Overview
What is New Mexico Tech Foundation?
The New Mexico Tech Foundation is a nonprofit organization situated in Socorro, New Mexico. Its primary mission is to support students attending the New Mexico Institute of Mining and Technology by providing scholarships and grants. Besides financial aid, the foundation engages in recruiting and advertising activities to promote the institution's interests. The foundation's ultimate goal is to advance the interests of the New Mexico Institute of Mining and Technology, contributing funds for institutional support and scholarships.
What are the reviews and ratings of this charity?
Charity Navigator Rating: 95% (Four-Star out of Four Stars)
The New Mexico Tech Foundation has received a commendable Four-Star rating from Charity Navigator, reflecting its strong performance in accountability and finance. With an impressive score of 95% in this category, the foundation demonstrates a high level of transparency and responsible financial management. The rating is particularly noteworthy as it is based solely on the organization's adherence to best practices in accountability and finance, indicating a solid foundation for trust.
Strengths highlighted in the rating include a fully independent board, which consists of 76% independent members, and a comprehensive audit and oversight committee, both of which score top marks. The foundation has implemented key policies such as conflict of interest, whistleblower, and document retention policies, further enhancing its credibility. Additionally, the organization shows strong financial health with a low liabilities to assets ratio and a remarkable program expense ratio of nearly 93%, indicating that a significant portion of its expenses directly supports its programs.
However, while the financial aspects are strong, the summary does not provide insights into the programmatic impact or community engagement, which are also essential components of a nonprofit's overall effectiveness. As such, stakeholders might wish to explore additional information regarding the foundation's specific programs and outcomes to gain a complete understanding of its contributions to the community.
This AI summary has been generated from information found on Charity Navigator.
Is New Mexico Tech Foundation legitimate?
New Mexico Tech Foundation is a legitimate nonprofit organization registered as a 501(c)(3) entity. New Mexico Tech Foundation submitted a form 990, which is a tax form used by tax-exempt organizations in the U.S., indicating its operational transparency and adherence to regulatory requirements. Donations to this organization are tax deductible.
Heare are some key statistics you may want to consider:
Executive Compensation: $0
Professional Fundraising Fees: $108,333
Other Salaries and Wages: $0
For more financial information, click here
What is the mission statement of New Mexico Tech Foundation?
The New Mexico Tech Foundation's mission is to support and enhance the interests of the New Mexico Institute of Mining and Technology. To achieve this, the foundation raises funds for institutional support and scholarships. These funds are utilized to provide financial aid to students attending the New Mexico Institute of Mining and Technology and to support recruitment and advertising efforts associated with the institution. In essence, the foundation's role is to contribute to the growth and success of the New Mexico Institute of Mining and Technology by providing necessary funds and resources.
Who is the CEO of New Mexico Tech Foundation?
Colleen Foster is the President of New Mexico Tech Foundation.
What is the revenue of New Mexico Tech Foundation?
New Mexico Tech Foundation's revenue in 2022 was $2,517,298.
Who are the executives of New Mexico Tech Foundation and what are their salaries?
There 10 volunteers at New Mexico Tech Foundation.
Here are 16 key members and their salaries:
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- Other: $59,186
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- Related: $137,916
- Other: $26,098
Where can I find the form 990 for New Mexico Tech Foundation?
New Mexico Tech Foundation's most recent form 990 was submitted in 2022 and can be accessed here.
Mission Statement of New Mexico Tech Foundation
The New Mexico Tech Foundation, a dedicated organization, is committed to promoting and advancing the interests of the New Mexico Institute of Mining and Technology. To achieve this mission, the foundation has been organized to make funds available for institutional support and scholarships. By doing so, it aims to bolster the New Mexico Institute of Mining and Technology, ensuring its continued success and providing opportunities for students attending the institution. Beyond this, the New Mexico Tech Foundation also engages in recruiting, advertising, and other associated activities, further contributing to the institution's growth and development.
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Impact
July, 2024
New Mexico Tech Foundation's impact is evident in its promotion and advancement of the interests of the New Mexico Institute of Mining and Technology. The foundation provides scholarships and grants to support students attending the institute, contributing to their educational endeavors. In addition, the foundation engages in activities such as recruiting, advertising, and other associated efforts to further support the institute's mission and goals. Its commitment to funding institutional support and scholarships plays a crucial role in enhancing the educational experience for students at the New Mexico Institute of Mining and Technology.
This information is meant to be a general summary of New Mexico Tech Foundation. Please take the time to review official sources before making any decisions based upon the content provided here.
Financials
This financial information is from Propublica.
Other financial information:
This information is from the most recently submitted tax form from this organization, which was in 2022.
- Investment Income: $744,831
- Program Service Revenue: $87,900
- Gross Receipts: $2,517,298
Assets and Liabilities:
- Total Assets: $38,498,574
- Total Liabilities: $1,861,274
- Net Assets: $36,637,300
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
APARTMENT RENTAL
Revenue
$87,900
Organization Details
Founding Year
1965
Phone
(575) 835-5658Principal Officer
Colleen Foster
Main Address
801 LEROY PLACE, SOCORRO, NM, 87801
NTEE Category
Code: B82 - Education
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