The Associated Students at the University of New Mexico made their first deposit to the ASUNM Quasi Endowment Fund at the most recent full Senate meeting on Nov. 29. Student Regent Randy Ko appeared as guest speaker, discussing student access to basic needs throughout his appearance.
Recently established this fall semester through Bill 6F during ASUNM’s Sept. 13 full Senate meeting, the ASUNM Quasi Endowment Fund will be a source of funding for the ASUNM senate.
“Hopefully we will get to a point where the interest accrues to create scholarships and set ASUNM up for financial success,” President Krystah Pacheco said during ASUNM’s Sept. 13 Full Senate meeting.
Any money deposited to the fund will not be available until the fiscal year 2035, and future withdrawals must pass a two-thirds senate approval. Requests can only be submitted two times a year and must have a detailed justification for the funding, as stated in Bill 6F.
$2500 is to be deposited each semester which was made mandatory through Bill 7F, first enacted during the Sept. 27 Full Senate meeting. This deposit on Nov. 29 marked ASUNM’s first deposit towards the fund.
Approval of the deposit passed unanimously across the floor with a vote of 20-0-0-0 (yes-no-abstain-absent).
Student Regent Randy Ko spoke, asking the state legislature for funding to be used to support student access to basic needs.
“It’s not finalized yet, but we’re going to be making an ask for more than $10 million for this (basic needs support),” Ko said.
When asked after the meeting for clarification on the exact number, the figure given was $16 million.
This request for funding will not be exclusively for UNM, and will be distributed across multiple higher education institutions around New Mexico, Ko said.
As Student Regent, Ko sits as a member of the Board with equal say and voting power as other members. The student regent undergoes the same vetting process when being appointed, with approval from both the Governor and the state Senate, according to the Board of Regents website.
The Board of Regents is responsible for enacting policies to meet the University’s goals, which is also stated on their website.
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Ko’s term officially ended in Dec. 2022, but with no new Regent appointed at that time, he remained on the Board. Applications for a new Student Regent recently closed on Nov. 19.
Other business included Bills 22F and 25F, which both passed. Bill 22F will require senators to state their affiliations within student organizations. Bill 25F will then require this information to be made available through a posting in ASUNM’s offices.
Nov. 29 marked ASUNM’s final Full Senate meeting for the fall semester. Meetings will continue during the spring semester – dates and times to be announced. Full Senate meetings are open to public comment.
Jaymes Boe is a beat reporter for the Daily Lobo. He can be reached at news@dailylobo.com
