NJ S3064

Creates the "Minority-Serving State College and University Stabilization Program" in New Jersey's Office of the Secretary of Higher Education to provide grants to state colleges and universities where at least 50% of undergraduates are racial or ethnic minorities.

Appropriates $20 million total: $10 million from the General Fund and $10 million from federal American Rescue Plan Act funds or other coronavirus-related federal funding.

Eligibility requires institutions to have experienced at least 10% decline in full-time undergraduate enrollment and reduction in full-time instructional faculty/staff due to fiscal reasons during the two years prior to applying.

Applicant institutions must submit stabilization plans that include strategies for addressing enrollment decline, restoring staff, improving instruction, and must obtain input from collective bargaining units and board of trustees approval following a public hearing.

Grant recipients must submit expenditure reports within 180 days of receiving funds and again 180 days later, with reports published online; unspent funds at fiscal year-end are distributed to all minority-serving state colleges on a per-student basis.