Summary of December 2023 Board of Trustees Meeting
In accordance with University Bylaws, the Board provided authorization for the President and Chancellor to confer degrees upon those who have fulfilled the appropriate course requirements. On the recommendation of the Academic Affairs committees of the Senate and the Board, the Board approved a candidate to be added to a list for consideration for an honorary degree at a future University Commencement. On the recommendation of the Provost, the Board approved the establishment of the Taki Visiting Global Professorship in the Gallatin School of Individualized Study, effective September 1, 2024.
Trustee Related Matters
In order to honor members of the NYU community who died during the last academic year respectfully and appropriately, the Board resolved that the names of those recognized in the University’s In Memoriam listing would be appended to the minutes of the meeting. In addition, in order to honor long-serving members of the University community, the Board resolved that the names of those who received 25-year Service Citations would be appended to the minutes. On the recommendation of the Global Initiatives Committee, the Board approved amendments to its charter. The Board also approved the appointment of Andrea C. Bonomi to the Development Committee.
Select Committee Reports
- The Audit and Compliance Committee reported on presentations regarding the University’s progress in technology and cybersecurity and the University’s research operations and the importance of compliance. The Committee also reported on the unmodified audit opinions from PricewaterhouseCoopers, notably the FY23 consolidated financial statements for the University and NYU Langone Health. On recommendation of the Committee, the Board approved a resolution to accept the University financial statements and annual report of directors.
- On recommendation of the Finance Committee, the Board authorized the University to establish a short-term commercial paper program to supplement the University’s existing line of credit. The Finance Committee also reported on its review of the FY23 year-end financial results, FY24 updates, and FY25 preliminary budget planning parameters.
- The Academic Affairs Committee reported on its joint meeting with the Senate’s Academic Affairs Committee, which included discussions about the university’s 10-point plan developed to insure student safety and well-being. The Committee was also briefed on the events for the fall “Week of Connection, Care, and Community”. Finally, the Committee received a presentation about high impact practices to address student success.
- The Alumni Affairs and University Life Committee reported on a successful Alumni Day in the fall and a discussion about the ways the Division of Student Affairs is collaborating for student success, including through the NYU Welcome program and efforts to embed career development into a student’s entire educational experience.
- The Development Committee provided an update on the total amount of gifts received by the University for FY24 so far, noting a positive overall outlook on fundraising for the University. The Committee also reported on plans for University Development and Alumni Relations (“UDAR”) to hire additional staff to support fundraising efforts and UDAR’s upcoming transition to a new and improved relationship management software.
- The Facilities and Real Estate Committee reported on recent searches for additional facilities as well as updates regarding in-progress building initiatives.
- The Global Initiatives Committee reported on a presentation on research at NYU and global expansion and updates on NYU London and NYU’s Tulsa Initiative.
- The Investment Committee reported that it received updates on the University’s search for a new Chief Investment Officer, reviewed endowment performance, and evaluated new investments.
- The Committee on Online Education and Technology reported on a presentation about online programs and NYU’s competitive position in the online space, an update on the University’s investment in AI, and a discussion of the role online education can play in improving retention and graduation rates.
President Linda G. Mills opened her report with a brief overview of the University’s response to news of the October 7th terrorist attacks in Israel, including the University’s immediate efforts to ensure the safety of the students studying at NYU’s campus in Tel Aviv, and a discussion on the 10-point plan for student safety and well-being, which was issued on October 25th. She reviewed the plan and provided updates on actions taken since issuing the plan.
NYU Leonard N. Stern School of Business Presentation
Chair Evan Chesler and President Mills introduced a presentation by NYU Stern School of Business (“Stern”) Dean Raghu Sundaram about Stern’s transformative change process. Dean Sundaram discussed Stern’s history and changes undertaken in the aftermath of the financial crisis of 2007-2008. He reviewed Stern’s new approach and the impact of that approach in areas such as incoming student profiles, student outcomes, student experience, program diversification, and increased support and accessibility.
Students discussed the reasons they chose Stern, their relationships with both the Stern community and the NYU community, and how Stern is preparing them for life after college. Vice Dean for Learning Innovation and Professor of Marketing, Kim Corfman, reviewed the development of online programs, noting that online learning has resulted in new ways to complete the Stern MBA and allowed Stern to expand from the traditional market. Deepak Hegde, the Seymour Milstein Professor of Strategy and founder and Andrew Hamilton Director of the Endless Frontier Lab (the “EFL”), discussed the EFL, a program designed to transform scientific breakthroughs into high-growth businesses.
Follow-Up Discussion by President and Board
President Mills opened a discussion about how other schools, the University as a whole, and the Board of Trustees can draw insights from the steps taken by Stern to drive progress and how those insights can support the University’s growth and ability to achieve its goals. She highlighted that NYU’s research ranking is at an all-time high, reaching #1 in New York City and #15 in the U.S. She reviewed NYU’s growth in research investment, which reached a total of $1.27 billion in 2022, and the various sources responsible for the expenditures as well as certain large awards. She discussed NYU’s establishment of a quantum link from Brooklyn to lower Manhattan as well as progress in the science and technology area.