Summary of October 2021 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. The Board approved the establishment of the Silver Professorship in Data Science and Prevention in the Silver School of Social Work and the William Rom and David Kamelhar Associate Professorship in the Grossman School of Medicine. Trustee William R. Berkley, President Andrew Hamilton, and several others gave remarks in honor of the tenth anniversary of NYU Abu Dhabi.
Trustee Related Matters
The Board passed a resolution marking the passing of Life Trustee Helen L. Kimmel. In addition, on the recommendation of the Committee on Trustees, the Board approved a board committee assignment; approved the election of Thomas S. Murphy, Jr. as a trustee; approved the election of one member and re-election of three members of the NYU Institute of Fine Arts board; approved the election of three members and re-election of fifteen members of the NYU School of Law Foundation board; and approved the election of one member and re-election of seventeen members of the NYU Langone Health System board.
Select Committee Reports
- The Alumni Affairs and University Life Committee reported on the start of the fall semester, including welcome activities, students’ compliance with COVID-19 related policies on campus, new initiatives being undertaken to focus on student health and wellness, and efforts to continue and improve engagement with alumni.
- The Audit and Compliance Committee received a report by the Office of Internal Audit and Enterprise Risk Management and the Office of Compliance and Risk Management on institutional risks and approved Work Plans for NYU and NYU Langone Health System for fiscal year 2022. In addition, the Committee received a report on the University’s insurance programs.
- The Development Committee reported that the University raised $988.3 million in fiscal year 2021, the highest in NYU history. The Committee also noted 100% Board participation. The Committee also received updates on financial aid, noting that the University is now meeting 100% of demonstrated financial aid need for the current first year class and that much of this need is being met with grants and not loans.
- The Facilities and Real Estate Committee reported on the status of the University’s capital projects, insurance program, and current real estate strategies.
- The Finance Committee reported on the projected fiscal year 2021 operating margins, fall 2021 student enrollment which is above target, the University’s rating under the newly updated Moody’s Investor Service Higher Education ranking methodology, and the University’s resumption of capital projects that were placed on hold because of COVID-19.
- The Investment Committee reported that the University endowment’s performance had exceeded benchmarks.
- The Committee on Online Education and Technology reported on the University’s substantial offerings of online courses as a benefit to students across NYU’s global network.
- The Academic Affairs Committee reported on a presentation on the Breakthrough Scholars Leadership Program at the Stern School of Business, which included conversation with three current and former Breakthrough Scholars. The Committee recommended five honorary degree candidates, all of whom were unanimously approved by the Board of Trustees.
The President’s Report
President Hamilton reported on the University’s return to in-person learning and teaching for all students and faculty in the fall 2021 semester, noting very high levels of vaccination compliance.
President Hamilton reviewed his priorities, noting that significant progress had been made on his first priority of affordability, with tuition increases being restrained and the University now meeting 100% of demonstrated financial aid need for the current first year class, compared to 69% at the beginning of President Hamilton’s tenure.
President Hamilton reported on the University’s extraordinary growth with respect to institutional research, with the University experiencing a nearly 200% increase in faculty collaborations between schools and departments, ranking 24th in the nation by the National Science Foundation and 10th among private universities.
President Hamilton touched on the University’s sustainability initiatives, noting that the University had launched an All-University Climate Change Initiative, committing to a 25% reduction in greenhouse gas emissions by 2025 and a goal of being carbon neutral by 2040.
President Hamilton noted that Global Inclusion, Diversity, Belonging, Equity, and Access remains a top priority for the University, with the incoming class being the most diverse in the University’s history, while also being the most selective. NYU also ranks first among all universities in the country for its number of international students and students who study abroad.
President Hamilton reported on the latest university rankings, with NYU ranking at #28 in the U.S. News & World Report and #26 in the Times Higher Education world university rankings.
Finally, President Hamilton reported on the University’s fundraising efforts, with the past year having been a remarkable year with 100% participation by the trustees for an aggregate sum of $75 million. He also highlighted, among others, a $25 million gift from Bloomberg Philanthropies, a $50 million gift from the William R. Berkley Foundation to establish the Berkley Achievement Scholars Program, and a $50 million gift from Leonard Stern.