18A:3B-53.1 Definitions.
142 words·~1 min read·
/nj/title-18a/chapter-3b/18a-3b-53-1·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
1. As used in this act:
"Financial instability" means a finding of instability on the financial condition of a public institution of higher education by the Secretary of Higher Education, upon consideration of a set of comprehensive financial responsibility metrics that may include, but shall not be limited to, the institution's: Composite Financial Index score; debt to liquidity ratios; audit reports; days cash-on-hand; financial reserves; tuition reliance; debt covenant compliance; credit rating; debt capacity; and cost control for expenses and revenues.
"Public institution of higher education" means the State colleges or universities established pursuant to chapter 64 of Title 18A of the New Jersey Statutes, Rutgers, The State University, New Jersey Institute of Technology, Rowan University, Montclair State University, Kean University, all county colleges, and any other public university or college now or hereafter established or authorized by law.
L.2023, c.115, s.1.