HB5907 Summary: Adequate and Equitable Public University Funding Act

• Creates a new funding formula for Illinois public universities based on "adequacy targets" (what institutions need) minus "resource profiles" (what they have), with the gap to be filled by State appropriations over time.

• Establishes per-student funding components for instruction, student services, research, public service, operations, and maintenance, with adjustments for high-cost programs (engineering, nursing, health professions, medicine) and equity support for underserved student populations.

• Requires the State to increase annual university funding by at least $135 million per year in Fiscal Year 2026 and thereafter to work toward closing the statewide adequacy gap.

• Creates an Accountability and Transparency Committee and Funding Formula Review Panel to oversee implementation, monitor institutional performance on affordability, enrollment, retention, and graduation metrics, and recommend formula adjustments.

• Amends the Board of Higher Education Act to remove certain budget proposal requirements and clarify that public community colleges are included in Board oversight and performance-based allocation systems.