NEW MEXICO EDUCATIONAL ASSISTANCE … - Form 990 Financial Data

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Financial Vulnerability Assessment (Tuckman-Chang)

4 risk indicators measuring financial stability and operational resilience

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Financial Trends

Organization Details

Formation Year

1981

Legal Domicile

Principal Officer

BRAD ALLPASS

Tax Period

2022-07-01 to 2023-06-30

NEW MEXICO EDUCATIONAL ASSISTANCE FOUNDATION, founded in 1981, is a mid-sized nonprofit in the Education sector that reported $18.7M in total revenue in fiscal year 2022. Revenue surged 52% from the prior year, signaling strong growth momentum. The organization ran a surplus of $5.2M, a strong 28% operating margin.

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 Service Accomplishments

Program 1

Expenses: $6,475,627 Revenue: $10,155,823

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...

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.

Program 2

Expenses: $1,326,747 Revenue: $1,326,747

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...

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).

Program 3

Expenses: $698,109 Revenue: $239,326

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...

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.

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Trantor Score

Financial Health Score (300–850) · Liquidity · Solvency · Sustainability · Efficiency

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Liquidity (40%) • Solvency (30%) • Sustainability (20%) • Efficiency (10%)

Financial Overview (2022)

Revenue Breakdown

Contributions & Grants $16,000

Program Service Revenue $16,940,475

Investment Income $1,747,330

Other Revenue $0

TOTAL REVENUE $18,703,805

Expense Breakdown

Grants Paid $0

Salaries & Benefits $4,740,416

Fundraising Expenses $0

Program Expenses $8,900,321

Other Expenses $8,715,743

TOTAL EXPENSES $13,456,159

Year-over-Year Comparison

	2022	2021	Change
Revenue	$18,703,805	$12,323,094	+0.5%
Expenses	$13,456,159	$14,912,159	-0.1%
Net Income	$5,247,646	$-2,589,065	-3.0%

Key Indicators

✗ Grants to Organizations ✗ Grants to Individuals ✓ Lobbying ✗ Political Activity ✗ Foreign Activities ✗ Donor Advised Fund ✓ Schedule B Required

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Financial Health Indicators

Comprehensive financial analysis: Altman Z-Score, liquidity, solvency, sustainability, efficiency, and growth metrics

Financial Distress Indicator

Liquidity & Cash Position

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Altman Z-Score • Liquidity Ratios • Solvency Analysis • Growth Indicators • Efficiency Metrics

Governance

Voting Members

Independent Members

Employees

Volunteers

Governance Policies

✗ Conflict of Interest Policy

✗ Whistleblower Policy

✗ Document Retention Policy

Special Practices & Reported Activities

✗ Operated a School

✗ Operated a Hospital

✗ Provided First Class Travel

✗ Reported Conflict of Interest

✗ Reported Asset Diversion

✗ Excess Benefit Transaction

✗ Made Political Expenditures

✓ Engaged in Lobbying

✗ Operated Donor Advised Fund

✗ Maintained Art Collections

✗ Filed Form 720

Compensation of Officers, Directors & Key Employees

Total Officers

$663,842

Total Directors

$219,494

Key Employees

$122,478

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
BRAD ALLPASS	PRESIDENT & CEO	30.00	Officer Director	$196,484	$23,010	$219,494
REGINALD STORMENT	GENERAL COUNSEL	30.00	Highest	$157,164	$27,697	$184,861
GRACE TACKMAN	VICE PRESIDENT ADMIN SERVICE	30.00	Officer	$137,707	$32,575	$170,282
ESTEVAN MARTINEZ	ASST VICE PRESIDENT INFO TE	30.00	Officer	$128,221	$18,063	$146,284
TRACY ROWE	ASST VICE PRESIDENT OF FINAN	30.00	Officer	$103,894	$23,888	$127,782
LOIS FORT	DIRECTOR OF OPERATIONS	30.00	Key Emp	$104,938	$17,540	$122,478
ANDREW JACOBSON	DIRECTOR	2.00	Director	$0	$0	$0
PAULINE GARCIA	DIRECTOR	2.00	Director	$0	$0	$0
ALEX HEUBECK	DIRECTOR	2.00	Director	$0	$0	$0
JULIE FILATOFF	SECRETARYTREASURER	2.00	Officer Director	$0	$0	$0
GAVIN GILLETTE	VICE CHAIR	2.00	Officer Director	$0	$0	$0

Note: Compensation data is self-reported by the organization on their Form 990. "Reportable Comp" includes salary, bonuses, and other reportable compensation from the organization and related organizations. "Other Comp" includes benefits, deferred compensation, and non-taxable benefits.

Historical Data

Year	Revenue	Expenses	Assets	Net Income
2025	No data	No data	No data	No data
2024	No data	No data	No data	No data
2023	$18,703,805	$13,456,159	$288,410,377	$5,247,646
2022	$12,323,094	$14,912,159	$349,128,881	$-2,589,065
2021	$13,989,676	$14,732,067	$354,396,919	$-742,391
2020	$19,955,288	$19,665,490	$392,805,656	$289,798
2019	$24,870,546	$25,119,407	$462,546,998	$-248,861
2018	$23,353,051	$24,923,849	$531,385,069	$-1,570,798

NEW MEXICO EDUCATIONAL ASSISTANCE FOUNDATION