Bill > A6212

This bill provides for the merger of New Jersey City University (NJCU) with Kean University, addressing the financial challenges faced by NJCU and creating a pathway for its integration into Kean University. The bill authorizes Kean University to acquire NJCU after NJCU reported a $22 million structural deficit and was placed under a fiscal monitor. Under the merger agreement, NJCU will cease to exist as a separate entity and become an additional location of Kean University, with all of NJCU's functions, powers, rights, and assets transferred to Kean University. The legislation ensures that NJCU's employees will be transferred to Kean University, maintaining their existing benefits and protections, and that all appropriations, grants, and funds previously allocated to NJCU will be transferred to Kean University. The bill also appropriates $25 million to Kean University to support the merger process and includes various amendments to existing laws to facilitate the merger, such as updating references to public institutions of higher education and expanding Kean University's powers. The merger is intended to preserve educational opportunities for students in Hudson County and address NJCU's ongoing financial instability while providing Kean University with expanded capabilities and resources.

Budget and Finance, Education

https://www.njleg.state.nj.us/bill-search/2024/A6212