total liabilities, end of year
$1,297,114
Net assets or fund balances, end of year
$92,181,725
Program services expenses (Part IX)
$2,726,288
Management and general expenses
$412,449
Fundraising expenses
$8,101
Program service expenses (Part III)
$2,726,288

Program services were 86.6% 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.

  • 1a · Federated campaigns

    $0

  • 1b · Membership dues

    $0

  • 1c · Fundraising events

    $0

  • 1d · Related organizations

    $0

  • 1e · Government grants (contributions)

    $0

  • 1f · All other contributions, gifts and grants

    $1,629,448

  • 1g · Noncash contributions included above

    $0

  • 2a · Program service revenue: Columbarium revenue

    total $4,115 · related or exempt $4,115 · unrelated business $0 · excluded $0

  • 2f · All other program service revenue

    total $0 · related or exempt $0 · unrelated business $0 · excluded $0

  • 3 · Investment income

    total $818,911 · related or exempt $0 · unrelated business $0 · excluded $818,911

  • 4 · Income from investment of tax-exempt bond proceeds

    total $0 · related or exempt $0 · unrelated business $0 · excluded $0

  • 5 · Royalties

    total $628 · related or exempt $0 · unrelated business $0 · excluded $628

  • 6a · Gross rents

    real property $695,721 · personal property $0

  • 6b · Less rental expenses

    real property $0 · personal property $0

  • 6c · Rental income or loss

    real property $695,721 · personal property $0

  • 6d · Net rental income or loss

    total $695,721 · related or exempt $0 · unrelated business $0 · excluded $695,721

  • 7a · Gross sales of assets other than inventory

    securities $13,828,475 · other assets $5,250

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

    securities $11,785,703 · other assets $2,625

  • 7c · Gain or loss

    securities $2,042,772 · other assets $2,625

  • 7d · Net gain or loss

    total $2,045,397 · related or exempt $0 · unrelated business $0 · excluded $2,045,397

  • 8a · Fundraising events: contributions included on line 1c

    $0

  • 11a · Other revenue: Decrease in cash value of insurance

    total -$6,721 · related or exempt -$6,721 · unrelated business $0 · excluded $0

  • 11d · All other revenue

    total $0 · related or exempt $0 · unrelated business $0 · excluded $0

  • 11e · Other revenue, total

    -$6,721

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $2,437,678 · program services $2,437,678

  • 2 · Grants to domestic individuals

    total $123,040 · program services $123,040

  • 3 · Grants to foreign organizations and individuals

    total $0 · program services $0

  • 4 · Benefits paid to or for members

    total $0 · program services $0

  • 5 · Compensation of officers, directors and key employees

    total $134,023 · program services $0 · management and general $134,023 · fundraising $0

  • 6 · Compensation of disqualified persons

    total $0 · program services $0 · management and general $0 · fundraising $0

  • 7 · Other salaries and wages

    total $66,659 · program services $0 · management and general $66,659 · fundraising $0

  • 8 · Pension plan contributions

    total $36,000 · program services $0 · management and general $36,000 · fundraising $0

  • 9 · Other employee benefits

    total $21,741 · program services $0 · management and general $21,741 · fundraising $0

  • 10 · Payroll taxes

    total $13,915 · program services $0 · management and general $13,915 · fundraising $0

  • 11a · Fees: management

    total $0 · program services $0 · management and general $0 · fundraising $0

  • 11b · Fees: legal

    total $0 · program services $0 · management and general $0 · fundraising $0

  • 11c · Fees: accounting

    total $10,763 · program services $0 · management and general $10,763 · fundraising $0

  • 11d · Fees: lobbying

    total $0 · program services $0 · management and general $0 · fundraising $0

  • 11e · Fees: professional fundraising services

    total $0 · fundraising $0

  • 11f · Fees: investment management

    total $116,921 · program services $92,941 · management and general $23,980 · fundraising $0

  • 11g · Fees: other

    total $9,772 · program services $1,671 · management and general $0 · fundraising $8,101

  • 12 · Advertising and promotion

    total $0 · program services $0 · management and general $0 · fundraising $0

  • 13 · Office expenses

    total $7,236 · program services $0 · management and general $7,236 · fundraising $0

  • 14 · Information technology

    total $3,565 · program services $0 · management and general $3,565 · fundraising $0

  • 15 · Royalties

    total $0 · program services $0 · management and general $0 · fundraising $0

  • 16 · Occupancy

    total $600 · program services $0 · management and general $600 · fundraising $0

  • 17 · Travel

    total $259 · program services $0 · management and general $259 · fundraising $0

  • 18 · Travel or entertainment for public officials

    total $0 · program services $0 · management and general $0 · fundraising $0

  • 19 · Conferences, conventions and meetings

    total $2,536 · program services $0 · management and general $2,536 · fundraising $0

  • 20 · Interest

    total $0 · program services $0 · management and general $0 · fundraising $0

  • 21 · Payments to affiliates

    total $0 · program services $0 · management and general $0 · fundraising $0

  • 22 · Depreciation, depletion and amortization

    total $405 · program services $0 · management and general $405 · fundraising $0

  • 23 · Insurance

    total $4,150 · program services $0 · management and general $4,150 · fundraising $0

  • 24a · Other expenses: Insurance Project

    total $46,473 · program services $46,473 · management and general $0 · fundraising $0

  • 24b · Other expenses: Faculty and Staff Support

    total $24,485 · program services $24,485 · management and general $0 · fundraising $0

  • 24c · Other expenses: Real Estate Expenses

    total $82,215 · program services $0 · management and general $82,215 · fundraising $0

  • 24d · Other expenses: Other Miscellaneous Expenses

    total $4,402 · program services $0 · management and general $4,402 · fundraising $0

  • 24e · All other expenses

    total $0 · fundraising $0

  • 26 · Joint costs (an allocation of the lines above)

    total $0 · program services $0 · management and general $0 · fundraising $0

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $133,183 · end of year $124,614

  • 2 · Savings and temporary cash investments

    beginning of year $6,224,211 · end of year $4,227,395

  • 3 · Pledges and grants receivable

    beginning of year $58,191 · end of year $0

  • 4 · Accounts receivable

    beginning of year $500 · end of year $1,232

  • 5 · Loans and receivables from officers and key people

    beginning of year $0

  • 6 · Loans and receivables from disqualified persons

    beginning of year $0 · end of year $0

  • 7 · Other notes and loans receivable

    beginning of year $0 · end of year $0

  • 8 · Inventories for sale or use

    beginning of year $0 · end of year $0

  • 9 · Prepaid expenses and deferred charges

    beginning of year $3,565 · end of year $0

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

    $10,464,270

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

    $16,484

  • 10c · Land, buildings and equipment, net

    beginning of year $8,151,401 · end of year $10,447,786

  • 11 · Investments: publicly traded securities

    beginning of year $16,634,960 · end of year $19,160,056

  • 12 · Investments: other securities

    beginning of year $53,227,183 · end of year $57,533,953

  • 13 · Investments: program-related

    beginning of year $0 · end of year $0

  • 14 · Intangible assets

    beginning of year $0 · end of year $0

  • 15 · Other assets

    beginning of year $1,565,876 · end of year $1,983,803

  • 17 · Accounts payable and accrued expenses

    beginning of year $503,155 · end of year $844,051

  • 18 · Grants payable

    beginning of year $0 · end of year $0

  • 19 · Deferred revenue

    beginning of year $31,313 · end of year $453,063

  • 20 · Tax-exempt bond liabilities

    beginning of year $0 · end of year $0

  • 21 · Escrow or custodial account liability

    beginning of year $0 · end of year $0

  • 22 · Loans and payables to officers and key people

    beginning of year $0 · end of year $0

  • 23 · Secured mortgages and notes payable

    beginning of year $0 · end of year $0

  • 24 · Unsecured notes and loans payable

    beginning of year $0 · end of year $0

  • 25 · Other liabilities

    beginning of year $0 · end of year $0

  • 27 · Net assets without donor restrictions

    beginning of year $24,768,098 · end of year $26,807,970

  • 28 · Net assets with donor restrictions

    beginning of year $60,696,504 · end of year $65,373,755

Mission and programs · 2024

Mission

The mission of the New Mexico Military Institute Foundation, Inc. (Foundation) is to create, maintain and administer an endowment fund for the benefit of New Mexico Military Institute (NMMI) to be used for research, scientific and literary purposes; for increasing the building, equipment and other facilities of NMMI; to provide for scholarships; and to promote generally the growth, welfare, and maintenance of NMMI.

Activities or mission (Part I)

The mission of the New Mexico Military Institute Foundation, Inc. (Foundation) is to create, maintain and administer an endowment fund for the benefit of New Mexico Military Institute (NMMI) to be used for research, scientific and literary purposes; for increasing the building, equipment and other facilities of NMMI; to provide for scholarships and to promote generally the growth, welfare, and maintenance of NMMI.

  • The NMMI Foundation maintains about 180 endowed scholarship funds and over 20 annual donor scholarship funds for the benefit of NMMI cadets. Earnings from the endowments and annual donations are paid directly to NMMI to provide scholarships to NMMI cadets at the high school and junior college level. The scholarships have varying criteria specified by the donors; for example scholarships may include merit-based and/or need-based requirements. NMMI has established a Scholarship Committee that facilitates the fair and impartial granting of all scholarships in accordance with NMMI policies and procedures and donor stipulations. NMMI estimates that nearly 98% of cadets in the junior college program receive some form of financial assistance, which includes scholarship funding. Nearly 85% of the high school cadets receive some scholarship assistance. NMMI's maximum capacity is about 1,000 cadets. 308 cadets received scholarships from Foundation provided funds in the 2024-2025 school year. It is estimated that 350 cadets will receive scholarships during the 2025-2026 school year.

    Expenses $1,199,338 · Grants $1,199,338

  • The NMMI Foundation maintains approximately 20 endowments whereby earnings are used to fund NMMI Leadership Reaction Course programs, Low/High Ropes Course facilities, leadership salaries and benefits and general Leadership projects and activities. The Daniels Leadership Center (DLC) serves the entire Corps of Cadets each year through use of state of the art technologies, classrooms and course facilities. Programs and services are provided to internal and external constituencies and include the Low/High Ropes Course and the Leadership Reaction Course which provide leadership challenges and growth to both cadets and professionals. These facilities help build self confidence, trust and teamwork in challenges that teach, test and reinforce sound leadership practices. These facilities are used throughout the entire school year.

    Expenses $328,367 · Grants $328,367

  • The NMMI Foundation maintains more than ten endowments and several annual funds whereby earnings and annual donations are used to provide support for NMMI academic programs. Expenditures for these programs include support for faculty stipends, classroom equipment, information technology equipment and software, band equipment, library subscriptions, supplies and other related academic programs and projects.

    Expenses $263,248 · Grants $263,248

  • Other program services support was used for NMMI athletic programs, cadet activities, institutional advancement, faculty and staff programs, recruiting and admissions programs, alumni relations support and other NMMI programs.

    Expenses $935,335 · Grants $935,335

As filed on the 2024 return.

Listed in Part VII

  • Jimmy Barnes

    President & CEO

    Total calculated
    $126,813
    From this org
    $126,813
    From related orgs
    $0
    Other
    $0
    Hours/week
    40

  • Jesus Salazar

    Immediate Past Chairman

    Total calculated
    $0
    Hours/week
    2

  • Kenneth Barbe Jr

    Chairman

    Total calculated
    $0
    Hours/week
    5

  • Dr Jesus R Ramos Garza

    Secretary

    Total calculated
    $0
    Hours/week
    2

  • Kim Greaves

    Vice Chairman

    Total calculated
    $0
    Hours/week
    2

  • Kevin O Butler

    Member

    Total calculated
    $0
    Hours/week
    1

  • Thomas E Jennings

    NMMI Regent Member

    Total calculated
    $0
    Hours/week
    1

  • Christina Maria Montoya

    NMMI Regent Member

    Total calculated
    $0
    Hours/week
    1

  • BG Voris W McBurnette NMMI Supt

    Ex Officio Member

    Total calculated
    $0
    Hours/week
    1

  • Claire E Chase

    Member

    Total calculated
    $0
    Hours/week
    1

  • Dr Earl A Tres Latimer III

    Member

    Total calculated
    $0
    Hours/week
    1

  • Gregory D Sampson

    NMMI Regent Appointment

    Total calculated
    $0
    Hours/week
    1

  • George M Yates

    Member

    Total calculated
    $0
    Hours/week
    1

  • Frank Spencer III

    Treasurer

    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.

Grants on this return

The 10 largest by cash amount. The API serves every itemized grant.

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.

  • Charitable Remainder Unitrust (2)

    T · Charitable Remainder Unitrust · NM

    Directly controlled by NMMI Foundation Inc

Provenance

Return type
form_990
Tax year
2024
Filed
7 November 2025
IRS schema version
2024v5.0
Source object
202523119349303037

Check it against the return as filed: the GivingTuesday Data Lake hosts a public copy of the original XML.

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