CFDA#
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Funder Type
State Government
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IT Classification
A - Primarily intended to fund technology
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Authority
New Jersey Educational Facilities Authority
Summary
The New Jersey State Board of Higher Education recognizes that the current inventory of instructional and research equipment at the colleges and universities within the State is aging, both chronologically and technologically, and much of it has been rendered obsolete. Thus there is a crucial need to establish a regular financing mechanism for scientific, engineering, technical, computer, communications, and instructional equipment at New Jersey's public and private institutions.
The purpose of the Higher Education Equipment Leasing Fund (ELF) Program is to provide New Jersey public and private institutions of higher education with the funds necessary to purchase higher education equipment.
Projects will be evaluated by the following criteria:
- The improvement and expansion of educational opportunities for students;
- The promotion of academic research excellence, workforce readiness and
- the enhancement of the State's academic and economic competitiveness and prosperity by assisting in the production of a highly skilled workforce;
- Consistency with the institution's educational mission;
- Consistency with the institution's long-range facilities plan;
- The cost-effectiveness of the proposed infrastructure Project;
- Demonstrated commitment over the past 10 years to appropriate maintenance of equipment previously funded by State of New Jersey grant programs.
- Supports industry-valued credentialing programs and experiential learning opportunities; and
- Enrichment of existing material and coursework in support of current academic curricula.
- Preference will be given to projects that promote energy efficiency
History of Funding
None is available.
Additional Information
The New Jersey Educational Facilities Authority will issue bonds to finance the purchase of higher education equipment for lease to public and private institutions of higher education provided that the total outstanding principal amount of the bonds shall not exceed $100,000,000 and the term of any bond issued shall not exceed 10 years. The higher education equipment shall have a useful life equal to or greater than the term of the bonds issued to finance the purchase of the equipment. During the period of the lease, the authority shall hold title to the equipment.
The authority shall not enter into a lease agreement with an institution of higher education unless the State Board of Higher Education has adopted a resolution that approves the purchase of the higher education equipment by the institution.
Eligibility Details
Eligibility is limited to public or private institutions of higher education that are eligible to receive State aid. A public institution of higher education is defined as Rutgers, the State University of New Jersey, the State colleges, the New Jersey Institute of Technology, Rowan University, Montclair State University, Kean University, the county colleges, and any other public university or colleges.
A private four-year institution of higher education is defined as an independent college or university incorporated and located in New Jersey and is a nonprofit educational institution authorized to grant academic degrees and that provides a level of education that is equivalent to the education provided by the State's public institutions of higher education.
Deadline Details
Applications are due September 7, 2022. For further information and future updates please check the program page frequently.
Funds for the grant will not be disbursed until the Secretary certifies approval of the grant, subject to the approval of the Joint Budget Oversight Committee, the New Jersey Educational Facilities Authority issues the necessary bonds, and requisite lease agreements have been executed by grantees.
Award Details
The total amount of grant funds available for new grants under the Summer 2022 Cycle is $86,855,000. The minimum grant amount is $50,000, unless it is for the final portion of an institution's allocation, or the submission of an Application for such a smaller amount has been authorized by the Secretary.
This is a bond-funded grant program. As bonds are paid off, new bonding capacity will become available to fund new grants up to a total of $100,000,000. Funds will be allocated in the following manner over the life of the program (~10 years):
- A minimum of $24,000,000 for the leasing of higher education equipment at the State colleges;
- A minimum of $19,440,000 for the leasing of higher education equipment at Rutgers, The State University;
- A minimum of $10,080,000 for the leasing of higher education equipment at the University of Medicine and Dentistry of New Jersey;
- A minimum of $6,480,000 for the leasing of higher education equipment at the New Jersey Institute of Technology;
- A minimum of $22,000,000 for the leasing of higher education equipment at the county colleges;
- A minimum of $10,500,000 for the leasing of higher education equipment at private institutions of higher education; and
- A minimum of $7,500,000 for the leasing of higher education equipment for emerging needs programs at public and private institutions of higher education.
Grantees must provide 25% of the debt service on the bonds issued to finance the equipment purchase.
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