ALBUQUERQUE, N.M. — Regents at the New Mexico Military Institute gave the school’s alumni association until later this month to make changes to its accounting practices “in order to maintain the Association’s relationship with NMMI,” according to a written statement issued by the board on Thursday.
Reasons cited by the board include a failure by the alumni association “to maintain an acceptable financial accounting system” as required under an agreement between NMMI and the association, the statement said.
The board also cited the association’s failure to provide audited financial statements as required under the agreement.
NMMI spokesman Carl Hansen said regents took the action Feb. 21 by a vote of 4-0, with one abstention.
The board sent a letter to the alumni association that day, giving the group a 30-day “cure period” to make the required corrections.
“Should a remedy not be made, the Association and its campus office will be required to end its relationship with NMMI,” the statement said.
NMMI Superintendant Maj. Gen. Jerry Grizzle told regents that the school could form an office for alumni relations if NMMI ends its relationship with the association, the statement said.
Hansen said he could not offer details about alleged problems with the association’s accounting practices and referred questions to Steven Paternoster, NMMI’s board president.
Paternoster could not be reached for comment on Thursday.
Jim Lowe, executive director of the NMMI Alumni Association, said Thursday he could not comment on the board’s action.
Hansen said that NMMI has about 14,000 alumni, but not all are members of the alumni association.
The NMMI Alumni Association is a nonprofit organization with the purpose of providing “a permanent means of contact between NMMI and its alumni,” according to a mission statement on the group’s website.
The association also is responsible for providing scholarships for NMMI cadets, the mission statement said.
— This article appeared on page C2 of the Albuquerque Journal