H.F. _____ 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 instructional expenses of the 15 colleges, schools, departments, and other instructional 16 divisions of the institution for credit activities, including 17 faculty salary and benefits. “Instruction” does not include 18 academic administration, community education, departmental 19 research, financial aid, general administration, institutional 20 support, noncredit activities, overhead, preparatory and adult 21 basic education, public service, remedial education, research, 22 service-learning, student services, or tutorial instruction. 23 2. Each institution shall make available to the public on 24 the institution’s internet site detailed information on all of 25 the following: 26 a. All budgets of the institution totaling one thousand 27 dollars or more in value. 28 b. All expenditures of the institution of one thousand 29 dollars or more. 30 c. All vendors used by the institution that provide one 31 thousand dollars or more of goods or services. 32 d. All written contracts entered into by the institution. 33 3. The information required by subsection 2 shall be subject 34 to the following requirements: 35 -1- LSB 1786YC (3) 91 je/jh 1/ 4

H.F. _____ a. The information shall be accessible from the 1 institution’s internet site home page by use of no more than 2 three links. 3 b. The information shall be searchable by keywords and 4 phrases. 5 c. The information shall be accessible to the public without 6 requiring registration or use of a user name, password, or 7 other user identification. 8 d. The information shall be made available no later than the 9 first day of classes for the semester or other academic term 10 during which the section of the course is offered. 11 e. The information shall be updated on a regular basis to 12 include information for the current fiscal year. 13 f. The information shall remain available on the 14 institution’s internet site for at least ten years after the 15 date on which the institution initially made the information 16 available. 17 4. The information required to be made available pursuant to 18 subsection 2 shall include all of the following: 19 a. An annual budget that includes anticipated revenues and 20 expenditures for each administrative unit of the institution. 21 b. A report comparing each budget with actual expenditures 22 that shows the budget, actual revenue and expense transactions, 23 revenue and expense commitments, and budget balance information 24 for each administrative unit. 25 c. A budgeted salary report that shows the name, title, 26 classifications, full-time equivalent percentage, annual 27 salary, funding sources, and percentage of salary for each 28 budget for full-time and part-time positions. 29 d. A statement indicating whether an individual expenditure 30 has contributed to diversity, equity, and inclusion; social 31 justice; sustainability; or any similar commitment. 32 e. Discrete sections that collate all individual 33 expenditures for each of the categories of diversity, equity, 34 and inclusion; social justice; sustainability; or any similar 35 -2- LSB 1786YC (3) 91 je/jh 2/ 4

H.F. _____ commitment, and that include the aggregate expenditures of the 1 institution as a whole, and the aggregate expenditures of each 2 administrative unit for the institution, for each of these 3 categories. 4 f. Month-end financial statements that show the current 5 status of project budgets, expenditures, commitments, and 6 balances. 7 g. A calculation of the proportion of the institution’s 8 total nonhospital expenditures devoted to full-time faculty 9 instruction. 10 h. (1) A transaction register that contains a complete 11 record of all funds expended, from any source and for any 12 purpose. The register shall include all of the following for 13 each expenditure: 14 (a) The transaction amount. 15 (b) The name of the individual or entity receiving payment. 16 (c) The identification number of the transaction, if 17 applicable. 18 (d) A description of the expenditure, including the source 19 of funds, a category title, and an object title for the 20 expenditure. 21 (2) The register shall include all reimbursements for 22 expenses. 23 (3) The register shall include an entry for salary, wages, 24 or other compensation paid to individual employees involved in 25 the expenditure. 26 (4) The register shall be accompanied by a complete 27 explanation of any codes or acronyms used to identify an 28 expenditure or an individual or entity receiving payment. 29 (5) The register shall not include an individual’s social 30 security number. 31 5. Any information that is expressly prohibited from public 32 disclosure by federal or state law, regulation, or rule shall 33 be redacted from any information made available to the public 34 pursuant to subsection 2. 35 -3- LSB 1786YC (3) 91 je/jh 3/ 4

H.F. _____ Sec. 3. EFFECTIVE DATE. This Act takes effect December 1, 1 2025. 2 EXPLANATION 3 The inclusion of this explanation does not constitute agreement with 4 the explanation’s substance by the members of the general assembly. 5 This bill requires each institution of higher education 6 under the control of the state board of regents to make 7 available to the public on the institution’s internet site 8 detailed information on budgets of the institution totaling 9 $1,000 or more in value, expenditures of the institution 10 of $1,000 or more, vendors used by the institution that 11 provide $1,000 or more of goods or services, and written 12 contracts entered into by the institution. The bill provides 13 accessibility requirements and timelines for making such 14 information available. 15 The bill specifies matters that must be included in the 16 information. Among such matters are an annual budget for each 17 administrative unit of the institution; a budgeted salary 18 report; information on expenditures for diversity, equity, and 19 inclusion, and similar commitments; and a transaction register 20 that contains a complete record of all funds expended. 21 Any information that is expressly prohibited from public 22 disclosure by federal or state law, regulation, or rule shall 23 be redacted from any information made available to the public 24 pursuant to the bill. 25 The bill takes effect December 1, 2025. 26 -4- LSB 1786YC (3) 91 je/jh 4/ 4