2023-11-03T10:44:27-07:00 2023-06-30 990 2022-07-01 856010718 NEW MEXICO MILITARY INSTITUTE FOUNDATION INC NEWM 5756248035 101 W College Blvd Roswell NM 88201 Jimmy Barnes President & CEO 5756248035 2023-11-03 1 1 11 0 AAL2 2022 2023-04-26 12:10:37Z Jimmy Barnes 101 W College Blvd Roswell NM 88201 16220825 0 X www.nmmi.edu/foundation X 1945 NM 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. 13 12 2 0 0 0 1508987 3049994 4455 6280 3281774 5006703 277936 369660 5073152 8432637 1785441 2129562 0 0 242387 253900 0 0 6484 314382 321271 2342210 2704733 2730942 5727904 72248308 78678506 782016 1069522 71466292 77608984 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. 0 0 881222 881222 0 The NMMI Foundation maintains over 170 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. 329 cadets received scholarships from Foundation provided funds in the 2022-2023 school year. It is estimated that 350 cadets will receive scholarships during the 2023-2024 school year. 292112 292112 0 The NMMI Foundation maintains approximately 20 endowments whereby earnings are used to fund NMMI Leadership Reaction Course programs, Low/High Ropes Course facilities and general Leadership projects and activities. The Daniels Leadership Center (DLC) serves generally over 900 cadets each year through use of state of the art technologies and classrooms. Programs and services are provided to internal and external constituencies and include the Low/High Ropes Course and the Leadership Reaction Course which provide leadership challenges and growth to both cadets and professionals. These facilities help build self confidence, trust and teamwork in challenges that teach, test and reinforce sound leadership practices. These facilities are used to train generally over 900 cadets annually with over 600 cadets using the facilities multiple times throughout the school year. Over 100 participants from the community and over 500 youth throughout the state use the facilities annually. 214811 214811 0 The NMMI Foundation maintains one endowment and a booster club fund whereby earnings and annual donations are used to provide support for NMMI athletic programs. Expenditures for these programs include support for sports teams apparel, equipment, supplies, hosting of a bowl game and other related athletic expenditures. 923990 923990 0 Other program services support was used for NMMI academic programs, cadet activities, institutional advancement, faculty and staff programs, recruiting and admissions programs, alumni relations support and real property purchases. 923990 923990 0 2312135 1 1 0 1 0 0 0 1 0 1 1 1 0 0 0 0 1 0 0 0 1 0 0 0 0 0 0 1 1 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 1 25 0 1 2 1 0 1 CJ 0 0 0 1 1 0 0 0 0 0 0 0 0 X 13 12 0 0 0 0 1 1 1 1 1 1 0 1 1 1 1 1 1 1 1 0 CA KY ME MN MO NJ NM NY OR PA RI SC UT X X Jimmy Barnes 5756248035 101 W College Blvd Roswell NM 88201 Jimmy Barnes President & CEO 40 0 X X X 111860 0 0 Jesus Salazar Immediate Past Chairman 2 0 X X 0 0 0 Kenneth Barbe Jr Chairman 5 0 X X 0 0 0 Dr Jesus R Ramos Garza Secretary 2 0 X X 0 0 0 Kim Greaves Vice Chairman 2 0 X X 0 0 0 Kevin O Butler Member 1 0 X 0 0 0 Harold A Edmonson Jr NMMI Regent Member 1 0 X 0 0 0 Phelps W Anderson NMMI Regent Member 1 0 X 0 0 0 MG Jerry Grizzle NMMI President Sup Ex Officio Member 1 0 X 0 0 0 Claire E Chase Member 1 0 X 0 0 0 Dr Earl A Tres Latimer III Member 1 0 X 0 0 0 COL Timothy S Paul NMMI Regent Appointment 1 0 X 0 0 0 George M Yates Member 1 0 X 0 0 0 Frank Spencer III Treasurer 2 0 X X 0 0 0 111860 0 0 1 0 0 0 0 0 0 0 0 0 3049994 1613784 3049994 Columbarium revenue 900099 6280 6280 0 0 0 0 0 0 6280 627888 0 0 627888 0 0 0 0 23 0 0 23 364998 0 0 0 364998 0 364998 0 0 364998 12113090 53913 7713938 74250 4399152 -20337 4378815 0 0 4378815 0 Increase in cash value of life insurance 900099 4639 4639 0 0 0 0 0 0 4639 8432637 10919 0 5371724 2026110 2026110 103452 103452 0 0 0 0 124342 0 124342 0 0 0 0 0 59369 0 59369 0 31156 0 31156 0 26090 0 26090 0 12943 0 12943 0 0 0 0 0 7161 0 7161 0 11476 0 11476 0 4727 4727 0 0 0 0 156207 121264 34943 0 8447 1963 0 6484 0 0 0 0 10005 0 10005 0 3279 0 3279 0 0 0 0 0 540 0 540 0 214 0 214 0 0 0 0 0 1200 0 1200 0 0 0 0 0 0 0 0 0 104 0 104 0 27980 0 27980 0 89931 54619 35312 0 2704733 2312135 386114 6484 X 0 0 0 0 69731 201840 785762 3952848 161741 112022 8874 7605 0 0 0 0 0 0 0 0 2000 12132 7694358 18150 3813706 7676208 15756291 14849586 50111732 48760229 0 0 0 0 1538471 3106036 72248308 78678506 387733 1063062 0 0 394283 6460 0 0 0 0 0 0 0 0 0 0 0 0 782016 1069522 X 21913552 22987590 49552740 54621394 71466292 77608984 72248308 78678506 5727904 414788 0 0 0 0 X 0 1 X 1 0 X 2700853 1389775 573573 1508987 3049994 9223182 0 0 0 0 0 0 4000 4000 4000 4000 4000 20000 2704853 1393775 577573 1512987 3053994 9243182 3953858 5289324 941202 986447 877436 926602 992909 4724596 0 0 0 0 0 0 0 0 0 0 0 0 13967778 17790 0.37868 0.39560 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 0 1 1695 1 3032 0 0 0 0 0 4727 0 Schedule C, Part II-B, Line 1 The Foundation provided funds for media advertisements and mailings to the general public for the 2022 G.O. Bond campaign. 0 54360 0 30780 X 0 49552739 3024454 3858237 881222 932814 0 54621394 56385908 1425416 -6595941 834590 828054 0 49552739 44798013 573573 12708799 945705 748772 0 56385908 43724526 1389778 1227952 868047 676196 0 44798013 34726072 8461850 1950993 743941 670448 0 43724526 0 0.58 0.42 1 0 3546188 0 3546188 4130020 0 0 4130020 0 0 0 0 0 18150 18150 0 0 0 0 0 7676208 0 0 Wellington Funds - RTF, Micro Cap, Archipelago 13396928 F International-GQG, Indus, Sheridan, Newport Asia 10110623 F Absolute Return-Davidson Kemp, RIE, Farallon, Nut Tree 7939062 F IR&M Core Bond Fund 1475771 F Hedge Funds-Maverick, Whale Rock, Soroban Decarb 3046382 F Private Capital-Canyon, Davidson Kempner, Golub 5103823 F Private Capital - Lexington, StepStone, Nut Tree 4317343 F Small Cap - Rock Springs 3370297 F 48760229 8698618 414788 4000 0 3400 422188 8276430 156207 0 156207 8432637 2555926 4000 0 0 3400 7400 2548526 156207 0 156207 2704733 Schedule D, Part III, Line 4 The NMMI Foundation received a donation on December 22, 1999 of a sketchbook entitled "Excerpts From My Sketchbook - 1944" by Peter Hurd. The sketchbook was appraised at $50,000. On July 18, 2019 the Foundation received a donation of two Peter Hurd sketches valued at $4,360. An original painting was created from one of the sketches and is currently hanging in the War Department. In accordance with the donor's wishes the sketchbook and sketches are displayed in the NMMI Toles Learning Center and are properly maintained, preserved and protected from fire, theft, vandalism and other elements. Peter Hurd, a very prominent artist, was a Life Magazine war correspondent when he did the sketchbook. Acquisition and display of the sketchbook and sketches furthers the Foundation's exempt purpose of supporting the educational mission of NMMI. Schedule D, Part V, Line 4 NMMI Foundation endowment funds are invested in perpetuity to provide financial support for NMMI projects and programs. Projects and programs include cadet scholarships, leadership center activities, professorships and chairs, academic excellence programs, athletic programs and other programs that promote the growth, welfare and maintenance of NMMI. Schedule D, Part XI, Line 2d Interfund Transfer $3,400 Schedule D, Part XII, Line 2d Interfund Transfer $3,400 Central America and the Caribbean 0 0 Investments 19011239 0 0 19011239 0 0 0 0 1 0 1 New Mexico Military Institute 101 W College Blvd Roswell NM 88201 856000408 NMMI 881222 0 NMMI Cadet Scholarships New Mexico Military Institute 101 W College Blvd Roswell NM 88201 856000408 NMMI 292112 0 Leadership Program Operations New Mexico Military Institute 101 W College Blvd Roswell NM 88201 856000408 NMMI 224811 0 Athletic Programs New Mexico Military Institute 101 W College Blvd Roswell NM 88201 856000408 NMMI 198890 0 Academic Programs New Mexico Military Institute 101 W College Blvd Roswell NM 88201 856000408 NMMI 135545 0 Institutional Advancement New Mexico Military Institute 101 W College Blvd Roswell NM 88201 856000408 NMMI 134200 0 Admissions and Recruiting New Mexico Military Institute 101 W College Blvd Roswell NM 88201 856000408 NMMI 74964 0 Real Property Support New Mexico Military Institute 101 W College Blvd Roswell NM 88201 856000408 NMMI 43200 0 Cadet Activities Support New Mexico Military Institute 101 W College Blvd Roswell NM 88201 856000408 NMMI 27166 0 Faculty and Staff Support New Mexico Military Institute 101 W College Blvd Roswell NM 88201 856000408 NMMI 14000 0 Alumni Relations Support 1 0 Faculty Professorships, Chairs and Awards 11 87300 0 Cadet Awards and Sabers 21 8502 0 Travel Funds for Hawaiian Cadets 9 7650 0 Schedule I, Part I, Line 2 Payments to NMMI, a New Mexico state educational institution, to provide scholarship funding, Leadership Center programs and other uses listed in Part II, Line 1, are made on an expenditure driven basis. The Foundation is billed by NMMI for reimbursement of expenses in Part II that were previously paid or credited by NMMI in accordance with its policies and procedures. The Foundation receives copies of invoices and other supporting documentation prior to reimbursing NMMI for the expenses. NMMI monitors compliance of the programs in Part II, Line 1. The Foundation disburses scholarship funds directly to NMMI upon receiving a billing at the end of each semester. Scholarship funds are awarded in accordance with donor criteria and NMMI policies as monitored by the NMMI Scholarship Committee. The NMMI Office of Financial Aid monitors the recipients eligibility throughout the year. Faculty Professorships and Chairs are awarded based on donor criteria and NMMI guidelines. Awards are made to selected recipients meeting the donor criteria and NMMI policies. The Academic Dean monitors compliance with the established criteria. Travel funds for Hawaiian cadets are provided from earnings on a specific donor endowment. The NMMI Office of Financial Aid determines qualifying cadets and monitors compliance. Cadet and Staff Awards and Sabers are provided by donor gifts and earnings on specific donor endowments. The NMMI Academic Dean and Commandant of Cadets determine qualifying cadets and staff and monitor compliance. X 7 1311980 FMV X 1 301804 FMV 0 0 1 1 Schedule M, Part I, Line 32b The New Mexico Military Institute Foundation, Inc. used Edward Jones, Broker, for the sale of donated securities and, The Behr Team, a licensed real estate broker firm in Colorado Springs, Colorado, for the sale of donated residential property. Form 990, Part VI, Section A, Line 6 The Foundation has members, but not stockholders. Any person making an annual donation of at least $500 shall be deemed to have met all requirements necessary for membership that year. Any person making a donation of $5,000 or more shall be considered a life member and no further donation is necessary. The Chairman or CEO may, at their discretion, invite individuals to become members without payment. There are no membership fees charged. Form 990, Part VI, Section A, Line 7a The members (referred to above) elect the rotating members of the Board of Trustees. Each member is entitled to one vote. The rotating members of the Board of Trustees are elected at the Annual Meeting of the members. Form 990, Part VI, Section A, Line 7b The decisions of the governing body are decided by a majority vote of those Board of Trustees present at all meetings of the Board of Trustees. The Foundation's Executive Committee, made up of six members of the Board of Trustees that includes its CEO, is authorized to act for and on behalf of the Board of Trustees in exercising the Board's authority with respect to all matters affecting the organization, except for: (1) amending, altering or repealing the By-Laws and Articles of Incorporation, (2) appointing, electing or removing any member of any committee or any director or officer, (3) authorizing the sale, lease exchange or mortgage of all or substantially all assets of the Foundation, 4) adopting a plan of merger or consolidation with another corporation and (5) authorizing the voluntary dissolution of the corporation or revoking proceedings therefore, or adopting a plan for the distribution of the assets of the Foundation. Form 990, Part VI, Section A, Line 9 Kenneth V. Barbe, Jr., P.O. Box 2107, Roswell, NM 88201; Kim D. Greaves, 1410 Post Oak Place, Westlake, TX 76262-9036; Dr. Jesus R. Ramos-Garza, Gomez Morin 909, Jardines de la Rivera 47675, Tepatitlan de Morelos, Jalisco, Mexico; Jesus Salazar, 2521 Elfego Road NW, Albuquerque, NM 87107-3010; Frank Spencer, III, 6646 Paseo De Paz Lane, Anthony, NM 88021-9389; Phelps W. Anderson, P.O. Box 1000, Roswell, NM 88202-1000; Kevin O. Butler, P.O. Box 1171, Midland, TX 79702-1171; Claire E. Chase, 5254 Willis Avenue, Dallas, TX 75206-6433; Harold A. Edmonson, Jr., 1902 Sentry Circle, Carlsbad, NM 88220; Dr. Earl A. "Tres" Latimer, III, 1908 W 27th Street, Roswell, NM 88201-9737; COL Timothy S. Paul, USA (Ret), 4927 Sundance Ct NE, Rio Rancho, NM 87144-8585; George M. Yates, 7711 Glen Albens Circle, Dallas, TX 75225 Form 990, Part VI, Section B, Line 11b The final Form 990, including required schedules and other attachments, was provided to all members of the Board of Trustees for review and comment prior to filing with the Internal Revenue Service. Additionally, the Chairman of the Board of Trustees and President & CEO reviewed and discussed the final Form 990, including required schedules and other attachments, prior to filing with the Internal Revenue Service. Form 990, Part VI, Section B, Line 12c Each member of the the Board of Trustees and all employees of the Foundation are required to disclose annually in writing any interests that could give rise to conflicts of interest as well as abide by the Foundation Conflict of Interest Policy. In accordance with the policy, if a conflict of interest arises with a voting member of the Board of Trustees, that member must recuse themself from any and all votes in regard to the matter in conflict. If a conflict is disclosed or arises during the year, the Board of Trustees will review the situation and then determine the proper action for the Foundation. The President & CEO and at least one other Board Member review all disbursements of the Foundation. Financial statements, budget and investment information are provided to the Executive Committee monthly for review. Form 990, Part VI, Section B, Line 15 The five independent members of the Executive Committee of the Foundation annually review the salaries and benefits of the Foundation employees, which are the (1) President & CEO and (2) Administrative Specialist. Upon review of historical and comparable data, the Executive Committee sets the salaries for the upcoming fiscal year. The entire Board of Trustees approves these salaries and benefits in conjunction with approving the annual budget. Form 990, Part VI, Section C, Line 19 The following documents are available at the Foundation's website at: www.nmmi.edu/foundation 1. Current audited financial statements, 2. Complete Form 990, schedules and attachments for the most current three fiscal years, 3. Articles of Incorporation and By-Laws and 4. Conflict of Interest Policy. The above documents are also available upon request.