SB3343 Summary

• Repeals Section 5.528 of the State Finance Act and Section 6.2 of the Board of Higher Education Act

• Requires the Board of Higher Education to cooperate with the Illinois Community College Board in analyzing higher education needs, preparing master plans, and developing performance metrics for student success and degree completion beginning in Fiscal Year 2013

• Establishes performance-based funding metrics for public universities and community colleges to be adopted by rule, with consideration for at-risk students, differentiated institutional missions, and degree/certificate completion

• Removes prior approval requirements from the Illinois Community College Board for certain community college capital projects, site purchases, building leases, and contracts with higher education institutions (with limited exceptions for contracts after July 1, 2016)

• Eliminates requirements for State Board approval of uniform financial accounting standards and removes provisions regarding filing of audit reports with the Board of Higher Education; effective July 1, 2016