Bill
Bill > HF296
IA HF296
IA HF296A bill for an act providing for public availability of certain financial information of regents institutions and including effective date provisions.(Formerly HSB 59.)
summary
Introduced
02/10/2025
02/10/2025
In Committee
04/03/2025
04/03/2025
Crossed Over
Passed
Dead
Introduced Session
91st General Assembly
Bill Summary
This bill requires each institution of higher education under the control of the state board of regents to make available to the public on the institution’s internet site detailed information on budgets of the institution totaling $50,000 or more in value, expenditures of the institution of $50,000 or more, vendors used by the institution that provide $50,000 or more of goods or services, and written contracts entered into by the institution. The bill provides accessibility requirements and timelines for making such information available. The bill specifies matters that must be included in the information. Among such matters are an annual budget for each administrative unit of the institution; a budgeted salary report; information on expenditures for diversity, equity, and inclusion, and similar commitments; and a transaction register that contains a complete record of all funds expended. Any information that is expressly prohibited from public disclosure by federal or state law, regulation, or rule shall be redacted from any information made available to the public pursuant to the bill. The bill takes effect December 1, 2025.
AI Summary
This bill, known as the "College Finance Transparency Act," requires institutions under the Iowa Board of Regents to publicly disclose detailed financial information on their websites. Specifically, the bill mandates that each institution make available online budgets, expenditures, vendors, and contracts valued at $50,000 or more, with strict accessibility requirements such as being searchable, requiring no login, and remaining available for at least ten years. The required information includes annual budgets for each administrative unit, salary reports with detailed employee compensation information, a transaction register showing all expenditures with transaction details, and specific reporting on spending related to diversity, equity, inclusion, and sustainability. The financial information must be easily accessible through no more than three website links, updated regularly, and include comparisons between budgeted and actual expenses. The bill also requires institutions to calculate and disclose the proportion of total expenditures dedicated to full-time faculty instruction. Any information prohibited from public disclosure by federal or state law must be redacted. The bill is set to take effect on December 1, 2025, giving institutions time to prepare for the new transparency requirements.
Committee Categories
Education
Sponsors (0)
No sponsors listed
Other Sponsors (1)
Higher Education (House)
Last Action
Referred to Higher Education. H.J. 895. (on 04/03/2025)
Official Document
bill text
bill summary
Loading...
bill summary
Loading...
bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.legis.iowa.gov/legislation/BillBook?ga=91&ba=HF296 |
| BillText | https://www.legis.iowa.gov/docs/publications/LGI/91/attachments/HF296.html |
Loading...