New Mexico Tech Foundation

Analysis

New Mexico Tech Foundation is a registered charity in United States, based in Socorro, NM. It received its IRS tax-exemption ruling in December 1965, 61 years ago. The IRS classifies it as a publicly supported organisation (gross receipts test) under section 501(c)(3), and contributions to it are listed as tax-deductible.

In the financial year ending June 2023, New Mexico Tech Foundation reported income of $5.9m and spending of $3.7m, leaving 38% of income unspent that year. Across the 5 years on record, from June 2019 to June 2023, income grew from $1.6m to $5.9m (+268%), an average of +38% a year. The sharpest change came in the year to June 2021, when income rose by 325%. Over the whole period it spent 68% of the income it received.

Among 72,936 United States charities whose main cause is other charitable purposes and that reported income, New Mexico Tech Foundation sits at the 93rd percentile: it is larger than about 93% of them. Against every charity in United States with reported income it ranks in the 93rd percentile, and in the 95th percentile within NM. Charities of a similar size with the same main cause include Peo Program for Continuing Education ($5.9m), Horizon House Inc ($5.9m) and Big Island Substance Abuse Council ($5.9m).

On its Form 990 for the period ending June 2023, revenue came from contributions and grants 85% and program service revenue 1.7% of the total. It paid $92k in professional fundraising fees. At year end it held assets of $41.0m against liabilities of $288k, net assets of $40.7m.