NEW MEXICO STUDENT LOAN GUARANTEE CORPORATION: Form 990, tax year 2012
View the entire original 990 at ProPublica ↗
- Organization
- NEW MEXICO STUDENT LOAN GUARANTEE CORPORATION (EIN 85-0291314)
- Tax period
- 2012-10-01 to 2013-09-30
- Filed
- 2014-05-15
- IRS object ID
- 201401359349303675
- Schema version
- 2012v2.1
- Source
- Download XML · Original 990 at ProPublica
Every field in the e-filed return. Faint text is the IRS element name, for citing.
Return header ReturnHeader
| Field | Value | IRS element (for citing) |
|---|---|---|
| Timestamp | 2014-05-15T10:20:53-05:00 | Timestamp |
| Tax Period End Date | 2013-09-30 | TaxPeriodEndDate |
Preparer Firm PreparerFirm
| Field | Value | IRS element (for citing) |
|---|---|---|
| EIN | 850450765 | EIN |
Preparer Firm Business Name PreparerFirmBusinessName
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Line1 | Urbielewicz Murphree CPAs PC | BusinessNameLine1 |
Preparer Firm US Address PreparerFirmUSAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | 4940 Corrales Road Suite 200 | AddressLine1 |
| City | Corrales | City |
| State | NM | State |
| ZIP Code | 87048 | ZIPCode |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Return Type | 990 | ReturnType |
| Tax Period Begin Date | 2012-10-01 | TaxPeriodBeginDate |
Filer Filer
| Field | Value | IRS element (for citing) |
|---|---|---|
| EIN | 850291314 | EIN |
Name Name
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Line1 | New Mexico Student Loan Guarantee Corporation | BusinessNameLine1 |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Name Control | NEWM | NameControl |
| Phone | 5057612040 | Phone |
US Address USAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | PO Box 92230 | AddressLine1 |
| City | Albuquerque | City |
| State | NM | State |
| ZIP Code | 871992230 | ZIPCode |
Officer Officer
| Field | Value | IRS element (for citing) |
|---|---|---|
| Name | Brad Allpass | Name |
| Title | Vice President of Finance | Title |
| Phone | 5057612040 | Phone |
| Date Signed | 2014-05-15 | DateSigned |
| Authorize Third Party | 1 | AuthorizeThirdParty |
Preparer Preparer
| Field | Value | IRS element (for citing) |
|---|---|---|
| Name | Tiffani Luna CPA | Name |
| PTIN | P00852702 | PTIN |
| Phone | 5058977382 | Phone |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Tax Year | 2012 | TaxYear |
| Build TS | 2015-11-30 17:44:51Z | BuildTS |
Form 990 IRS990
Doing Business As DoingBusinessAs
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Line1 | New Mexico Student Loans | BusinessNameLine1 |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Name Of Principal Officer Person | Michael Nemelka | NameOfPrincipalOfficerPerson |
Address Principal Officer US AddressPrincipalOfficerUS
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | PO Box 92230 | AddressLine1 |
| City | Albuquerque | City |
| State | NM | State |
| ZIP Code | 871992230 | ZIPCode |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Gross Receipts | 3999771 | GrossReceipts |
| Group Return For Affiliates | 0 | GroupReturnForAffiliates |
| Organization501c3 | X | Organization501c3 |
| Web Site | www.nmslgc.org | WebSite |
| Type Of Organization Corporation | X | TypeOfOrganizationCorporation |
| Year Formation | 1981 | YearFormation |
| State Legal Domicile | NM | StateLegalDomicile |
| Activity Or Mission Description | New Mexico Student Loan Guarantee Corporation is a loan guarantee organization providing quality financial services and cultivating strong professional relationships to encourage and assist in the pursuit of higher education, thus enhancing the quality of life and future success of our stakeholders. | ActivityOrMissionDescription |
| Nbr Voting Members Governing Body | 3 | NbrVotingMembersGoverningBody |
| Nbr Independent Voting Members | 3 | NbrIndependentVotingMembers |
| Total Nbr Employees | 10 | TotalNbrEmployees |
| Total Nbr Volunteers | 0 | TotalNbrVolunteers |
| Total Gross UBI | 0 | TotalGrossUBI |
| Net Unrelated Business Txbl Income | 0 | NetUnrelatedBusinessTxblIncome |
| Contributions Grants Prior Year | 0 | ContributionsGrantsPriorYear |
| Contributions Grants Current Year | 0 | ContributionsGrantsCurrentYear |
| Program Service Revenue Prior Year | 2682132 | ProgramServiceRevenuePriorYear |
| Program Service Revenue CY | 3993835 | ProgramServiceRevenueCY |
| Investment Income Prior Year | 5705 | InvestmentIncomePriorYear |
| Investment Income Current Year | 5936 | InvestmentIncomeCurrentYear |
| Other Revenue Prior Year | 0 | OtherRevenuePriorYear |
| Other Revenue Current Year | 0 | OtherRevenueCurrentYear |
| Total Revenue Prior Year | 2687837 | TotalRevenuePriorYear |
| Total Revenue Current Year | 3999771 | TotalRevenueCurrentYear |
| Grants And Similar Amnts Prior Year | 0 | GrantsAndSimilarAmntsPriorYear |
| Grants And Similar Amnts CY | 0 | GrantsAndSimilarAmntsCY |
| Benefits Paid To Members Prior Year | 0 | BenefitsPaidToMembersPriorYear |
| Benefits Paid To Members CY | 0 | BenefitsPaidToMembersCY |
| Salaries Etc Prior Year | 1002167 | SalariesEtcPriorYear |
| Salaries Etc Current Year | 1011685 | SalariesEtcCurrentYear |
| Total Prof Fundrsng Exp Prior Year | 0 | TotalProfFundrsngExpPriorYear |
| Total Prof Fundrsng Exp CY | 0 | TotalProfFundrsngExpCY |
| Total Fundrsng Exp Current Year | 0 | TotalFundrsngExpCurrentYear |
| Other Expense Prior Year | 2546982 | OtherExpensePriorYear |
| Other Expenses Current Year | 2490849 | OtherExpensesCurrentYear |
| Total Expenses Prior Year | 3549149 | TotalExpensesPriorYear |
| Total Expenses Current Year | 3502534 | TotalExpensesCurrentYear |
| Revenues Less Expenses Prior Year | -861312 | RevenuesLessExpensesPriorYear |
| Revenues Less Expenses CY | 497237 | RevenuesLessExpensesCY |
| Total Assets BOY | 13524035 | TotalAssetsBOY |
| Total Assets EOY | 14363857 | TotalAssetsEOY |
| Total Liabilities BOY | 2945759 | TotalLiabilitiesBOY |
| Total Liabilities EOY | 3288344 | TotalLiabilitiesEOY |
| Net Assets Or Fund Balances BOY | 10578276 | NetAssetsOrFundBalancesBOY |
| Net Assets Or Fund Balances EOY | 11075513 | NetAssetsOrFundBalancesEOY |
| Info In Schedule O Part III | X | InfoInScheduleOPartIII |
| Mission Description | New Mexico Student Loan Guarantee Corporation is a loan guarantee organization providing quality financial services and cultivating strong professional relationships to encourage and assist in the pursuit of higher education, thus enhancing the quality of life and future success of our stakeholders. | MissionDescription |
| Significant New Program Services | 0 | SignificantNewProgramServices |
| Significant Change | 0 | SignificantChange |
| Expense | 73448 | Expense |
| Revenue | 581258 | Revenue |
| Description | The Guarantee Corporation receives regulatory fees for participation in the Federal Family Educational Loan Program (FFELP). | Description |
Activity2 Activity2
| Field | Value | IRS element (for citing) |
|---|---|---|
| Expense | 2082587 | Expense |
| Revenue | 3412577 | Revenue |
| Description | Student Loan Programs: Under the Federal Family Educational Loan Program (FFELP)-the Guarantee Corporation is required to collect on defaulted loans. | Description |
Activity3 Activity3
| Field | Value | IRS element (for citing) |
|---|---|---|
| Expense | 883948 | Expense |
| Description | Student Loan Programs: Under the Federal Family Educational Loan Program (FFELP)- the Guarantor pays lender claims on defaulted loans. | Description |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Program Service Expense | 3039983 | TotalProgramServiceExpense |
| Described In501 C3 | 1 | DescribedIn501C3 |
| Schedule B Required | 0 | ScheduleBRequired |
| Political Activities | 0 | PoliticalActivities |
| Lobbying Activities | 0 | LobbyingActivities |
| Subject To Proxy Tax | 0 | SubjectToProxyTax |
| Donor Advised Funds | 0 | DonorAdvisedFunds |
| Conservation Easements | 0 | ConservationEasements |
| Collections Of Art | 0 | CollectionsOfArt |
| Credit Counseling | 0 | CreditCounseling |
| Term Or Permanent Endowments | 0 | TermOrPermanentEndowments |
| Report Land Bldg Equip | 0 | ReportLandBldgEquip |
| Report Invest Oth Securities | 1 | ReportInvestOthSecurities |
| Report Prog Rel Invest | 0 | ReportProgRelInvest |
| Report Other Assets | 0 | ReportOtherAssets |
| Report Other Liabilities | 1 | ReportOtherLiabilities |
| Report Fin48 Footnote | 0 | ReportFin48Footnote |
| Independent Audit Financial Stmt | 1 | IndependentAuditFinancialStmt |
| Consolidated Audit Financial Stmt | 0 | ConsolidatedAuditFinancialStmt |
| School | 0 | School |
| Foreign Office | 0 | ForeignOffice |
| Foreign Activities | 0 | ForeignActivities |
| More Than5000 K To Organizations | 0 | MoreThan5000KToOrganizations |
| More Than5000 K To Individuals | 0 | MoreThan5000KToIndividuals |
| Professional Fundraising | 0 | ProfessionalFundraising |
| Fundraising Activities | 0 | FundraisingActivities |
| Gaming | 0 | Gaming |
| Hospital | 0 | Hospital |
| Grants To Organizations | 0 | GrantsToOrganizations |
| Grants To Individuals | 0 | GrantsToIndividuals |
| Schedule J Required | 1 | ScheduleJRequired |
| Tax Exempt Bonds | 0 | TaxExemptBonds |
| Excess Benefit Transaction | 0 | ExcessBenefitTransaction |
| Prior Excess Benefit Transaction | 0 | PriorExcessBenefitTransaction |
| Loan To Officer Or DQP | 0 | LoanToOfficerOrDQP |
| Grant To Related Person | 0 | GrantToRelatedPerson |
| Bsnss Rltnshp With Organization | 0 | BsnssRltnshpWithOrganization |
| Bsnss Rltnshp Thru Family Member | 0 | BsnssRltnshpThruFamilyMember |
| Officer Entity With Bsnss Rltnshp | 0 | OfficerEntityWithBsnssRltnshp |
| Deductible Non Cash Contributions | 0 | DeductibleNonCashContributions |
| Deductible Contributions Of Art | 0 | DeductibleContributionsOfArt |
| Terminated | 0 | Terminated |
| Partial Liquidation | 0 | PartialLiquidation |
| Disregarded Entity | 0 | DisregardedEntity |
| Related Entity | 1 | RelatedEntity |
| Related Org Controlled Entity | 0 | RelatedOrgControlledEntity |
| Transfers To Exempt Non Chrtbl Org | 0 | TransfersToExemptNonChrtblOrg |
| Activities Conducted Partnership | 0 | ActivitiesConductedPartnership |
| Schedule O Required | 1 | ScheduleORequired |
| Number Forms Transmitted With1096 | 2 | NumberFormsTransmittedWith1096 |
| Number W2 G Included | 0 | NumberW2GIncluded |
| Number Of Employees | 10 | NumberOfEmployees |
| Employment Tax Returns Filed | 1 | EmploymentTaxReturnsFiled |
| Unrelated Business Income | 0 | UnrelatedBusinessIncome |
| Foreign Financial Account | 0 | ForeignFinancialAccount |
| Prohibited Tax Shelter Trans | 0 | ProhibitedTaxShelterTrans |
| Taxable Party Notification | 0 | TaxablePartyNotification |
| Non Deductible Contributions | 0 | NonDeductibleContributions |
| Quid Pro Quo Contributions | 0 | QuidProQuoContributions |
| Form8282 Property Disposed Of | 0 | Form8282PropertyDisposedOf |
| Indoor Tanning Services | 0 | IndoorTanningServices |
| Info In Schedule O Part VI | X | InfoInScheduleOPartVI |
| Nbr Voting Governing Body Members | 3 | NbrVotingGoverningBodyMembers |
| Number Independent Voting Members | 3 | NumberIndependentVotingMembers |
| Family Or Business Relationship | 0 | FamilyOrBusinessRelationship |
| Delegation Of Management Duties | 0 | DelegationOfManagementDuties |
| Changes To Organizing Docs | 0 | ChangesToOrganizingDocs |
| Material Diversion Or Misuse | 0 | MaterialDiversionOrMisuse |
| Members Or Stockholders | 0 | MembersOrStockholders |
| Election Of Board Members | 0 | ElectionOfBoardMembers |
| Decisions Subject To Approval | 0 | DecisionsSubjectToApproval |
| Minutes Of Governing Body | 1 | MinutesOfGoverningBody |
| Minutes Of Committees | 1 | MinutesOfCommittees |
| Officer Mailing Address | 0 | OfficerMailingAddress |
| Local Chapters | 0 | LocalChapters |
| Form990 Provided To Governing Body | 1 | Form990ProvidedToGoverningBody |
| Conflict Of Interest Policy | 1 | ConflictOfInterestPolicy |
| Annual Disclosure Covered Persons | 1 | AnnualDisclosureCoveredPersons |
| Regular Monitoring Enforcement | 1 | RegularMonitoringEnforcement |
| Whistleblower Policy | 1 | WhistleblowerPolicy |
| Document Retention Policy | 1 | DocumentRetentionPolicy |
| Compensation Process CEO | 1 | CompensationProcessCEO |
| Compensation Process Other | 1 | CompensationProcessOther |
| Investment In Joint Venture | 0 | InvestmentInJointVenture |
| States Where Copy Of Return Is Filed | NM | StatesWhereCopyOfReturnIsFiled |
| Other Website | X | OtherWebsite |
| Upon Request | X | UponRequest |
The Books Are In Care Of TheBooksAreInCareOf
Name Business NameBusiness
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Line1 | Brad Allpass | BusinessNameLine1 |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Telephone Number | 5057612063 | TelephoneNumber |
Address US AddressUS
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | 7400 Tiburon NE | AddressLine1 |
| City | Albuquerque | City |
| State | NM | State |
| ZIP Code | 87109 | ZIPCode |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Info In Schedule O Part VII | X | InfoInScheduleOPartVII |
Form990 Part VII Section A Form990PartVIISectionA (6 entries)
| TitleTitle | Average Hours Per WeekAverageHoursPerWeek | Individual Trustee Or DirectorIndividualTrusteeOrDirector | Reportable Comp From OrganizationReportableCompFromOrganization | Reportable Comp From Related OrgsReportableCompFromRelatedOrgs | Other CompensationOtherCompensation | OfficerOfficer |
|---|---|---|---|---|---|---|
| Dion Kidd-Johnson | ||||||
| Director/Chair | 5.00 | X | 0 | 0 | 0 | |
| Elwood Farber | ||||||
| President | 10.00 | X | 0 | 287105 | 31117 | X |
| Paul Weaver | ||||||
| Director/NMEAF Chair | 5.00 | X | 0 | 0 | 0 | |
| Brad Allpass | ||||||
| Vice President of Finance | 10.00 | 0 | 163044 | 12005 | X | |
| Grace Tackman | ||||||
| Assistant Vice President | 10.00 | 0 | 84970 | 6816 | X | |
| Michael Nemelka | ||||||
| President | 10.00 | 0 | 0 | 0 | X | |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Reportable Comp From Org | 0 | TotalReportableCompFromOrg |
| Total Reportable Comp Frm Rltd Orgs | 535119 | TotalReportableCompFrmRltdOrgs |
| Total Other Compensation | 49938 | TotalOtherCompensation |
| Number Individuals GT100 K | 0 | NumberIndividualsGT100K |
| Formers Listed | 0 | FormersListed |
| Total Comp GT150 K | 1 | TotalCompGT150K |
| Compensation From Other Sources | 0 | CompensationFromOtherSources |
Contractor Compensation ContractorCompensation (5 entries)
| Address Line1AddressOfContractor/AddressUS/AddressLine1 | CityAddressOfContractor/AddressUS/City | StateAddressOfContractor/AddressUS/State | ZIP CodeAddressOfContractor/AddressUS/ZIPCode | Description Of ServicesDescriptionOfServices | CompensationCompensation |
|---|---|---|---|---|---|
| New Mexico Educational Assistance Founda | |||||
| 7400 Tiburon NE | Albuquerque | NM | 87109 | Building Space, Clerical and Technical | 574191 |
| NCOOSI Collection Agency | |||||
| PO Box 935 | Brookfield | WI | 530080935 | Collection Services for Defaulted Loans | 565120 |
| DCS Collection Agency | |||||
| 333 North Canyon Parkway | Livermore | CA | 94551 | Collection Services for Defaulted Loans | 544325 |
| AESPHEAA | |||||
| PO Box 64849 | Baltimore | MD | 21264 | Program System and Maintenance | 368968 |
| Premiere Collection Agency | |||||
| 2002 N Wellesley Blvd | Indianapolis | IN | 46219 | Collection Services for Defaulted Loans | 183789 |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Number Of Contractors GT100 K | 5 | NumberOfContractorsGT100K |
Program Service Revenue ProgramServiceRevenue (3 entries)
| DescriptionDescription | Business CodeBusinessCode | Total Revenue ColumnTotalRevenueColumn | Related Or Exempt Function IncomeRelatedOrExemptFunctionIncome |
|---|---|---|---|
| Retained Collections f | 522200 | 3410649 | 3410649 |
| Loan Processing and Ac | 522200 | 581258 | 581258 |
| Default Aversion Servi | 522200 | 1928 | 1928 |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Program Service Revenue | 3993835 | TotalProgramServiceRevenue |
Investment Income InvestmentIncome
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Revenue Column | 5936 | TotalRevenueColumn |
| Exclusion | $5,936 | ExclusionAmount |
Total Revenue TotalRevenue
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Revenue Column | 3999771 | TotalRevenueColumn |
| Related Or Exempt Function Income | 3993835 | RelatedOrExemptFunctionIncome |
| Unrelated Business Revenue | 0 | UnrelatedBusinessRevenue |
| Exclusion | $5,936 | ExclusionAmount |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Info In Schedule O Part IX | X | InfoInScheduleOPartIX |
Comp Current Officers Directors CompCurrentOfficersDirectors
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 163398 | Total |
| Management And General | 163398 | ManagementAndGeneral |
Other Salaries And Wages OtherSalariesAndWages
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 647632 | Total |
| Program Services | 506402 | ProgramServices |
| Management And General | 141230 | ManagementAndGeneral |
Pension Plan Contributions PensionPlanContributions
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 43988 | Total |
| Program Services | 34102 | ProgramServices |
| Management And General | 9886 | ManagementAndGeneral |
Other Employee Benefits OtherEmployeeBenefits
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 110956 | Total |
| Program Services | 66354 | ProgramServices |
| Management And General | 44602 | ManagementAndGeneral |
Payroll Taxes PayrollTaxes
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 45711 | Total |
| Program Services | 36884 | ProgramServices |
| Management And General | 8827 | ManagementAndGeneral |
Fees For Services Legal FeesForServicesLegal
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 849 | Total |
| Management And General | 849 | ManagementAndGeneral |
Fees For Services Accounting FeesForServicesAccounting
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 22403 | Total |
| Management And General | 22403 | ManagementAndGeneral |
Fees For Services Other FeesForServicesOther
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 1731865 | Total |
| Program Services | 1729420 | ProgramServices |
| Management And General | 2445 | ManagementAndGeneral |
Advertising Advertising
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 1289 | Total |
| Management And General | 1289 | ManagementAndGeneral |
Office Expenses OfficeExpenses
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 87249 | Total |
| Program Services | 77335 | ProgramServices |
| Management And General | 9914 | ManagementAndGeneral |
Information Technology InformationTechnology
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 44003 | Total |
| Program Services | 29933 | ProgramServices |
| Management And General | 14070 | ManagementAndGeneral |
Occupancy Occupancy
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 77133 | Total |
| Program Services | 55536 | ProgramServices |
| Management And General | 21597 | ManagementAndGeneral |
Travel Travel
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 1843 | Total |
| Program Services | 1058 | ProgramServices |
| Management And General | 785 | ManagementAndGeneral |
Insurance Insurance
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 14254 | Total |
| Management And General | 14254 | ManagementAndGeneral |
Other Expenses OtherExpenses (3 entries)
| DescriptionDescription | TotalTotal | Program ServicesProgramServices | Management And GeneralManagementAndGeneral |
|---|---|---|---|
| Default Loss Provision | 502950 | 502950 | |
| Business Recovery Expen | 7002 | 7002 | |
| Default Fee Expense | 9 | 9 |
Total Functional Expenses TotalFunctionalExpenses
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 3502534 | Total |
| Program Services | 3039983 | ProgramServices |
| Management And General | 462551 | ManagementAndGeneral |
| Fundraising | 0 | Fundraising |
Savings And Temp Cash Investments SavingsAndTempCashInvestments
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 11565314 | BOY |
| EOY | 11652032 | EOY |
Accounts Receivable AccountsReceivable
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 1958721 | BOY |
| EOY | 1702562 | EOY |
Prepaid Expenses Deferred Charges PrepaidExpensesDeferredCharges
| Field | Value | IRS element (for citing) |
|---|---|---|
| EOY | 9263 | EOY |
Investments Other Securities InvestmentsOtherSecurities
| Field | Value | IRS element (for citing) |
|---|---|---|
| EOY | 1000000 | EOY |
Total Assets TotalAssets
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 13524035 | BOY |
| EOY | 14363857 | EOY |
Accounts Payable Accrued Expenses AccountsPayableAccruedExpenses
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 461990 | BOY |
| EOY | 860153 | EOY |
Other Liabilities OtherLiabilities
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 2483769 | BOY |
| EOY | 2428191 | EOY |
Total Liabilities TotalLiabilities
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 2945759 | BOY |
| EOY | 3288344 | EOY |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Follow SFAS117 | X | FollowSFAS117 |
Unrestricted Net Assets UnrestrictedNetAssets
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 8937222 | BOY |
| EOY | 10161061 | EOY |
Permanently Restricted Net Assets PermanentlyRestrictedNetAssets
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 1641054 | BOY |
| EOY | 914452 | EOY |
Total Net Assets Fund Balances TotalNetAssetsFundBalances
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 10578276 | BOY |
| EOY | 11075513 | EOY |
Total Liab Net Assets Fund Balances TotalLiabNetAssetsFundBalances
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 13524035 | BOY |
| EOY | 14363857 | EOY |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Reconcilation Revenue Expenses | 497237 | ReconcilationRevenueExpenses |
| Reconcilation Other Changes | 0 | ReconcilationOtherChanges |
| Info In Schedule O Part XII | X | InfoInScheduleOPartXII |
| Method Of Accounting Accrual | X | MethodOfAccountingAccrual |
| Accountant Compile Or Review | 0 | AccountantCompileOrReview |
| FS Audited | 1 | FSAudited |
FS Audited Basis FSAuditedBasis
| Field | Value | IRS element (for citing) |
|---|---|---|
| Financial Statement Separate | X | FinancialStatementSeparate |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Audit Committee | 1 | AuditCommittee |
| Federal Grant Audit Required | 1 | FederalGrantAuditRequired |
| Federal Grant Audit Performed | 1 | FederalGrantAuditPerformed |
Schedule A IRS990ScheduleA
| Field | Value | IRS element (for citing) |
|---|---|---|
| Publicly Supported Org509a2 | X | PubliclySupportedOrg509a2 |
Gross Receipts From Admissions GrossReceiptsFromAdmissions
| Field | Value | IRS element (for citing) |
|---|---|---|
| Current Tax Year Minus4 Years | 5715823 | CurrentTaxYearMinus4Years |
| Current Tax Year Minus3 Years | 4502278 | CurrentTaxYearMinus3Years |
| Current Tax Year Minus2 Years | 2286016 | CurrentTaxYearMinus2Years |
| Current Tax Year Minus1 Year | 2681930 | CurrentTaxYearMinus1Year |
| Current Tax Year | 3991907 | CurrentTaxYear |
| Total | 19177954 | Total |
Total509 Total509
| Field | Value | IRS element (for citing) |
|---|---|---|
| Current Tax Year Minus4 Years | 5715823 | CurrentTaxYearMinus4Years |
| Current Tax Year Minus3 Years | 4502278 | CurrentTaxYearMinus3Years |
| Current Tax Year Minus2 Years | 2286016 | CurrentTaxYearMinus2Years |
| Current Tax Year Minus1 Year | 2681930 | CurrentTaxYearMinus1Year |
| Current Tax Year | 3991907 | CurrentTaxYear |
| Total | 19177954 | Total |
Amts Recd From Disqual Persons AmtsRecdFromDisqualPersons
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 0 | Total |
Amts From Subst Contributors AmtsFromSubstContributors
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 0 | Total |
Support From DQ Ps Etc SupportFromDQPsEtc
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 0 | Total |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Public Support Total509 | 19177954 | PublicSupportTotal509 |
Gross Investment Income509 GrossInvestmentIncome509
| Field | Value | IRS element (for citing) |
|---|---|---|
| Current Tax Year Minus4 Years | 26382 | CurrentTaxYearMinus4Years |
| Current Tax Year Minus3 Years | 10587 | CurrentTaxYearMinus3Years |
| Current Tax Year Minus2 Years | 6636 | CurrentTaxYearMinus2Years |
| Current Tax Year Minus1 Year | 5705 | CurrentTaxYearMinus1Year |
| Current Tax Year | 5936 | CurrentTaxYear |
| Total | 55246 | Total |
Investment Income And UBTI InvestmentIncomeAndUBTI
| Field | Value | IRS element (for citing) |
|---|---|---|
| Current Tax Year Minus4 Years | 26382 | CurrentTaxYearMinus4Years |
| Current Tax Year Minus3 Years | 10587 | CurrentTaxYearMinus3Years |
| Current Tax Year Minus2 Years | 6636 | CurrentTaxYearMinus2Years |
| Current Tax Year Minus1 Year | 5705 | CurrentTaxYearMinus1Year |
| Current Tax Year | 5936 | CurrentTaxYear |
| Total | 55246 | Total |
Total Support Total TotalSupportTotal
| Field | Value | IRS element (for citing) |
|---|---|---|
| Current Tax Year Minus4 Years | 5742205 | CurrentTaxYearMinus4Years |
| Current Tax Year Minus3 Years | 4512865 | CurrentTaxYearMinus3Years |
| Current Tax Year Minus2 Years | 2292652 | CurrentTaxYearMinus2Years |
| Current Tax Year Minus1 Year | 2687635 | CurrentTaxYearMinus1Year |
| Current Tax Year | 3997843 | CurrentTaxYear |
| Total | 19233200 | Total |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Public Support Percentage509 | 0.99710 | PublicSupportPercentage509 |
| Prior Year Support Percentage | 0.98060 | PriorYearSupportPercentage |
| Investment Income Percentage | 0.00290 | InvestmentIncomePercentage |
| Prior Yr Invest Income Percentage | 0.01940 | PriorYrInvestIncomePercentage |
| Thirty Three Percnt Tests CY509 | X | ThirtyThreePercntTestsCY509 |
Schedule D IRS990ScheduleD
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Of Book Value Land Buildings | 0 | TotalOfBookValueLandBuildings |
Other Securities OtherSecurities
| Field | Value | IRS element (for citing) |
|---|---|---|
| Description | Bank of Oklahoma Long Term CD | Description |
| Book Value | 1000000 | BookValue |
| Method Of Valuation | C | MethodOfValuation |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Of Book Value Securities | 1000000 | TotalOfBookValueSecurities |
Other Liabilities OtherLiabilities
| Field | Value | IRS element (for citing) |
|---|---|---|
| Description | Default Reserves | Description |
| Amount | $2,428,191 | Amount |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Of Amounts | 2428191 | TotalOfAmounts |
| Tot Revenue Etc Audited Fincl Stmt | 3999771 | TotRevenueEtcAuditedFinclStmt |
| Revenue Not Rptd F990 | 0 | RevenueNotRptdF990 |
| Revenue Subtotal | 3999771 | RevenueSubtotal |
| Revenue Not Rptd On Fin Stmt | 0 | RevenueNotRptdOnFinStmt |
| Total Revenue Per Form990 | 3999771 | TotalRevenuePerForm990 |
| Tot Expenses Etc Audited Fincl Stmt | 3502534 | TotExpensesEtcAuditedFinclStmt |
| Expenses Not Rptd F990 | 0 | ExpensesNotRptdF990 |
| Expenses Subtotal | 3502534 | ExpensesSubtotal |
| Expenses Not Rptd On Fin Stmt | 0 | ExpensesNotRptdOnFinStmt |
| Total Expenses Per Form990 | 3502534 | TotalExpensesPerForm990 |
Schedule J IRS990ScheduleJ
| Field | Value | IRS element (for citing) |
|---|---|---|
| Compensation Committee | X | CompensationCommittee |
| Written Employment Contract | X | WrittenEmploymentContract |
| Compensation Survey | X | CompensationSurvey |
| Board Or Committee Approval | X | BoardOrCommitteeApproval |
| Severance Payment | 0 | SeverancePayment |
| Supplemental Nonqual Retire Plan | 0 | SupplementalNonqualRetirePlan |
| Equity Based Comp Arrangement | 0 | EquityBasedCompArrangement |
| Comp Based On Revenue Of Filing Org | 0 | CompBasedOnRevenueOfFilingOrg |
| Comp Based On Revenue Related Orgs | 0 | CompBasedOnRevenueRelatedOrgs |
| Comp Based Net Earnings Filing Org | 0 | CompBasedNetEarningsFilingOrg |
| Comp Based Net Earnings Relate Orgs | 0 | CompBasedNetEarningsRelateOrgs |
| Any Non Fixed Payments | 0 | AnyNonFixedPayments |
| Initial Contract Exception | 0 | InitialContractException |
Form990 Schedule J Part II Form990ScheduleJPartII (2 entries)
| TitleTitle | Base Compensation Filing OrgBaseCompensationFilingOrg | Comp Based On Related OrgsCompBasedOnRelatedOrgs | Bonus Filing OrgBonusFilingOrg | Bonus Related OrgsBonusRelatedOrgs | Other Compensation Filing OrgOtherCompensationFilingOrg | Other Compensation Related OrgsOtherCompensationRelatedOrgs | Deferred Comp Filing OrgDeferredCompFilingOrg | Deferred Comp Related OrgsDeferredCompRelatedOrgs | Nontaxable Benefits Filing OrgNontaxableBenefitsFilingOrg | Nontaxable Benefits Related OrgsNontaxableBenefitsRelatedOrgs | Total Compensation Filing OrgTotalCompensationFilingOrg | Total Compensation Related OrgsTotalCompensationRelatedOrgs | Comp Report Prior990 Filing OrgCompReportPrior990FilingOrg | Comp Report Prior990 Related OrgsCompReportPrior990RelatedOrgs |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Elwood Farber | ||||||||||||||
| President | 0 | 287105 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 31117 | 0 | 318222 | 0 | 0 |
| Brad Allpass | ||||||||||||||
| Vice President of Finance | 0 | 159939 | 0 | 3105 | 0 | 0 | 0 | 0 | 0 | 12005 | 0 | 175049 | 0 | 0 |
Schedule O IRS990ScheduleO
General Explanation GeneralExplanation (8 entries)
| Return ReferenceReturnReference | ExplanationExplanation | IdentifierIdentifier |
|---|---|---|
| Form 990, Part VI, Section B, line 11 | NMSLGC's process to review Form 990. After the independent accountants have prepared the Form 990, it is sent to the Accounting Department of NMSLGC where it is reviewed. The Form 990 is then reviewed by the Vice President of Finance. All changes are then forwarded to the independent accountant. When completed the Form 990 is reviewed again and the Vice President of Finance sends a copy to the members of the governing body to comment. After all comments are reviewed and final changes made, the Vice President of Finance will allow the independent accountant to electronically file the Form 990. | |
| Form 990, Part VI, Section B, line 12c | To guard against situations involving a conflict of interest, all directors, officers and employees will receive a copy of New Mexico Student Loans' (NMSL) "Code of Conduct" and must complete and sign an annual disclosure statement identifying his or her business and/or property and financial interests in any organization that has or is interested in having any contract with NMSL. Additionally, directors, officers and employees are prohibited from using his/her official status to interfere with a public election, solicit or coerce contributions for political purposes, or use organizational funds for a political candidate. An employee who wishes to become a candidate for public office must have Board approval. Any conflict of interest for a director, officer, employee, or family members thereof with regards to a financial interest or business dealing (unless with a division of the State of New Mexico) must be disclosed at Board meetings. These dealing are to be reflected in the minutes. | |
| Form 990, Part VI, Section B, line 15 | The President's salary is set by analyzing competitors' salaries annually. The compensation is enumareated by contract and discussed by the Board in executive session. Deliberations are documented in the minutes and suported by a performance evaluation. Employee's salaries are set by analyzing competitors' salaries annually. The compensation is enumareated by an approved salary structure within set ranges. Deliberations by upper management are documented with a performance evaluation. Raise pools and total salaries expense is reviewed and approved by the Board. | |
| Form 990, Part VI, Section C, line 19 | NMSLGC posts the audited financial statements on their website. Audited financial statements are sent to Dun and Bradstreet and are available through that website as well. Copies of the audited financials and notes are available at request. Governing documents and internal policies are not made available to the public at this time. | |
| Form W-2, Box 5 does not include Employee Deductions which were removed pre-tax. The amount reported on Form 990, Part VII and Schedule J include these Employee Deductions. | Compensation of Officers | |
| Part VII | Officers spend an estimated average of 10 hours a week devoted to NMSLGC for which compensation was reported in columns (E) and (F). | |
| Form 990, Part IX, line 11g | Service Fees: Program service expenses 419,059. Management and general expenses 0. Fundraising expenses 0. Total expenses 419,059. Collection Agency Expense: Program service expenses 1,293,236. Management and general expenses 0. Fundraising expenses 0. Total expenses 1,293,236. Registration, Subscriptions and Dues: Program service expenses 9,357. Management and general expenses 1,110. Fundraising expenses 0. Total expenses 10,467. Outside services: Program service expenses 3,819. Management and general expenses 1,335. Fundraising expenses 0. Total expenses 5,154. Default Prevention Expense: Program service expenses 3,949. Management and general expenses 0. Fundraising expenses 0. Total expenses 3,949. | Other Fees |
| Form 990, Part XII, Line 2c | There has been no change in the process for oversight of the audit or selection of an independent auditor. |
Schedule R IRS990ScheduleR
Form990 Schedule R Part II Form990ScheduleRPartII
Name Of Disregarded Entity NameOfDisregardedEntity
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Line1 | New Mexico Educational Assistance Foundation | BusinessNameLine1 |
Address US AddressUS
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | 7400 Tiburon NE | AddressLine1 |
| City | Albuquerque | City |
| State | NM | State |
| ZIP Code | 87109 | ZIPCode |
| Field | Value | IRS element (for citing) |
|---|---|---|
| EIN | 850291313 | EIN |
| Primary Activities | FFELP Student Loan Lender | PrimaryActivities |
| Legal Domicile State | NM | LegalDomicileState |
| Exempt Code Section | 501(c)(3) | ExemptCodeSection |
| Public Charity Status | Line 9 | PublicCharityStatus |
| Direct Controlling Entity NA | N/A | DirectControllingEntityNA |
| Controlled Org | 0 | ControlledOrg |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Receipt Of Int Ann Rents Royalties | 0 | ReceiptOfIntAnnRentsRoyalties |
| Gift Grant Or Cap Contr To Other Org | 0 | GiftGrantOrCapContrToOtherOrg |
| Gift Grant Or Cap Contr Fr Other Org | 0 | GiftGrantOrCapContrFrOtherOrg |
| Loans Or Guarantees To Other Org | 0 | LoansOrGuaranteesToOtherOrg |
| Loans Or Guarantees From Other Org | 0 | LoansOrGuaranteesFromOtherOrg |
| Dividends Related Organization | 0 | DividendsRelatedOrganization |
| Sale Of Assets To Other Org | 0 | SaleOfAssetsToOtherOrg |
| Purchase Of Assets From Other Org | 0 | PurchaseOfAssetsFromOtherOrg |
| Exchange Of Assets | 0 | ExchangeOfAssets |
| Rental Of Facilities To Other Orgs | 0 | RentalOfFacilitiesToOtherOrgs |
| Rental Of Facilities Fr Other Orgs | 1 | RentalOfFacilitiesFrOtherOrgs |
| Perform Of Services For Other Orgs | 0 | PerformOfServicesForOtherOrgs |
| Perform Of Services By Other Orgs | 1 | PerformOfServicesByOtherOrgs |
| Sharing Of Facilities | 0 | SharingOfFacilities |
| Sharing Of Paid Employees | 0 | SharingOfPaidEmployees |
| Reimbursement Paid To Other Org | 1 | ReimbursementPaidToOtherOrg |
| Reimbursement Paid By Other Org | 0 | ReimbursementPaidByOtherOrg |
| Other Transfer To Other Org | 0 | OtherTransferToOtherOrg |
| Other Transfer From Other Org | 0 | OtherTransferFromOtherOrg |
Transactions Related Orgs Table TransactionsRelatedOrgsTable (3 entries)
| Transaction TypeTransactionType | Amount InvolvedAmountInvolved | Method Of Amt DeterminationMethodOfAmtDetermination |
|---|---|---|
| New Mexico Educational Assistance Foundation | ||
| K | 81226 | Expenses |
| New Mexico Educational Assistance Foundation | ||
| M | 448362 | Expenses |
| New Mexico Educational Assistance Foundation | ||
| P | 114612 | Expenses |
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