The capital budget provides funding for the University’s physical facilities and information technology infrastructure.
In fiscal 2011, capital expenditures will total $367 million. Sources of funding include:
- Long-term financing for 55% of the total, or $203 million. (The University’s ability to finance its capital program is facilitated by NYU’s strong financial position, as recognized by ratings on NYU’s general obligation unsecured debt from Moody’s and S&P of Aa3 and AA-, respectively.)
- Philanthropy, government grants, previously funded capital project accounts, and transfers from operating budgets make up the remaining 45%, or $164 million.
The capital budget is used for the following purposes:
- 70% of capital expenditures will be for improvements to, or new construction of, academic facilities
- 3% of capital spending will purchase new, or improve existing, student housing and other facilities that house student services
- 9% of the capital budget will be used to purchase new, and improve existing, faculty housing
- 18% of the capital budget will be used for campus infrastructure, including a new co-generation plant and various information technology initiatives
- Spending for capital maintenance to keep all University buildings in good repair is included in each of the four categories above, and totals $32 million dollars.
Fiscal 2011 Capital Budget*
* All parts of the University other than the NYU Langone Medical Center (i.e., the School of Medicine and the Hospitals)
Selection of Major Projects Funded in the Capital Budget
Center for Academic and Spiritual Life
Currently under construction at the corner of Washington Square South and Thompson Street, the Center for Academic and Spiritual Life will include spaces for religious observance; offices for NYU’s Chaplains’ Circle and the Archdiocese of New York owned Catholic Center; classrooms; music practice and rehearsal spaces; and conference rooms. The Center will provide a communal home for NYU students’ religious and spiritual lives, as well as provide additional academic space in the core area of the Washington Square campus. Construction is scheduled for completion in Spring 2012.
Faculty of Arts and Science
Upgrade and renovation of laboratories, offices and administrative spaces in the Silver Complex to support growth and enhancement for Chemistry research and instruction.
Tisch School of the Arts
Renovation of space in adjacent buildings on Broadway to house musical theater writing, performance and acting studios.
Steinhardt School of Culture, Education, and Human Development
Renovation of space in the Third Avenue North Residence Hall for music instruction.
School of Continuing and Professional Studies
Full renovation of the 7 East 12th Street Building to accommodate classrooms, conference rooms, faculty offices and administrative space for the School of Continuing and Professional Studies. Construction is scheduled for completion in Fall 2011.
Global Site in Washington, DC
Land acquisition, design and construction of a new 75,000 GSF, mixed-use building on a vacant lot at 1307 L Street NW in Washington, DC. Nearly 60% of the building will be dedicated to residential life and 40% to academic program use. The building will play host to NYU in DC and the Global Network University through FAS programs in Art History/Urban Design/Architecture, Economics, English, Environmental Studies, History, Journalism, Politics, Metropolitan Studies. Construction is scheduled for completion in Fall 2012.
Replacement of the University's power cogeneration facility, with expansion in service capacity and delivery. Energy alternatives utilized and efficiencies gained by the new plant increase sustainability and environmental stewardship.
Full renovation of floors 4 and 5 in the Bobst Library for enhancement of teaching, research, study areas, and student resource services.
Various Capital Maintenance Projects
These projects include repairs to building facades, roof replacements, installation of sprinklers, replacement and upgrades of HVAC systems, sidewalk replacements, etc.
Ongoing implementation of a new Student Information System and extension of wireless internet connectivity at multiple campus locations.