Student Senate panel: university budget
October 23, 2013
Throughout the week, WSN has published information about the debates over student debt and financial aid at NYU. Today’s focus is the budget. These three topics will be the main discussion points of WSN’s Student Senators panel discussion tomorrow at 3:30 p.m. in Kimmel room 406. Students can be a part of the audience and direct questions at the four senators, or they can tweet their questions to @nyunews, with the hashtag #askwsn.
The 2013 university budget is outlined on the NYU website. The budget for this year is a little over $2.5 billion.
Tuition and fees, student housing and dining, and other auxiliary operations contribute to almost 70 percent of the university’s budget. The other sources of revenue, including income from commercial real estate, sponsored research and educational programs, and gifts to the endowment and endowment investments, only contribute up to 5 percent of revenues.
Salaries and employment benefits make up over 50 percent of the university’s expenses. Almost 40 percent is used for building-related costs and general operating expenses. The remaining 10 percent is used for transfers to non-operating funds, professional services and fees, and contingencies and academic investment funds.
According to the university bylaws, several groups and people have an input in deciding the budget. The key players are NYU President John Sexton, the Finance Committee, the University Senate and chief financial officer Martin Dorph.
The Students Senator Council also has a Student Affairs Budget Advisory Committee, which reviews the budget and makes recommendations to the University Senate.