close
close

New York University leadership proposes $4.3 billion budget for next academic year

A+flag+with+NYU%E2%80%99s+logo+hangs+from+a+red+brick+building.

New York University (Gabe Vasconcellos for WSN)

New York University announced that it proposed a $4.3 billion budget for the 2024-25 academic year to the board of trustees in a university-wide memo last week, marking a 5% increase from 4 .1 million dollars last year.

Under the budget, signed by Interim Provost Georgina Dopico and Executive Vice President Martin Dorph, the cost of college attendance at NYU would rise 3.4%, with a 3.9% increase in tuition and a 2.3% increase in food expenses, according to the email. . Compensation for full-time and tenure-track faculty would also increase by 3.5%, and an additional $17 million would be allocated to undergraduate financial aid. NYU spokesperson Joseph Tirella told WSN that the board of trustees will review the proposed budget in June.

“Each year, the university goes through an exhaustive process to develop the following year’s budget, this includes reviewing requests from Senate councils like the SGA and others and, of course, the requests and needs of the schools,” the university wrote. New York University spokesperson Joseph Tirella said in a statement to WSN. “Ultimately, these requests must maintain a balance between resources and expenditures, while at the same time the university continues our efforts to curb enrollment growth.”

The overall cost of attendance for undergraduate students will increase by 3.4%. The jump includes a 3.9% increase in tuition, which is equivalent to about $63,000 for the cost of attendance at most NYU schools, about $65,000 at the Stern School of Business and about $69,000 at the Tisch School of the Arts, and a 2.3% increase in housing and food costs. In an email from June 2023, NYU announced a 3.6% tuition increase of the previous academic year.

Tirella confirmed that of the $17 million increase in the financial aid budget compared to the previous academic year, “all” will go to NYU Promise, an initiative announced at the inauguration of President Linda Mills in the fall that guarantees free tuition for incoming students from households with an annual income of less than $100,000.”

In the memo, Dopci and Dorph wrote that more than 1,000 members of the class of 2028 will qualify for NYU Promise. They also wrote that total financial aid for undergraduates will increase to $485 million next academic year, excluding students on the Abu Dhabi and Shanghai campuses.

“NYU has been making multimillion-dollar investments in financial aid for years to establish and sustain the NYU Promise,” Tirella said.

The memo also outlined plans to reopen Rubin Hall, convert the decommissioned Goddard Hall dormitory into an academic building and renovate the Tandon School of Engineering. These initiatives are planned for the next academic year and will be funded with $515 million in funding. Capital budgetwhich supports the university’s physical facilities and IT infrastructure.

The email also proposed plans to reopen Rubin Hall, which has been under renovation since summer 2023. The dorm will include new windows, plumbing and electrical systems, as well as updated bathrooms and kitchens, according to the budget. Tirella told WSN that the transformation of 79 Washington Square East, formerly the residential Goddard Hall, into an academic building will be completed in spring 2025.

As of April 30, the university raised $73 million more than it did in April 2023. The memo cites that NYU, excluding NYU Langone Health, “stood at $4.98 billion” in total combined endowment funds as of March 31, representing a 9.5% increase since August. 31.

In a February statement to WSN, university spokesperson John Beckman said NYU’s “endowment per student” is lower than its peer institutions, putting it at a “structural disadvantage.” regarding financial aid.

Contact Aashna Miharia at (email protected).