New Mexico Educational Assistance Foundation

“There is one member of the board that is a regent.”

“The 990 and 990-t forms are prepared by the accounting department and then reviewed by the vice president of finance. The 990 and 990-t forms are then submitted to the independent accountants for review and input. Any necessary changes are made and the forms are again reviewed by the vice president of finance. When completed, the vice president of finance sends copies to the members of the governing body to comment. After all comments are reviewed and final changes are made, the vice president of finance will allow the independent accountant to electronically file the form 990 and the 990-t.”

“To guard against situations involving a conflict of interest, all directors, officers, and employees will receive a copy of the new mexico student loans (nmsl) code of conduct and must complete and sign an annual disclosure statement identifying his or her business and/or property and financial interests in any organization that has or is interested in having any contract with nmsl. Additionally, directors, officers and employees are prohibited from using his/her official status to interfere with a public election, solicit or coerce contributions for political purposes, or use organizational funds for a political candidate. An employee who wishes to become a candidate for public office must have board approval. Any conflicts of interest for a director, officer, employee, or family member thereof with regards to a financial interest or business dealings (unless with a division of the state of new mexico) must be disclosed in writing and discussed at board meetings. These dealings are to be reflected in the minutes.”

“The presidents salary is set by analyzing competitors salaries annually. Surveys are conducted each year to ensure that the presidents salary is reasonable. The compensation is documented in the minutes and supported by a performance evaluation. Employees salaries are set by analyzing competitors salaries annually. The compensation is enumerated by an approved salary structure within set ranges. Deliberations by upper management are documented with a performance evaluation. Raise pools and total salaries expense are reviewed and approved by the board.”

“Employees salaries are set by analyzing competitors salaries annually. The compensation is enumerated by an approved salary structure within set ranges. Deliberations by upper management are documented with a performance evaluation. Raise pools and total salaries expense are reviewed and approved by the board.”

“Copies of the audited financial statements and notes are available upon request. Governing documents and internal policies are not made available to the public at this time.”

“Additional clarification on part vii, section a: michael nemelka was president of nmeaf through january 31, 2020 at which time he was replaced by brad allpass, the former vice president of finance.”

“Form 990, part iv, question 24b: tax exempt bonds relating to student loans do not have a temporary period. Form 990, part xii, line 2c: there has been no change in the process for oversight of the audit or selection of an independent auditor. Form 990, part vii: the compensation reported on this schedule includes deductions for cafeteria plan deductions. The cafeteria plan deductions have been added to form w-2, box 5 to properly report compensation.”