IL HB1581

Creates the Adequate and Equitable Public University Funding Act establishing a new funding formula for Illinois public universities administered by the Board of Higher Education, with adequacy targets calculated based on each institution's student population characteristics, program costs, and mission

Calculates per-student funding amounts including $1,136 for access support, $2,196 for academic/nonacademic support, $9,797 for core instructional programs, and additional equity adjustments ranging from $500-$8,000 for underserved students based on enrollment and retention gaps

Sets a minimum target increase of $135 million annually in new state formula funding, distributed 50% through a dollar gap formula and 50% through an adequacy gap formula to prioritize institutions furthest from full funding

Establishes an Accountability and Transparency Committee and Funding Formula Review Panel to monitor institutional spending, evaluate student outcomes (affordability, enrollment, retention, graduation), and recommend formula recalibrations every 3 years

Requires annual reporting by March 1 on adequacy targets, resource profiles, and progress metrics for each institution, with the Board empowered to withhold funds beyond base funding minimums for institutions failing to comply with data requests or meet progress goals