Nonprofit · EIN 85-0291313
NEW MEXICO EDUCATIONAL ASSISTANCE FOUNDATION
Tax-exempt · ALBUQUERQUE, NM 87125
Financials
| Year ended | Form | Revenue | Expenses | Net income | Total assets | Liabilities | Net assets |
|---|---|---|---|---|---|---|---|
| June 30, 2025 | 990 | $13,879,681 | $11,400,001 | $2,479,680 | $203,195,497 | $89,328,157 | $113,867,340 |
| June 30, 2024 | 990 | $17,611,116 | $12,617,822 | $4,993,294 | $243,416,067 | $132,334,272 | $111,081,795 |
| June 30, 2023 | 990 | $18,703,805 | $13,456,159 | $5,247,646 | $288,410,377 | $182,287,968 | $106,122,409 |
Financial details: 990 for the year ended June 30, 2025
Revenue
- Contributions, gifts and grants
- $1,220,860
- of which government grants
- $1,080,309
- Program service revenue
- $11,221,859
- Investment income
- $1,436,962
- Net gain from sales of assets
- $315,794
- Other revenue
- $0
Expenses
- Grants and similar amounts paid
- $0
- Compensation of officers, directors and key employees
- $843,645
- Other salaries and wages
- $2,924,278
- Salaries, compensation and benefits (total)
- $4,910,599
- Professional fundraising fees
- $0
- Legal fees
- $8,375
- Accounting fees
- $40,844
- Occupancy
- $271,472
- Travel
- $57,123
- Depreciation
- $918,352
- Program services (functional)
- $6,151,084
- Management and general (functional)
- $5,248,917
Balance sheet and other
- Total assets, start of year
- $243,416,067
- Total assets, end of year
- $203,195,497
- Total liabilities, end of year
- $89,328,157
- Net assets, end of year
- $113,867,340
- Land, buildings and equipment
- $5,661,961
- Gross unrelated business income
- $15,845
- Gross receipts
- $23,138,887
- Employees
- 58
- Volunteers
- 33
- Year formed
- 1981
- State of legal domicile
- NM
From the e-filed returns the IRS publishes as XML (latest three processing years; amended returns replace the original). PDF copies at the IRS.
Officers, directors and key employees
As listed on the 990 for the year ended June 30, 2025, highest compensation first.
| Name | Title | Hours / week | Compensation | Other / benefits |
|---|---|---|---|---|
| BRAD ALLPASS | PRESIDENT & CEO Trustee or director, Officer | 30 | $210,718 | $19,251 |
| GRACE TACKMAN | VICE PRESIDENT ADMIN SERVICE Officer | 30 | $144,790 | $32,766 |
| REGINALD STORMENT | GENERAL COUNSEL Highest-paid employee | 30 | $148,237 | $26,768 |
| ESTEVAN MARTINEZ | ASST VICE PRESIDENT INFO TECH Officer | 30 | $142,246 | $18,792 |
| TRACY ROWE | VICE PRESIDENT OF FINANCE Officer | 30 | $118,968 | $24,740 |
| LOIS FORT | DIRECTOR OF OPERATIONS Highest-paid employee | 30 | $109,433 | $16,242 |
| MICHAEL BANYAI | SR NETWORKS SYSTEM ADMINISTRATOR Highest-paid employee | 40 | $107,264 | $9,741 |
| DEENA PIERCE | CONTROLLER Highest-paid employee | 40 | $101,030 | $15,970 |
| KEVIN POWERS | VICE CHAIR Trustee or director | 2 | $0 | $0 |
| MARSHA MAJORS | DIRECTOR Trustee or director | 2 | $0 | $0 |
| LAURA M MONTOYA | DIRECTOR Trustee or director | 2 | $0 | $0 |
| ROSENDA MINELLA | SECRETARYTREASURER Trustee or director, Officer | 2 | $0 | $0 |
| ALEX HEUBECK | CHAIR Trustee or director, Officer | 2 | $0 | $0 |
990 for the year ended June 30, 2024: 11 people
| Name | Title | Hours / week | Compensation | Other / benefits |
|---|---|---|---|---|
| BRAD ALLPASS | PRESIDENT & CEO Trustee or director, Officer | 30 | $208,476 | $23,482 |
| REGINALD STORMENT | GENERAL COUNSEL Highest-paid employee | 30 | $163,605 | $28,017 |
| GRACE TACKMAN | VICE PRESIDENT ADMIN SERVICE Officer | 30 | $146,684 | $32,923 |
| ESTEVAN MARTINEZ | ASST VICE PRESIDENT INFO TE Officer | 30 | $141,360 | $18,873 |
| TRACY ROWE | ASST VICE PRESIDENT OF FINAN Officer | 30 | $116,423 | $24,444 |
| LOIS FORT | DIRECTOR OF OPERATIONS Key employee | 30 | $110,723 | $17,768 |
| KEVIN POWERS | VICE CHAIR Trustee or director | 2 | $0 | $0 |
| LAURA M MONTOYA | DIRECTOR Trustee or director | 2 | $0 | $0 |
| MARSHA MAJORS | DIRECTOR Trustee or director | 2 | $0 | $0 |
| ROSENDA MINELLA | SECRETARYTREASURER Trustee or director, Officer | 2 | $0 | $0 |
| ALEX HEUBECK | CHAIR Trustee or director, Officer | 2 | $0 | $0 |
990 for the year ended June 30, 2023: 11 people
| Name | Title | Hours / week | Compensation | Other / benefits |
|---|---|---|---|---|
| BRAD ALLPASS | PRESIDENT & CEO Trustee or director, Officer | 30 | $196,484 | $23,010 |
| REGINALD STORMENT | GENERAL COUNSEL Highest-paid employee | 30 | $157,164 | $27,697 |
| GRACE TACKMAN | VICE PRESIDENT ADMIN SERVICE Officer | 30 | $137,707 | $32,575 |
| ESTEVAN MARTINEZ | ASST VICE PRESIDENT INFO TE Officer | 30 | $128,221 | $18,063 |
| TRACY ROWE | ASST VICE PRESIDENT OF FINAN Officer | 30 | $103,894 | $23,888 |
| LOIS FORT | DIRECTOR OF OPERATIONS Key employee | 30 | $104,938 | $17,540 |
| ANDREW JACOBSON | DIRECTOR Trustee or director | 2 | $0 | $0 |
| PAULINE GARCIA | DIRECTOR Trustee or director | 2 | $0 | $0 |
| ALEX HEUBECK | DIRECTOR Trustee or director | 2 | $0 | $0 |
| JULIE FILATOFF | SECRETARYTREASURER Trustee or director, Officer | 2 | $0 | $0 |
| GAVIN GILLETTE | VICE CHAIR Trustee or director, Officer | 2 | $0 | $0 |
Address and contacts
- Address (IRS master file)
- PO BOX 27020, ALBUQUERQUE, NM 87125-7020
- In care of
- % TRACY ROWE
- Principal officer (990 for 2024)
- BRAD ALLPASS, PO BOX 27020, ALBUQUERQUE, NM 871257020
- Signed the 990
- TRACY ROWE, VP OF FINANCE
- Phone
- (505) 761-2063
- Website
- WWW.NMEAF.ORG
- Return prepared by
- Jaramillo Accounting Group LLC
Mission
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.
Program accomplishments
- 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 06/30/2025 WAS 21,418.Expenses $3,981,600 · revenue $9,000,617
- 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).Expenses $1,422,042 · revenue $1,422,042
- STUDENT LOAN PROGRAMS: PROVIDE OUTREACH EFFORTS TO ASSIST STUDENTS IN COMPLETING FAFSA FORMS AND ENCOURAGING GRADUATING SENIORS TO SEEK POST-SECONDARY EDUCATIONAL OPPORTUNITIES.Expenses $330,895 · revenue $228,910
- FAFSA COMPLETION: THE FOUNDATION ASSISTED STUDENTS IN COMPLETING FASFA APPLICATIONS AND IN COLLECTING ON AR AND PERKINS ACCOUNTS FOR SCHOOLS.Expenses $416,547 · grants $215,273 · revenue $799,200
What it must file and when
IRS records say it files Form 990 or 990-EZ. Based on its last return; a smaller organization may file the 990-N. Its accounting year ends in June, so each return is due on the 15th day of the 5th month after that.
| Tax year | Year ended | Due | IRS public records |
|---|---|---|---|
| 2025 | June 30, 2026 | November 16, 2026 | Not due yet |
| 2024 | June 30, 2025 | November 17, 2025 | 990 on file |
| 2023 | June 30, 2024 | November 15, 2024 | 990 on file |
IRS record
- EIN
- 85-0291313
- Tax-exempt status
- 501(c)(3): Charitable, religious, educational or scientific organization
- Foundation status
- Publicly supported organization (509(a)(2))
- Donations deductible (Pub 78)
- Public charity, 50% deduction limit
- Exempt since
- 1981
- Accounting year ends
- June
- Files
- Form 990 or 990-EZ
- Category (NTEE)
- Education (B820)
- Assets (IRS master file)
- $203,195,497
- Income (IRS master file)
- $23,138,887
Filing history
| Form | Year ended | Revenue | Expenses | Assets | Return |
|---|---|---|---|---|---|
| 990 | June 2025 | $13,879,681 | $11,400,001 | $203,195,497 | IRS |
| 990-T | June 2025 | – | – | – | IRS |
| 990 | June 2024 | $17,611,116 | $12,617,822 | $243,416,067 | IRS |
| 990-T | June 2024 | – | – | – | IRS |
| 990 | June 2023 | $18,703,805 | $13,456,159 | $288,410,377 | XML |
| 990 | June 2022 | $12,323,094 | $14,912,159 | $349,128,881 | IRS |
| 990-T | June 2022 | – | – | – | IRS |
| 990 | June 2021 | – | – | – | IRS |
| 990-T | June 2021 | – | – | – | IRS |
| 990 | June 2020 | – | – | – | IRS |
| 990 | June 2018 | – | – | – | IRS |
990-N: the IRS bulk file holds only the latest e-Postcard per organization; earlier years come from archived copies of that file since 2020 and can have gaps (the IRS e-Postcard search lists every one). 990, 990-EZ, 990-PF, 990-T: every e-filed return in the IRS e-file index since 2019; XML for the latest three processing years, amounts from the IRS Statistics of Income extracts before that. PDF copies and determination letters at the IRS (search EIN 85-0291313).
Questions about NEW MEXICO EDUCATIONAL ASSISTANCE FOUNDATION
- What is the EIN of NEW MEXICO EDUCATIONAL ASSISTANCE FOUNDATION?
- The employer identification number (EIN) of NEW MEXICO EDUCATIONAL ASSISTANCE FOUNDATION is 85-0291313.
- Is NEW MEXICO EDUCATIONAL ASSISTANCE FOUNDATION tax-exempt?
- Yes. The IRS lists it as tax-exempt under section 501(c)(3) since 1981.
- Are donations to NEW MEXICO EDUCATIONAL ASSISTANCE FOUNDATION tax-deductible?
- Yes. It is listed in IRS Publication 78 (Public charity, 50% deduction limit).
- Which annual return does NEW MEXICO EDUCATIONAL ASSISTANCE FOUNDATION file?
- Form 990 or 990-EZ. Based on its last return; a smaller organization may file the 990-N.
- When is the next return of NEW MEXICO EDUCATIONAL ASSISTANCE FOUNDATION due?
- The return for tax year 2025 (the year ending June 30, 2026) is due November 16, 2026. Form 8868 extends it by six months; the 990-N cannot be extended.
- When did NEW MEXICO EDUCATIONAL ASSISTANCE FOUNDATION last file with the IRS?
- The latest return in the IRS public files is the 990 for the year ended June 2025.
- Who is the principal officer of NEW MEXICO EDUCATIONAL ASSISTANCE FOUNDATION?
- The 990 for the year ended June 30, 2025 names BRAD ALLPASS.
- Who are the officers and directors of NEW MEXICO EDUCATIONAL ASSISTANCE FOUNDATION?
- The 990 for the year ended June 30, 2025 lists 13 people; 8 received compensation from the organization, the highest $210,718 (BRAD ALLPASS, PRESIDENT & CEO).
- How much revenue does NEW MEXICO EDUCATIONAL ASSISTANCE FOUNDATION have?
- On its 990 for the year ended June 30, 2025 it reported revenue of $13,879,681, expenses of $11,400,001 and total assets of $203,195,497 at year end.
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