Problematic Expense Guide - A to Z
- Insurance Policies – The payment or reimbursement of insurance coverage by UNM Departments is, in general, a prohibited use of University Funds.
- The Reason this is Unallowable – The establishment of University insurance coverage and payment of University insurance premiums is the sole responsibility for the UNM Risk Services department, except as otherwise noted in UNM Policy. A departmental purchase of insurance would generally violate University Administrative Policy 4000: Allowable and Unallowable Expenditures, Section 10: Insurance Coverage and may cause a duplication of existing insurance coverage, resulting in an unlawful waste of University funds. In New Mexico State Auditor statues, waste is defined as “…the act of using or expending resources carelessly, extravagantly, or to no purpose."(NMAC 2.2.2.7(W).
- Allowable Exceptions:
- Certain exceptions are allowed by University Administrative Policy 4030: Travel Expenses and Per Diem, such as Rental Car Insurance or Travel Insurance, when within Travel Policy guidelines.
- Certain exceptions are allowed by University Administrative Policy 4030: Travel Expenses and Per Diem, such as Rental Car Insurance or Travel Insurance, when within Travel Policy guidelines.
- Possible Allowable Alternatives - Try this Instead:
- Contact the UNM department of Risk Services to see what additional insurance overage options may be available.
- The Reason this is Unallowable – The establishment of University insurance coverage and payment of University insurance premiums is the sole responsibility for the UNM Risk Services department, except as otherwise noted in UNM Policy. A departmental purchase of insurance would generally violate University Administrative Policy 4000: Allowable and Unallowable Expenditures, Section 10: Insurance Coverage and may cause a duplication of existing insurance coverage, resulting in an unlawful waste of University funds. In New Mexico State Auditor statues, waste is defined as “…the act of using or expending resources carelessly, extravagantly, or to no purpose."(NMAC 2.2.2.7(W).
