2024-05-14T18:14:35-04:00 2023-06-30 463916466 Jaramillo Accounting Group LLC 4700 Lincoln Road NE Albuquerque NM 87109 990 2022-07-01 850291313 NEW MEXICO EDUCATIONAL ASSISTANCE FOUNDATION NEWM PO BOX 27020 ALBUQUERQUE NM 871257020 TRACY ROWE ASSISTANT VP OF 5057612063 2024-05-14 true TRACY ROWE SCOTT ELIASON P02372673 5053232035 2024-05-14 0 00 AAL1 IAL1 2022 2023-04-26 12:10:37Z BRAD ALLPASS 18703805 false X WWW.NMEAF.ORG X 1981 NM PROMOTE THE PUBLIC WELFARE AND PROSPERITY OF THE PEOPLE OF NEW MEXICO BY STIMULATING THE AVAILABILITY OF FINANCIAL ASSISTANCE FOR POST-SECONDARY EDUCATION SO AS TO GIVE GREATER HIGHER EDUCATION OPPORTUNITY. 5 5 65 5 0 0 810536 16000 12302763 16940475 -790205 1747330 0 12323094 18703805 0 0 4678460 4740416 0 0 10233699 8715743 14912159 13456159 -2589065 5247646 349128881 288410377 248451793 182287968 100677088 106122409 PROMOTE THE PUBLIC WELFARE AND PROSPERITY OF THE PEOPLE OF NEW MEXICO BY STIMULATING THE AVAILABILITY OF FINANCIAL ASSISTANCE FOR POST-SECONDARY EDUCATION SO AS TO GIVE GREATER HIGHER EDUCATION OPPORTUNITY. false false 6475627 10155823 STUDENT LOAN PROGRAMS: ORIGINATE, PURCHASE AND SERVICE STUDENT LOANS. PROGRAM SERVICE EXPENSE AMOUNTS INCLUDE COST OF INTEREST ON DEBT ISSUED TO FUND LOANS. THE NUMBER OF OUTSTANDING LOANS ON 06/30/2023 WAS 33,048. 1326747 1326747 STUDENT LOAN PROGRAMS: PROVIDE ADMINISTRATIVE SERVICE FOR THE NEW MEXICO STUDENT LOAN GUARANTEE CORPORATION, FUNCTIONING AS THE GUARANTY AGENCY UNDER THE GUARANTEED STUDENT LOAN PROGRAM (FEDERAL FAMILY EDUCATION LOAN PROGRAM). 698109 239326 DEFAULT FFELP COLLECTIONS: COLLECTING ON LOANS THAT WERE DEFAULTED IN THE FFELP PROGRAM. COUNSEL AND WORK WITH BORROWERS TO BRING THEM BACK INTO GOOD STANDING AND REHABILITATE THEIR LOANS WHENEVER POSSIBLE. 399838 16000 FAFSA COMPLETION: WORKING WITH HIGH SCHOOL STUDENTS, SCHOOLS, COUNSELORS, AND FAMILIES TO UNDERSTAND THE FINANCIAL ID PROCESS, TO UNDERSTAND ELIGIBILITY FOR SUBSIDIES AND ASSISTANCE, AND TO COMPLETE THE FASFA FORMS FOR COLLEGE READINESS. 399838 16000 8900321 true true false true false false false false true false true false true true true false true false false false false false false false false false false false false true true false false false false false false false false false false false false false false false true true true false false true 3386 0 65 true false false false false false false false false false false false false false false X 5 5 false false false false false true false true true false false true true true true true true true true true true NM X X THE ORGANIZATION 5057612063 PO BOX 27020 Albuquerque NM 871257020 BRAD ALLPASS PRESIDENT & CEO 30.00 10.00 X X 196484 0 23010 REGINALD STORMENT GENERAL COUNSEL 30.00 10.00 X 157164 0 27697 GRACE TACKMAN VICE PRESIDENT ADMIN SERVICE 30.00 10.00 X 137707 0 32575 ESTEVAN MARTINEZ ASST VICE PRESIDENT INFO TE 30.00 10.00 X 128221 0 18063 TRACY ROWE ASST VICE PRESIDENT OF FINAN 30.00 10.00 X 103894 0 23888 LOIS FORT DIRECTOR OF OPERATIONS 30.00 10.00 X 104938 0 17540 ANDREW JACOBSON DIRECTOR 2.00 0.00 X 0 0 0 PAULINE GARCIA DIRECTOR 2.00 0.00 X 0 0 0 ALEX HEUBECK DIRECTOR 2.00 0.00 X 0 0 0 JULIE FILATOFF SECRETARYTREASURER 2.00 0.00 X X 0 0 0 GAVIN GILLETTE VICE CHAIR 2.00 0.00 X X 0 0 0 828408 0 142773 6 false true false JAG LLC 4700 LINCOLN RD Albuquerque NM 87109 ACCOUNTING 100598 DATAPRINT SERVICES VENICE AVE NE Albuquerque NM 87113 COMPUTER SOFTWARE 200598 AVTEX SOLUTIONS PO BOX 856660 Minneapolis MN 55485 TELEPHONE SYSTEM 114339 3 16000 16000 STUDENT LOAN INTEREST 900099 11452172 11452172 LATE AND LEGAL FEES 900099 -97460 -97460 SERVICE FEES 900099 1611378 1611378 OTHER REVENUE 900099 480167 439434 40733 3494218 3494218 16940475 1747330 1747330 18703805 18647072 0 40733 786320 589740 196580 2942454 1163202 1779252 292811 108340 184471 429549 158933 270616 289282 89756 199526 19650 19650 40891 40891 766283 420551 345732 67309 66260 1049 227579 129513 98066 561771 198915 362856 223506 223506 52229 20482 31747 3876059 3876059 674215 674215 168572 168572 US DEPT OF EDUCATION FEES 1072337 1072337 TRUST EXPENSES 53638 53638 BAD DEBT EXPENSE 911704 911704 13456159 8900321 4555838 0 1200 1200 19231972 20713951 32718 106438 263988717 194915949 489718 534518 16331212 11573658 4281586 4757554 660900 3241473 41116124 46603728 19325946 17535566 349128881 288410377 3431930 2744625 189405000 156400000 55614863 23143343 248451793 182287968 X 100677088 106122409 100677088 106122409 349128881 288410377 5247646 166328 31347 0 X false true X true true true X 3000 17402 810536 16000 846938 23819763 18915019 12879478 12171610 16899742 84685612 83823 48580 35668 40733 208804 23819763 19001842 12945460 13017814 16956475 85741354 85741354 1050783 583054 35222 68580 1747330 3484969 3987 2451 202 6640 1050783 587041 37673 68782 1747330 3491609 24870546 19588883 12983133 13086596 18703805 89232963 0.96090 0.97520 0.04000 0.02000 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED false true false false false false true 10975 false false 10975 false Activities to influence legislation (Part II-B, lines 1a - 1h) THE NEW MEXICO EDUCATIONAL ASSISTANCE FOUNDATION IS A MEMBER OF THE EDUCATION FINANCE COUNCIL (EFC). EFC IS A NON-PROFIT TRADE ASSOCIATION THAT REPRESENTS STATE BASED STUDENT LOAN SECONDARY MARKET ORGANIZATIONS, INCLUDING SCHOLARSHIP FUNDING CORPORATIONS THROUGHOUT THE COUNTRY. THESE PUBLIC PURPOSE ORGANIZATIONS ARE DEDICATED TO THE SINGLE PURPOSE OF MAKING SURE STUDENTS CAN GET THE MONEY THEY NEED TO GO TO COLLEGE. THE PRESIDENT OF NEW MEXICO EDUCATIONAL ASSISTANCE FOUNDATION ALSO CALLS AND MEETS WITH THE NEW MEXICO STATE LEGISLATURE TO DETERMINE THE STATUS OF LOAN FUNDING IN THE STATE OF NEW MEXICO. false 1011520 1011520 7625376 4688726 2936650 2831850 2460435 371415 4862466 4424497 437969 4757554 COLLECTION RESOURCES INC 587474 F CUBIT FUND LLC 2554135 F GREEN STREET IMPACT PARTNERS FUND 99864 F 3241473 TRUSTEE LOAN PROGRAM FUNDS 46603511 F FIDELITY MONEY MARKET 217 F 46603728 NET BORROWER INTEREST RECEIVABLE 15353000 NET LATE AND LEGAL FEES RECEIVABLE 406367 INTEREST SUBSIDY RECEIVABLE 100980 LEASES RECEIVABLE 75639 ACCOUNTS RECEIVABLE - CRI 139430 SPECIAL ALLOWANCE RECEIVABLE 1248055 INTEREST RECEIVABLE TRUST 212095 17535566 TAXABLE BONDS OS 17000000 ARBITRAGE PAYABLE 124722 OTHER DEFERRED GAIN 385579 BOND PREMIUM 6371027 BOND DISCOUNT -1127850 LEASE LIABILITY 278037 DUE TO RELATED ORGANIZATIONS 111828 23143343 18870133 166328 166328 18703805 18703805 13456159 13456159 13456159 General Explanation Attachment PART XI 2A: UNREALIZED GAINS ON TREASURY INVESTMENTS $185,619 AND FMV ADJUSTMENTS OF $54,135 IN CUBIT FUND LLC AND ($73,426) IN CRI, INC. INVESTMENTS. X X X X false false false false false false false false false BRAD ALLPASS PRESIDENT & CEO 196484 23010 219494 GRACE TACKMAN VICE PRESIDENT ADMIN SERVICE 137707 32575 170282 REGINALD STORMENT GENERAL COUNSEL 157164 27697 184861 A NM EDUCATIONAL ASSIST FDN 850291313 647110FU4 2021-12-08 173159440 EDUCATION LOAN BONDS false true false A 6000000 173159440 1620000 1883770 169655670 2021 true true true true A false false false false false false true A false true false false false false true A true General Explanation Attachment SCHEDULE K, PART IV, ARBITRAGE, LINE 2C:SERIES 2021 ISSUER NAME: NEW MEXICO EDUCATIONAL ASSISTANCE FOUNDATION DATE THE REBATE COMPUTATION WAS PERFORMED: 05/01/2023 (ANNUAL COMPUTATION) SCHEDULE K - REFUNDING BOND A (2021) REFUNDED ALL OR PORTION OF BONDS: ISSUE DATES 08/1/2007; 09/22/2010; 12/15/2010; 5/8/2013; AND 12/15/2016. Member election for additional members Part VI line 7a THE NMEAF BOARD ELECTS NEW BOARD MEMBERS. Form 990 governing body review Part VI line 11 THE 990 IS PREPARED BY THE ACCOUNTING DEPARTMENT AND THEN REVIEWED BY THE VICE PRESIDENT OF FINANCE. THE 990 IS THEN SUBMITTED TO THE INDEPENDENT ACCOUNTANTS FOR REVIEW AND INPUT. ANY NECESSARY CHANGES ARE MADE AND THE FORM IS AGAIN REVIEWED BY THE VICE PRESIDENT OF FINANCE. WHEN COMPLETED, THE VICE PRESIDENT OF FINANCE SENDS COPIES TO THE MEMBERS OF THE GOVERNING BODY TO COMMENT. AFTER ALL COMMENTS ARE REVIEWED AND FINAL CHANGES ARE MADE, THE VICE PRESIDENT OF FINANCE WILL ALLOW THE INDEPENDENT ACCOUNTANT TO ELECTRONICALLY FILE THE FORM 990. Conflict of interest policy compliance Part VI line 12c TO GUARD AGAINST SITUATIONS INVOLVING A CONFLICT OF INTEREST, ALL DIRECTORS, OFFICERS, AND EMPLOYEES WILL RECEIVE A COPY OF THE 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 CONFLICTS OF INTEREST FOR A DIRECTOR, OFFICER, EMPLOYEE, OR FAMILY MEMBER THEREOF WITH REGARDS TO A FINANCIAL INTEREST OR BUSINESS DEALINGS (UNLESS WITH A DIVISION OF THE STATE OF NEW MEXICO) MUST BE DISCLOSED IN WRITING AND DISCUSSED AT BOARD MEETINGS. THESE DEALINGS ARE TO BE REFLECTED IN THE MINUTES. CEO executive director top management comp Part VI line 15a THE PRESIDENTS SALARY IS SET BY ANALYZING COMPETITORS SALARIES ANNUALLY. SURVEYS ARE CONDUCTED EACH YEAR TO ENSURE THAT THE PRESIDENTS SALARY IS REASONABLE. THE COMPENSATION IS DOCUMENTED IN THE MINUTES AND SUPPORTED BY A PERFORMANCE EVALUATION. EMPLOYEES SALARIES ARE SET BY ANALYZING COMPETITORS SALARIES ANNUALLY. THE COMPENSATION IS ENUMERATED BY AN APPROVED SALARY STRUCTURE WITHIN SET RANGES. DELIBERATIONS BY UPPER MANAGEMENT ARE DOCUMENTED WITH A PERFORMANCE EVALUATION. RAISE POOLS AND TOTAL SALARIES EXPENSE ARE REVIEWED AND APPROVED BY THE BOARD. Other officer or key employee compensation Part VI line 15b EMPLOYEES SALARIES ARE SET BY ANALYZING COMPETITORS SALARIES ANNUALLY. THE COMPENSATION IS ENUMERATED BY AN APPROVED SALARY STRUCTURE WITHIN SET RANGES. DELIBERATIONS BY UPPER MANAGEMENT ARE DOCUMENTED WITH A PERFORMANCE EVALUATION. RAISE POOLS AND TOTAL SALARIES EXPENSE ARE REVIEWED AND APPROVED BY THE BOARD. Governing documents etc available to public Part VI line 19 COPIES OF THE AUDITED FINANCIAL STATEMENTS AND NOTES ARE AVAILABLE UPON REQUEST. GOVERNING DOCUMENTS AND INTERNAL POLICIES ARE NOT MADE AVAILABLE TO THE PUBLIC AT THIS TIME. Other or change in accounting method Part XII line 1 RESTATEMENT DUE TO ADOPTION OF GASB 96 SUBSCRIPTION BASED INFORMATION TECHNOLOGY AGREEMENTS $31,347. General explanation attachment FORM 990, PART IV, QUESTION 24B: TAX EXEMPT BONDS RELATING TO STUDENT LOANS DO NOT HAVE A TEMPORARY PERIOD. FORM 990, PART XII, LINE 2C: THERE HAS BEEN NO CHANGE IN THE PROCESS FOR OVERSIGHT OF THE AUDIT OR SELECTION OF AN INDEPENDENT AUDITOR. FORM 990, PART VII: THE COMPENSATION REPORTED ON THIS SCHEDULE INCLUDES DEDUCTIONS FOR CAFETERIA PLAN DEDUCTIONS. THE CAFETERIA PLAN DEDUCTIONS HAVE BEEN ADDED TO FORM W-2, BOX 5 TO PROPERLY REPORT COMPENSATION. NM STUDENT LOANS GUARANTEE CORP 7400 TIBURON NE ALBUQUERQUE NM 87109 850291314 FFELP STUDENT LOANS NM 501C3 10 N/A false COLLECTION RESOURCES INC 7400 TIBURON NE STE S Albuquerque NM 87109 831642784 DEBT COLLECTION NM NMEAF C Corp -73426 587474 1.00000 true false false false false false false false false false true false true true false true false true false false NM STUDENT LOAN GUARANTEE CORP j 191408 LEASE AGREEMENT NM STUDENT LOAN GUARANTEE CORP l 567980 CONTRACT NM STUDENT LOAN GUARANTEE CORP q 647148 AS INCURRED COLLECTION RESOURCES INC o 179012 SHARING OF EMPLOYEES COLLECTION RESOURCES INC q 363056 REIMB - NON-SHARED EMPLOYEE OTH EXP