N.M. Admin. Code § 6.22.3.10

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

Section 6.22.3.10 - DISTRIBUTION OF FUNDS

A. The division shall recommend to the secretary an amount to be awarded to the charter school based on approved start-up costs and projected enrollment.

B. The secretary shall issue an award letter that specifies the amount of stimulus funds the charter school shall receive and the period of time those funds will be available to the school.

C. Upon receipt from a charter school of a payment request with invoices or other supporting documentation required by the division, the division shall verify that the expenditures are allowable in order to approve, partially approve or deny the payment request.

D. All charter school stimulus funds awarded to a charter school must be expended or obligated within eighteen months from the date of the award letter.

E. Charter schools that receive charter school stimulus funds shall file periodic financial reports, as required by the department, to account for all stimulus funds awarded to the charter school.

F. If the charter school receives charter school stimulus funds and fails to expend all funds awarded within eighteen months from the date of the award letter, the charter school shall immediately reimburse the balance of any remaining charter school stimulus funds to the department.

G. If the charter school receives charter school stimulus funds and fails to begin operating within eighteen months from the date of the award letter, the charter school shall immediately reimburse all charter school stimulus funds to the department.

N.M. Admin. Code § 6.22.3.10

6.22.3.10 NMAC - Rp, 6.22.3.9 NMAC, 09-15-08