Academic Matters

On the recommendation of the Provost, the Board approved an update to the faculty grievance procedures in the Faculty Handbook and the renaming of the Department of Environmental Health as the Department of Global and Environmental Health at the School of Global Public Health. The Board passed a resolution renaming the Morton L. Topfer Distinguished Professorship in Technology Management as the Morton L. Topfer Professorship in Technology Management at the NYU Tandon School of Engineering. The Board permitted the suspension of Bylaw 81(c) to allow a new faculty member’s continued enrollment in a PhD program at NYU. In addition, the Board confirmed the fiscal year 2024 Board of Trustees meeting schedule.

Trustee Related Matters

Chair William Berkley expressed the Board’s sincere gratitude for Andrew Hamilton’s service as President of the University. Mr. Berkley also, along with Phyllis Putter Barasch, expressed the Board’s appreciation and recognition of the service of outgoing Young Alumni Trustee Dasha Rettew. The Board approved resolutions to formally recognize their service.

On the recommendation of the Committee on Trustees, the Board elected Andrea C. Bonomi, Alan Gallo, and Damaris Hernández as Trustees; elected Quemuel Arroyo as a Young Alumni Trustee; re-elected Sharon Chang, Jinsong Ding, Jeffrey Gould, David A. Katz, David C. Oxman, Brett B. Rochkind, and David A. Tanner as Trustees;; re-elected Leonard Boxer as a Trustee Associate; and elected William R. Berkley as Chair Emeritus. On the recommendation of the Committee on Trustees, the Board elected Phyllis Putter Barasch, Laurence D. Fink, Chandrika Tandon, Anthony Welters, and Leonard A. Wilf as Vice Chairs of the Board and Kenneth G. Langone, Constance Silver, Larry A. Silverstein, and Shelby White as Honorary Vice Chairs of the Board, each for a term of one year. On the recommendation of the Committee on Trustees, the Board established the Office of the Executive Vice Chair, and elected Phyllis Putter Barasch, Evan R. Chesler, David A. Katz, Kelly Kennedy Mack, Thomas S. Murphy, Jr., and Anthony Welters as Executive Vice Chairs of the Board, each for a term of one year. On the recommendation of the Chair of the Board after consultation with the Committee on Trustees, the Board approved the Board committee memberships and chair and vice chair assignments. The Board additionally approved the election of two members of the NYU Institute of Fine Arts Board of Trustees and the election of one member to each of the Boards of Trustees of the NYU Langone Health System, NYU Langone Hospitals, and the NYU Grossman School of Medicine Advisory Board.

Other Action Items

The Board approved new gift acceptance policies for the University and the NYU School of Law Foundation. The Board also designated a HIPAA Privacy Officer for the University.

Finance Committee Report and University Budget Presentation

Stephanie Pianka, Senior Vice President for Finance and Budget and Chief Financial Officer, reported that the Committee had received updates on year-to-date financials for NYU Langone Health, including operating margins. She then presented the University’s proposed fiscal year 2024 capital and operating budgets, including key budget assumptions and risks and challenges. On the recommendation of the Finance Committee, the Board approved the operating and capital budgets for the University for the fiscal year ending August 31, 2024; approved the endowment spending policy for the fiscal year ending August 31, 2024; and approved for the University to guarantee two lease extensions for academic space in London. On the recommendation of the Facilities and Real Estate Committee and the Finance Committee, the Board also authorized a capital lease and a building purchase for the Grossman School of Medicine.

Select Committee Reports

  • The Academic Affairs Committee reported that it received a presentation by Vice Provost Stacie Bloom and Associate Dean of Academic Affairs and Innovation and
  • Clinical Professor at the School of Professional Studies Mary Killilea about NYU’s role in the New York Climate Exchange initiative as well as a presentation by NYU Steinhardt on the Listening Project, which is working to address the crisis of connection in adolescents.  The Committee also received a presentation by Dr. Jennifer Homans, the Director of the Center for Ballet and the Arts, on the Center’s programs and goals and a presentation by Clay Shirky, Vice Provost for Educational Technologies, on how NYU is incorporating Chat GPT into the classroom experience.
  • The Alumni Affairs and University Life Committee reported that it received a presentation by Stuart Robinson, Assistant Vice President for Student Affairs and Director of Athletics, and six student athletes on the student athlete experience at NYU. The Committee also received updates regarding NYU alumni undergraduate giving rates and discussed recommendations and strategies to increase participation.
  • The Audit and Compliance Committee reported that the University’s General Counsel provided the annual report on conflicts of interest to the Committee, and the Committee reviewed the University draft IRS Form 990 for the fiscal year ended August 31, 2022, a copy of which was also provided to the Board. In addition, the Committee had reviewed the six policies under its purview, approved changes to two of those policies, and reviewed a new policy on Export Compliance. The Committee advised that they had received a report from MJ Knoll-Finn, Senior Vice President for Global Enrollment Management and Student Success, and Ryan Poynter, Associate Vice Provost on university rankings as well as a technology and cybersecurity report from Donald Welch, Vice President, Information Technology, and Global University Chief Information Officer, and Richard Sparrow, Chief Information Security Officer.
  • The Facilities and Real Estate Committee reported that it had reviewed the University’s capital plans and major projects. The Committee also reported that it discussed real estate transactions in progress.
  • The Global Initiatives Committee reported on updates from NYU’s global initiatives team, which included developments at the global sites and undergraduate study away programs as well as the NYU London academic center. The Committee also discussed the strong partnership with KAIST (Korea Advanced Institute of Science and Technology), a STEM school in South Korea, and various areas for joint research throughout the University.
  • The Investment Committee reported that it assessed the University’s endowment and overall market performance and reviewed the portfolio’s strategic asset allocation.
  • The Committee on Online Education and Technology reported that it received a presentation by Clay Shirky on developments in NYU’s online education programs and the ways the University is using ChatGPT as a strategic tool.

President’s Report

President Andrew Hamilton noted this would be his final report as President and as such, he planned to review the past year in light of the priorities he announced in 2016 at the start of his presidency. He opened his remarks by discussing the University’s academic excellence, sharing various increases in rankings at both the University and school level and noting that the University is ranked higher than ever before. President Hamilton additionally reported on various grants and awards received by University faculty and awards in 2022 and 2023 as well as increases in certain student retention rates and graduation rates. He highlighted that the University had reached its lowest admit rate and an increase in the yield rate. He noted the increase in applications and continued emphasis on a diverse class. President Hamilton also reported on a strong research enterprise, highlighting total research expenditures of $1.26 billion and an increase in the number of awards and the amounts of those awards.

President Hamilton discussed NYU’s growth during his eight-year tenure, noting its expansion into Brooklyn, the increase in undergraduate study away enrollment, the upcoming move to a new building in London, NYU Shanghai’s move to a new campus, and NYU Abu Dhabi’s increase in rankings.

With respect to the University’s operating margin, he reported that NYU has outpaced its budget numbers every year since 2016. He noted the growth of the endowment and the working capital balance since 2016, and the University’s continued good credit ratings, all of which reflect a strong enterprise.

President Hamilton took special pride in the University’s fundraising during his eight-year tenure; constructing and opening the Paulson Center; and managing NYU through the pandemic and particularly keeping the NYU positivity rate at an incredibly low level compared to the NYC rate.

He concluded his report by expressing his deep gratitude to the Board, and especially to Chair William Berkley, for his partnership and leadership of the Board, and by wishing the new president the best of luck, noting the University is in excellent hands.