CA AB1118

Requires private nonprofit colleges and universities in California enrolling 500 or more undergraduate students to submit annual institutional financial aid reports to the Legislature by March 31, matching existing requirements for California State University and University of California.

Adds new data requirements to institutional financial aid reports including the percentage of students graduating with $10,000 or more in debt and typical financial aid packages at various parental income levels ($20,000 to $120,000).

Requires California-based postsecondary institutions with endowment-to-student ratios exceeding 200,000 to 1 or total endowments exceeding $1 billion to report endowment information to the Legislature by March 31 of odd-numbered years beginning in 2023.

Specifies that endowment reports must include return on investment, total spending and payout rates disaggregated by category (need-based aid, merit-based aid, research, faculty compensation, reserves, etc.) for the previous two fiscal years.

Requires endowment reports to include spending on recruitment and retention of low-income, first-generation, and Black, indigenous, and people of color students for the previous two academic years.