The bill requires public institutions of higher education in New Jersey to disclose the names of all financial donors, eliminating the previous provision that allowed for donor anonymity if they did not receive benefits in return for their contributions. This change is intended to enhance transparency and accountability in the financial operations of these institutions. The bill mandates that disclosures be made annually by July 31, including all donor names from the preceding academic year, and prohibits the use of placeholders for any donor names. Institutions must submit this information to the Office of the Secretary of Higher Education and publish it on their websites.

Furthermore, the bill clarifies that while certain records related to academic research and student information will remain confidential, details regarding funding for research projects—including names, titles, expenditures, sources, and amounts—must be disclosed. To enforce compliance, the bill establishes penalties for institutions that fail to adhere to these disclosure requirements, which may include fines and the potential revocation of tax-exempt status for local property taxes and the Sales and Use Tax Act. Overall, the legislation aims to improve transparency in financial contributions to higher education while balancing the need to protect sensitive information.

Statutes affected:
Introduced: 47:1A-1.1