45th legislature - STATE OF NEW MEXICO - first session, 2001

RELATING TO HIGHER EDUCATION; CREATING THE FACULTY ENDOWMENT FUND; PROVIDING MATCHING FUNDS TO CREATE ENDOWED CHAIRS, PROFESSORSHIPS AND FACULTY DEVELOPMENT PROGRAMS TO ATTRACT AND RETAIN THE HIGHEST QUALITY FACULTY; MAKING APPROPRIATIONS; DECLARING AN EMERGENCY.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:

Section 1. FACULTY ENDOWMENT FUND CREATED.--

A. The "faculty endowment fund" is created in the state treasury. The fund shall consist of appropriations to the fund. Income from investment of the fund shall be credited to the fund. Money in the fund shall not revert at the end of any fiscal year.

B. The faculty endowment fund shall be administered by the commission on higher education. Money shall be disbursed from the fund only for the purpose of providing funds for the establishment of endowments for chairs, professorships and faculty development programs at four-year public post-secondary institutions, pursuant to the provisions of this section. No institution shall receive any disbursement for an endowment until that institution has notified the commission on higher education that it has received matching funds for the endowment from other than governmental sources in an amount that is equal to or greater than the amount authorized by this act to be disbursed for the endowment.

C. Money in the faculty endowment fund is appropriated to the commission on higher education to be disbursed for the following endowment purposes in the following amounts:

(1) for endowed chairs, in the amount of five hundred thousand dollars ($500,000) for each endowed chair;

(2) for endowed professorships, in the amount of two hundred thousand dollars ($200,000) for each endowed professorship; and

(3) for endowed faculty development programs, to include lectureships, graduate fellowships and other faculty support programs, in the amount of thirty-seven thousand five hundred dollars ($37,500) for each endowed faculty development program.

D. Until June 30, 2004, the following institutions shall be eligible for the following disbursements from the fund:

(1) the university of New Mexico for four endowed chairs;

(2) New Mexico state university for four endowed chairs;

(3) New Mexico institute of mining and technology for two endowed chairs;

(4) the university of New Mexico for two endowed chairs at the university of New Mexico medical center; and

(5) the university of New Mexico, New Mexico state university, New Mexico highlands university, New Mexico institute of mining and technology, western New Mexico university and eastern New Mexico university for endowed professorships and endowed faculty development programs. The number of endowed professorships and endowed faculty development programs allocated to each of the named institutions shall be in the same ratio to the total number of endowed professorships and endowed faculty development programs allocated to all of the named institutions as the main campus full-time-equivalent enrollment of the institution bears to the total main campus full-time-equivalent enrollment of all of the named institutions. For purposes of this subsection, the main campus full-time-equivalent enrollment of each institution shall be based on enrollment figures for the second semester of the 2000-2001 school year.

E. On or after July 1, 2004, any money remaining in the faculty endowment fund shall be available for additional disbursements by the commission on higher education to any of the institutions named in this section, subject to the requirement of Subsection B of this section on receipt of matching funds. Disbursements may be made based on the date requests for additional disbursement are received by the commission.

F. The endowment funds of the institutions shall not be expended but shall be invested by the institutions in accordance with the prudent man rule, and in accordance with the provisions of Section 21-1-38 NMSA 1978. The income from the investments shall be used by the institutions for the purpose of providing funds for chairs, professorships and faculty development programs, including paying all or a portion of the salary of the faculty member or the expenses necessary to support associated academic activities.

Section 2. APPROPRIATIONS.--

A. Eleven million nine hundred eighty-seven thousand five hundred dollars ($11,987,500) is appropriated from the general fund to the faculty endowment fund for expenditure in fiscal year 2001 and succeeding fiscal years for the following purposes:

(1) six million dollars ($6,000,000) to establish endowed chairs;

(2) four million six hundred thousand dollars ($4,600,000) to establish endowed professorships; and

(3) one million three hundred eighty-seven thousand five hundred dollars ($1,387,500) to establish endowed faculty development programs.

B. The appropriation shall not revert to the general fund.

Section 3. EMERGENCY.--It is necessary for the public peace, health and safety that this act take effect immediately.