New Mexico Military Institute Foundation Inc

Nonprofit profile at a glance

EIN
856010718
IRS 990 coverage
2020–2024
Forms available
Form 990 2024
Location
Roswell, NM, USA
Phone
5756248035
Rating
86
Verdict
STRONG
Rating confidence
Moderate
Sector
Educational Services and Schools - Other

Official website

Reported finances

Revenue
$5,187,499
Expenses
$3,146,838
Assets
$93,478,839
Liabilities
$1,297,114

Source: IRS Form 990. Selected filing: tax year 2024. Amounts in USD.

Leadership & pay

14 people listed

Executive titles in this filing

  • Jimmy Barnes (President & CEO)

Highest reported compensation

  • Jimmy Barnes (President & CEO): $126,813 total reported compensation

Source: IRS Form 990. Selected filing: tax year 2024. Names and roles reflect this filing, not necessarily current officeholders.

Overview

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.

What it reported doing in 2024

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.

Operating model

Revenue model
Mixed. Its operating money came from several sources; no one source provided a clear majority.
Distribution model
Grant intermediary. The nonprofit sent 94% of its reported program spending out as grants.

The verdict

STRONG - A large share of available resources goes toward mission work and the filed numbers largely add up. The filing reports few safeguards for money sent abroad.

Rating breakdown

  • Financial Efficiency: 89
  • Transparency & Controls: 75
  • Accountability: 95
  • Sustainability: 88
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 90.2%; rating input score 90
  • Program expense ratio: 86.6%; rating input score 87
  • Fundraising efficiency: $201.14 raised per $1 spent on fundraising; rating input score 92; 92nd percentile among comparable filings

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 63rd percentile among comparable filings
  • Pay-setting controls: Limited
  • Foreign activity oversight: Scored; rating input score 0
  • Grant itemization coverage: 100%; rating input score 100; 72nd percentile among comparable filings
  • Major donor itemization: Yes; rating input score 100
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 92.3%; rating input score 92; 23rd percentile among comparable filings
  • Governance controls: 8 of 8 controls in place; rating input score 100
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • Document-retention policy: Pass
    • CEO compensation review process: Pass
    • Other executive compensation review process: NotApplicable
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Pass
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: 39.3%; rating input score 89; 89th percentile among comparable filings
  • Total-asset coverage ratio: 29.71; rating input score 98; 98th percentile among comparable filings
  • Liabilities to assets ratio: 0.01; rating input score 83; 83rd percentile among comparable filings
  • Officer compensation ratio: 4%; rating input score 61; 61st percentile among comparable filings

Growth

  • Program expense growth: 8% per year; rating input score 100; 56th percentile among comparable filings
  • Revenue growth: 9.2% per year; rating input score 100; 65th percentile among comparable filings
  • Asset growth: 3.4% per year; rating input score 100; 26th percentile among comparable filings

Details

  • Where the money goes: 90.2% of revenue deployed · 86.6% of spending went to programs
  • Governance: 12 of 13 board members independent · 8 of 8 filing controls reported
  • Programs: 4 filed program accomplishments · $2.7M in reported program spending
  • Leadership: top reported pay $127K · 14 people listed
  • Consistency: 46 of 46 current checks pass
  • Schedules: 7 filed schedules · includes major donors, foreign activity, and grants
  • Filing history: 4 filing years from 2020 to 2024
  • Contacts: How to reach this organization
  • Money network: 11 filed money-flow records
  • Related organizations: 10 filed related-organization links
  • Grant readiness: Federal tax and exclusion status, award history, and grant-maker relationships.
  • People: Everyone the filings name, and which of them the filings identify by more than a name.

Key Signals

Signals prioritize questions for review. They are not findings of misconduct.

  • High — Transparency & Controls: Foreign activity oversight scored 0/100.