Pursuant to Laws 2023, Chapter 210 of the 56th Regular Legislative Session, General Appropriations Act – House Bill 2, Section 5, the New Mexico Higher Education Department (NMHED) is requesting applications for the funding of endowed faculty teaching positions in undergraduate- and graduate-level nursing programs at New Mexico public and tribal higher education institutions to expand enrollment and the number of graduates able to work as nurses or nurse practitioners.
Endowment funds shall be invested by the higher education institution in accordance with Section 21-1- 27.4 NMSA 1978 and 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. 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 Public Employees Public Employees Retirement Association (PERA) and permanent funds target returns on the order of seven percent.
As directed by the General Appropriations Act, higher education institutions must certify that the endowment revenue will supplement and not supplant spending at the college or university’s nursing program prior to being eligible to receive an award. Matching funds, including non-governmental sources
and other state appropriations, are not required but encouraged. The total appropriation amount available for distribution is as follows:
- $10 million for endowed faculty teaching positions in undergraduate- and graduate-level nursing programs
Higher education institutions, including branch campuses, must submit a complete application which includes any additional documentation to support the request to be eligible for consideration. Only one application will be accepted from each higher education institution.
The deadline to submit applications to NMHED is July 5, 2023.
Completed applications must be submitted via email to Debbie Garcia, Budget Analyst, at Debbie.Garcia@hed.nm.gov by 5 p.m. on the deadline. Applications received after the deadline will not be accepted.
Guidance & Template [Download Word Doc]
Guidance & Template [Download PDF]
The deadline to submit applications to NMHED is July 5, 2023.
For any questions related to this application, please contact Gerald Hoehne, Interim Director of Institutional Finance, at Gerald.Hoehne@hed.nm.gov.
Review and Award Process
The New Mexico Higher Education Department (NMHED) will review each submission and verify the number of endowed faculty teaching positions in undergraduate- and graduate-level nursing programs created, the existing number of enrolled students in these programs, and the expanded capacity for enrollment within the programs. NMHED will also look at workforce needs and how these positions will support specific workforce development in the higher education institution’s geographic area or throughout the state. The addition of endowed faculty teaching positions and the subsequent expansion of enrolled students must also be supported by adequate space and appropriate classrooms and labs. Documentation of adequate space to support this expansion is required.
All awardees will be required, per Section 21-1-27.4 NMSA 1978 Higher Education Program Development Enhancement Fund, to provide an annual endowment activity status report to the Department by September 15, 2023, of each year. These annual reports must include the Endowment Fund Certification and Annual Status Summary, which will be provided as part of the award packet.
The department will provide award letters as well as Memorandum’s of Understanding (MOUs) to awardees by no later than July 17, 2023.
For any questions related to this application, please contact Gerald Hoehne, Interim Director of Institutional Finance, at Gerald.Hoehne@hed.nm.gov.