Dear Fellow Members of the NYU Community,
On behalf of the Provost and the Chief Financial Officer, I am pleased to share with you the key elements of the budget for New York University for fiscal 2015 (which covers the period September 1, 2014 to August 31, 2015). The consolidated operating budget for New York University is $7.356 billion. The budget presentation in the pages that follow focuses only on the parts of New York University other than the NYU Langone Medical Center (i.e., the School of Medicine and the Hospitals Center). The budget for the “University” totals $2.799 billion and includes all academic, auxiliary, and administrative units at Washington Square, Brooklyn, NYU Abu Dhabi, the New York-based budget of NYU Shanghai, and all global sites.
The budget provides the financial framework for the University’s mission of teaching and research by balancing resources with need and aspiration. Fiscal 2015 is the first full fiscal year following the merger with NYU Polytechnic, and the budget reflects the savings in administrative and auxiliary operations that resulted from the merger, as well as increased capital and academic investments in the new Polytechnic School of Engineering. The fiscal 2015 budget also incorporates funding for planning and design for the redevelopment of the Coles Sports and Recreation Center site on Mercer Street. When completed, the new building on the site will provide modern, high-quality space designed specifically to meet the University’s long-term academic, residential, sports, and recreational needs.
The University continues to increase our institutional aid for students and to invest in career services. Two important new categories of undergraduate financial aid included in the fiscal 2015 budget are the Finish Line Grant and the Global Pathways Scholarship: the Finish Line Grant provides scholarship assistance to undergraduates receiving financial aid as they approach their final semester, lowering their debt upon graduation; and the Global Pathways Scholarship program provides need-based assistance to cover the additional costs of studying abroad. Both programs are made possible by the Momentum Campaign, which was announced last year to raise $1 billion of new funding for financial aid. The Wasserman Center for Career Development will expand its career placement services for master’s and PhD students, especially for those enrolled in schools other than the professional schools.
NYU will continue to be vigilant about its budget to ensure that support of academic excellence remains our highest priority. I hope you will find this outline of NYU's fiscal 2015 budget to be informative.
Anthony P. Jiga
Vice President for Budget and Planning
(dollars in billions)
|NYU Langone Medical Center**||4.557||62%|
*All parts of New York University other than the NYU Langone Medical Center, i.e., the
School of Medicine and the Hospitals Center. The Hospitals Center is comprised of Tisch
Hospital; Rusk Institute of Rehabilitation Medicine; NYU Hospital for Joint Diseases; and
the Clinical Cancer Center.
**The budgets for the School of Medicine and the Hospitals Center are $1.933 billion and
$2.264 billion, respectively, prior to eliminations of intra-Medical Center revenues of
$.293 billion. Please follow the link for the latest NYULMC annual report.