N.M. Stat. § 24-19-7
Duties of the board.
At least four times a year, the board shall meet upon the call of its chair to take all
action necessary or proper for the administration of the Children's Trust Fund Act. The
board shall also approve or disapprove proposals submitted and shall base its decision
on the proposals' merit and feasibility, the best interest of the beneficiaries of the
children's project or program proposals and the capacity of the children's projects' or
programs' success or failure for evaluation.