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 2014 (which covers the period September 1, 2013 to August 31, 2014). The consolidated operating budget for New York University is $6.544 billion, as shown below. 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 $2.775 million and includes all academic, auxiliary and administrative units at Washington Square, in Brooklyn, the portal campuses of NYU Abu Dhabi and NYU Shanghai, and all global sites.
The budget provides the financial framework for the University’s mission of teaching and research. Balancing resources with need and aspiration, the budget includes for the first time the following major new initiatives: the formal integration of NYU-Poly as the Polytechnic School of Engineering, the opening of our new degree-granting campus at NYU Shanghai, the initiation of the combined Global Public Health major that is available to undergraduates in multiple schools, and the entry of our first classes of master’s degree students at the Center for Data Science, at the Center for Urban Science and Progress (CUSP), and in the multi-school Media and Games Network (MAGNET).
The University continues to increase our institutional aid for students. Ten years ago, the average grant-in-aid for freshmen receiving scholarship assistance from the University covered 34% of tuition and fees, while last year (fiscal 2013), those grants met 55% of the cost tuition and fees for freshmen enrolled at the Washington Square Campus. Although the budget for undergraduate financial aid has grown significantly over the past ten years (to $212 million in fiscal 2014 for the Washington Square campus alone), we are not yet where we want to be to adequately support our students and their families. Accordingly, the NYU Board of Trustees approved the launch of NYU’s “Momentum Campaign” with the goal of raising $1 billion over six years for scholarship funding for all undergraduate, graduate and professional students across New York University, including the School of Medicine. The campaign is anchored by a number of our Trustees, who have partnered to pledge more than $70 million in lead gifts.
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 2014 budget to be informative.
Anthony P. Jiga
Vice President for Budget and Planning