Guidance & Template [PDF] Guidance & Template [Word]
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 nursing, social work, and educator preparation.
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 appropriated for endowment activities are as follows:
Application Deadline: June 15, 2022
Please remit completed templates to NMHED via email to:
New Mexico Higher Education Department
C/O Dr. Harrison Rommel, Director, Institutional Finance Division
2044 Galisteo Street, Suite 4
Santa Fe, NM 87505
The New Mexico Higher Education Department requests that higher education institutions, including branch campuses, submit a single application for each type of program (no more than three applications) identifying the total number, type, and justification of faculty positions submitted in each proposal.
The Department’s award process involves the review and ranking of proposals submitted by public higher education institutions and Tribal colleges in New Mexico. The NMHED Institutional Finance Division is tasked with ensuring all distributions are expended for allowable activities.
Per Section 21‐1‐38 NMSA 1978, Annual Endowment Reports with activity status, are due annually to NMHED by September 15th of each year for all awards. These submissions shall include the Endowment Fund Certification and Annual Status Summary (attached separately).
This cycle is for expenditures and activities beginning in Fiscal Year 2023 (FY23). Complete applications are due to the Department on or before June 15, 2022. Distributions will be initiated shortly following the beginning of the fiscal year beginning July 1, 2022 (FY23).
For questions, please contact:
Brittany Gutierrez, Data Analyst
NMHED Institutional Finance Division