GOV. RICHARDSON ANNOUNCES $12 MILLION FACULTY ENDOWMENT, STRENGTHENS TIES TO ECONOMIC DEVELOPMENT

The New Mexico Department of Economic Development issued the following news release:

Gov. Bill Richardson today signed higher education legislation to add $12 million to the Faculty Endowment Fund for New Mexico's public colleges and universities and allowing for the development of university research parks to support the states' economic development efforts. These initiatives are in keeping with the Governor's commitment to invest in New Mexico's students.

House Bill 983, sponsored by Representative Henry "Kiki" Saavedra, will infuse $12 million into the faculty endowment fund. The fund was established in 2002 to enhance student learning and to advance faculty scholarship and research.

"Our students in New Mexico deserve to be taught by the best professors our nation has to offer," Governor Richardson said. "To recruit the best faculty you have to offer quality salaries to recruit top-tier faculty - because competition is fierce."

The $12 million will be matched dollar for dollar by New Mexico's public colleges and universities which will equate to $24 million that will directly affect today's students and the quality of tomorrow's educated workforce. Legislation signed today expands the endowment to include New Mexico Military Institute and two-year public colleges. It also allows the Governor to identify and invest in high priority areas - such as film, energy, or aerospace - thus directing endowment funds toward current and projected economic and workforce needs in New Mexico.

The faculty endowment fund will help recruit the best and the brightest professors and retain the best and the brightest students, part of the Governor's higher education agenda.

Also signed by Governor Richardson today is Senate Bill 773 Broadening the Scope of University Research and Economic Development, sponsored by Senator Mary Kay Papen. This legislation elevates the role of universities in fostering economic development within New Mexico. The bill strengthens ties between New Mexico's universities, business and industrial communities, and government through the development of research parks on university property. In addition, it will further cooperative ventures of innovative technology--advancing research while supporting the teaching mission of New Mexico's universities.

Coupled with the College Affordability Act, New Mexico's statewide eLearning project (IDEAL-NM), and the Governors Career Clusters, among other efforts, broadening the scope of university research and economic development will increase the benefits to the New Mexico's students, workforce, and communities.

"This supports my vision: higher education can and should be a powerful catalyst for New Mexico's economic development," said Governor Richardson. "By signing this bill today, we take another step linking higher education innovation to economic development - creating new opportunities and building a high-tech, high wage economy in New Mexico."

"The Governor and our legislators recognize the importance of investing in higher education," said Higher Education Secretary Dr. Beverlee J. McClure. "Our colleges and universities are strong partners in their local communities as they prepare students for active participation in the global economy."

Also today, Governor Richardson announced the appointment of Dr. William V. Flores as Deputy Secretary of Academic Affairs, Planning and Research for the Higher Education Department. Dr. Flores is the Executive Vice President and Provost at New Mexico State University. He replaces Dr. Jozi De Leon, who has been on loan from New Mexico State University since October 2005.

Last week, the Governor signed legislation increasing state need-based financial aid funds and increasing the percentage of revenues dedicated to the Lottery Success Scholarship program and expanding access for eligible students. For more information on this legislation and financial aid, contact the New Mexico Higher Education Department at 505-476-6500, toll free at 800-279-9777, or visit http://www.hed.state.nm.us.