New Jersey § 18a:3b-6a

§ 18a:3b-6a.

The governing board of a public institution of higher education or a proprietary institution

licensed to offer academic degrees shall: a. develop written policies and procedures that establish a system of internal controls

over the development and management of mandatory student fees and ensure that these

controls are applied consistently. The written policies shall define who is responsible for the assessment or adjustment

of the mandatory student fees, and shall include guidelines for monitoring whether

mandatory student fee revenue is used efficiently and for the intended purpose; b. assess each of the institution's mandatory student fees individually and document

the criteria and justification for any adjustments made to the fees. For each mandatory student fee the documentation shall include, at a minimum, the

purpose of the student fee, the criteria used to determine its rate, the projected

mandatory fee revenue, and the appropriate use of the revenue; c. establish separate funds in the institution's budget for each individual mandatory

student fee to promote transparency of fee revenue and expenditures; d. implement accounting procedures that establish a process to accurately identify

transactions related to mandatory student fee activity and the expenditures related

to each of the mandatory student fees; and e. include in the institution's description of its mandatory student fees, all uses

of the fee monies including salaries.