Summary of February 2023 Board of Trustees Meeting
The Board approved the establishment in the Tandon School of Engineering of the Morton L. Topfer Distinguished Professorship in Technology Management, retroactive to July 1, 2000, and the Herman F. Mark Professorship in Chemical and Biomolecular Engineering, retroactive to July 1, 1975, which were previously set up by Polytechnic University.
Trustee Related Matters
The Board passed two resolutions marking the passing of Life Trustees Richard Jay Kogan and Herbert Paul. In addition, on the recommendation of the Committee on Trustees, the Board approved a board committee assignment.
Other Action Items
The Board approved an amended and restated affiliation agreement among NYU, NYU Langone Hospitals and NYU Langone Health System, and the annual accounts of NYU Madrid for the fiscal year ended August 31, 2022.
Select Committee Reports
- The Audit and Compliance Committee reported on the mid-year reports it received from the Internal Audit and Enterprise Risk Management and Compliance and Risk Management departments, as well as a report on cybersecurity and technology. The Committee also reported on updates it received from PricewaterhouseCoopers (PwC), noting that its review is almost complete and no exceptions will be reported. The Committee also reviewed PwC’s performance and recommended retaining PwC for the fiscal year 2023 audit.
- The Committee on Trustees reported that the Committee reviewed the class of 2023 trustees and new trustee candidates, and will bring recommendations to the Board for approval at the June meeting.
- The Development Committee reported on the University’s fiscal year 2023 year-to-date fundraising numbers, noting that fundraising is currently trending higher than fiscal year 2022. The Committee also reported on presentations it received from Antonio Merlo, Dean of the Faculty of Arts and Science, and Raghu Sundaram, Dean of the Stern School of Business, on each school’s current fundraising efforts.
- The Investment Committee reported that it assessed the University’s endowment performance for 2022, evaluated and approved new investments, and reviewed asset allocation and each asset class in the endowment.
- The Facilities and Real Estate Committee reported that had reviewed and authorized a lease for the College of Dentistry. The Committee also reported on updates it received on major capital projects in progress, including 181 Mercer Street, noting that the student housing unit had opened on time in January 2023 and the faculty housing unit is expected to open soon. The Committee additionally reported that it had discussed real estate transactions in progress.
- On the recommendation of the Finance Committee and the Facilities and Real Estate Committee, the Board authorized the purchase of three condominium units to be used as faculty housing for the Grossman School of Medicine. The Committee additionally reported on updates it received regarding the University’s key financial metrics and positive fiscal updates from the University and NYU Langone.
President Andrew Hamilton opened his remarks by noting his delight at the selection of Linda G. Mills as the 17th president of NYU.
President Hamilton also updated the Board on campus safety and the steps underway to prioritize security in the dormitories. He noted that the University has conducted a full review of dormitory safety and access, including assessing physical changes, staffing increases, and policy changes.
President Hamilton also provided an update on NYU Shanghai’s move to the new campus, which was originally scheduled to take place over winter recess and had recently been completed. He noted his excitement to travel to Shanghai to see the new campus and participate in the NYU Shanghai 10th anniversary celebration.
Finally, President Hamilton reported that NYU has received 120,000 applications, which represents a 124% increase in applications over the last eight years and is the largest number of applications for any private university in the United States. He also highlighted the University’s strong success in research, noting the University’s increase in National Science Foundation rankings.
At the conclusion of the meeting, the Trustees went on small group tours of the John A. Paulson Center.