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No co-sponsors yet.
History
- Recommitted to rules
- Ordered to third reading cal.1883
- Referred to rules
Companion bill
The same bill in the other chamber. A bill becomes law when one version passes both houses and the governor signs it, so either number can carry it.
Relates to establishing the state university of New York and city university of New York endowment fund
In Assembly Committee · Ways And Means · Sponsor Deborah Glick
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
Title of bill
An act to amend the state finance law, in relation to establishing the state university of New York and the city university of New York endowment fund
Purpose
The purpose of this bill is to create an endowment fund for both the state university of New York and the city university of New York with funds being held and invested by the comptroller.
Summary of provisions
Section 1. Amends the state finance law be adding section 92-gg which establishes the state university of New York endowment fund and the city university of New York endowment fund which will be in the custody of the comptroller. The assets and income held within the funds will be held and invested by the comptroller as the trustee. The state university of New York endowment fund and the city university of New York endowment fund will be made up of any funds that are transferred to these endowments as well as any other deposits made from other public or private sources. Also, ten percent of money received from settlements or judgments in claims or causes of actions by the state or any agency will be transferred to the comptroller where it will in turn be transferred to the endowment funds. Funds that are transferred to these endowment funds are solely for use by the state university of New York and the city university of New York. These funds are also only in place to supplement rather than supplant funds provided by the state. Annual payments from the investment earnings of the endowments will be used as determined by the board of trustees and may be spent on, but not limited to, areas such as employment of additional full-time faculty members, student financial aid, grants for research and development and other such higher education purposes.
Section 2. Establishes the effective date of this law.
Justification
For too long, our public higher education systems have suffered cuts in the amount of resources provided by the state. This lack of funds, along with growing enrollment, has caused more adjunct faculty to be hired instead of full time faculty. Both SUNY and CUNY have lamented the fact that their fiscal status prevents replacing adjunct faculty with full time faculty at a faster rate. It is thought that additional funds from the endowment could assist the systems in this regard.
An active endowment fund encourages contributions from alumni, faculty and philanthropists. It demonstrates the regard that the State and the community have for our public higher education systems. The funds will also provide much needed resources for faculty, student aid and research and development.
The funding mechanism for the endowment does not require taxpayer funds. It uses a portion of any settlements from judgements arising from any claim or cause of action brought by the state. In this way we continue to build our intellectual capital in this state.
Legislative history
New Bill.
Fiscal implications
To be determined
Effective date
This act will take effect immediately.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.