N.M. Admin. Code § 5.7.8.8

Current through Register Vol. 35, No. 23, December 10, 2024

Section 5.7.8.8 - ADMINISTRATION OF THE PROGRAM

A. The program shall be called the New Mexico student incentive grant program (NMSIG).

B. The department provides that such grants will not be in excess of $2,500 per academic year for attendance on a full-time basis at approved post-secondary institutions as designated by the state;

C. The program shall be administered by the department staff under regulations adopted by the department.

D. The primary responsibility of the department is to provide for the equitable distribution of available funds.

E. The department shall request annually the total amount of funds available to the state from the federal program.

F. The department shall maintain files and review participating institutions' records to assure that federal and state laws and regulations are followed.

G. The department shall request the total federal funds available to New Mexico for each fiscal year be reserved to be matched by an equal amount of state funds.

H. The department as the designated state agency will provide decentralized administration of the New Mexico student incentive grant program by allocating general funds and federal matching contributions to eligible institutions based on a need formula approved by the department.

I. The department shall submit to the U.S. department of education periodic fiscal and performance reports, based on data provided by the participating institutions.

J. Reallocation of unused New Mexico student incentive grant program funds: Any New Mexico student incentive grant program funds which have been allocated to an eligible participating institution and which cannot be used by that institution will be reallocated by the department. These unused funds will be reallocated in an equitable manner.

K. It is the responsibility of each institution to comply with all requirements of federal laws, rules and regulations of the LEAP program, in addition to the operating procedures contained herein.

L. If a student withdraws or drops below half-time student status and is entitled to a refund for any tuition, fee or other charges as determined by each institution's refund policy, the institution shall pay back to the NMSIG fund in the same ratio as the NMSIG has to the total aid awarded

M. The institutional financial aid officers will:

(1) determine whether or not the student meets the eligibility requirements for a New Mexico student incentive grant award;

(2) determine the financial need of the student;

(3) recommend the amount of the NMSIG awards;

(4) disburse the NMSIG award to the student in accordance with the established procedures of the department and the institution;

(5) maintain adequate fiscal control and accounting records in accordance with approved state and federal procedures; and

(6) provide to the department such financial and other information as may be required to meet federal reporting and auditing requirements.

N.M. Admin. Code § 5.7.8.8

7/15/98; 5.7.8.8 NMAC - Rn & A, 5 NMAC 7.8.8 & 13, 8/30/2007