The bill mandates that public institutions of higher education in New Jersey must disclose the names of all financial donors, eliminating the previous provision that allowed for donor anonymity if non-disclosure was requested. This change is intended to enhance transparency and accountability regarding funding sources, requiring institutions to publicly report donor information annually by July 31, including names from the preceding academic year without using placeholders like "unknown" or "not available." The information must be submitted to the Office of the Secretary of Higher Education and made available on the institutions' websites.

Furthermore, the bill clarifies that while certain records related to academic research and student information will remain confidential, details such as the names, titles, expenditures, sources, and amounts of funding for research projects must be disclosed. To ensure compliance, the bill establishes penalties for institutions that fail to adhere to these disclosure requirements, including potential fines and the risk of losing tax-exempt status for local property taxes and the Sales and Use Tax Act. This legislation reflects a commitment to transparency in higher education funding while balancing the protection of sensitive information.

Statutes affected:
Introduced: 47:1A-1.1