ALBUQUERQUE, N.M. — The University of New Mexico Foundation ran a deficit of about $5 million in fiscal year 2010, according to the foundation’s most recent IRS report.
Revenue including donations and investment income distributed to the foundation fell by 28 percent to $31.1 million while expenses and distributions to various university recipients increased by 15 percent to $36.5 million. That included a $900,000 increase in administrative costs, according to the report.
“My feeling is the foundation should operate within its budget,” said UNM Regent Gene Gallegos, who stepped down from the foundation board earlier this year citing a lack of regents’ oversight. “I’m surprised to see a loss, and I just don’t remember anything like this being brought to the attention of the board when we received reports from the foundation.”
Chief Financial Officer Rod Harder said the IRS report is a misleading account of the foundation’s operational budget.