In the 2007 Legislative Session, House Bill 384 (HB 384) directed the New Mexico Higher Education Department to produce an Annual Accountability Report in collaboration with each public postsecondary educational institution in the state of New Mexico. The report contains information pertaining to: (1) faculty compensation and benefits practices; (2) details regarding the number and percentage of part-time and full-time faculty employed by New Mexico's public postsecondary educational institutions; (3) per-credit hour pay rate for both full-time and part-time faculty; (4) percentage by which full-time and part-time faculty salaries were increased annually; and (5) institutional policies for providing benefits to the full-time and part-time faculty they employ. Findings from the study were organized into categories: faculty background and distribution, duties and tasks, salaries, and benefits. Each category contains a discussion of similarities, differences, and trends between part-time faculty and full-time instructors as well as the policies according to which they are employed. It was found that although the educational system relies increasingly on part-time and adjunct faculty, significant differences exist between compensation packages and salaries offered to part-time faculty and full-time instructors. Equalization of pay, benefits, and resources for part-time faculty would require a substantial financial investment. Some postsecondary institutions have already developed policies and practices that aim to bridge the compensation gap between full-time instructors and part-time faculty. It is crucial that a thorough cost analysis be conducted prior to the execution of any legislation directing institutions in the implementation of similar equalizing policies. (Contains 8 footnotes, 3 figures, bibliography and resources. Survey questions are appended.) [This report was published by the New Mexico Higher Education Department.]