IL SB0013

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

Calculates an "adequacy target" for each institution based on student population characteristics, institutional mission, program costs, and operational needs, with per-student funding amounts ranging from $1,136 for access support to $9,797 for core instructional programs

Includes equity adjustments providing additional funding ($500-$8,000 per student) for institutions serving underserved students with gaps in enrollment, retention, or completion, with concentration factors up to 50% for schools where 75%+ of undergraduates qualify for high support

Sets a minimum target annual funding increase of $135 million and distributes new state funding using a 50/50 split between dollar gap and adequacy gap formulas, with guardrail provisions to ensure all institutions receive some increase

Establishes an Accountability and Transparency Committee and a Funding Formula Review Panel to oversee implementation, track institutional progress on affordability and student outcomes, and recommend formula adjustments every 3 years