NY State Senate Bill 2019-S4447

Senate Bill S4447

2019-2020 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 Finance 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

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	Assembly Actions - Lowercase Senate Actions - UPPERCASE
Jan 08, 2020	referred to finance
Mar 11, 2019	referred to finance

co-Sponsors

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2019-S4447 (ACTIVE) - Details

See Assembly Version of this Bill:: A1190
Current Committee:: Senate Finance
Law Section:: State Finance Law
Laws Affected:: Add §92-ii, St Fin L
Versions Introduced in Other Legislative Sessions:: 2015-2016: A10297
2017-2018: A3715

2019-S4447 (ACTIVE) - Summary

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

2019-S4447 (ACTIVE) - Sponsor Memo

                                
 
BILL NUMBER: S4447

SPONSOR: MAY
 
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 by adding section 92-ii which
establishes the state university of New York 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 endow-
ment 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 earn-
ings of the endowments will be used as determined by the board of trus-
tees 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.

 
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
an 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. Similar to:
A.3715 of 2017-18
A.10297 of 2016

 
FISCAL IMPLICATIONS:

To be determined

 
EFFECTIVE DATE:
This act will take effect immediately.

2019-S4447 (ACTIVE) - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   4447
 
                        2019-2020 Regular Sessions
 
                             I N  S E N A T E
 
                              March 11, 2019
                                ___________
 
 Introduced by Sens. MAY, BENJAMIN, GOUNARDES, JACKSON, KENNEDY, MONTGOM-
   ERY,  SALAZAR,  STAVISKY  --  read twice and ordered printed, and when
   printed to be committed to the Committee on Finance
 
 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-ii to read as follows:
   § 92-II. 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
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.

                                                            LBD05014-01-9

 S. 4447                             2
 
 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
 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.
   § 2. This act shall take effect immediately.

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