OH HB120

Creates the Ohio Higher Education Innovation Grant Program, administered by the Chancellor of the Ohio Board of Regents, to promote educational excellence and economic efficiency while stabilizing or reducing student tuition rates.

Allows state institutions of higher education and private nonprofit institutions (those with authorization under Chapter 1713 of the Revised Code) to apply for grants to fund innovative projects that incorporate academic achievement and economic efficiencies, with option to collaborate across public and private institutions.

Requires grant applications to include systems for measuring academic achievement and expenditure reductions, demonstrate project sustainability beyond the grant period, provide proof of commitment from implementing parties, and implement ongoing evaluation and improvement processes.

Appropriates $100,000,000 from the General Revenue Fund for fiscal year 2017 (with $0 appropriated for fiscal year 2016) to the Board of Regents for distributing innovation grants.

Subjects appropriations to provisions of the main operating appropriations act of the 131st General Assembly and requires the Director of Budget and Management to establish accounts and determine accounting procedures for the funds.