New Mexico Educational Assistance Foundation in Albuquerque, New Mexico (NM)

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New Mexico Educational Assistance Foundation
Employer Identification Number (EIN)850291313
Name of OrganizationNew Mexico Educational Assistance Foundation
In Care of NameBrad Allpassvice Presidentfinance
AddressPO BOX 27020, Albuquerque, NM 87125-7020
ActivitiesOther student aid
SubsectionCharitable Organization
Ruling Date11/1981
DeductibilityContributions are deductible
FoundationOrganization that normally receives no more than one third of its support from gross investment income and unrelated business income and at the same time more than one third of its support from contributions, fees, and gross receipts related to exempt purposes
OrganizationAssociation
Exempt Organization StatusUnconditional Exemption
Tax Period06/2011
Assets$50,000,000 to greater
Income$10,000,000 to $49,999,999
Filing Requirement990 (all other) or 990EZ return
Asset Amount$1,150,172,587
Amount of Income$36,568,542
Form 990 Revenue Amount$36,568,542
National Taxonomy of Exempt Entities (NTEE)Educational Institutions and Related Activities: Scholarships, Student Financial Aid Services, Awards


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Amount of income in 2011: $36,568,542
New Mexico Educational Assistance Foundation: 

 $36,568,542
Other organizations performing similar types of work: 

 $358,656

Assets in 2011: $1,150,172,587
This organization: 

 $1,150,172,587
Other organizations performing similar types of work: 

 $1,183,616

Expenses in 2007: $73,787,109
New Mexico Educational Assistance Foundation: 

 $73,787,109
Other organizations performing similar types of work: 

 $484,495

Income to expenses ratio in 2007: 1.0
This organization: 

 1.0
Other organizations performing similar types of work: 

 1.1

Expenses allocated to program services in 2007: 88.6%
This organization: 

 88.6%
Other organizations performing similar types of work: 

 82.4%

Number of employees in 2007: 175
This organization: 

 175
Other organizations performing similar types of work: 

 7

Employees paid over $50,000 in 2007: 41.1%
New Mexico Educational Assistance Foundation: 

 41.1%
Other organizations performing similar types of work: 

 25.8%

Grants share in income in 2007: 0.0%
New Mexico Educational Assistance Foundation: 

 0.0%
Other organizations performing similar types of work: 

 36.9%

Financial snapshot ($)

Revenue for 2007

Assets at end of 2007

Expenses for 2007

Functional Expenses for 2007 ($)

Income-Producing Activities for 2007

Revenue, Expenses, and Changes in Net Assets or Fund Balances
20002001200220032004200520062007
Total revenue$53,467,140$49,352,476$45,751,862$45,502,238$49,363,674$58,732,366$73,669,978$72,538,303
Contributions, gifts, grants, and similar amounts received$0$0$0$0$0$0$0$0
Contributions to donor advised funds$0$0
Direct public support$0$0$0$0$0$0$0$0
Indirect public support$0$0$0$0$0$0$0$0
Government contributions (grants)$0$0$0$0$0$0$0$0
Program service revenue including government fees and contracts$43,924,643$42,607,645$39,979,492$40,895,495$44,445,914$51,869,513$64,931,182$64,172,452
Membership dues and assessments$0$0$0$0$0$0$0$0
Interest on savings and temporary cash investments$530,369$222,241$568,911$527,013$652,321$888,926$1,210,681$706,110
Dividends and interest from securities$9,012,128$6,522,590$5,203,459$4,079,730$4,265,439$5,973,927$7,528,115$7,659,741
Net rental income or (loss)$0$0$0$0$0$0$0$0
Gross rents$0$0$0$0$0$0$0$0
Less: rental expenses$0$0$0$0$0$0$0$0
Other investment income$0$0$0$0$0$0$0$0
Gain or (loss) from sales of assets other than inventory$0$0$0$0$0$0$0$0
Gross amount from sales of assets other than inventory$0$0$0$0$0$0$0$0
Less: cost or other basis and sales expenses$0$0$0$0$0$0$0$0
Net income or (loss) from special events and activities$0$0$0$0$0$0$0$0
Gross revenue$0$0$0$0$0$0$0$0
Less: direct expenses other than fundraising expenses$0$0$0$0$0$0$0$0
Gross profit or (loss) from sales of inventory$0$0$0$0$0$0$0$0
Gross sales of inventory, less returns and allowances$0$0$0$0$0$0$0$0
Less: cost of goods sold$0$0$0$0$0$0$0$0
Other revenue$0$0$0$0$0$0$0$0
Total expenses$49,865,939$42,254,874$38,017,344$37,940,439$44,978,677$50,131,615$65,692,549$73,787,109
Program services$48,281,597$39,932,323$35,718,181$35,387,740$42,001,232$46,831,382$58,004,325$65,390,144
Management and general$1,584,342$2,322,551$2,299,163$2,552,699$2,977,445$3,300,233$7,688,224$8,396,965
Fundraising$0$0$0$0$0$0$0$0
Payments to affiliates$0$0$0$0$0$0$0$0
Net assets or fund balances at end of year$48,427,222$55,524,824$63,259,341$74,821,140$75,206,137$83,806,888$91,784,317$94,956,558
Excess or (deficit) for the year$3,601,201$7,097,602$7,734,518$7,561,799$4,384,997$8,600,751$7,977,429$-1,248,806
Net assets or fund balances at beginning of year$44,826,021$48,427,222$55,524,823$63,259,341$74,821,140$75,206,137$83,806,888$91,784,317
Other changes in net assets or fund balances$0$0$0$4,000,000$-4,000,000$0$0$4,421,047
Statement of Functional Expenses (for 2007)
TotalProgram servicesManagement and generalFundraising
Total functional expenses$73,787,109$65,390,144$8,396,965$0
Grants paid from donor advised funds$0
Other grants and allocations$0
Specific assistance to individuals$0
Benefits paid to or for members$0
Compensation of current officers, directors, key employees, etc.$1,020,891$0$1,020,891$0
Compensation of former officers, directors, key employees, etc.$0$0$0$0
Compensation and other distributions, not included above, to disqualified persons (as defined under section 4958(f)(1)) and persons described in section 4958(c)(3)(B)$0$0$0$0
Salaries and wages of employees not included above$7,702,388$4,176,849$3,525,539$0
Pension plan contributions not included above$452,420$230,461$221,959$0
Employee benefits not included above$1,105,415$402,393$703,022$0
Payroll taxes$594,433$256,068$338,365$0
Professional fundraising fees$0$0$0$0
Accounting fees$283,228$0$283,228$0
Legal fees$10,210$0$10,210$0
Supplies$99,162$41,221$57,941$0
Telephone$311,360$121,206$190,154$0
Postage and shipping$825,478$815,137$10,341$0
Occupancy$339,559$187,721$151,838$0
Equipment rental and maintenance$498,508$1,714$496,794$0
Printing and publications$96,268$44,224$52,044$0
Travel$200,484$28,206$172,278$0
Conferences, conventions, and meetings$0$0$0$0
Interest$44,566,648$44,566,648$0$0
Depreciation, depletion, etc.$630,319$0$630,319$0
Other expenses not covered above$15,050,338$14,518,296$532,042$0
Balance Sheets
20002001200220032004200520062007
Total assets$690,983,519$736,631,481$737,278,369$740,720,817$754,086,445$854,089,879$1,031,860,947$1,175,790,568
Cash - non-interest-bearing$11,075,327$10,233,526$12,867,233$8,226,285$14,050,127$18,646,379$15,759,983$1,602,883
Savings and temporary cash investments$0$0$0$0$0$0$0$9,755,823
Accounts receivable less allowance for doubtful accounts$0$0$0$0$0$0$0$0
Pledges receivable less allowance for doubtful accounts$0$0$0$0$0$0$0$0
Grants receivable$0$0$0$0$0$0$0$0
Receivables from current and former officers, directors, trustees, and key employees$0$0$0$0$0$0$0$0
Receivables from other disqualified persons (as defined under section 4958(f)(1)) and persons described in section 4958(c)(3)(B)$0$0
Other notes and loans receivable less allowance for doubtful accounts$468,951,459$470,398,944$497,821,153$522,500,867$568,626,177$687,057,381$857,434,314$1,012,538,737
Inventories for sale or use$0$0$0$0$0$0$0$0
Prepaid expenses and deferred charges$4,912,439$5,113,659$5,270,718$5,848,867$5,526,098$5,959,897$6,506,883$7,299,285
Investments - publicly-traded securities$0$0
Investments - other securities$186,584,666$229,119,986$202,625,033$185,022,971$144,179,521$110,580,446$112,277,970$103,496,746
Investments - land, buildings, and equipment less accumulated depreciation$0$0$0$0$0$0$0$0
Investments - other$0$0$0$0$0$0$0$0
Land, buildings, and equipment less accumulated depreciation$3,823,547$3,710,379$4,699,186$7,921,874$7,407,920$7,143,391$7,135,362$9,729,894
Other assets, including program-related investments$15,636,081$18,054,987$13,995,046$11,199,953$14,296,602$24,702,385$32,746,435$31,367,200
Total liabilities$642,556,297$681,106,657$674,019,028$665,899,677$678,880,308$770,282,991$940,076,630$1,080,834,010
Accounts payable and accrued expenses$18,436,297$25,021,657$28,184,028$30,014,677$46,785,308$47,967,568$51,024,620$41,599,010
Grants payable$0$0$0$0$0$0$0$0
Deferred revenue$0$0$0$0$0$0$0$0
Loans from officers, directors, trustees, and key employees$0$0$0$0$0$0$0$0
Tax-exempt bond liabilities$601,995,000$655,175,000$645,590,000$635,095,000$613,680,000$715,920,000$868,085,000$927,235,000
Mortgages and other notes payable$22,125,000$910,000$245,000$790,000$18,415,000$6,395,423$20,967,010$0
Other liabilities$0$0$0$0$0$0$0$112,000,000
Total liabilities and net assets/fund balances$690,983,519$736,631,481$737,278,369$740,720,817$754,086,445$854,089,879$1,031,860,947$1,175,790,568
Total net assets or fund balances$48,427,222$55,524,824$63,259,341$74,821,140$75,206,137$83,806,888$91,784,317$94,956,558
Reconciliation of Revenue per Audited Financial Statements With Revenue per Return
20002001200220032004200520062007
Total revenue$53,467,140$49,352,476$45,751,862$45,502,238$49,363,674$58,732,366$73,669,978$72,538,303
Total revenue, gains, and other support per audited financial statements$60,333,391$56,404,114$45,751,862$45,502,238$49,363,674$58,732,366$73,669,978$72,538,303
Other expenses$6,866,251$7,051,638$0$0$0$0$0$0
Net unrealized gains on investments$0$0$0$0$0$0$0$0
Donated services and use of facilities$0$0$0$0$0$0$0$0
Recoveries of prior year grants$0$0$0$0$0$0$0$0
Other$6,866,251$7,051,638$0$0$0$0$0$0
Other revenue$0$0$0$0$0$0$0$0
Investment expenses$0$0$0$0$0$0$0$0
Other$0$0$0$0$0$0$0$0
Reconciliation of Expenses per Audited Financial Statements With Expenses per Return
20002001200220032004200520062007
Total expenses$49,865,939$42,254,874$38,017,344$37,940,439$44,978,677$50,131,615$65,692,549$73,787,109
Total expenses and losses per audited financial statements$56,732,190$49,306,512$38,017,344$37,940,439$44,978,677$50,131,615$65,692,549$69,366,062
Other revenue$6,866,251$7,051,638$0$0$0$0$0$-4,421,047
Donated services and use of facilities$0$0$0$0$0$0$0$0
Prior year adjustments$0$0$0$0$0$0$0$0
Losses$0$0$0$0$0$0$0$0
Other$6,866,251$7,051,638$0$0$0$0$0$-4,421,047
Other expenses$0$0$0$0$0$0$0$0
Investment expenses$0$0$0$0$0$0$0$0
Other$0$0$0$0$0$0$0$0
Current Officers, Directors, Trustees, and Key Employees
Average hours per week devoted to positionCompensationContributions to employee benefit plans & deferred compensation plansExpense account and other allowances
0$170,935$39,785$0
0$166,209$39,223$755
0$217,704$44,465$471
40$272,958$69,612$6,959
Total number of officers, directors, and trustees permitted to vote on organization business at board meetings9
Are any officers, directors, trustees, or key employees listed in Form 990, Part V-A, or highest compensated employees listed in Schedule A, Part I, or highest compensated professional and other independent contractors listed in Schedule A, Part II-A or II-B, related to each other through family or business relationships?No
Do any officers, directors, trustees, or key employees listed in Form 990, Part V-A, or highest compensated employees listed in Schedule A, Part I, or highest compensated professional and other independent contractors listed in Schedule A, Part II-A or II-B, receive compensation from any other organizations, whether tax exempt or taxable, that are related to the organization?No
Does the organization have a written conflict of interest policy?Yes
Other Information
Did the organization have unrelated business gross income of $1,000 or more during the year covered by this return, and has it filed a tax return on Form 990-T for this year?No
Was there a liquidation, dissolution, termination, or substantial contraction during the year?No
Is the organization related (other than by association with a statewide or nationwide organization) through common membership, governing bodies, trustees, officers, etc., to any other exempt or nonexempt organization?Yes
Direct and indirect political expenditures$0
Did the organization file Form 1120-POL for this year?No
Were substantially all dues nondeductible by members?
Did the organization make only in-house lobbying expenditures of $2,000 or less?
Dues, assessments, and similar amounts from members$0
Section 162(e) lobbying and political expenditures$0
Aggregate nondeductible amount of section 6033(e)(1)(A) dues notices$0
Taxable amount of lobbying and political expenditures$0
Does the organization elect to pay the section 6033(e) tax on the amount above?
If section 6033(e)(1)(A) dues notices were sent, does the organization agree to add the amount above to its reasonable estimate of dues allocable to nondeductible lobbying and political expenditures for the following tax year?
Initiation fees and capital contributions$0
Gross receipts for public use of club facilities$0
At any time during the year, did the organization, directly or indirectly, own a controlled entity within the meaning of section 512(b)(13)?No
Amount of tax imposed on the organization during the year under: section 4911$0
Amount of tax imposed on the organization during the year under: section 4912$0
Amount of tax imposed on the organization during the year under: section 4955$0
Did the organization engage in any section 4958 excess benefit transaction during the year or did it become aware of an excess benefit transaction from a prior year?No
Amount of tax imposed on the organization managers or disqualified persons during the year under sections 4912, 4955, and 4958$0
Amount of tax above, reimbursed by the organization$0
At any time during the tax year, was the organization a party to a prohibited tax shelter transaction?No
Did the organization acquire a direct or indirect interest in any applicable insurance contract?No
Did the supporting organization, or a fund maintained by a sponsoring organization, have excess business holdings at any time during the year?No
Number of employees employed in the pay period that includes March 12, 2006175
Analysis of Income-Producing Activities (for 2007)
Unrelated business incomeExcluded by section 512, 513, or 514Related or exempt function income
Business codeAmountExclusion codeAmount
Total$0$8,365,851$64,172,452
Program service revenue
Program service revenue 1000000$000$0$36,745,021
Program service revenue 2000000$000$0$24,181,416
Program service revenue 3000000$000$0$2,182,226
Program service revenue 4000000$000$0$1,063,789
Program service revenue 5000000$000$0$0
Medicare/Medicaid payments000000$000$0$0
Fees and contracts from government agencies000000$000$0$0
Membership dues and assessments000000$000$0$0
Interest on savings and temporary cash investments000000$0Dividends, interest, payments with respect to securities loans, annuities, income from notional principal contracts, loan commitment fees, and other substantially similar income from ordinary and routine investments excluded by section 512(b)(1)$706,110$0
Dividends and interest from securities000000$0Dividends, interest, payments with respect to securities loans, annuities, income from notional principal contracts, loan commitment fees, and other substantially similar income from ordinary and routine investments excluded by section 512(b)(1)$7,659,741$0
Net rental income or (loss) from real estate
debt-financed property000000$000$0$0
not debt-financed property000000$000$0$0
Net rental income or (loss) from personal property000000$000$0$0
Other investment income000000$000$0$0
Gain or (loss) from sales of assets other than inventory000000$000$0$0
Net income or (loss) from special events000000$000$0$0
Gross profit or (loss) from sales of inventory000000$000$0$0
Other revenue000000$000$0$0
Information Regarding Taxable Subsidiaries and Disregarded Entities (for 2007)
EIN of corporation, partnership, or disregarded entityPercentage of ownership interestTotal incomeEnd-of-year assets
0000000000%$0$0
0000000000%$0$0
0000000000%$0$0
0000000000%$0$0
Compensation of the Five Highest Paid Employees Other Than Officers, Directors, and Trustees (for 2007)
CompensationContributions to employee benefit plans & deferred compensationExpense account and other allowances
$166,716$40,166$0
$130,867$35,348$0
$115,798$23,381$0
$97,822$20,682$0
$102,988$14,480$0
Total number of other employees paid over $50,00063
Statements About Activities (for 2007)
Expenses paid or incurred in connection with the lobbying activities$14,805
Did the organization receive or hold an easement for conservation purposes, including easements to preserve open space, the environment, historic land areas or historic structures?No
Did the organization provide credit counseling, debt management, credit repair, or debt negotiation services?No
Did the organization maintain any donor advised funds?No
Did the organization make any taxable distributions under section 4966?No
Did the organization make a distribution to a donor, donor advisor, or related person?No
Enter the total number of donor advised funds owned at the end of the tax year$0
Enter the aggregate value of assets held in all donor advised funds owned at the end of the tax year$0
Enter the total number of separate funds or accounts owned at the end of the tax year (excluding donor advised funds included above) where donors have the right to provide advice on the distribution or investment of amounts in such funds or accounts$0
Enter the aggregate value of assets held in all funds or accounts included above at the end of the tax year$0
Reason for Non-Private Foundation Status
The organization is not a private foundation because it isOrganization that normally receives: less than 1/3 of its support from gross investment income and unrelated taxable business income and more than 1/3 of its support from contribution, membership fees
Support Schedule
19992000200120022003200420052006
Total$51,276,440$53,467,140$49,352,476$45,751,862$45,219,879$49,363,674$58,732,366$56,812,682
Gifts, grants, and contributions received$0$0$0$0$0$0$0$0
Membership fees received$0$0$0$0$0$0$0$0
Gross receipts from admissions, merchandise sold or services performed, or furnishing of facilities in any activity that is related to the organization's charitable, etc., purpose$42,398,968$43,887,456$42,549,843$39,923,577$40,563,829$44,445,914$51,869,513$48,153,840
Gross income from interest, dividends, amounts received from payments on securities loans (section 512(a)(5)), rents, royalties, and unrelated business taxable income (less section 511 taxes) from businesses acquired by the organization after June 30, 1975$8,861,115$9,542,497$6,744,831$5,772,370$4,606,743$4,917,760$6,862,853$8,658,842
Net income from unrelated business activities not included above$0$0$0$0$0$0$0$0
Tax revenues levied for the organization's benefit and either paid to it or expended on its behalf$0$0$0$0$0$0$0$0
The value of services or facilities furnished to the organization by a governmental unit without charge. Do not include the value of services or facilities generally furnished to the public without charge$0$0$0$0$0$0$0$0
Other income$16,357$37,187$57,802$55,915$49,307$0$0$0
Lobbying Expenditures by Electing Public Charities (for 2007)
Total exempt purpose expenditures$0
Total lobbying expenditures$0
Total lobbying expenditures to influence public opinion (grassroots lobbying)$0
Total lobbying expenditures to influence a legislative body (direct lobbying)$0
Other exempt purpose expenditures$0
Lobbying nontaxable amount$0
Grassroots nontaxable amount$0
Organizations performing similar types of work
IdNameAddressStateEstablishedTotal Income
1United Negro College Fund Inc8260 Willow Oaks Corp Dr, Fairfax, VA 22031VA2004-10$5,437,302,945
2Dartmouth Educational Loan Corp7 Lebanon St Ste 302, Hanover, NH 03755-2112NH1982-04$816,698,103
3Massachusetts Higher Education Assistance Corporation, American Student Assistance100 Cambridge Street, Boston, MA 02114-2509MA1958-12$344,295,960
4Scholarship America Inc, S-V Dollars For Scholars1024 South Locust, Sesser, IL 62884IL1962-04$171,036,517
5N H Higher Education Loan CorporationPO BOX 2111, Concord, NH 03302-2111NH1983-04$159,565,800
6Iowa Student Loan Liquidity Corp6805 Vista Dr, Wdm, IA 50266-9307IA1981-02$109,925,023
7National Merit Scholarship Corporation1560 Sherman Ave Ste 200, Evanston, IL 60201-4816IL1957-01$105,873,823
8Nebraska Student Loan Program IncPO BOX 82507, Lincoln, NE 68501-2507NE1987-10$70,461,769
9Acapita Education Finance CorporationPO BOX 1308, Waco, TX 76703-1308TX1989-11$67,056,705
10Texas A & M University 12th Man FoundationPO BOX 2800, College Sta, TX 77841-2800TX1952-09$45,689,856
11James Madison University Foundation Inc1320 S Main St Msc 8501, Harrisonburg, VA 22801-3051VA1972-07$44,213,370
12Hispanic Scholarship Fund55 2nd St Ste 1500, San Francisco, CA 94105-3499CA1976-01$43,393,124
13Catholic Schools Foundation Inc260 Franklin St Ste 630, Boston, MA 02110-3112MA1984-10$39,334,014
14Chela Financial Resources IncSan Francisco, CA 94111CA$39,046,348
15Nc Student Aid Association IncPO BOX 37100, Raleigh, NC 27627-7100NC1955-08$37,516,563
16New Mexico Educational Assistance FoundationPO BOX 27020, Albuquerque, NM 87125-7020NM1981-11$36,568,542
17George Junior Republic233 George Junior Rd Box 1058, Grove City, PA 16127-4417PA1987-03$35,208,013
18Coca-Cola Scholars Foundation IncPO BOX 42, Atlanta, GA 30301-0042GA1986-09$32,527,557
19College Foundation Inc2917 Highwoods Blvd, Raleigh, NC 27604-1004NC2003-11$30,684,084
20The Childrens Scholarship Fund8 West 38th St 9th Floor, New York, NY 10018-6229NY1998-11$30,100,490
21Brooklyn College Foundation Inc2900 Bedford Avenue - Ingersoll, Brooklyn, NY 11210-2850NY1963-12$29,135,130
22Evans Scholars Foundation1 Briar Rd, Golf, IL 60029-2000IL1976-09$28,795,057
23F W & Elsie L Heyl Science Scholarship Fund TrPO BOX 94651, Cleveland, OH 44101-4651OH1981-08$26,887,896
24Worcester State Foundation Inc486 Chandler St, Worcester, MA 01602-2861MA1993-12$23,113,193
25Scholarship America Inc, Group ReturnOne Scholarship Way, St Peter, MN 56082MN1962-04$22,773,108
26Virginia Student Aid Foundation, Dba Virginia Athletic FoundationPO BOX 400833, Charlottesvle, VA 22904-4833VA1951-12$22,614,819
27Knowledgeworks Foundation, Student Loan Funding Corporation1 W 4th St Ste 200, Cincinnati, OH 45202-3634OH1991-06$21,897,019
28United Methodist Higher Education FoundationPO BOX 340005, Nashville, TN 37203-0005TN1970-04$19,641,546
29Richard U Light Foundation350 E Michigan Ave Ste 500, Kalamazoo, MI 49007-3856MI1983-06$19,531,377
30University Of West Georgia Foundation Inc1903 Maple St, Carrollton, GA 30118-0001GA1967-03$17,633,537
Number of organizations performing similar types of work
Alaska3
Alabama11
Arkansas13
Arizona21
California93
Colorado3
Connecticut3
District of Columbia7
Delaware2
Florida8
Georgia9
Hawaii3
Iowa8
Illinois27
Indiana7
Kansas1
Kentucky3
Louisiana4
Massachusetts15
Maryland8
Michigan3
Minnesota28
Missouri7
Mississippi3
Montana1
North Carolina15
North Dakota2
Nebraska3
New Hampshire2
New Jersey11
New Mexico1
New York19
Ohio18
Oklahoma3
Oregon1
Pennsylvania18
Rhode Island1
South Carolina6
South Dakota2
Tennessee5
Texas38
Utah1
Virginia15
Vermont1
Washington4
Wisconsin15
Wyoming3
International3
Total478

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