Pursuant to Laws 2021, Chapter 137 and Laws 2022, Chapter 54 of the 55th Legislative Session (General Appropriations Act), the New Mexico Higher Education Department (NMHED) is requesting applications for funding activities supported by the Higher Education Endowment Fund.
Endowment funds shall not be expended but 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.
As directed by the legislation, the remainder of funds not distributed in FY23 is open to all sectors and higher education institutions for awards in FY24. The available funding for this cycle is $5 million. All awards are subject to an amount equal to at least fifty percent of the award amount in matching funds from non‐governmental sources. Proposals shall include the following:
New Mexico Higher Education Department
C/O Dr. Harrison Rommel, Director of Academic Finance
2044 Galisteo Street, Suite 4
Santa Fe, NM 87505
Harrison.Rommel@state.nm.us and Brittany.Gutierrez@state.nm.us
Please note that endowments centered on educator preparation, social work, and nursing should be submitted through the “Endowed Positions in Educator Preparation, Social Work, and Nursing” request for applications.
The Department’s award process involves the review and ranking of proposals submitted by public higher education institutions in New Mexico. The NMHED Institutional Finance Division is tasked with ensuring all distributions are expended for allowable activities.
Per Section 21‐1‐27.1 and 21‐1‐38 NMSA 1978 as well as NMAC Section 5.3.6, 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 in Fiscal Year 2023 (FY23). Complete applications are due to the Department on or before August 1, 2022. Below are the figures for FY23 and FY22 funding cycles:
FY22 carry-over: $1,583,500 open to all sectors
For questions, please contact:
Brittany Gutierrez, Data Analyst
NMHED Institutional Finance Division