2012-05-11T16:52:54-05:00 2011-06-30 Urbielewicz Murphree CPAs PC 4940 Corrales Road Suite 200 Corrales NM 87048 990 2010-07-01 850291313 New Mexico Educational Assistance Foundation NEWM 5057612063 PO Box 27020 Albuquerque NM 871257020 Brad Allpass 5057612063 2012-05-11 1 Tiffani Luna CPA 5058977382 2010 2016-02-24 21:20:13Z Elwood Farber PO Box 27020 Albuquerque NM 871257020 36568542 0 X www.nmstudentloans.org X 1981 NM To create educational opportunities for the residents of New Mexico by providing student loans. 11 11 166 0 0 0 0 458841 45441561 35927848 609716 181853 0 0 46051277 36568542 0 0 0 0 9417549 8829029 0 0 0 31406301 25559634 40823850 34388663 5227427 2179879 1565845607 1150172587 1461028924 1036747112 104816683 113425475 X New Mexico Student Loans is an association of full service lending, loan servicing and loan guarantee organizations 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. 0 1 25577422 35199870 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 6/30/11 was 219,248. 727978 727978 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) 26305400 1 0 0 1 0 0 0 1 0 1 0 0 0 1 0 1 0 0 0 0 0 0 0 0 0 0 0 0 1 1 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 1 11908 0 1 166 1 0 0 0 0 0 0 0 0 0 0 0 0 X 11 11 0 0 1 0 0 1 0 1 1 0 0 0 1 1 1 1 1 1 1 0 NM X X Brad Allpass 5057612063 7400 Tiburon NE Albuquerque NM 87109 Robert P Matteucci 2.00 X 0 0 0 Eileen Givler 2.00 X 0 0 0 Richard N Carpenter 2.00 X 0 0 0 Jerry Walz 2.00 X 0 0 0 Bryan E Valentine 2.00 X 0 0 0 Paul Weaver 2.00 X 0 0 0 James B Lewis 2.00 X 0 0 0 Randy Harris 2.00 X 0 0 0 Nancy R Long 2.00 X 0 0 0 Chris Anaya 2.00 X 0 0 0 Cate Wisdom 2.00 X 0 0 0 Jacob Wellman 2.00 X 0 0 0 Elwood Farber 30.00 X 278502 0 26631 Cecilia Evjen 30.00 X 154416 0 20884 Reginald Storment 35.00 X 150543 0 17740 Brad Allpass 35.00 X 155760 0 11800 Paul Padilla 40.00 X X 154360 0 18159 Gavin Gillette 40.00 X X 114688 0 11560 Christopher Sanchez 40.00 X 107877 0 10891 Esther Chavez 40.00 X 109273 0 7997 Steve Coffey 40.00 X 98504 0 17246 1225419 0 125662 8 0 1 0 RBC Capital Markets Church St Station PO Box 559 New York NY 10008 Fac/Remarketing Fees 3407994 Bank of America Merill Lynch 250 Vesey St New York NY 10080 FAC/Remarketing Fees 809125 Data Print 5201 Venice Avenue SE Suite E Albuquerque NM 87113 Outside Mail Service 674634 5280 Solutions 8740 Lucent Blvd Suite 400 Highlands Ranch CO 80129 IT System Support 333638 Valtech Technologies Inc 5080 Spectrum Drive Suite 700 West Addison TX 75001 Program Software 267900 5 458841 458841 Student Loan Interest 900099 41591713 41591713 Purchase Fees 900099 4517850 4517850 Late and Legal Fees 900099 1630176 1630176 Service Fees 900099 1088040 1088040 Other Revenue 900009 612747 612747 -13512678 -13512678 35927848 181853 181853 36568542 35927848 0 181853 1518378 457005 1061373 5573298 2145498 3427800 280838 114653 166185 982034 472302 509732 474481 206080 268401 68162 68162 137548 137548 357444 175741 181703 20974 184 20790 1256263 1004575 251688 1119217 1119217 356391 196182 160209 57723 15376 42347 11122818 11122818 443197 443197 141922 141922 Student Loan Related Co 3809739 3809739 Trust Expense 3742968 3742968 Department of Education 1614786 1614786 Bad Debt Expense 1174705 1174705 Training 27281 74 27207 108496 52714 55782 34388663 26305400 8083263 0 715582 532631 4047011 15122886 58393 78400 1329577330 1008038189 8031900 15932418 18419623 5878147 13216904 12541476 164242650 53547418 45955837 44379169 1565845607 1150172587 6894505 4423155 182782 1113913408 938928461 13731 215 216994742 123212538 93212499 1461028924 1036747112 X 0 0 0 0 104816683 113425475 104816683 113425475 1565845607 1150172587 X 2179879 6428913 X X 0 1 1 X 1 1 X 458841 458841 64931182 64172452 48163862 37492963 38355199 253115658 64931182 64172452 48163862 37492963 38814040 253574499 0 18166663 14030004 32196667 18166663 14030004 32196667 221377832 7905595 8189155 1574659 609716 181853 18460978 7905595 8189155 1574659 609716 181853 18460978 72836777 72361607 49738521 38102679 38995893 272035477 0.81380 0.75560 0.06790 0.08360 X 0 1 0 0 0 0 1 15748 0 0 15748 0 0 1 1011520 1011520 5766660 1572332 4194328 1590558 1431370 159188 10050885 2874445 7176440 12541476 Excess Earning/Rebate Payable 25518430 Taxable Bonds O/S 62000000 SAP 5694069 93212499 36568542 34388663 2179879 6428913 6428913 8608792 45342553 6428913 6428913 38913640 -2345098 -2345098 36568542 34388663 0 34388663 0 34388663 Part IV, Line 2b: Part IV, line 2b: Deposits in transit are held for other banks and financial institutions as of June 30, 2011. These amounts transferred to the owners in July. Part XII, Line 4b - Other Adjustments: Arbitrage Rebate Provision 82,253. Excess Earnings Provision -2,427,351. X X X X 0 0 0 0 0 0 0 0 0 Elwood Farber 278502 0 0 0 0 0 0 0 26631 0 305133 0 318042 0 Cecilia Evjen 154416 0 0 0 0 0 0 0 20884 0 175300 0 190327 0 Reginald Storment 150543 0 0 0 0 0 0 0 17740 0 168283 0 180213 0 Brad Allpass 155760 0 0 0 0 0 0 0 11800 0 167560 0 185114 0 Paul Padilla 154360 0 0 0 0 0 0 0 18159 0 172519 0 184447 0 New Mexico Educational Assistance Foundation 850291313 647110CP8 2003-10-09 89590000 Education Loan Bonds 0 1 0 New Mexico Educational Assistance Foundation 850291313 647110CV5 2004-04-21 109750000 Education Loan Bonds 0 1 0 New Mexico Educational Assistance Foundation 850291313 647110D67 2007-08-01 113430000 Education Loan Bonds 0 1 0 New Mexico Educational Assistance Foundation 850291313 647110DU6 2009-09-16 292170000 Education Loan Bonds 0 1 0 29990000 92761835 700000 632743 2005 1 0 1 1 8500000 112038442 1097606 652945 2005 1 0 1 1 810000 114326603 882556 2008 0 0 1 1 72725000 292353983 2921700 3484705 2010 1 0 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 0 1 Trinity Funding 30.000000000000 1 0 0 1 1 0 1 Trinity Funding 30.000000000000 1 0 0 0 1 0 0 0 0 0 1 1 Royal Bank of Canada 11.000000000000 0 0 0 0 0 New Mexico Educational Assistance Foundation 850291313 647110FB6 2010-09-22 198700000 Education Loan Bonds 0 1 0 New Mexico Educational Assistance Foundation 850291313 647110FD2 2010-12-15 167300000 Education Loan Bonds 0 1 0 6000000 198817887 1445250 1385558 2010 1 0 1 1 2000000 167300136 1818300 1010973 2010 1 0 1 1 0 0 0 0 0 1 0 0 0 0 0 1 0 1 1 Royal Bank of Canada 15.000000000000 0 0 0 0 0 0 1 0 0 0 0 Changes in Program Services Form 990, Part III, line 3 The Health Care and Education Reconciliation Act of 2010 (H.R.4872/PL 111-152) was signed into law on March 30, 2010 and eliminated the ability to originate new loans under the Federal Family Education Loan Program (FFELP) beginning July 1, 2010. As a result, student loans with a first disbursement date on or after July 1, 2010 were no longer disbursed by NMEAF and no longer guaranteed by NMSLGC. Form 990, Part VI, Section A, line 4 Due to state legislation that was passed during the 2011 New Mexico State Legislature (House Bill 137), NMEAF Board of Directors was reduced from 11 members to 5 effective June 17, 2011. NMEAF no longer requires Regents of post-secondary schools to be represented on the Board because the Foundation no longer originates or disburses student loans. Form 990, Part VI, Section A, line 7a The six members of the Board that are regents appoint three other members from the education and financial community per NMSA 1978 21-21A-6. Form 990, Part VI, Section B, line 11 The 990 is prepared by an outside CPA firm and returned to New Mexico Educational Assistance Foundation (NMEAF) to review. A senior accountant reviews and makes notations for the Controller to evaluate. After all adjustments are completed, the 990 is reviewed by the Vice President of Finance and signed and returned to the CPA firm to be filed on NMEAFs behalf 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 conflicts of interest for a director, officer, employee, or family memebers thereof with regards to a financial interest or business dealings (unless with a division of the State of New Mexico) must be disclosed in writing and discussed at Board meetings. These dealings 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. Per NMSA 1978 21-21-A-7, no salary at NMSL may exceed ninety percent of the average of the salaries of the presidents of the state institutions of higher education enumberated in Article 12, Section 11 of the Constitution of New Mexico. Surveys are conducted each year to ensure that the president's salary is in compliance with state statute. The compensation is enumerated by contract and discussed by the Board in executive session. Deliberations are documented in the minutes and supported by a performance evaluation. Employee's salaries are set by analyzing competitors' salaries annually. Per NMSA 1978 21-21-A-7, no salary at NMSL may exceed ninety percent of the average of the salaries of the presidents of the state institutions of higher education enumberated in Article 12, Section 11 of the Constitution of New Mexico. The compensation is enumerated 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 NMEAF posts an abbreviated financial statement 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. Changes in Net Assets or Fund Balances: Form 990, Part XI, line 5: Net unrealized gains on investments: 6,428,913. 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. Temporary Periods Form 990, Part IV, Question 24b Tax Exempt Bonds relating to Student Loans do not have a temporary period. Form 990, Part VII The compensation reported on this schedule includes deductions for cafeteria plan deductions. The cafeteria plan deductions have been added to Form W-2, Box 5 to properly report compensation. Schedule K, Part II, Line 6 and 7 The issuer is assuming, for these reporting purposes, that amounts used to purchase qualified student loans are not appropriately reportable on either line 6 or line 7 of Part II of Schedule K. Refunding Bonds Schedule K Schedule K: A: Used to refund all or a portion of: 1994II issue date 02/01/94 1994III issue date 07/15/94 1995IV issue date 03/01/95 1995A issue date 11/01/95 1996B issue date 09/05/96 1998 issue date 02/24/98 1999 issue date 05/18/99 2000 issue date 10/17/00 Schedule K: B: Used to refund all or a portion of: 1994II issue date 02/01/94 1994III issue date 07/15/94 1995IV issue date 03/01/95 1995A issue date 11/01/95 1996B issue date 09/05/96 1998 issue date 02/24/98 1999 issue date 05/18/99 2000 issue date 10/17/00 2001 issue date 12/03/01 2002 issue date 12/09/02 Schedule K: C: No notes Schedule K: D: Used to refund all or a portion of: 1995A issue date 11/01/95 1996A issue date 07/15/96 1998 issue date 02/24/98 1999 issue date 05/18/99 2001 issue date 12/03/01 2003 issue date 10/09/03 2005 issue date 10/13/05 2006 issue date 07/26/06 Schedule K: E: Used to refund all or a portion of: 2008A1 issue date 6/26/08 2008A2 issue date 6/26/08 2008A3 issue date 6/26/08 Schedule K: F: Used to refund all or a portion of: 2008A1 issue date 6/26/08 2008A2 issue date 6/26/08 2008A3 issue date 6/26/08 New Mexico Student Loan Guarantee Corporation 7400 Tiburon NE Albuquerque NM 87109 850291314 FFELP Student Loan Guarantor NM 501(c)(3) 9 N/A 0 0 0 0 0 0 0 0 0 1 0 1 0 0 0 0 1 0 0 New Mexico Student Loan Guarantee Corporation I 88154 New Mexico Student Loan Guarantee Corporation K 504850 New Mexico Student Loan Guarantee Corporation P 253063