The bill requires public institutions of higher education in New Jersey to disclose the names of all financial donors, thereby enhancing transparency regarding funding sources. It amends existing legislation by removing the provision that allowed donors to remain anonymous if they did not receive benefits from the institution in return. This change is intended to ensure that donor identities are made public, increasing accountability in the financial dealings of these institutions. The bill mandates that disclosures be made annually by July 31, including the names of all donors from the preceding academic year, and prohibits the use of placeholders for any donor names.

Furthermore, the bill clarifies that while certain records related to academic research and student information will remain confidential, specific details regarding research funding—including names, titles, expenditures, sources, and amounts—must be disclosed. To enforce compliance, the bill establishes penalties for institutions that fail to disclose donor information, including fines and the potential revocation of tax-exempt status related to local property taxes and sales tax for repeated non-compliance. 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