Bill To Require Financial Info From Mass. Colleges

Tax-exempt colleges and universities in Massachusetts would be required to turn over more financial information under a bill being unveiled on Beacon Hill.

Somerville Democratic state Sen. Patricia Jehlen and Boston Democratic Rep. Michael Moran say the public has a right to more information about the financial health of universities that enjoy the public's support through their exemption from certain taxes.

Schools that hold over $10 million in investments or property would be required to disclose the value of those investments and calculate the benefits they receive from tax exemptions.

The bill is expected to be unveiled Tuesday. It also requires the schools to report potential conflict of interests for trustees or directors, and disclose the names and salaries of staff earning over $250,000 annually.