NYU leadership proposes budget of $4.3 billion for next academic year
NYU announced it proposed a budget of $4.3 billion for the 2024-25 academic year to the board of trustees in a universitywide memo last week, marking a 5% increase from last year’s $4.1 million.
Under the budget — signed by interim provost Georgina Dopico and Executive Vice President Martin Dorph — the undergraduate cost of attendance at NYU would rise by 3.4%, with a 3.9% uptick in tuition and a 2.3% increase in food charges, according to the email. Compensation for full-time tenured and tenure-track faculty would also increase by 3.5%, and an additional $17 million would be allocated toward undergraduate financial aid. NYU spokesperson Joseph Tirella told WSN that the board of trustees will review the proposed budget in June.
“Every year the university goes through a thorough process to develop the following year’s budget, this includes reviewing requests from senate councils such as the SGA and others, and, of course, the requests and needs of schools,” NYU spokesperson Joseph Tirella wrote in a statement to WSN. “Ultimately, these requests must maintain a balance between resources and expenses, while at the same time, the university continues our efforts to restrain growth in tuition.”
Overall undergraduate cost of attendance will increase by 3.4%. The jump includes a 3.9% increase in tuition — amounting 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 charges. In a June 2023 email, NYU announced a 3.6% tuition raise from the previous academic year.
Tirella confirmed that of the $17 million increase in financial aid budget over the previous academic year, “all of it” will go toward the NYU Promise, an initiative announced at President Linda Mills’ inauguration 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 over 1,000 members of the class of 2028 will qualify for the NYU Promise. They also wrote that total undergraduate financial aid will increase to $485 million next academic year, excluding students at 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 dormitory Goddard Hall into an academic building and renovate the Tandon School of Engineering. These initiatives are slated for the next academic year and will be funded by a $515 million Capital Budget, which supports the university’s physical facilities and IT infrastructure.
The email also proposed plans to reopen Rubin Hall, which has been undergoing renovation since summer 2023. The dormitory 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 is set to be completed by spring 2025.
As of April 30, the university fundraised $73 million more than in April 2023. The memo cites that NYU, excluding NYU Langone Health, “stood at $4.98 billion” in total combined endowment fund as of March 31, representing a 9.5% increase since Aug. 31.
In a February statement to WSN, university spokesperson John Beckman said that NYU’s “per student endowment” is smaller than that of its peer institutions, putting it at a “structural disadvantage” regarding financial aid.
Contact Aashna Miharia at amiharia@nyunews.com.
This story NYU leadership proposes budget of $4.3 billion for next academic year appeared first on Washington Square News.
NYU announced it proposed a budget of $4.3 billion for the 2024-25 academic year to the board of trustees in a universitywide memo last week, marking a 5% increase from last year’s $4.1 million. Under the budget — signed by interim provost Georgina Dopico and Executive Vice President Martin Dorph — the undergraduate cost of…