N.M. Admin. Code § 5.3.11.15

Current through Register Vol. 35, No. 21, November 5, 2024

Section 5.3.11.15 - EFOP REPORTING

A. An institution placed on EFOP status shall provide periodic financial reports, as determined by the department, in accordance with deadlines set by the department.

B. The department shall establish additional financial reporting requirements for an institution placed on EFOP status. The department shall establish a timeline and deadlines for institutional reporting. In establishing the reporting requirements for an institution on EFOP status, the department shall consider the risk factor(s) exhibited by the institution and request reports that will help the department monitor institutional progress to complete its corrective action plan.

C. All reports requested by the department shall be prepared pursuant to generally accepted accounting principles. The department may require the institution to submit one or more of the following reports, on dates set by the department:

(1) year-to-date revenue and expenditure results;

(2) monthly revenue and expenditure results;

(3) budget comparisons;

(4) cash position;

(5) associated bank reconciliations;

(6) projected monthly cash flows for the remainder of the fiscal year;

(7) projected monthly cash flows for the following twelve-month period;

(8) monthly financial reports; or

(9) control gap closure report to include:

(a) listing of each control concern;

(b) action plan to correct concerns;

(c) expected gap closure date; and

(d) responsible party to ensure closure.

D. EFOP reports shall be issued to other entities, in accordance with the department's determination. The department shall determine the frequency in which other entities receive ongoing reports and which of the ongoing reports shall be sent. Other entities that may receive ongoing EFOP reports, based on the determination of the department, include, but are not limited to:

(1) the legislative finance committee;

(2) the department of finance and administration;

(3) any accrediting agency of the institution;

(4) the United States department of education;

(5) OSA;

(6) the attorney general; or

(7) other entities, as determined by the department, that may be concerned with any identified risk factor(s).

N.M. Admin. Code § 5.3.11.15

Adopted by New Mexico Register, Volume XXIX, Issue 23, December 11, 2018, eff. 12/11/2018