NEW MEXICO MILITARY INSTITUTE FOUNDATION INC

EIN: 856010718 501(c)(3) Education

Roswell, NM

Total Revenue
$4,351,683
Total Expenses
$2,862,695
Total Assets
$85,999,070
Net Assets
$85,464,602
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Financial Trends

Organization Details

Formation Year
1945
Legal Domicile
NM
Principal Officer
Jimmy Barnes
Phone
5756248035
Tax Period
2023-07-01 to 2024-06-30

NEW MEXICO MILITARY INSTITUTE FOUNDATION INC, founded in 1945, is a community nonprofit in the Education sector that reported $4.4M in total revenue in fiscal year 2023. Revenue fell 48% from the prior year — a significant decline worth monitoring. The organization ran a surplus of $1.5M, a strong 34% operating margin.

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 Service Accomplishments

Program 1
Expenses: $1,122,808 Revenue: $0

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...

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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. 325 cadets received scholarships from Foundation provided funds in the 2023-2024 school year. It is estimated that 350 cadets will receive scholarships during the 2024-2025 school year.

Program 2
Expenses: $332,549 Revenue: $0

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...

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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.

Program 3
Expenses: $214,497 Revenue: $0

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...

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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.

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

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Financial Overview (2023)

Revenue Breakdown

Contributions & Grants $1,684,048
Program Service Revenue $1,500
Investment Income $1,956,729
Other Revenue $709,406
TOTAL REVENUE $4,351,683

Expense Breakdown

Grants Paid $2,253,088
Salaries & Benefits $284,086
Fundraising Expenses $4,708
Program Expenses $2,416,046
Other Expenses $325,521
TOTAL EXPENSES $2,862,695

Year-over-Year Comparison

2023 2022 Change
Revenue $4,351,683 $8,432,637 -0.5%
Expenses $2,862,695 $2,704,733 +0.1%
Net Income $1,488,988 $5,727,904 -0.7%
Key Indicators
Grants to Organizations Grants to Individuals Lobbying Political Activity Foreign Activities Donor Advised Fund Schedule B Required
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Governance

Voting Members
13
Independent Members
12
Employees
2
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
6
$117,372
Total Directors
14
$117,372
Key Employees
0
$0
Highest Compensated
1
reported
Name Title Hours/Week Role Reportable Comp Other Comp Total
Jimmy Barnes President & CEO 40
Officer Director Highest
$117,372 $0 $117,372
Jesus Salazar Immediate Past Chairman 2
Officer Director
$0 $0 $0
Kenneth Barbe Jr Chairman 5
Officer Director
$0 $0 $0
Dr Jesus R Ramos Garza Secretary 2
Officer Director
$0 $0 $0
Kim Greaves Vice Chairman 2
Officer Director
$0 $0 $0
Kevin O Butler Member 1
Director
$0 $0 $0
Harold A Edmonson Jr NMMI Regent Member 1
Director
$0 $0 $0
Phelps W Anderson NMMI Regent Member 1
Director
$0 $0 $0
MG Jerry Grizzle NMMI President Sup Ex Officio Member 1
Director
$0 $0 $0
Claire E Chase Member 1
Director
$0 $0 $0
Dr Earl A Tres Latimer III Member 1
Director
$0 $0 $0
COL Timothy S Paul NMMI Regent Appointment 1
Director
$0 $0 $0
George M Yates Member 1
Director
$0 $0 $0
Frank Spencer III Treasurer 2
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 $4,351,683 $2,862,695 $85,999,070 $1,488,988
2023 $8,432,637 $2,704,733 $78,678,506 $5,727,904
2022 $5,073,152 $2,342,210 $72,248,308 $2,730,942
2021 $2,696,137 $2,275,432 $81,497,366 $420,705
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