NJ S4204

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

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

Grant applicants must submit a stabilization plan addressing fiscal distress, enrollment decline, staff restoration, and student retention strategies, 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

Grant recipients must submit expenditure reports within 180 days of receiving funds and again 180 days later, with unspent program funds distributed to all minority-serving State institutions on a per-student basis