New Mexico Administrative Code
Title 5 - POST-SECONDARY EDUCATION
Chapter 3 - POST-SECONDARY EDUCATION INSTITUTION FINANCES
Part 11 - FISCAL OVERSIGHT
Section 5.3.11.14 - CORRECTIVE ACTION PLAN

Universal Citation: 5 NM Admin Code 5.3.11.14

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

A. The institution shall submit to the department a corrective action plan to redress the risk factor(s) identified in the notice of EFOP status, within 30 days of the department's issuance of notice of EFOP status.

B. The institution may consult with the department in developing its corrective action plan. The institution is strongly encouraged to engage in discussions with the department during the development of a corrective action plan designed to substantially mitigate or eliminate the risk factor(s).

C. After receipt of the corrective action plan, the department may either accept the plan as proposed, request additional information to accompany the plan, or reject the plan as proposed. If the department rejects the plan as proposed, the department shall issue its reasoning in writing to the institution. If the initial plan is rejected, the institution shall submit a new or revised plan within 15 days of issuance of the rejection. The corrective action plan proposed by the institution shall focus on actions which will rapidly address and substantially mitigate or eliminate the risk factor(s) and must:

(1) identify responsible representatives of the institution that will regularly communicate with the department while the institution is on EFOP status;

(2) establish a clear timeline and deadlines to complete proposed action steps to resolve the risk factor(s) that prompted EFOP status;

(3) provide a description of the efforts or initiatives proposed to address the risk factor(s) that prompted EFOP status; and

(4) provide analysis of how the proposed efforts or initiatives will resolve the risk factor(s) that prompted EFOP status.

Disclaimer: These regulations may not be the most recent version. New Mexico may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.