NJ S2002

Creates an 11-member New Jersey Higher Education Funding Formula Commission consisting of the Secretary of Higher Education, executive director of HESAA, five Governor appointees representing state colleges, public research universities, county colleges, independent colleges, and one public member, plus four legislative appointees.

Requires the commission to examine higher education funding formulas from other states, including performance-based models, and identify best practices for all institutions including medical schools, law schools, and graduate schools.

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

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

Commission appointments must be made within 30 days of enactment, with the organizational meeting held within 30 days of appointments; the commission expires 30 days after submitting its final report.