SB0121 Summary

• Requires boards of trustees at public universities (University of Illinois, Southern Illinois University, Chicago State University, Eastern Illinois University, Governors State University, Illinois State University, Northeastern Illinois University, Northern Illinois University, and Western Illinois University) to reduce the university president's base salary by 10% for each significant audit finding not resolved within one year of receiving the final Auditor General audit report.

• Requires community college boards of trustees to reduce the president or chief executive officer's base salary by 10% for each significant audit finding not resolved within one year of receiving the final audit report from an auditor.

• Maintains existing requirements for boards to report annually to the Board of Higher Education on base salaries and benefits (including vacation days, sick days, bonuses, annuities, and retirement enhancements) of university and community college presidents and administrators, faculty members, and instructors.