NJ A345

Creates an 11-member New Jersey Higher Education Funding Formula Commission including the Secretary of Higher Education, the executive director of the Higher Education Student Assistance Authority, five Governor appointees representing different institution types, and four legislative appointees

Commission must examine higher education funding formulas in other states, review performance-based funding approaches, and identify best practices applicable to all institutions including medical schools, law schools, and graduate schools

Requires the commission to solicit detailed information from all New Jersey higher education institutions regarding funding needs, programs, operations, and outputs

Commission must produce a final report with a recommended state funding formula and any proposed legislation within six months of its organizational meeting

Staff support provided by the Office of the Secretary of Higher Education; commission expires 30 days after submitting its final report