Summary of June 2019 Board of Trustees Meeting
Following meetings of the various Board committees on June 11, 2019, the NYU Board of Trustees met as a whole on June 12, 2019. Below is a summary of the meeting.
The Board approved the appointment of several deans and the Vice Chancellor of NYU Abu Dhabi; approved the establishment of the Department of Religious Studies within the Faculty of Arts and Science; approved the re-designation of a chaired professorship; established a new chaired professorship in the School of Medicine; and approved tenure-related recommendations from the Provost.
As it does each year at its June meeting, the Board considered and then approved the operating and capital budgets for fiscal year 2020, which reflect the cost-of-attendance and annual merit increases described in last May’s communication from Provost and Executive Vice President. Further details of the budget will be available soon on the NYU’s website budget page.
Select Committee Reports
Among the various committee reports:
- The Academic Affairs Committee reported on its visit with the dean of the NYU libraries, where it heard about how the libraries make their scholarly resources available, and the libraries’ focus on digital preservation, and on its discussions regarding faculty diversity, efforts to rectify “pipeline” issues, the piloting of a scouting program directed towards doctoral students, and efforts on campus to create supportive communities.
- The Alumni Affairs and University Life Committee discussed allegations in the media of campus anti-Semitism and issues relating to the free exchange of ideas, and heard from university administrators on the topic.
- The Audit and Compliance Committee discussed cybersecurity, among other issues.
- The Development Committee reported on its conversations with the new head of University Development and Alumni Relations regarding strategy, alumni giving participation, and fundraising for the 181 Mercer and 370 Jay St facilities.
- The Facilities and Real Estate Committee received updates on major construction projects in Washington Square and Brooklyn, plus the new Shanghai campus.
- The Committee on Global Initiatives discussed the new program in Los Angeles, as well as possible future developments at the London site. The Committee indicated that it was focusing on the vision of each of NYU’s global network sites.
- The Investment Committee reported that it reviewed the performance of the endowment and proposed investments, and discussed managing the number of managers in order to reduce costs.
Conflict of Interest
The General Counsel led the annual presentation on conflicts of interest forms
Election of Officers and Trustees
William Berkley was re-elected to a four-year term as Chair of the Board. Phyllis Putter Barasch, Laurence Fink, Chandrika Tandon, Daniel Tisch, Anthony Welters, and Leonard Wilf were elected as Vice Chairs. Kenneth Langone, Thomas Murphy, Constance Silver, Larry Silverstein, and Shelby White were elected Honorary Vice Chairs. Khaldoon Khalifa Al Mubarak, Maria Bartiromo, Marc H. Bell, and Mimi M.D. Marziani were all elected to terms as Trustees. Adam Taki and Sascia Yuan were elected to terms as Young Alumni Trustees.
The President’s Report
President Andrew Hamilton provided a review of some highlights of the past academic year, including:
- Improvement in rankings at both the school and university level.
- A record year for admissions – nearly 85,000 applications; higher SAT scores among applicants; an acceptance rate of 16% (and in the single digits at CAS and Stern); and record diversity.
- Student success, including the upward trend in NYU’s graduation rate (85%, up from 78.6% two decades ago) and retention (94%, a record). Student honors included two Rhodes Scholars, four Schwarzman scholars, and 22 Fulbright scholars.
- Progress on affordability, with NYU dropping from the 4th most expensive college when Andrew Hamilton became president to 27th (and now to 39th); the medical schools becoming tuition free; the presence of twice the number of Pell-eligible students as Harvard, Yale, and Princeton combined; the strengthening of the Law School’s loan repayment program; and the establishment the Meyers scholarship fund at the College of Nursing.
- Notable examples of academic excellence and progress, including faculty recipients of the Nobel Prize, the Turing Award, the Pulitzer Prize, and Tony Awards in the preceding year; a nearly 44% increase in research grant funding over the past two years; the designation of the Perlmutter Cancer Center as a Comprehensive Cancer Center by the NCI; and the establishment of the Department of Biomedical Engineering, launch of a Chemical Biology Initiative, and opening of a second medical school and a dental care center for those with special needs.
- The affirmation by Moody’s and S&P of NYU’s double-A level credit rating.