Establishes certain requirements for State and local governments awarding contracts or grants to nonprofit organizations.

This bill requires New Jersey state and local governments to establish a standard 15% indirect cost rate for nonprofit organizations receiving contracts or grants funded by federal or state sources. It creates a centralized database managed by the Department of the Treasury where nonprofits can submit and store required documents such as tax-exempt status, financial statements, and compliance certificates to streamline the bidding process. The legislation also mandates that agencies adopt federal cost principles, create standardized terminology for contracts, and adjust contract amounts annually based on inflation. These changes directly affect nonprofit organizations seeking public funding and the government agencies that award those contracts.