New Mexico Administrative Code
Title 5 - POST-SECONDARY EDUCATION
Chapter 3 - POST-SECONDARY EDUCATION INSTITUTION FINANCES
Part 11 - FISCAL OVERSIGHT
Section 5.3.11.17 - ONGOING COMMUNICATION

A. An institution on EFOP status shall keep the department informed of any new risk factor or risk factors that develop at the institution. The institution shall report any new risk factor(s) immediately upon gaining actual knowledge of the new risk factor(s), but no more than 10 days after gaining actual knowledge. The institution's failure to report any new risk factor(s) while on EFOP status may result in the department extending the length of the EFOP status or additional reporting requirements. The institution may be required to submit an updated corrective action plan addressing the new risk factor(s). Action taken to extend EFOP, modify EFOP reporting requirements, or amend the corrective action plan will be based on the type of new risk factor(s), at the discretion of the department. The department shall make careful consideration of the severity, frequency, and the potential impact of the newly identified risk factor(s) to the institution's financial stability and the institution's demonstrated diligence in reporting the risk factor(s). If the institution is required to submit an amended corrective action plan, the department may either accept the amended plan as proposed, request additional information to accompany the amended plan, or reject the amended plan as proposed. If the department rejects the amended plan as proposed, the department shall issue its reasoning in writing to the institution and the institution shall submit a new or revised amended plan within 15 days of issuance of the rejection.

B. An institution on EFOP status and the department may engage in periodic meetings. Meetings may be convened to identify reporting problems, clarify reporting requirements and procedures, solicit information or assistance, ensure ongoing progress toward completion of the corrective action plan, discuss current operating results, discuss pending or proposed budget adjustment requests, or any other potential issues related to EFOP.

C. If during the course of implementing the corrective action plan, the institution determines that all or part of the plan cannot be implemented as originally approved, the institution must work with the department to submit an amended corrective action plan. The department may either accept the amended plan as proposed, request additional information to accompany the amended plan, or reject the amended plan as proposed. If the department rejects the amended plan as proposed, the department shall issue its reasoning in writing to the institution and the institution shall submit a new or revised amended plan within 15 days of issuance of the rejection.

D. Representatives from the department may request to address the governing board at scheduled governing board meetings.