Read the full stored bill text
House
File
296
-
Introduced
HOUSE
FILE
296
BY
COMMITTEE
ON
HIGHER
EDUCATION
(SUCCESSOR
TO
HSB
59)
A
BILL
FOR
An
Act
providing
for
public
availability
of
certain
financial
1
information
of
regents
institutions
and
including
effective
2
date
provisions.
3
BE
IT
ENACTED
BY
THE
GENERAL
ASSEMBLY
OF
THE
STATE
OF
IOWA:
4
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Section
1.
SHORT
TITLE.
This
Act
shall
be
known
and
may
be
1
cited
as
the
“College
Finance
Transparency
Act”.
2
Sec.
2.
NEW
SECTION
.
262.29
Financial
information
of
3
institutions
——
public
availability.
4
1.
As
used
in
this
section,
unless
the
context
otherwise
5
requires:
6
a.
“Administrative
unit”
includes
all
schools,
departments,
7
offices,
programs,
and
other
administrative
subdivisions
of
an
8
institution.
9
b.
“Full-time
faculty
instruction”
means
instruction
10
expenses
for
instructional
faculty
who
teach
at
least
nine
11
semester
credit
hours
each
academic
year.
12
c.
“Institution”
means
an
institution
of
higher
education
13
under
the
control
of
the
state
board
of
regents.
14
d.
“Instruction”
means
the
same
expenses
categorized
15
as
instruction
and
reported
to
the
federal
integrated
16
postsecondary
education
data
system
pursuant
to
the
17
institution’s
program
participation
agreement
with
the
federal
18
department
of
education’s
office
of
postsecondary
education.
19
2.
Each
institution
shall
make
available
to
the
public
on
20
the
institution’s
internet
site
detailed
information
on
all
of
21
the
following:
22
a.
All
budgets
of
the
institution
totaling
fifty
thousand
23
dollars
or
more
in
value.
24
b.
All
expenditures
of
the
institution
of
fifty
thousand
25
dollars
or
more.
26
c.
All
vendors
used
by
the
institution
that
provide
fifty
27
thousand
dollars
or
more
of
goods
or
services.
28
d.
All
written
contracts
entered
into
by
the
institution.
29
3.
The
information
required
by
subsection
2
shall
be
subject
30
to
the
following
requirements:
31
a.
The
information
shall
be
accessible
from
the
32
institution’s
internet
site
home
page
by
use
of
no
more
than
33
three
links.
34
b.
The
information
shall
be
searchable
by
keywords
and
35
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phrases.
1
c.
The
information
shall
be
accessible
to
the
public
without
2
requiring
registration
or
use
of
a
user
name,
password,
or
3
other
user
identification.
4
d.
The
information
shall
be
made
available
no
later
than
the
5
first
day
of
classes
for
the
semester
or
other
academic
term
6
during
which
the
section
of
the
course
is
offered.
7
e.
The
information
shall
be
updated
on
a
regular
basis
to
8
include
information
for
the
current
fiscal
year.
9
f.
The
information
shall
remain
available
on
the
10
institution’s
internet
site
for
at
least
ten
years
after
the
11
date
on
which
the
institution
initially
made
the
information
12
available.
13
4.
The
information
required
to
be
made
available
pursuant
to
14
subsection
2
shall
include
all
of
the
following:
15
a.
An
annual
budget
that
includes
anticipated
revenues
and
16
expenditures
for
each
administrative
unit
of
the
institution.
17
b.
A
report
comparing
each
budget
with
actual
expenditures
18
that
shows
the
budget,
actual
revenue
and
expense
transactions,
19
revenue
and
expense
commitments,
and
budget
balance
information
20
for
each
administrative
unit.
21
c.
A
budgeted
salary
report
that
shows
the
name,
title,
22
classifications,
full-time
equivalent
percentage,
annual
23
salary,
funding
sources,
and
percentage
of
salary
for
each
24
budget
for
full-time
and
part-time
positions.
25
d.
A
statement
indicating
whether
an
individual
expenditure
26
has
contributed
to
diversity,
equity,
and
inclusion;
social
27
justice;
sustainability;
or
any
similar
commitment.
28
e.
Discrete
sections
that
collate
all
individual
29
expenditures
for
each
of
the
categories
of
diversity,
equity,
30
and
inclusion;
social
justice;
sustainability;
or
any
similar
31
commitment,
and
that
include
the
aggregate
expenditures
of
the
32
institution
as
a
whole,
and
the
aggregate
expenditures
of
each
33
administrative
unit
for
the
institution,
for
each
of
these
34
categories.
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f.
Month-end
financial
statements
that
show
the
current
1
status
of
project
budgets,
expenditures,
commitments,
and
2
balances.
3
g.
A
calculation
of
the
proportion
of
the
institution’s
4
total
expenditures
devoted
to
full-time
faculty
instruction,
5
excluding
expenditures
and
instruction
at
the
university
of
6
Iowa
hospitals
and
clinics.
7
h.
(1)
A
transaction
register
that
contains
a
complete
8
record
of
all
funds
expended,
from
any
source
and
for
any
9
purpose.
The
register
shall
include
all
of
the
following
for
10
each
expenditure:
11
(a)
The
transaction
amount.
12
(b)
The
name
of
the
individual
or
entity
receiving
payment.
13
(c)
The
identification
number
of
the
transaction,
if
14
applicable.
15
(d)
A
description
of
the
expenditure,
including
the
source
16
of
funds,
a
category
title,
and
an
object
title
for
the
17
expenditure.
18
(2)
The
register
shall
include
all
reimbursements
for
19
expenses.
20
(3)
The
register
shall
include
an
entry
for
salary,
wages,
21
or
other
compensation
paid
to
individual
employees
involved
in
22
the
expenditure.
23
(4)
The
register
shall
be
accompanied
by
a
complete
24
explanation
of
any
codes
or
acronyms
used
to
identify
an
25
expenditure
or
an
individual
or
entity
receiving
payment.
26
(5)
The
register
shall
not
include
an
individual’s
social
27
security
number.
28
5.
Any
information
that
is
expressly
prohibited
from
public
29
disclosure
by
federal
or
state
law,
regulation,
or
rule
shall
30
be
redacted
from
any
information
made
available
to
the
public
31
pursuant
to
subsection
2.
32
Sec.
3.
EFFECTIVE
DATE.
This
Act
takes
effect
December
1,
33
2025.
34
EXPLANATION
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The
inclusion
of
this
explanation
does
not
constitute
agreement
with
1
the
explanation’s
substance
by
the
members
of
the
general
assembly.
2
This
bill
requires
each
institution
of
higher
education
3
under
the
control
of
the
state
board
of
regents
to
make
4
available
to
the
public
on
the
institution’s
internet
site
5
detailed
information
on
budgets
of
the
institution
totaling
6
$50,000
or
more
in
value,
expenditures
of
the
institution
7
of
$50,000
or
more,
vendors
used
by
the
institution
that
8
provide
$50,000
or
more
of
goods
or
services,
and
written
9
contracts
entered
into
by
the
institution.
The
bill
provides
10
accessibility
requirements
and
timelines
for
making
such
11
information
available.
12
The
bill
specifies
matters
that
must
be
included
in
the
13
information.
Among
such
matters
are
an
annual
budget
for
each
14
administrative
unit
of
the
institution;
a
budgeted
salary
15
report;
information
on
expenditures
for
diversity,
equity,
and
16
inclusion,
and
similar
commitments;
and
a
transaction
register
17
that
contains
a
complete
record
of
all
funds
expended.
18
Any
information
that
is
expressly
prohibited
from
public
19
disclosure
by
federal
or
state
law,
regulation,
or
rule
shall
20
be
redacted
from
any
information
made
available
to
the
public
21
pursuant
to
the
bill.
22
The
bill
takes
effect
December
1,
2025.
23
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