New Mexico Student Loan Guarantee Corporation

Analysis

New Mexico Student Loan Guarantee Corporation is a registered charity in United States, based in Albuquerque, NM. It received its IRS tax-exemption ruling in February 1984, 42 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 September 2023, New Mexico Student Loan Guarantee Corporation reported income of $5.5m and spending of $5.1m, spending 92% of its income. Across the 5 years on record, from September 2019 to September 2023, income grew from $4.7m to $5.5m (+17%), an average of +4.0% a year. The sharpest change came in the year to September 2022, when income rose by 191%. Over the whole period it spent 98% of the income it received.

Among 72,936 United States charities whose main cause is other charitable purposes and that reported income, New Mexico Student Loan Guarantee Corporation sits at the 92nd percentile: it is larger than about 92% of them. Against every charity in United States with reported income it ranks in the 92nd percentile, and in the 94th percentile within NM. Charities of a similar size with the same main cause include In His Image Inc ($5.5m), American Board of Oral and Maxillofacial Surgery ($5.5m) and Caesars Foundation of Floyd County Inc ($5.5m).

On its Form 990 for the period ending September 2023, revenue came from program service revenue 99% of the total. Compensation of current officers, directors and key employees was $220k (4.4% of expenses). Other salaries and wages came to $599k. At year end it held assets of $15.2m against liabilities of $1.0m, net assets of $14.2m. It reported 4 employees.