NEW MEXICO EDUCATIONAL ASSISTANCE FOUNDATION

EIN: 850291313 501(c)(3) Education

ALBUQUERQUE, NM

Total Revenue
$18,703,805
Total Expenses
$13,456,159
Total Assets
$288,410,377
Net Assets
$106,122,409
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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
NM
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.

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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%)

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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

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Governance

Voting Members
5
Independent Members
5
Employees
65
Volunteers
5

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
6
$663,842
Total Directors
6
$219,494
Key Employees
1
$122,478
Highest Compensated
1
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
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