New Mexico Tech Foundation

Nonprofit profile at a glance

EIN
850194323
IRS 990 coverage
2009–2024
Forms available
Form 990 2024
Location
Socorro, NM, USA
Phone
5758355658
Rating
84
Verdict
STRONG
Rating confidence
Moderate

Reported finances

Revenue
$2,694,868
Expenses
$3,574,264
Assets
$46,162,411
Liabilities
$164,112

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

Leadership & pay

19 people listed

Executive titles in this filing

  • CLINTON MARRS (PRESIDENT)
  • JEFFREY COREY (VICE PRESIDENT)
  • COLLEEN FOSTER (EXECUTIVE DIRECTOR)

Highest reported compensation

  • DR MAHYAR AMOUZEGAR (TRUSTEE): $396,084 total reported compensation
  • RICHARD CERVANTES (TRUSTEE (THROUGH APRIL 2025)): $319,140 total reported compensation
  • COLLEEN FOSTER (EXECUTIVE DIRECTOR): $188,167 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 foundation is organized to promote and advance the interests of the New Mexico institute of mining and technology by making funds available for institutional support and scholarships.

What it reported doing in 2024

The foundation is organized to promote and advance the interests of the New Mexico institute of mining and technology. This includes support of meetings and events that raise the profile of New Mexico tech with friends, alumni and donors, with the goal of gaining financial support through donations.

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.
  • Includes noncash contributions: Reported contributions include donated property or goods.

The verdict

STRONG - A large share of available resources goes toward mission work and the filed numbers largely add up. Few specific pay-setting methods are documented in the filing; unanswered boxes are not proof of absence and expenses are high relative to revenue.

Rating breakdown

  • Financial Efficiency: 97
  • Transparency & Controls: 71
  • Accountability: 83
  • Sustainability: 47
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 100%; rating input score 100
  • Program expense ratio: 95.2%; rating input score 95
  • Fundraising efficiency: $100.05 raised per $1 spent on fundraising; rating input score 86; 86th percentile among comparable filings

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 63rd percentile among comparable filings
  • Pay-setting controls: 0 of 6 controls in place; rating input score 0
    • Compensation committee: Missing
    • Independent consultant: Missing
    • Other Form 990s reviewed: Missing
    • Written employment contract: Missing
    • Compensation survey or study: Missing
    • Board or committee approval: Missing
  • Foreign activity oversight: Limited
  • 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: 78.6%; rating input score 79; 14th percentile among comparable filings
  • Governance controls: 7 of 8 controls in place; rating input score 88
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • Document-retention policy: Pass
    • CEO compensation review process: Fail
    • 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: -32.6%; rating input score 4; 4th percentile among comparable filings
  • Total-asset coverage ratio: 12.92; rating input score 93; 93rd percentile among comparable filings
  • Liabilities to assets ratio: 0; rating input score 90; 90th percentile among comparable filings
  • Officer compensation ratio: 4.3%; rating input score 59; 59th percentile among comparable filings

Growth

  • Program expense growth: 6% per year; rating input score 100; 45th percentile among comparable filings
  • Revenue growth: 11.9% per year; rating input score 100; 74th percentile among comparable filings
  • Asset growth: 5.9% per year; rating input score 100; 39th percentile among comparable filings

Details

  • Where the money goes: 100% of revenue deployed · 95.2% of spending went to programs
  • Governance: 11 of 14 board members independent · 7 of 8 filing controls reported
  • Programs: 3 filed program accomplishments · $3.4M in reported program spending
  • Leadership: top reported pay $396K · 19 people listed · 0 of 6 pay-setting controls reported
  • Consistency: 30 of 30 current checks pass
  • Schedules: 9 filed schedules · includes major donors, grants, and executive pay
  • Filing history: 15 filing years from 2009 to 2024
  • Contacts: How to reach this organization
  • Money network: 1 filed money-flow record
  • Related organizations: 2 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: Pay-setting controls scored 0/100.
  • High — Sustainability: Operating margin scored 4/100.
  • Review — Accountability: Governance controls: CEO compensation review process not reported.
  • Review — Sustainability: Officer compensation ratio scored 59/100.