NEW MEXICO STUDENT LOAN GUARANTEE CORPORATION

EIN: 850291314 501(c)(3)

ALBUQUERQUE, NM

Total Revenue
$1,565,945
Total Expenses
$2,195,329
Total Assets
$14,819,035
Net Assets
$13,776,945
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Financial Vulnerability Assessment (Tuckman-Chang)

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Financial Trends

Organization Details

Formation Year
1981
Legal Domicile
NM
Principal Officer
BRAD ALLPASS
Tax Period
2023-10-01 to 2024-09-30

NEW MEXICO STUDENT LOAN GUARANTEE CORPORATION, founded in 1981, is a community nonprofit that reported $1.6M in total revenue in fiscal year 2023. Revenue fell 71% from the prior year — a significant decline worth monitoring. Expenses of $2.2M exceeded revenue, resulting in a 40% operating deficit.

Mission

NEW MEXICO STUDENT LOAN GUARANTEE CORPORATION IS AN ORGANIZATION PROVIDING QUALITY FINANCIAL SERVICES & CULTIVATING STRONG PROFESSIONAL RELATIONSHIPS TO ENCOURAGE & ASSIST IN THE PURSUIT OF HIGHER EDUCATION, THUS ENHANCING THE QUALITY OF LIFE & FUTURE SUCCESS OF OUR STAKEHOLDERS.

Program Service Accomplishments

Program 1
Expenses: $807,973 Revenue: $13,745

STUDENT LOAN PROGRAMS: UNDER THE FEDERAL FAMILY EDUCATIONAL LOAN PROGRAM (FFELP)-THE GUARANTEE CORPORATION IS REQUIRED TO COLLECT ON DEFAULTED LOANS.

Program 2
Expenses: $185,327

STUDENT LOAN PROGRAMS: UNDER THE FEDERAL FAMILY EDUCATIONAL LOAN PROGRAM (FFELP) GUARANTOR PAYS LENDER CLAIMS ON DEFAULTED LOANS.

Program 3
Revenue: $1,158,481

THE GUARANTEE CORPORATION RECEIVES REGULATORY FEES FOR PARTICIPATION IN THE FFELP PROGRAM.

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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 (2023)

Revenue Breakdown

Contributions & Grants $0
Program Service Revenue $1,172,226
Investment Income $393,719
Other Revenue $0
TOTAL REVENUE $1,565,945

Expense Breakdown

Grants Paid $0
Salaries & Benefits $915,866
Fundraising Expenses $0
Program Expenses $993,300
Other Expenses $1,279,463
TOTAL EXPENSES $2,195,329

Year-over-Year Comparison

2023 2022 Change
Revenue $1,565,945 $5,481,016 -0.7%
Expenses $2,195,329 $5,055,415 -0.6%
Net Income $-629,384 $425,601 -2.5%
Key Indicators
✗ Grants to Organizations ✗ Grants to Individuals ✓ Lobbying ✗ Political Activity ✗ Foreign Activities ✗ Donor Advised Fund ✗ Schedule B Required
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Liquidity & Cash Position

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Governance

Voting Members
5
Independent Members
5
Employees
4
Volunteers
N/A

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
4
$712,695
Total Directors
5
$0
Key Employees
0
$0
Highest Compensated
1
reported
Name Title Hours/Week Role Reportable Comp Other Comp Total
BRAD ALLPASS PRESIDENT 10.00
Officer
$0 $23,482 $231,958
REGINALD STORMENT LEGAL COUNSEL 10.00
Highest
$0 $28,017 $191,622
GRACE TACKMAN ASST VP OF HUMAN RESOURCES 10.00
Officer
$0 $32,923 $179,607
ESTEVAN MARTINEZ ASST VP OF IT 10.00
Officer
$0 $18,873 $160,263
TRACY ROWE TREASURER 10.00
Officer
$0 $24,444 $140,867
RYAN TROSPER DIRECTOR 2.00
Director
$0 $0 $0
VAL ALONZO DIRECTOR 2.00
Director
$0 $0 $0
ALEXANDER HEUBECK DIRECTOR 2.00
Director
$0 $0 $0
ROBERT GABALDON DIRECTOR 2.00
Director
$0 $0 $0
BROCK DARNELL DIRECTOR 2.00
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
2024 $1,565,945 $2,195,329 $14,819,035 $-629,384
2023 $5,481,016 $5,055,415 $15,216,077 $425,601
2022 $8,869,305 $6,949,884 $13,741,914 $1,919,421
2021 $3,044,592 $6,390,238 $15,866,075 $-3,345,646
2020 $4,428,008 $3,904,638 $15,959,895 $523,370
2019 $4,686,015 $3,534,681 $15,686,375 $1,151,334
2018 $2,174,237 $2,764,703 $13,575,389 $-590,466
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