NJ S3064

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

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

Appropriates $20 million total: $10 million from the General Fund and $10 million from federal American Rescue Plan Act funds or other COVID-19 pandemic relief funding.

Requires participating institutions to submit stabilization plans addressing enrollment decline, staff restoration, and student support strategies, with documented input from collective bargaining units and board of trustees approval following a public hearing.

Mandates two expenditure reports within 180 days of receiving funds and 180 days after the first report, with reports published online and reviewed by the Secretary in consultation with campus union representatives.