Copyright © 2018 Albuquerque Journal
The University of New Mexico’s messy athletics department financial situation could have major consequences for the entire institution, with the state’s higher education chief warning that it could potentially endanger the flow of state funds into the university.
Higher Education Secretary Barbara Damron – who placed UNM under her department’s “enhanced fiscal oversight program” last October – wrote to UNM President Garnett Stokes that the university must submit a plan for correcting the athletic department’s deficit by May 1. Otherwise, she cautioned, the Higher Education Department could reject UNM’s entire budget, delaying state funding approved by the Legislature.
Furthermore, Damron said her department could recommend withholding up to 10 percent of UNM’s appropriation until the university has satisfied requirements imposed under the fiscal oversight program – requirements that go beyond just submitting a plan.