ALBANY, N.Y. (NEWS10) — Hochul’s plan for strengthening the New York State higher education system gains light in the NY Budget Presentation. The budget proposes a state-matching fund for endowment contributions.
The budget argues endowments provide perpetual, stable, and long-term funding in support of campus operations, student scholarships for a diverse student body, endowed professorships to attract world-class faculty, innovative research, and the development of new academic fields. The Executive Budget will create the first-ever NYS matching fund for contributions made to the endowments of SUNY’s four university centers: Albany, Binghamton, Buffalo, and Stony Brook. The budget proposes for the fund to provide $1 of state funds for every $2 of private contributions to the universities’ endowments, up to 500 million in total State funds.