Nonprofit · EIN 85-6010718
NEW MEXICO MILITARY INSTITUTE FOUNDATION INC
Tax-exempt · ROSWELL, NM 88201
Financials
| Year ended | Form | Revenue | Expenses | Net income | Total assets | Liabilities | Net assets |
|---|---|---|---|---|---|---|---|
| June 30, 2025 | 990 | $5,187,499 | $3,146,838 | $2,040,661 | $93,478,839 | $1,297,114 | $92,181,725 |
| June 30, 2024 | 990 | $4,351,683 | $2,862,695 | $1,488,988 | $85,999,070 | $534,468 | $85,464,602 |
Financial details: 990 for the year ended June 30, 2025
Revenue
- Contributions, gifts and grants
- $1,629,448
- Program service revenue
- $4,115
- Investment income
- $2,864,308
- Royalties
- $628
- Net rental income
- $695,721
- Net gain from sales of assets
- $2,045,397
- Other revenue
- $689,628
Expenses
- Grants and similar amounts paid
- $2,560,718
- Compensation of officers, directors and key employees
- $134,023
- Other salaries and wages
- $66,659
- Salaries, compensation and benefits (total)
- $272,338
- Professional fundraising fees
- $0
- Accounting fees
- $10,763
- Occupancy
- $600
- Travel
- $259
- Depreciation
- $405
- Program services (functional)
- $2,726,288
- Management and general (functional)
- $412,449
- Fundraising (functional)
- $8,101
Balance sheet and other
- Total assets, start of year
- $85,999,070
- Total assets, end of year
- $93,478,839
- Total liabilities, end of year
- $1,297,114
- Net assets, end of year
- $92,181,725
- Land, buildings and equipment
- $10,447,786
- Publicly traded securities
- $19,160,056
- Net assets without donor restrictions
- $26,807,970
- Net assets with donor restrictions
- $65,373,755
- Gross receipts
- $16,975,827
- Employees
- 2
- Volunteers
- 0
- Year formed
- 1945
- 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 |
|---|---|---|---|
| Jimmy Barnes | President & CEO Trustee or director, Officer, Highest-paid employee | 40 | $126,813 |
| Jesus Salazar | Immediate Past Chairman Trustee or director, Officer | 2 | $0 |
| Kenneth Barbe Jr | Chairman Trustee or director, Officer | 5 | $0 |
| Dr Jesus R Ramos Garza | Secretary Trustee or director, Officer | 2 | $0 |
| Kim Greaves | Vice Chairman Trustee or director, Officer | 2 | $0 |
| Kevin O Butler | Member Trustee or director | 1 | $0 |
| Thomas E Jennings | NMMI Regent Member Trustee or director | 1 | $0 |
| Christina Maria Montoya | NMMI Regent Member Trustee or director | 1 | $0 |
| BG Voris W McBurnette NMMI Supt | Ex Officio Member Trustee or director | 1 | $0 |
| Claire E Chase | Member Trustee or director | 1 | $0 |
| Dr Earl A Tres Latimer III | Member Trustee or director | 1 | $0 |
| Gregory D Sampson | NMMI Regent Appointment Trustee or director | 1 | $0 |
| George M Yates | Member Trustee or director | 1 | $0 |
| Frank Spencer III | Treasurer Trustee or director, Officer | 2 | $0 |
990 for the year ended June 30, 2024: 14 people
| Name | Title | Hours / week | Compensation |
|---|---|---|---|
| Jimmy Barnes | President & CEO Trustee or director, Officer, Highest-paid employee | 40 | $117,372 |
| Jesus Salazar | Immediate Past Chairman Trustee or director, Officer | 2 | $0 |
| Kenneth Barbe Jr | Chairman Trustee or director, Officer | 5 | $0 |
| Dr Jesus R Ramos Garza | Secretary Trustee or director, Officer | 2 | $0 |
| Kim Greaves | Vice Chairman Trustee or director, Officer | 2 | $0 |
| Kevin O Butler | Member Trustee or director | 1 | $0 |
| Harold A Edmonson Jr | NMMI Regent Member Trustee or director | 1 | $0 |
| Phelps W Anderson | NMMI Regent Member Trustee or director | 1 | $0 |
| MG Jerry Grizzle NMMI President Sup | Ex Officio Member Trustee or director | 1 | $0 |
| Claire E Chase | Member Trustee or director | 1 | $0 |
| Dr Earl A Tres Latimer III | Member Trustee or director | 1 | $0 |
| COL Timothy S Paul | NMMI Regent Appointment Trustee or director | 1 | $0 |
| George M Yates | Member Trustee or director | 1 | $0 |
| Frank Spencer III | Treasurer Trustee or director, Officer | 2 | $0 |
Address and contacts
- Address (IRS master file)
- 101 W COLLEGE BLVD, ROSWELL, NM 88201-5100
- Principal officer (990 for 2024)
- Jimmy Barnes, 101 W College Blvd, Roswell, NM 88201
- Signed the 990
- Jimmy Barnes, President & CEO
- Phone
- (575) 624-8035
- Website
- www.nmmi.edu/foundation
Mission
The mission of the New Mexico Military Institute Foundation, Inc. (Foundation) is to create, maintain and administer an endowment fund for the benefit of New Mexico Military Institute (NMMI) to be used for research, scientific and literary purposes; for increasing the building, equipment and other facilities of NMMI; to provide for scholarships; and to promote generally the growth, welfare, and maintenance of NMMI.
Program accomplishments
- The NMMI Foundation maintains about 180 endowed scholarship funds and over 20 annual donor scholarship funds for the benefit of NMMI cadets. Earnings from the endowments and annual donations are paid directly to NMMI to provide scholarships to NMMI cadets at the high school and junior college level. The scholarships have varying criteria specified by the donors; for example scholarships may include merit-based and/or need-based requirements. NMMI has established a Scholarship Committee that facilitates the fair and impartial granting of all scholarships in accordance with NMMI policies and procedures and donor stipulations. NMMI estimates that nearly 98% of cadets in the junior college program receive some form of financial assistance, which includes scholarship funding. Nearly 85% of the high school cadets receive some scholarship assistance. NMMI's maximum capacity is about 1,000 cadets. 308 cadets received scholarships from Foundation provided funds in the 2024-2025 school year. It is estimated that 350 cadets will receive scholarships during the 2025-2026 school year.Expenses $1,199,338 · grants $1,199,338
- The NMMI Foundation maintains approximately 20 endowments whereby earnings are used to fund NMMI Leadership Reaction Course programs, Low/High Ropes Course facilities, leadership salaries and benefits and general Leadership projects and activities. The Daniels Leadership Center (DLC) serves the entire Corps of Cadets each year through use of state of the art technologies, classrooms and course facilities. Programs and services are provided to internal and external constituencies and include the Low/High Ropes Course and the Leadership Reaction Course which provide leadership challenges and growth to both cadets and professionals. These facilities help build self confidence, trust and teamwork in challenges that teach, test and reinforce sound leadership practices. These facilities are used throughout the entire school year.Expenses $328,367 · grants $328,367
- The NMMI Foundation maintains more than ten endowments and several annual funds whereby earnings and annual donations are used to provide support for NMMI academic programs. Expenditures for these programs include support for faculty stipends, classroom equipment, information technology equipment and software, band equipment, library subscriptions, supplies and other related academic programs and projects.Expenses $263,248 · grants $263,248
- Other program services support was used for NMMI athletic programs, cadet activities, institutional advancement, faculty and staff programs, recruiting and admissions programs, alumni relations support and other NMMI programs.Expenses $935,335 · grants $935,335
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
- 85-6010718
- Tax-exempt status
- 501(c)(3): Charitable, religious, educational or scientific organization
- Foundation status
- Publicly supported organization (170(b)(1)(A)(vi))
- Donations deductible (Pub 78)
- Public charity, 50% deduction limit
- Exempt since
- 1998
- Accounting year ends
- June
- Files
- Form 990 or 990-EZ
- Category (NTEE)
- Education (B90)
- Assets (IRS master file)
- $93,478,839
- Income (IRS master file)
- $16,975,827
Filing history
| Form | Year ended | Revenue | Expenses | Assets | Return |
|---|---|---|---|---|---|
| 990 | June 2025 | $5,187,499 | $3,146,838 | $93,478,839 | XML |
| 990 | June 2024 | $4,351,683 | $2,862,695 | $85,999,070 | XML |
| 990 | June 2023 | $8,432,637 | $2,704,733 | $78,678,506 | IRS |
| 990 | June 2022 | – | – | – | IRS |
| 990 | June 2021 | – | – | – | 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 85-6010718).
Questions about NEW MEXICO MILITARY INSTITUTE FOUNDATION INC
- What is the EIN of NEW MEXICO MILITARY INSTITUTE FOUNDATION INC?
- The employer identification number (EIN) of NEW MEXICO MILITARY INSTITUTE FOUNDATION INC is 85-6010718.
- Is NEW MEXICO MILITARY INSTITUTE FOUNDATION INC tax-exempt?
- Yes. The IRS lists it as tax-exempt under section 501(c)(3) since 1998.
- Are donations to NEW MEXICO MILITARY INSTITUTE FOUNDATION INC tax-deductible?
- Yes. It is listed in IRS Publication 78 (Public charity, 50% deduction limit).
- Which annual return does NEW MEXICO MILITARY INSTITUTE FOUNDATION INC 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 MILITARY INSTITUTE FOUNDATION INC 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 MILITARY INSTITUTE FOUNDATION INC 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 MILITARY INSTITUTE FOUNDATION INC?
- The 990 for the year ended June 30, 2025 names Jimmy Barnes.
- Who are the officers and directors of NEW MEXICO MILITARY INSTITUTE FOUNDATION INC?
- The 990 for the year ended June 30, 2025 lists 14 people; 1 received compensation from the organization, the highest $126,813 (Jimmy Barnes, President & CEO).
- How much revenue does NEW MEXICO MILITARY INSTITUTE FOUNDATION INC have?
- On its 990 for the year ended June 30, 2025 it reported revenue of $5,187,499, expenses of $3,146,838 and total assets of $93,478,839 at year end.
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