NJ A3319

Establishes the "Minority-Serving State College and University Stabilization Program" to provide grants to state colleges and universities where at least 50% of undergraduate students are racial or ethnic minorities

Eligible institutions must have experienced at least 10% declining enrollment and reductions in full-time instructional faculty/staff due to fiscal reasons in the two years prior to applying

Participating institutions must submit a stabilization plan addressing fiscal distress, enrollment decline, staff restoration, and strategies to improve instruction and student retention, with input from collective bargaining units and board of trustees approval

Appropriates $20 million total—$10 million from the General Fund and $10 million from federal American Rescue Plan Act funds

Requires grant recipients to submit two expenditure reports within 180 days of receiving funds and again 180 days later, with unspent funds at fiscal year-end distributed to all minority-serving institutions on a per-student basis