The University of New Mexico is going to dip into the principal of one of its endowment accounts this year, but the university president said she intends to avoid such spending practices in the future.
Regents on Tuesday unanimously approved spending up to $1 million from the principal of the Regents’ Endowment account this year. About $650,000 will go to a “Grand Challenges” initiative, and about $350,000 will be spent on an enrollment push.
“I’d like to see the funds managed in ways in which we don’t have to go into the corpus to fund university initiatives,” said UNM President Garnett Stokes, who proposed the spending plan. “Our intention is to completely get away from doing that in the upcoming years.”