Fiscal 2021 Budget
On behalf of the Provost and the Chief Financial Officer, I am pleased to share with you the key elements of the budget for New York University for fiscal 2021 (which covers the period September 1, 2020 to August 31, 2021). The consolidated fiscal 2021 operating budget for New York University is $14.704 billion.
Please note that this budget does not reflect the expected impacts of COVID-19 on NYU’s revenues and expenses and the related mitigations in place as described in the October 13, 2020 memo from President Hamilton, Provost Fleming and Martin Dorph, EVP.
The budget discussion that follows focuses on the parts of New York University other than NYU Langone Health. The annual budget for the University apart from the NYU Langone Health totals $3.689 billion and includes all academic, auxiliary, and administrative units at NYU New York, NYU Abu Dhabi, the New York-based budget of NYU Shanghai, and all global program sites.
The University budget provides the financial framework for the University’s mission of teaching and research by balancing resources with needs and aspirations. The budget for fiscal 2021 includes funding for the following key initiatives: (1) Affordability – the fifth consecutive year of reductions to the rate of increase in tuition, fees, room, and board charges for entering freshmen; (2) Investments in research and select academic programs including Artificial Intelligence and graduate engineering programs; (3) Courtesy meals to alleviate food insecurity for our students; (4) Seed fund for in-house development of online programs
The fiscal 2021 capital budget includes continued development of a new building at 181 Mercer Street (the site of the former Coles Sports and Recreation Center) – when completed, the new building will provide modern, high-quality space designed specifically to meet the University’s long-term academic, residential, and athletic needs; completion of a fully renovated building at 370 Jay Street (Brooklyn) – the new centerpiece of NYU’s applied science initiative at the intersection of media, technology, and the arts; the full renovation of a building located at 404 Lafayette/708 Broadway – the first permanent home of the College of Global Public Health; the completion of the Co-Generation (“CoGen”) Plant project that will provide new electrical generating and chiller/hot water capacity to allow for future expansion to support University buildings and to support the 181 Mercer Street facility; and capital replacement projects focusing on life/safety and code issues.
As mentioned above, the budgets reflect the University’s baseline financial plan and do not include any financial impacts related to COVID-19. We are continuously monitoring the revenue shortfalls and increased expenses resulting from the pandemic as well as offsetting impacts from our mitigation measures. Further detail on NYU’s response to COVID-19 can be found here. NYU will continue to be vigilant to ensure the proper financial balance between needs and resources and to maintain both academic excellence and our long-term financial health.
VP, Budget, Financial Planning & Analysis
University - All parts of New York University other than NYU Langone Health
NYU Langone Health - The budgets for the School of Medicine and the Health System are expressed prior to eliminations of intra-Medical Center revenues of $1.160 billion.
NYU Langone Health System - is the sole corporate member of the following entities: NYU Langone Hospitals and various other related organizations.