NY State Senate Bill 2015-S8066

Senate Bill S8066

2015-2016 Legislative Session

Relates to establishing the state university of New York and city university of New York endowment fund

download bill text pdf

Archive: Last Bill Status - In Senate Committee Rules Committee

Introduced
- In Committee Assembly
- In Committee Senate
- On Floor Calendar Assembly
- On Floor Calendar Senate
- Passed Assembly
- Passed Senate
Delivered to Governor
Signed By Governor

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Actions

View Actions

	Assembly Actions - Lowercase Senate Actions - UPPERCASE
Jun 17, 2016	recommitted to rules
Jun 16, 2016	ordered to third reading cal.1883
Jun 09, 2016	referred to rules

Votes

- Jun 16, 2016 - Rules Committee Vote
  S8066
  
  24
  
  Aye
  
  0
  
  Nay
  
  1
  
  Aye with Reservations
  
  0
  
  Absent
  
  0
  
  Excused
  
  0
  
  Abstained
  - - Rules Committee Vote: Jun 16, 2016
      
      aye (24)
      
      Bonacic
      
      Breslin
      
      Carlucci
      
      DeFrancisco
      
      Espaillat
      
      Farley
      
      Flanagan
      
      Gianaris
      
      Hannon
      
      Hassell-Thompson
      
      Krueger
      
      LaValle
      
      Lanza
      
      Larkin
      
      Little
      
      Marcellino
      
      Montgomery
      
      Nozzolio
      
      Parker
      
      Perkins
      
      Robach
      
      Seward
      
      Stewart-Cousins
      
      Valesky
      
      aye wr (1)
      
      Dilan

2015-S8066 (ACTIVE) - Details

See Assembly Version of this Bill:: A10297
Current Committee:: Senate Rules
Law Section:: State Finance Law
Laws Affected:: Add §92-gg, St Fin L
Versions Introduced in Other Legislative Sessions:: 2017-2018: A3715
2019-2020: A1190

2015-S8066 (ACTIVE) - Summary

Relates to establishing the state university of New York and city university of New York endowment fund.

2015-S8066 (ACTIVE) - Sponsor Memo

                                 BILL NUMBER:  S8066

 TITLE OF BILL :

An act to amend the state finance law, in relation to establishing the
state university of New York and the city university of New York
endowment fund

 PURPOSE :

The purpose of this bill is to create an endowment fund for both the
state university of New York and the city university of New York with
funds being held and invested by the comptroller.

 SUMMARY OF PROVISIONS :

Section 1. Amends the state finance law be adding section 92-gg which
establishes the state university of New York endowment fund and the
city university of New York endowment fund which will be in the
custody of the comptroller. The assets and income held within the
funds will be held and invested by the comptroller as the trustee.
The state university of New York endowment fund and the city
university of New York endowment fund will be made up of any funds
that are transferred to these endowments as well as any other deposits
made from other public or private sources. Also, ten percent of money
received from settlements or judgments in claims or causes of actions

by the state or any agency will be transferred to the comptroller
where it will in turn be transferred to the endowment funds. Funds
that are transferred to these endowment funds are solely for use by
the state university of New York and the city university of New York.
These funds are also only in place to supplement rather than supplant
funds provided by the state. Annual payments from the investment
earnings of the endowments will be used as determined by the board of
trustees and may be spent on, but not limited to, areas such as
employment of additional full-time faculty members, student financial
aid, grants for research and development and other such higher
education purposes.

Section 2. Establishes the effective date of this law.

 JUSTIFICATION :

For too long, our public higher education systems have suffered cuts
in the amount of resources provided by the state. This lack of funds,
along with growing enrollment, has caused more adjunct faculty to be
hired instead of full time faculty. Both SUNY and CUNY have lamented
the fact that their fiscal status prevents replacing adjunct faculty
with full time faculty at a faster rate. It is thought that additional
funds from the endowment could assist the systems in this regard.

An active endowment fund encourages contributions from alumni, faculty
and philanthropists. It demonstrates the regard that the State and the
community have for our public higher education systems. The funds will
also provide much needed resources for faculty, student aid and
research and development.

The funding mechanism for the endowment does not require taxpayer
funds. It uses a portion of any settlements from judgements arising
from any claim or cause of action brought by the state. In this way we
continue to build our intellectual capital in this state.

 LEGISLATIVE HISTORY :

New Bill.

 FISCAL IMPLICATIONS :
To be determined

 EFFECTIVE DATE :
This act will take effect immediately.

2015-S8066 (ACTIVE) - Bill Text download pdf

                            
                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                  8066

                            I N  S E N A T E

                              June 9, 2016
                               ___________

Introduced  by  Sen.  ROBACH -- read twice and ordered printed, and when
  printed to be committed to the Committee on Rules

AN ACT to amend the state finance law, in relation to  establishing  the
  state  university  of  New  York  and  the city university of New York
  endowment fund

  THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section  1.  The  state finance law is amended by adding a new section
92-gg to read as follows:
  S 92-GG. STATE UNIVERSITY OF NEW YORK AND CITY UNIVERSITY OF NEW  YORK
ENDOWMENT  FUND.    1. THERE IS HEREBY ESTABLISHED IN THE CUSTODY OF THE
COMPTROLLER A FUND TO BE KNOWN AS THE STATE UNIVERSITY OF NEW  YORK  AND
CITY  UNIVERSITY  OF NEW YORK ENDOWMENT FUND.  NOTWITHSTANDING ANY OTHER
PROVISION OF LAW, ALL OF THE ASSETS AND INCOME OF THE ENDOWMENT SHALL BE
HELD AND INVESTED BY THE  COMPTROLLER  AS  TRUSTEE  OF  SUCH  ENDOWMENT,
EXCEPT SUCH INCOME AS MAY BE ALLOCATED OR DISTRIBUTED BY THE COMPTROLLER
PURSUANT TO APPROPRIATION.
  2. THE ENDOWMENT SHALL CONSIST OF AMOUNTS TRANSFERRED INTO SUCH ENDOW-
MENT,  AND  ANY  OTHER AMOUNTS AS MAY BE DEPOSITED IN THE ENDOWMENT FROM
OTHER PUBLIC OR PRIVATE SOURCES. NOTWITHSTANDING ANY  PROVISION  OF  THE
LAW  TO  THE  CONTRARY,  IN ADDITION TO ANY OTHER AMOUNTS TRANSFERRED OR
DEPOSITED, TEN PERCENT OF ALL MONEYS  RECEIVED  AS  THE  RESULT  OF  THE
SETTLEMENT  OR COMPROMISE OF OR FROM ANY JUDGMENT ARISING FROM ANY CLAIM
OR CAUSE OF ACTION BROUGHT BY THE STATE OR ANY AGENCY THEREOF  SHALL  BE
TRANSFERRED AND PAID TO THE STATE COMPTROLLER, AND THE COMPTROLLER SHALL
DEPOSIT  SUCH  MONEYS  INTO  THE  STATE  UNIVERSITY OF NEW YORK AND CITY
UNIVERSITY OF NEW YORK ENDOWMENT FUND.
  3. AMOUNTS TRANSFERRED TO OR DEPOSITED INTO  THE  ENDOWMENT  SHALL  BE
DEDICATED TO THE STATE UNIVERSITY OF NEW YORK AND/OR THE CITY UNIVERSITY
OF  NEW  YORK, AND SHALL BE USED FOR NO OTHER PURPOSE, AND DISTRIBUTIONS
FROM THE ENDOWMENT SHALL BE USED TO SUPPLEMENT,  RATHER  THAN  SUPPLANT,
APPROPRIATIONS  FROM THE STATE IN SUPPORT OF THE STATE UNIVERSITY OF NEW
YORK AND THE CITY UNIVERSITY OF NEW YORK. THE FULL AMOUNT OF THE PRINCI-
PAL OF THE ENDOWMENT SHALL BE PRESERVED AND  ANNUAL  PAYMENTS  SHALL  BE

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.

                                                           LBD15536-02-6

S. 8066                             2

MADE  FROM  THE  INVESTMENT  EARNINGS OF THE ENDOWMENT IN SUPPORT OF THE
STATE UNIVERSITY OF NEW YORK AND THE CITY UNIVERSITY  OF  NEW  YORK,  TO
PROVIDE  FUNDING FOR PURPOSES AS DETERMINED BY THE BOARDS OF TRUSTEES OF
THE  STATE  UNIVERSITY  OF  NEW YORK AND THE CITY UNIVERSITY OF NEW YORK
WHICH MAY INCLUDE, BUT SHALL NOT BE LIMITED TO, EMPLOYMENT OF ADDITIONAL
FULL-TIME FACULTY MEMBERS, STUDENT  FINANCIAL  AID  TO  IMPROVE  ACCESS,
GRANTS FOR RESEARCH AND DEVELOPMENT, AND FOR ADDITIONAL HIGHER EDUCATION
PURPOSES AS MAY BE AUTHORIZED.
  S 2. This act shall take effect immediately.

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