PHILADELPHIA (KYW Newsradio) — New Jersey Gov. Phil Murphy, Secretary of Higher Education Brian Bridges, and lawmakers in Trenton introduced a package of bills Thursday with the goal of increasing financial accountability and transparency at state colleges and universities.
Each board member at those institutions would be required to take specific training to ensure the schools are making good financial decisions.
“When a financial decision goes south, an institution's reputation may suffer, but the students, faculty, and support staff are the ones who suffer the most,” said Murphy.
“Our public colleges and universities shouldn’t just be held to the highest levels of accountability and transparency by their students and faculty. They must be held to these standards by us in government, and they must be held to these standards by all residents, who invest in these institutions through their tax dollars.”
The bill also requires each institution to submit and post annual fiscal monitoring reports, and also post any audited financial reports or statements.
These bills were just introduced, and still need to be voted on before Murphy can sign them into law.
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