New Jersey Statutes Title 18A. Education 18A § 3B-53.6

b. (1) The State monitor, within six months of appointment to the position, shall issue a fiscal accountability plan to the institution and Secretary of Higher Education listing all benchmarks and remedial actions required to be completed by the institution and the necessary capacity and fiscal controls to be restored to the institution as a condition for the cessation of State monitor oversight. The State monitor may revise or amend the fiscal accountability plan, as appropriate.

(2) The State monitor shall issue progress reports to the governing board of the institution and the secretary on a monthly basis, or on a schedule determined by the secretary. The progress report shall detail the institution's progress in meeting the requirements of the fiscal accountability plan, and establish clear and measurable benchmarks to assess the institution's fiscal accountability.

(3) The secretary shall develop a transition plan outlining the process for the withdrawal of the State monitor and a return to full institution control. The State monitor shall provide oversight of the institution until the secretary determines that the transition plan has been successfully executed and the necessary capacity and fiscal accountability controls have been restored to institution operations.