Overview
What is New Mexico Educational Assistance Foundation?
The New Mexico Educational Assistance Foundation is a nonprofit organization headquartered in Albuquerque, New Mexico. With a team of 74 employees, their primary mission is to stimulate the availability of financial assistance for post-secondary education in New Mexico, thereby enhancing greater higher education opportunities for the people of the state. They conduct this mission through student loan programs, which involve the origination, purchase, and servicing of student loans. The cost of interest on the debt used to fund these loans is included in the program service expense amounts. As of June 30, 2022, there were 45,779 outstanding loans under their management.
Official website here: www.nmeaf.org
What are the reviews and ratings of this charity?
Charity Navigator Rating 82% - Three-Star out of Four Star Rating
The New Mexico Educational Assistance Foundation has received an overall score of 82%, which reflects its solid performance in the area of accountability and finance. This high rating indicates that the organization maintains a strong commitment to transparency and responsible financial practices. Notably, the foundation has achieved a perfect score in board independence and financial oversight, suggesting effective governance.
Strengths include a fully independent board and comprehensive policies regarding conflict of interest, whistleblower protections, and document retention, all of which contribute to its accountability framework. The foundation's ratio of program expenses is commendable, indicating that a significant portion of its resources is directed towards its mission-related activities.
However, the foundation's liabilities to assets ratio of 63.20% and some executive salaries may raise concerns about financial sustainability and compensation practices. While the organization demonstrates strengths in accountability, potential donors and stakeholders might consider these factors when evaluating its overall financial health and operational efficiency.
This AI summary has been generated from information found on Charity Navigator.
Is New Mexico Educational Assistance Foundation legitimate?
New Mexico Educational Assistance Foundation is a legitimate nonprofit organization registered as a 501(c)(3) entity. New Mexico Educational Assistance 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: $899,101
Professional Fundraising Fees: $0
Other Salaries and Wages: $0
For more financial information, click here
Official website here: www.nmeaf.org
What is the mission statement of New Mexico Educational Assistance Foundation?
The New Mexico Educational Assistance Foundation works towards enhancing the public welfare and prosperity of New Mexico's population by expanding the financial aid options for post-secondary education. By stimulating the availability of financial assistance, they aim to broaden higher education opportunities for individuals in the state. The foundation's activities encompass student loan programs, where they originate, purchase, and service loans, incurring the cost of interest to fund these loans. As of June 30, 2022, there were 45,779 outstanding loans under their management.
Official website here: www.nmeaf.org
Who is the CEO of New Mexico Educational Assistance Foundation?
Brad Allpass is the President & Ceo of New Mexico Educational Assistance Foundation. The CEO's salary of New Mexico Educational Assistance Foundation is $192,076 and their total compensation is $207,112.
Official website here: www.nmeaf.org
What is the revenue of New Mexico Educational Assistance Foundation?
New Mexico Educational Assistance Foundation's revenue in 2022 was $12,323,094.
Official website here: www.nmeaf.org
Who are the executives of New Mexico Educational Assistance Foundation and what are their salaries?
The average compensation at New Mexico Educational Assistance Foundation during 2022 was $12,150. There are 74 employees and 5 volunteers at New Mexico Educational Assistance Foundation.
Here are 12 key members and their salaries (New Mexico Educational Assistance Foundation's CEO's salary is $192,076 and their total compensation is $207,112):
- Compensation: $192,076
- Related: $0
- Other: $15,036
- Compensation: $155,482
- Related: $0
- Other: $19,668
- Compensation: $135,549
- Related: $0
- Other: $21,077
- Compensation: $117,619
- Related: $0
- Other: $12,644
- Compensation: $106,434
- Related: $0
- Other: $11,797
- Compensation: $97,475
- Related: $0
- Other: $14,244
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
Official website here: www.nmeaf.org
Where can I find the form 990 for New Mexico Educational Assistance Foundation?
New Mexico Educational Assistance Foundation's most recent form 990 was submitted in 2022 and can be accessed here.
Official website here: www.nmeaf.org
Learn more at the official website: www.nmeaf.org
Mission Statement of New Mexico Educational Assistance Foundation
The New Mexico Educational Assistance Foundation, a renowned nonprofit organization, is dedicated to enhancing the public welfare and prosperity of the people of New Mexico. By stimulating the availability of financial assistance for post-secondary education, this foundation broadens the scope of higher education opportunities for individuals in the state.
The New Mexico Educational Assistance Foundation carries out its mission through student loan programs. This involves the origination, purchase, and service of student loans. By issuing debt to fund these loans, the organization incurs program service expenses, which include the cost of interest. As of June 30, 2022, the number of outstanding loans under the foundation's stewardship amounted to 45,779.
In essence, the New Mexico Educational Assistance Foundation serves as a crucial financial partner for students seeking higher education. By providing access to student loans, it empowers them to invest in their future and pursue academic and professional growth. The organization's unwavering commitment to higher education accessibility makes a significant difference in the lives of countless New Mexicans.
Shop smarter and support your favorite cause with the Give Freely browser extension. Save money with coupons and donate to charity with a single click. Download now!
Impact
October, 2024
The New Mexico Educational Assistance Foundation significantly enhances access to higher education for residents by facilitating financial assistance options. By originating, purchasing, and servicing student loans, it provides crucial support for individuals seeking post-secondary education. As of June 30, 2022, the Foundation had 45,779 outstanding loans, indicating its vital role in assisting students in financing their education. This program not only promotes academic achievement but also contributes to the overall well-being and prosperity of the people in New Mexico, creating a more educated workforce and community. Through its efforts, it helps to stimulate educational opportunities, ultimately fostering economic growth and stability in the region.
This information is meant to be a general summary of New Mexico Educational Assistance 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: -$790,205
- Program Service Revenue: $12,302,763
- Gross Receipts: $93,845,861
Assets and Liabilities:
- Total Assets: $349,128,881
- Total Liabilities: $248,451,793
- Net Assets: $100,677,088
Want to help this charity, for free? You can click here to learn more about Give Freely
Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
STUDENT LOAN INTEREST
Revenue
$14,384,466
LATE AND LEGAL FEES
Revenue
$56,358
SERVICE FEES
Revenue
$1,568,782
OTHER REVENUE
Revenue
$1,106,882
Organization Details
Founding Year
1981
Principal Officer
Brad Allpass
Main Address
PO BOX 27020, ALBUQUERQUE, NM, 871257020
Website
www.nmeaf.orgNTEE Category
Code: B820 - Education
If you are a representative of New Mexico Educational Assistance Foundation and wish to learn more about how Give Freely can help you raise funds, please click here: https://givefreely.com/nonprofits/. Our services are offered at no cost to your organization.