Dear Fellow Members of the NYU Community,
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 2016 (which covers the period September 1, 2015 to August 31, 2016).
The budget presentation in the pages that follow focuses on the parts of New York University other than the NYU Langone Medical Center (i.e., the School of Medicine and the Hospitals Center). The annual budget for the University apart from the NYULMC totals $2.892 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 sites (The consolidated operating budget for New York University, including the NYULMC is $8.046 billion).
The budget provides the financial framework for the University’s mission of teaching and research by balancing resources with need and aspiration. One of the most important needs is for increased financial aid. In fiscal 2016, entering freshmen who receive aid will, on average, receive the largest scholarship grants in NYU’s history, funding a larger share of tuition and mandatory fees than for any previous class. The University will provide over $300 million in institutional grant aid for undergraduates at the New York campus, up from $107 million just 10 years ago. This is made possible in part by the Momentum Campaign, announced in 2013, to raise $1 billion of new funding for financial aid.
The budget provides funding for the expansion of technology-enhanced education, including the design of new on-line and hybrid courses and degree programs. There is funding for expansion of student health services and the Wasserman Center for Career Development to serve the student population in Brooklyn, and for expansion of the Center for Multicultural Education and Programs. The fiscal 2016 capital budget incorporates funding for planning and design for a new building at 181 Mercer Street (the site of the 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.
NYU will continue to be vigilant about its budget to ensure the proper balance between needs and resources and to maintain academic excellence as our highest priority. I hope you will find this outline of NYU's fiscal 2016 budget to be informative.
Anthony P. Jiga
Vice President for Budget and Planning
(dollars in billions)
|NYU Langone Medical Center**||5.155||64%|
*All parts of New York University other than the NYU Langone Medical Center, i.e., the School of Medicine and the Hospitals Center. The Hospitals Center is comprised of Tisch Hospital; Rusk Institute of Rehabilitation Medicine; NYU Hospital for Joint Diseases; and the Clinical Cancer Center.
**The fiscal 2016 budget is expressed prior to elimination of intra-Medical Center revenues
of $0.338 billion.