New Mexico Administrative Code
Title 5 - POST-SECONDARY EDUCATION
Chapter 3 - POST-SECONDARY EDUCATION INSTITUTION FINANCES
Part 11 - FISCAL OVERSIGHT
Section 5.3.11.13 - NOTICE OF EFOP STATUS

Universal Citation: 5 NM Admin Code 5.3.11.13

Current through Register Vol. 35, No. 18, September 24, 2024

Within 15 days of the initial meeting, the department shall issue notice regarding its decision of whether the institution will be placed on EFOP status to the president of the institution, the chair of the governing board, and the chief financial officer of the institution via certified mail.

A. If the department determines that the institution demonstrated the substantial mitigation or elimination of the risk factor(s) that led to the notice of contemplated EFOP status at the initial meeting, the department shall send notice to the institution stating as such and withdraw the notice of contemplated EFOP status.

B. If the department determines that the risk factor(s) which led to the notice of contemplated EFOP status have not been substantially mitigated or eliminated and potential problems of finance continue to exist within the institution, the department shall issue notice of EFOP status to the institution. If notice of EFOP status is issued, the department shall also issue notice of the EFOP status to:

(1) the legislative finance committee;

(2) any accrediting agency of the institution;

(3) the department of finance and administration; and

(4) other entities, as determined by the department, that may be concerned with any identified risk factor(s).

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