NJ A2574

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

Directs the commission to examine higher education funding formulas in other states, review performance-based funding approaches, and identify best practices for institutions including medical schools, law schools, and graduate schools

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

Mandates a final report with a proposed state funding formula and any legislative or regulatory recommendations within six months of the organizational meeting

Commission members serve without compensation but receive expense reimbursement; the Office of the Secretary of Higher Education provides staff support; commission expires 30 days after submitting its final report