New Mexico Administrative Code
Title 5 - POST-SECONDARY EDUCATION
Chapter 3 - POST-SECONDARY EDUCATION INSTITUTION FINANCES
Part 11 - FISCAL OVERSIGHT
Section 5.3.11.7 - DEFINITIONS
Current through Register Vol. 35, No. 18, September 24, 2024
A. "Accrediting agency" means an accrediting agency recognized by the United States department of education that has issued an accreditation status to the institution.
B. "Attorney general" means the New Mexico office of the attorney general.
C. "Board" or "Governing Board" means the board of an institution, charged by law with determining financial policy and providing the management and control to implement the financial policies at the institution. In the case of branch community colleges, means both the board of regents and the advisory board of the institution.
D. "Department" means the New Mexico higher education department.
E. "EFOP" means the enhanced fiscal oversight program.
F. "Higher education institution" or "Institution" means a public post-secondary higher education institution operating within and receiving financial support from the state of New Mexico.
G. "IPA" means an independent public accountant.
H. "OSA" means the New Mexico office of the state auditor.
I. "Risk factor" or "risk factors" means the factors outlined in Paragraphs 1 through 24 of Subsection A of 5.3.11.9 NMAC, to be utilized by the department to detect potential problems of finance and to evaluate fiscal health of institutions, pursuant to 5.3.11.9 NMAC.
J. "Substantial mitigation" or "substantially mitigate" or "substantially mitigated" means significant remedial action to address any risk factor(s) and demonstrable evidence that the risk factor(s) will be eliminated within 90 days.
