Bill > H4099

This bill aims to support improved financial stability in higher education institutions in Massachusetts. The key provisions are: 1. The Board of Higher Education will establish a comprehensive training program for members of the boards of trustees of public institutions of higher education, covering topics such as open meeting laws, public records laws, conflict of interest laws, procurement laws, finance provisions, fraud prevention, and fiduciary responsibilities. 2. Independent institutions of higher education in the Commonwealth must immediately notify the Board of Higher Education of any known financial liabilities or risks that could result in the imminent closure of the institution. The Board will annually conduct a financial screening of each institution to identify those at risk of imminent closure. 3. If an institution is deemed at risk, it must provide information to the Board, prepare a contingency plan for closure, and make its financial records available. The Board can impose fines, suspend funding, or revoke degree-granting authority if an institution fails to comply. 4. All members of an institution's governing body must receive training in higher education financial metrics, legal and fiduciary responsibilities, and accreditation standards at least once every 4 years. 5. Institutions must post their annual financial reports and summaries on their websites in a way that is understandable to the general public.

Budget and Finance

House Committee on Ways and Means (H)

https://malegislature.gov/Bills/191/H4099