Overview
What is New Mexico Military Institute Foundation Inc?
The New Mexico Military Institute Foundation Inc, located in Roswell, New Mexico, is a nonprofit organization with a primary mission to support the New Mexico Military Institute (NMMI) through an endowment fund. This fund is utilized for various purposes, including research, facility enhancement, and providing scholarships to NMMI cadets at both high school and junior college levels. The scholarships come with varying criteria set by the donors, and a significant number of cadets receive financial assistance each year. The Foundation, managed by a Scholarship Committee, plays a crucial role in aiding nearly 98% of junior college cadets and over 85% of high school cadets with scholarships. The Foundation's endowment funds provided scholarships to 329 cadets in the 2022-2023 academic year and is estimated to support 350 cadets in the upcoming 2023-2024 school year. With a maximum capacity of 1,000 cadets, the New Mexico Military Institute Foundation Inc plays a significant role in the educational journey of many cadets.
Official website here: www.nmmi.edu
What are the reviews and ratings of this charity?
**Charity Navigator Rating: 100% (Four-Star out of Four Stars)**
New Mexico Military Institute Foundation Inc has achieved an impressive Four-Star rating from Charity Navigator, reflecting exemplary standards in accountability and finance. The foundation boasts a perfect score of 100%, with notable strengths such as having a majority of independent board members and a robust audit and oversight committee, which suggests a high level of organizational integrity and transparency.
The foundation demonstrates a strong commitment to its programs, with over 85% of its expenses directed toward its mission-related activities. Furthermore, it has established essential policies for conflict of interest, whistleblower protection, and document management, ensuring compliance and good governance practices. Its liabilities to assets ratio is also low, indicating sound financial health.
However, while the foundation's financial practices are commendable, user reviews were not accessible for further insights into public sentiment. Thus, potential donors may want to consider reaching out directly for additional feedback or conducting their own research to gauge community impact.
This AI summary has been generated from information found on Charity Navigator.
Is New Mexico Military Institute Foundation Inc legitimate?
New Mexico Military Institute Foundation Inc is a legitimate nonprofit organization registered as a 501(c)(3) entity. New Mexico Military Institute Foundation Inc 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: $132,167
Professional Fundraising Fees: $0
Other Salaries and Wages: $66,555
For more financial information, click here
Official website here: www.nmmi.edu
What is the mission statement of New Mexico Military Institute Foundation Inc?
The New Mexico Military Institute Foundation's mission is centered around supporting the New Mexico Military Institute (NMMI). Their primary goal is to establish and manage an endowment fund, which is intended for use in various areas. These include conducting research, advancing scientific and literary pursuits, enhancing NMMI's infrastructure, providing scholarships, and generally contributing to the institute's growth, welfare, and maintenance. The Foundation's activities are geared towards benefiting NMMI and fostering its development.
Official website here: www.nmmi.edu
Who is the CEO of New Mexico Military Institute Foundation Inc?
Jimmy Barnes is the CEO of New Mexico Military Institute Foundation Inc The CEO's salary of New Mexico Military Institute Foundation Inc is $117,372 and their total compensation is $117,372.
Official website here: www.nmmi.edu
What is the revenue of New Mexico Military Institute Foundation Inc?
New Mexico Military Institute Foundation Inc's revenue in 2024 was $4,351,683.
Official website here: www.nmmi.edu
Who are the executives of New Mexico Military Institute Foundation Inc and what are their salaries?
The average compensation at New Mexico Military Institute Foundation Inc during 2024 was $99,361. There are 2 employees at New Mexico Military Institute Foundation Inc.
Here are 14 key members and their salaries (New Mexico Military Institute Foundation Inc's CEO's salary is $117,372 and their total compensation is $117,372):
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Official website here: www.nmmi.edu
Where can I find the form 990 for New Mexico Military Institute Foundation Inc?
New Mexico Military Institute Foundation Inc's most recent form 990 was submitted in 2024 and can be accessed here.
Official website here: www.nmmi.edu
Learn more at the official website: www.nmmi.edu
Mission Statement of New Mexico Military Institute Foundation Inc
The New Mexico Military Institute Foundation, Inc. (Foundation) is committed to supporting the growth, welfare, and maintenance of the New Mexico Military Institute (NMMI). This nonprofit organization aims to achieve this mission by creating, maintaining, and administering an endowment fund. This fund is intended for various purposes, including research and scientific endeavors, enhancing the institute's facilities, providing scholarships, and promoting the overall development of NMMI. In essence, the Foundation's mission is to contribute to the betterment of NMMI, ensuring its continued success and ability to provide quality education and opportunities to its students.
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Impact
July, 2024
New Mexico Military Institute Foundation Inc's impact is significant in supporting the educational endeavors of New Mexico Military Institute (NMMI) cadets. Through its extensive endowment fund and annual donor scholarship funds, the Foundation provides financial assistance to cadets at both the high school and junior college levels. This support is crucial in enabling cadets to pursue their academic goals and further their education.
With over 170 endowed scholarship funds and more than 20 annual donor scholarship funds, the Foundation plays a key role in ensuring that a large percentage of NMMI cadets receive some form of financial assistance. In the 2022-2023 school year, 329 cadets benefited from scholarships provided by the Foundation, and this number is expected to increase to 350 for the 2023-2024 school year.
By facilitating the fair and impartial granting of scholarships in accordance with NMMI policies and donor stipulations, the Foundation helps ensure that deserving cadets have access to the financial support they need to succeed. This support not only benefits the individual cadets but also contributes to the overall growth, welfare, and maintenance of NMMI.
In summary, the impact of the New Mexico Military Institute Foundation Inc is evident in the tangible support it provides to NMMI cadets through scholarship funding, ultimately helping them pursue their academic aspirations and contribute positively to their educational institution.
This information is meant to be a general summary of New Mexico Military Institute Foundation Inc. 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 2024.
- Investment Income: $892,542
- Program Service Revenue: $1,500
- Gross Receipts: $7,297,074
Assets and Liabilities:
- Total Assets: $78,678,506
- Total Liabilities: $1,069,522
- Net Assets: $77,608,984
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
Columbarium revenue
Revenue
$1,500
Organization Details
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