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Frequently Asked Questions
What is
the NMMI Foundation?
The NMMI Foundation is a separate
non-profit organization which exists solely
for the benefit of NMMI. The
Foundation was approved by
the IRS and the State of New
Mexico as a charitable,
tax-exempt organization and is
registered with the New Mexico
Registry of Charitable
Organizations.
The
purpose of the Foundation is to
create, maintain and administer
assets for the benefit of
New Mexico Military Institute
(NMMI), a state
educational institution located in
Roswell, New Mexico. The
earnings from these assets are
to be used for research,
scientific and literacy
purposes; for increasing the
buildings, equipment and other
facilities of NMMI to
provide for scholarships for
NMMI cadets and to promote
general growth, welfare and
maintenance of the Institute.
The Foundation operates on
revenues from real estate
ground leases and sales and from
earnings on unrestricted
investments.
Who
operates the Foundation?
The NMMI Foundation is governed
by a
volunteer Board of Trustees made up of NMMI alumni who have
had successful careers in the
fields of banking, investments,
real estate, law, oil and gas
and insurance. The daily
operations of the Foundation are
managed by a President/CEO, Vice President of Development
and an Administrative
Specialist.
What is an
endowment?
An endowment is a permanent fund
which is held and managed by the
Foundation to provide income in
perpetuity. Principal,
which is not expendable, is
invested and a portion of the
annual earnings (approximately
five percent of the fund value)
are used for purposes designated
by the donor. A minimum of
$10,000 is required to establish
an endowed fund.
Endowments may be established
for any purpose which benefits
NMMI to
include academics, athletics,
leadership development, facility
management, information
technology, scholarships and
much more.
Who do I
contact to give to NMMI or
establish an endowment?
The Foundation president
is responsible for initiating
contacts with donors who are
interested in the advancement of
NMMI. For more information
contact Jimmy Barnes at
575-624-8021or 575-624-8035 or
via e-mail at
jimmyb@nmmi.edu
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