§ 92-EE — New York state higher education endowment

New York § 92-EE

• Jurisdiction: New York
• Law STF: State Finance
• Art. 6: Funds of the State

Text

§ 92-ee. New York state higher education endowment. There is hereby\nestablished in the custody of the comptroller a fund to be known as the\nNew York state higher education endowment. Notwithstanding any other\nprovision of law, all of the assets and income of the endowment shall be\nheld and invested by the comptroller as trustee of such endowment,\nexcept such income as may be allocated or distributed by the comptroller\npursuant to appropriation. The endowment shall consist of amounts\ntransferred into such endowment, and any other amounts as may be\ndeposited in the endowment from other public or private sources. Amounts\ntransferred to or deposited into the endowment shall be dedicated to the\ncity university of New York and the state university of New York, and\nshall be used for no other purpose and distributions from the endowment\nshall be used to supplement, rather than supplant, appropriations from\nthe state in support of the city university of New York and the state\nuniversity of New York. The full amount of the principal of the\nendowment shall be preserved and annual payments shall be made from the\ninvestment earnings of the endowment in support of the city university\nof New York and the state university of New York, to provide funding for\npurposes including, but not limited to, employment of additional\nfull-time faculty members, student financial aid to improve access,\ngrants for research and development, and for additional higher education\npurposes as may be authorized.\n