New Mexico Student Loan Guarantee Corporation

Nonprofit profile at a glance

EIN
850291314
IRS 990 coverage
2009–2024
Forms available
Form 990 2024, Form 990-T 2024
Location
Albuquerque, NM, USA
Phone
5057612065
Rating
57
Verdict
MIXED
Rating confidence
Moderate

Official website

Reported finances

Revenue
$1,244,896
Expenses
$3,258,392
Assets
$13,187,789
Liabilities
$571,812

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

Leadership & pay

9 people listed

Executive titles in this filing

  • BRAD ALLPASS (PRESIDENT)

Highest reported compensation

  • BRAD ALLPASS (PRESIDENT): $229,969 total reported compensation
  • GRACE TACKMAN (VP OF HUMAN RESOURCES): $177,556 total reported compensation
  • REGINALD STORMENT (LEGAL COUNSEL): $175,005 total reported compensation

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

Overview

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.

What it reported doing in 2024

The guarantee corporation receives regulatory fees for participation in the ffelp program the guarantee corporation is required to collect on defaulted loans.

Operating model

Revenue model
Earned-program. 77% of the money available for current operations came from fees and other program revenue.
Distribution model
Direct operator. The filing allocates 100% of reported program-service expenses outside its grant, affiliate-payment, and member-benefit lines. This expense classification does not rule out separately announced grant awards.

The verdict

MIXED - The filed numbers largely add up and most voting board members are independent. A relatively small share of available resources goes toward mission work and a relatively small share of total spending goes to programs.

Rating breakdown

  • Financial Efficiency: 24
  • Transparency & Controls: 73
  • Accountability: 100
  • Sustainability: 37
  • Growth: 80

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 33.1%; rating input score 33
  • Program expense ratio: 16.5%; rating input score 17
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 93.3%; rating input score 93; 22nd percentile among comparable filings
  • Pay-setting controls: 2 of 6 controls in place; rating input score 33
    • Compensation committee: Missing
    • Independent consultant: Missing
    • Other Form 990s reviewed: Missing
    • Written employment contract: Pass
    • Compensation survey or study: Missing
    • Board or committee approval: Pass
  • Foreign activity oversight: Limited
  • Grant itemization coverage: Limited
  • Major donor itemization: Limited
  • Related-party transparency: Yes; rating input score 100

Accountability

  • Independent voting board: 100%; rating input score 100; 63rd percentile among comparable filings
  • Governance controls: 9 of 9 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: Pass
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Pass
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: -161.7%; rating input score 1; 1st percentile among comparable filings
  • Total-asset coverage ratio: 4.05; rating input score 81; 81st percentile among comparable filings
  • Liabilities to assets ratio: 0.04; rating input score 54; 54th percentile among comparable filings
  • Officer compensation ratio: 3.8%; rating input score 56; 56th percentile among comparable filings

Growth

  • Program expense growth: 0.2% per year; rating input score 100; 19th percentile among comparable filings
  • Revenue growth: 0.6% per year; rating input score 100; 17th percentile among comparable filings
  • Asset growth: -0% per year; rating input score 0; 18th percentile among comparable filings

Details

  • Where the money goes: 33.1% of revenue deployed · 16.5% of spending went to programs
  • Governance: 4 of 4 board members independent · 9 of 9 filing controls reported
  • Programs: 3 filed program accomplishments · $538K in reported program spending
  • Leadership: top reported pay $230K · 9 people listed · 2 of 6 pay-setting controls reported
  • Consistency: 31 of 32 current checks pass · 1 finding to review
  • Schedules: 6 filed schedules · includes executive pay and related organizations
  • Filing history: 16 filing years from 2009 to 2024
  • Contacts: How to reach this organization
  • Money network: 1 filed money-flow record
  • Related organizations: 1 filed related-organization link
  • 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.

  • Moderate — Financial Efficiency: Mission deployment rate scored 33/100.
  • High — Financial Efficiency: Program expense ratio scored 17/100.
  • High — Sustainability: Operating margin scored 1/100.
  • High — Growth: Asset growth scored 0/100.
  • Moderate — Transparency & Controls: Schedule A contributions reconciliation did not reconcile in the filed values.
  • Review — Sustainability: Liabilities to assets ratio scored 54/100.
  • Review — Sustainability: Officer compensation ratio scored 56/100.