Compared with the original financial plan attributable to external economic forces:
Due to the decline in the endowment's market value and the fact that New York remains one of the very few states not to adopt a more modern version of endowment spending regulation, the budget for income from endowment is $33.2 million less than the original financial plan.
Short-term investment earnings on the University's working capital are expected to be $6.6 million below plan due to very low short-term interest rates.
Annual fund and expendable cash gifts are projected to be $17.6 million less than plan.
Other revenues, including sales of computers at the University's book store, are budgeted with a decrease from plan of $2.3 million.
Compared with the original financial plan that are the result of policy choices responding to higher education trends:
The fiscal 2010 budget increases undergraduate tuition at 3.85% above fiscal 2009 tuition, which is lower than the planned increase of 4.5%. The dollar impact of this change, net of higher enrollment, was a revenue decrease compared with the plan of $8.1 million.
The fiscal 2010 budget increases the room and board at 2.5% above 2009 levels, rather than the planned increase of 4.5%. This represents $5.1 million less revenue than plan.
To meet anticipated increased demand for financial aid, undergraduate gift and grant aid from the University's general operating fund increases by 7.8% in the fiscal 2010 budget, which is $8 million more than the planned rate of increase of 4.9%. This is the second consecutive year that the increase in gift and grant aid for undergraduates from the general operating fund will grow by more than twice the rate of increase of undergraduate tuition.
Revenue Gap Total : $80.9 million