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HSB 59

A bill for an act providing for public availability of certain financial information of regents institutions and including effective date provisions.

2025-2026 Regular Session

The College Finance Transparency Act requires state-regulated colleges to publicly disclose financial data, enhancing accountability for students, parents, and taxpayers.

Committee report approving bill, renumbered as HF 296.
#collegesanduniversities #financialinformation #regentsboard
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Bill Summary · HSB 59

Summary of HSB 59 - College Finance Transparency Act

Bill Overview

Bill Number: HSB 59
Renumbered as: HF 296
Introduced: January 22, 2025
Status: Committee report approving bill
Classification: Proposed bill
Subject: Colleges and Universities, Financial Information, Regents Board

The College Finance Transparency Act aims to enhance the public availability of financial information from institutions governed by the state board of regents. This legislation seeks to promote transparency and accountability in the financial operations of these higher education institutions.

Key Provisions

The bill introduces a new section (262.29) that mandates the following:

  1. Definitions:

    • Administrative Unit: Includes all schools, departments, offices, programs, and other subdivisions of an institution.
    • Full-Time Faculty Instruction: Refers to instructional expenses for faculty teaching at least nine semester credit hours annually.
    • Institution: Any higher education institution under the control of the state board of regents.
    • Instruction: Covers instructional expenses, including faculty salaries and benefits, but excludes various administrative and noncredit activities.

  2. Public Availability Requirements:
    Each institution must publicly disclose detailed financial information on its website, including:

    • Budgets: All budgets totaling $1,000 or more.
    • Expenditures: All expenditures of $1,000 or more.
    • Vendors: Information on all vendors providing goods or services worth $1,000 or more.
    • Contracts: All written contracts entered into by the institution.

  3. Transparency Standards:
    The bill specifies that the information made available must adhere to the outlined requirements, ensuring that the public can access relevant financial data easily.

Impact

The College Finance Transparency Act is expected to:
- Enhance Accountability: By requiring institutions to disclose financial information, the bill aims to hold them accountable for their spending and budgeting practices.
- Inform Stakeholders: Students, parents, and taxpayers will have better access to financial data, allowing them to make informed decisions regarding higher education.
- Standardize Reporting: Establishing clear guidelines for financial reporting may lead to more consistent practices across institutions.

Legislative Timeline

  • January 22, 2025: Bill introduced and referred to the Higher Education Committee.
  • January 27, 2025: Subcommittee reassigned to Shipley, Collins, and Jacoby.
  • January 28, 2025: Subcommittee meeting held.
  • January 29, 2025: Subcommittee recommends passage.
  • February 5, 2025: Committee report recommending amendment and passage; committee vote: Yeas 7, Nays 3, Excused 1.
  • February 10, 2025: Committee report approving bill, renumbered as HF 296.

This summary provides a clear understanding of the College Finance Transparency Act, its objectives, key provisions, and the anticipated impact on higher education institutions and their stakeholders.

Compiled from official sources — confirm details with the bill’s official record.

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