New Mexico Student Loan Guarantee Corporation

“After the independent accountants have prepared the form 990 and form 990-t, they are sent to the accounting department of nmslgc where they are reviewed. The forms are then reviewed by the treasurer. All changes are then forwarded to the independent accountant. When completed, the forms are reviewed again and then the treasurer sends a copy to the members of the governing body. After any comments are reviewed and final changes made, the treasurer will allow the independent accountant to electronically file the form 990.”

“To guard against situations involving a conflict of interest, all directors, officers, and employees will receive a copy of nmeaf-nmslgc 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 members 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 enumerated by contract and discussed by the board in executive session. Deliberations are 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 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 is reviewed and approved by the board.”

“Audited financial statements are sent to dun and bradstreet and are available through that website. Copies of the audited financials and notes are available at request. Governing documents and internal policies are not made available to the public at this time.”

“There has been no change in the process for oversight of the audit or selection of an independent auditor.”

“Form 990, part iii. Line 1, description of organization mission:new mexico student loan guarantee corporation is a loan guarantee organization providing quality financial services and cultivating strong, professional relationships to encourage and assist in the pursuit of higher education, thus enhancing the quality of life and future success of our stakeholders. Form 990, part vi. Section b, lines 15a and b form w-2, box 5 does not include employee deductions which were removed pre-tax. The amount reported on form 990, part vii and schedule j include these employee deductions. Form 990, part. Vii compensation of officers, directors, trustees, key employees, highest compensated employees, and independent contractorsofficers spend an estimated average of 10 hours a week devoted to nmslgc for which compensation was reported in part vii, columns (e) and (f). Officers are compensated by the new mexico educational assistance foundation (nmeaf). Nmslgc has a service agreement with nmeaf, which includes reimbursement for these amounts and other costs.”