Synopsis As Introduced Amends the Board of Higher Education Act. Requires the Board to establish an audit committee to examine any plan by a public university to increase tuition from the previous academic year by more than 10%. Provides that the committee shall consist of no less than 3 members, designated by the Chairperson of the Board, to assist in the oversight of the financial reporting and audit processes of those universities whose rate of tuition is being increased from the previous academic year by more than 10%. Provides that the committee shall assist the Board in retaining an auditor through the Office of the Auditor General to conduct audits. Sets forth additional duties of the committee. Effective immediately.
Replaces everything after the enacting clause. Amends various Acts relating to the governance of public universities in Illinois. Requires each university to submit to the Board of Higher Education, General Assembly, and Governor an annual report no later than June 30 of each year outlining any tuition increases for the upcoming academic year and listing the closure of academic programs and other cost-saving measures undertaken by the university during the previous fiscal year. Amends the Board of Higher Education Act. Requires the Board of Higher Education to publicize the reports on its Internet website and to provide an opportunity for public comment on the reports at one of its regularly scheduled Board meetings. Effective immediately.