Bill > H4075

This bill aims to support improved financial stability in higher education. It has several key provisions: 1. It requires the Board of Higher Education to establish a comprehensive training program for members of the boards of trustees of the University of Massachusetts, state universities, and community colleges. The training covers topics like the open meeting law, public records law, conflict of interest law, procurement laws, state finance provisions, fraud prevention, and fiduciary responsibilities. 2. It mandates that all state universities and community colleges annually post on their websites their annual independent auditor's report and a financial report summary written in plain language for the general public. 3. It requires the Board of Higher Education to annually conduct a financial screening of independent institutions of higher education in the Commonwealth to identify those at risk of imminent closure. Institutions identified as at-risk must provide information to the Board and develop a contingency plan for closure. 4. It requires all members of an institution's governing body to receive training in higher education financial metrics, legal and fiduciary responsibilities, and accreditation standards at least once every 4 years. 5. It allows the Board to impose penalties, such as fines or suspension of state funding, on institutions that fail to comply with the new requirements.

Budget and Finance

Joint Committee on Higher Education (J)

https://malegislature.gov/Bills/191/H4075