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NJ S3730
Bill
Status
9/30/2024
Primary Sponsor
Troy Singleton
Click for details
AI Summary
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Requires proprietary higher education institutions that convert to nonprofit corporations to submit their IRS Form 990 annually to the Secretary of Higher Education for five years following the conversion
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Mandates the Secretary of Higher Education to review the Form 990 submissions annually to identify any reportable incidents of private inurement (improper personal financial benefit)
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Authorizes the Secretary of Higher Education to recommend revocation of an institution's certificate of incorporation to the Secretary of State if private inurement is found
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Applies to institutions converting to educational and charitable corporations under the New Jersey Nonprofit Corporation Act
Legislative Description
Establishes process to monitor proprietary institution that converts to nonprofit corporation for transactions that constitute private inurement.
2nd Reading in the Senate
Last Action
Reported from Senate Committee, 2nd Reading
10/10/2024