Creates the Adequate and Equitable Public University Funding Act. Provides that all general operating expenses for public universities shall be distributed by the Board of Higher Education through a funding formula for eligible public institutions and shall be administered by the Board. Defines "eligible public institution". Sets forth provisions concerning the adequacy targets and resource profiles of eligible public institutions. Provides for the distribution of State appropriations and the calculation of the base funding minimum for each eligible public institution. Provides that the Board shall oversee an accountability and transparency framework for assessing the distribution and use of all funds appropriated by the funding formula and evaluating the funds' effects on institutional outcomes pertaining to student affordability, enrollment, persistence, and outcome metrics. Provides for reporting and the establishment of an Accountability and Transparency Committee. Provides that the Board shall establish a Funding Formula Review Panel tasked with studying and reviewing topics pertaining to the implementation and impact of the funding formula. Contains provisions concerning the Board's annual budget request and the collection of data. Amends the Board of Higher Education Act. Removes certain provisions concerning budget proposals. Effective immediately.
House Committee Amendment No. 1: Replaces everything after the enacting clause with the provisions of the introduced bill, and makes the following changes in the Adequate and Equitable Public University Funding Act. Adds, changes, and removes definitions. Changes the adequate and equitable funding formula. Provides that the adequacy target for each eligible public institution is the sum of the eligible public institution's cost of providing an equitable and adequate education based on the specific characteristics of the per student adequacy components and institutional adequacy components (rather than of the eligible public institution and the eligible public institution's student body). Requires the Board of Higher Education to include in each eligible public institution's adequacy target the amount required to provide students with access support. Sets forth how to determine the high-cost program adjustment to core instructional program support. Requires the Board to include the funding required to conduct research. Makes changes to the membership of the Accountability and Transparency Committee and the Funding Formula Review Panel. Deletes certain provisions regarding the Accountability and Transparency Committee, as well as regarding certain reporting requirements. Makes other changes. Effective immediately.

Statutes affected:
Introduced: 110 ILCS 205/8