New Mexico Administrative Code

A. Firm profiles: For an IPA to be included on the OSA's list of approved firms to perform audits, AUPs, and other attestation engagements, an IPA shall submit a firm profile online annually on the fifth business day in January, in accordance with the guidelines set forth herein.…

A. Report due dates: The IPA shall deliver the electronic draft annual financial audit report to the state auditor by 11:59 p.m. MT on the date specified in the audit contract and send it electronically by the due date. IPAs and agencies are encouraged to perform interim work as …

State of New Mexico Department of Finance and Administration, Local Government Division.

All local public bodies required to obtain budget approval from the local government division.

Sections 6-6-1 through 6-6-19 NMSA 1978 and Section 9-6-5 E NMSA 1978.

Permanent

June 1, 2008 unless a later date is cited at the end of a section.

2.2.3 NMAC codifies required budgetary and financial reporting by local public bodies to the local government division supported by timely audits as of the previous fiscal year submitted to the state auditor's office and the local government division. The intended result is to pr…

A. "Account" means a double entry bookkeeping of assets, liabilities, income and expenses with debit and credit entries on ledger pages or other media which are posted to record a change(s) in value. B. "Conditional budget certification" means the certification of the budget of a…

A. Pursuant to Section 6-6-2 NMSA 1978, budgets shall be submitted by the local public body to the local government division. Receipt of the most current audit(s) that were required to be conducted and submitted for review per the New Mexico state auditor's required report due da…

If the local public body does not comply with this rule to bring its annual audit(s) into compliance with the audit rule as it pertains to timeliness of submission, the local public body may only receive conditional budget certification and final budget certification shall be wit…

General Services Department, Administrative Services Division.

A. All fixed assets should be acquired in compliance with the procurement ("Procurement Code Regulations") and applicable statutes. B. Fixed assets acquired through purchase shall be recorded at cost. In most cases cost is equal to monetary value exchanged, plus associated costs …

A. Property, and equipment acquired by general, special revenue, and capital projects funds are brought under accounting control by the creation of a "general fixed asset account group." In accordance with generally accepted accounting principles, general fixed assets are recorde…

A. Depreciation is a set of methods for allocating the cost of an asset over its economic life. Assets owned by proprietary funds and nonexpendable trust funds are required to be depreciated. Assets held in the general fixed assets account group may, at the option of the fund's m…

A. Betterments to assets should be capitalized. If the asset consists of identifiable and separately valued components, and a component is improved, the old component should be removed from the asset account, and the new component added to the asset account. B. Replacements of co…

A. Repairs and maintenance on fixed assets, which are routine and necessary for continued safe and productive operation, should be charged to maintenance expense in the period in which they occur. B. The expense should be recorded in the appropriate expenditure object code based …

A. Each agency shall establish controls over its fixed assets for the primary purposes of safeguarding them and establishing accountability for their custody and use. Such controls will apply to:(1) Authorization to acquire fixed assets: Controls on the acquisition of fixed asset…

A. At the end of the fiscal year, each agency shall conduct a physical inventory of its fixed assets consisting of those with a historical cost of five thousand dollars ($5000) or more, under the control of the governing authority. B. This inventory shall include all property pro…

A. An asset is considered impaired if its estimated life has been reduced, or its ability to generate revenue has been reduced. B. On finding that an asset has been impaired, the accounts for the fund or group to which the asset belongs should be posted with the appropriate entri…

A. Sections 13-6-1 through 13-6-2 NMSA 1978, and the procurement code govern the disposition of fixed assets. B. For property whose fair market value is under five thousand dollars ($5,000) and obsolete, or unusable, disposition may be made by:(1) negotiated sale to any governmen…

This rule applies to all state government agencies as defined in the "Audit Act," Section 12-6-1 NMSA 1978. A. The term "agency" is intended to be all-inclusive as used in the Audit Act, Section 12-6-2 NMSA 1978. B. Fixed assets purchased or owned by agencies are included under t…

Section 12 -6-10 NMSA 1978 directs the general services department to promulgate regulations to state agencies for the accounting and control of fixed assets owned by government agencies.

Permanent.

Effective December 31, 2019, unless a later date is cited at the end of a section or paragraph.

A. The objective of Section 2.20.1 NMAC is to establish standards for the accounting for and the controlling of the fixed assets acquired and owned by state agencies as defined under article 2, and to define a uniform system for the classification of such assets. B. To accomplish…

A. "Agency" means any governmental entity as defined in Section 13-6-2 NMSA 1978. This definition includes:(1) any department, institution, board, bureau, court, commission, district or committee of the government of the state; (2) district courts, magistrate courts, district att…

A. Agencies should implement systematic and well-documented methods for accounting for their fixed assets. A computerized system is recommended, with appropriate controls on access and authorization of transactions. B. The information to be recorded and maintained on its fixed as…

A. The type of service that the asset was purchased for must be used to classify fixed assets. The object code under which it was purchased is usually a reliable indicator of the service for which it was purchased. B. Object codes from the category for capital outlay may be used.…

Department of Finance and Administration.

A. The following public officers are authorized to execute contracts, vouchers, purchase orders and other financial commitments on behalf of the state agency under their control or supervision. Signatures must be on file at the financial control division of the department of fina…

In order to ascertain the authority and legality of contracts, purchase orders, vouchers, travel vouchers and other financial commitments for departments and other state agencies, pursuant to Section 6-5-3 NMSA 1978, it is necessary to determine whether the person executing the c…

Permanent.

March 23, 2021, unless a later date is cited at the end of a section.

The various acts creating departments pursuant to the Executive Reorganization Acts generally provide that the secretary of the department is responsible to the governor for the operation of the department and shall delegate authority to subordinates as the secretary deems necess…

As used in this rule: A. "Authorized officer" means a public officer or employee who is required or permitted by law or by lawful delegation of authority pursuant to this rule to sign contracts, vouchers, purchase orders or other financial commitments on behalf of a state agency.…

A. The department of finance and administration will not approve any contract, voucher, travel voucher, purchase order or other financial commitment of any state agency required pursuant to 2.20.3 NMAC and 2.40.2 NMAC, to submit its voucher or contract to the department for appro…

The two copies of every contract, voucher, travel voucher, purchase order or other financial commitment required to be submitted to the department shall be signed by an authorized officer. The department will retain at least one signed copy of every contract, voucher, travel vouc…

Department of Finance and Administration.

[RESERVED]

[RESERVED]

[Permanent.]

[Filed December 20, 1989]

[RESERVED]

As used in this rule, state agency means the state of New Mexico or any of its branches, agencies, departments, boards, instrumentalities, or institutions but shall not include state educational institutions set forth in Article 12, Section 11 of the New Mexico Constitution. This…

Unless otherwise provided by this rule, no expenditure of public funds shall be made by any state agency, including every division of the department of finance and administration, unless approval of the expenditure as to authority and legality has been made by the department of f…

A. The secretary of finance and administration finds that efficiency and economy require that the following state agencies be excepted from submitting vouchers through the department for approval:(1) the state highway and transportation department; (2) the inter-tribal Indian cer…

Department of Finance and Administration.

A. Upon certification of a qualified employee benefit program, risk management shall implement the program in the following manner. Risk management shall draw up specifications for the qualified employee benefit program and publish notice of request for proposals through regular …