2011-05-13T10:30:02-05:00 2010-09-30 Urbielewicz Murphree CPAs PC 4940 Corrales Road Suite 200 Corrales NM 87048 990 2009-10-01 850291314 New Mexico Student Loan Guarantee Corporation NEWM 5057612040 PO Box 92230 Albuquerque NM 871992230 Brad Allpass 5057612040 2011-05-13 1 Karen Urbielewicz CPA 5058977382 2009 2016-02-24 21:20:13Z New Mexico Student Loans Elwood Farber PO Box 92230 Albuquerque NM 871992230 4512865 0 X www.nmslgc.org X 1981 NM 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. 5 5 14 0 0 0 0 5715823 4502278 26382 10587 0 5742205 4512865 33402 5500 0 1966804 1761308 0 0 3888641 4316873 5888847 6083681 -146642 -1570816 16915186 15504559 3155784 3315973 13759402 12188586 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 successof our stakeholders. 0 0 622167 5500 3073987 Student Loan Programs: Under the Federal Family Educational Loan Program (FFELP)- process submitted loan applications and issue loan guarantees. 1% of the net principle balance on each loan is withheld by lenders on behalf of borrowers and paid to the Guarantee Corporation as insurance for the federal government against default. In addition, the Guarantee Corporation receives regulatory fees for participation in the FFELP program in order to provide the guarantee of low cost student loans for access to post-secondary education for eligible borrowers. 132,757 borrowers served in FY 2010. 1311565 1428291 Student Loan Programs: Under the Federal Family Educational Loan Program (FFELP)- The Guarantee Corporation is required to collect on defaulted loans. 3267807 0 Student Loan Programs: Under the Federal Family Educational Loan Program (FFELP)- The Guarantor pays lender claims on defaulted loans. 5201539 1 0 0 1 0 0 0 0 0 1 1 0 0 0 0 0 0 0 0 0 0 0 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 1 1 0 1 14 1 0 0 0 0 0 0 0 0 0 5 5 0 0 0 0 0 0 0 1 1 0 0 0 1 1 1 1 1 1 1 0 NM X Brad Allpass 5057612063 7400 Tiburon NE Albuquerque NM 87109 X Maria Griego-Raby 5.00 X 0 0 0 Mark Pike 5.00 X 0 0 0 Dion Kidd-Jouhnson 5.00 X 0 0 0 Dr Viola Flores 5.00 X 0 0 0 Eileen Givler 5.00 X 0 0 0 Elwood Farber 10.00 X 0 291003 27039 Brad Allpass 10.00 X 0 168404 16710 Cecilia Evjen 10.00 X 0 168015 22313 Reginald Storment 10.00 X 0 164088 16125 Paul Padilla 10.00 X 0 167936 16511 Gavin Gillette 10.00 X 0 124612 12073 0 1084058 110771 0 0 1 0 New Mexico Educational Assistance Founda 7400 Tiburon NE Albuquerque NM 87109 Building Space, Clerical and Technical 1203124 AESPHEAA PO Box 64849 Baltimore MD 21264 Program System and Maintenance 576292 DCS Collection Agency 333 North Canyon Parkway Livermore CA 94551 Collection Services for Defaulted Loans 182433 Premiere Collection Agency 2002 N Wellesley Blvd Indianapolis IN 46219 Collection Services for Defaulted Loans 174606 NCOOSI Collection Agency PO Box 935 Brookfield WI 530080935 Collection Services for Defaulted Loans 163723 5 Default Fees 522200 1550075 1550075 Loan Processing and Ac 522200 1523912 1523912 Retained Collections f 522200 1428291 1428291 4502278 10587 10587 4512865 4502278 0 10587 5500 5500 284608 284608 1091928 767972 323956 79694 47331 32363 217813 93105 124708 87265 58249 29016 2724 2724 21298 21298 1175416 1158690 16726 990 990 121699 111405 10294 44081 33061 11020 67688 48735 18953 5731 2791 2940 10801 10801 3536 3536 Default Fee Expense 1523865 1523865 0 Default Loss Provision 1319377 1319377 0 Loss on Uninsured Loans 19667 19667 0 6083681 5201539 882142 0 13837116 10713103 3064779 4782212 13291 9244 16915186 15504559 520478 423979 2635306 2891994 3155784 3315973 X 8366943 7363128 5392459 4825458 13759402 12188586 16915186 15504559 X 0 1 1 X 1 1 X 6023352 5741912 5325068 5715823 4502278 27308433 6023352 5741912 5325068 5715823 4502278 27308433 0 0 0 27308433 394463 577051 356028 26382 10587 1364511 394463 577051 356028 26382 10587 1364511 6417815 6318963 5681096 5742205 4512865 28672944 0.95240 0.94700 0.04760 0.05300 X 0 0 0 0 0 0 1 7551 0 0 7551 0 0 Default Reserves 2891994 2891994 4512865 6083681 -1570816 0 -1570816 4512865 0 4512865 0 4512865 6083681 0 6083681 0 6083681 1 Scholarships 5500 Other Information: Part IV: The NMSLGC Rehabilitation Scholarship program provides an opportunity for a borrower who has defaulted on a FFELP student loan to return to school on a scholarship until he/she "rehabilitates the defaulted loans by making 9 consecutive voluntary payments so that he/she can once again apply for and receive federal financial aid. It also rewards the student borrower by providing some loan forgiveness. The program is monitored by both NMSLGC and the school that the student borrower is attending. The school is responsible for notifying NMSLGC when a student is interested in participating in the program, academic and financial advisement, notifying NMSLGC with any change in qualification status, and meeting with NMSLGC to determine who the recipients will be. NMSLGC is responsible for: Producing the brochure, notifying collections agency assigned to loan so that payments are closely monitored, setting up a payment arrangement, sending the rehabilitation agreement providing school with payment history for certification of eligibility, and funding the scholarship and loan forgiveness payments. X X 0 0 0 0 0 0 0 0 0 Elwood Farber 0 268930 0 22073 0 0 0 0 0 27039 0 318042 0 356679 Brad Allpass 0 157984 0 10420 0 0 0 0 0 16710 0 185114 0 216646 Cecilia Evjen 0 157671 0 10344 0 0 0 0 0 22312 0 190327 0 175064 Reginald Storment 0 154043 0 10045 0 0 0 0 0 16125 0 180213 0 208206 Paul Padilla 0 157690 0 10246 0 0 0 0 0 16511 0 184447 0 211404 Form 990, Part VI, Section B, line 11 The 990 is prepared by an outside CPA firm and returned to NMSLGC 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 NMSLGC's 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 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. 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 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. 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 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 websire 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. Compensation of Officers 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. No changes have been made to the selection process or review of the audited financial statements. New Mexico Educational Assistance Foundation 7400 Tiburon NE Albuquerque NM 87109 850291313 FFELP Student Loan Lender NM 501(c)(3) Line 9 N/A 0 0 0 0 0 0 0 0 0 1 0 1 0 0 1 0 0 0 New Mexico Educational Assistance Foundation J 67688 New Mexico Educational Assistance Foundation L 1001834 New Mexico Educational Assistance Foundation O 253976