N.M. Admin. Code § 2.110.4.15

Current through Register Vol. 36, No. 1, January 14, 2025

Section 2.110.4.15 - REVERSIONS, SUPPLEMENTAL FUNDING AND UNDERRUNS

A. Reversions/supplemental funding - When funds are reverted from a previously-approved grant program project or distribution program award, or additional funds are made available for council award for any other reason, the council may:

(1) set aside the funds in a contingency fund; or

(2) take other action as deemed appropriate.

B. Underruns - If, at the end of the fiscal year, a balance of funds remains after all expenditures have been reimbursed, the balance of funds for a grant or distribution program project shall revert to the fund. This underrun rule applies to multi-year grant programs in the last fiscal year of the council-approved program.

C. Special applications - Should additional funds become or be determined to be available in the fund, the council may call for and act on special applications from eligible applicants. The purpose and rating criteria of the special applications will be outlined in the call for applications.

N.M. Admin. Code § 2.110.4.15

5/20/94; 11/17/95; 12/15/97; Recompiled 10/01/01, Adopted by New Mexico Register, Volume XXVIII, Issue 01, January 17, 2017, eff. 1/17/2017