New Mexico Administrative Code
Title 5 - POST-SECONDARY EDUCATION
Chapter 3 - POST-SECONDARY EDUCATION INSTITUTION FINANCES
Part 14 - TECHNOLOGY ENHANCEMENT FUND
Section 5.3.14.8 - TECHNOLOGY ENHANCEMENT FUND

A. The technology enhancement fund is created in the state treasury. The fund shall consist of appropriations, income from investment of the fund, gifts, grants, donations and bequests.

B. The technology enhancement fund shall be administered by the department. Money shall be disbursed only on warrant of the secretary of finance and administration upon receipt of voucher signed by the secretary of higher education or the secretary's authorized representative.

C. Money in the fund shall be used to provide matching funds to state research universities to support innovative foundational and applied research and equipment that advances knowledge and creates new products and production processes in the fields of agriculture, biotechnology, biomedicine, energy, materials science, microelectronics, water resources, aerospace, telecommunications, manufacturing science and similar research areas.

D. Grants from the fund are available to eligible institutions that are conducting collaborative research with corporate organizations, nonprofit organizations, other eligible institutions, or other public entities as determined by the department. An eligible institution may apply for a grant from the fund pursuant to an application schedule issued by the department.

E. Allocations from the fund shall be based on a competitive process with applications reviewed by the committee.

F. Following an award determination, an eligible institution shall not receive a distribution until that institution provides documentation to the department that it has received or will receive institutional share funding equal or greater than the state contribution. Distributions from the technology enhancement fund are made at least quarterly. Allocations not matched or not currently obligated to a proposal in review during any quarter of the cycle are made available during the following quarter for supplemental or second round matching by the corporate organization, nonprofit organization, other eligible institution, or other public entity as determined by the department pursuant to Subsection D of 5.3.14.8 NMAC.