Request for Applications: Extension - Endowed Faculty Positions in Social Work

Pursuant to Laws 2022, Chapter 137 of the 56th Regular Legislative Session, General Appropriations Act - House Bill 2, Section 10, the New Mexico Higher Education Department (NMHED) is requesting applications for funding endowed faculty positions in social work.

Endowment funds shall be invested by the higher education institutions in accordance with the Uniform Prudent Management of Institutional Funds Act [46-9A-1 to 46-9A-10 NMSA 1978] and the provisions of Section 21-1-38 NMSA 1978. The income from the investments shall be expended only for endowment purposes. The Department realizes that higher education institutions may need to draw from the investment corpus to support the timely hiring of faculty. While no minimum or maximum draw or specific timeline is required, a sustainability plan ensuring the long-term health of the endowment corpus is required for funding. Applications should indicate projected rates of return on endowment funds. It should be noted that state agency investments such as PERA and Permanent Funds target returns on the order of seven percent.

As directed by the General Appropriations Act, endowment funds may supplement but shall not supplant other funds. Matching funds, including non-governmental sources and other state appropriations, are not required but encouraged. The total balance for social work endowment activities is as follows: