An Update on the 2023-24 Stony Brook Budget
August 25, 2023
Dear Stony Brook Community,
As the campus community returns from what I hope was an enjoyable, productive and restful summer, I’d like to provide a summary of Stony Brook’s 2023-24 budget as well as an update on the long-term impact of the recent $500 million unrestricted endowment gift made by the Simons Foundation.
Our all-funds, multi-year budget planning process, implemented in 2020, continues to advance a positive and responsible fiscal environment at Stony Brook. With a focus on stabilizing our budget, using all appropriate available resources, and creating transparent processes and policies, it has helped campus leaders make more strategic budgetary decisions. This budget rigor has given me confidence that Stony Brook is on as solid a financial path forward as possible, despite the uncertainties of a challenging national economy and the complexities of state and SUNY support.
As mentioned in my May budget update, the provisions of New York State’s FY 2024 budget were positive for Stony Brook. For the first time in more than a decade, Stony Brook received an increase in state operating aid ($18.6 million) and an additional $5.9 million to support students with disabilities and other student services as well as research investments. We are fortunate that Chancellor King, Governor Hochul and legislative leaders are strong supporters and advocates of Stony Brook’s mission.
State operating aid was increased to $166.4 million this year, up from $147.8 million. We also received significant increases in our capital funding, and this allowed us to make notable progress in meeting requests for additional funding in this year’s budget. Highlights from this year’s budget allocations include investment in faculty and staff lines; increased advising and tutoring; staff to enhance post-research award support; and critical IT and capital infrastructure.
However, the reality remains that Stony Brook continues to feel the impact of more than a decade of flat funding, five years of frozen tuition, and unfunded contractual salary increases that eroded important gains in faculty to student ratios. As a result, the University was unable to sustain the faculty increases made between 2011 and 2014, and the number of faculty has returned to 2011 levels while enrollment has increased by nine percent, meaning that the current faculty to student ratio is among the highest in the AAU. This year’s budget allocations reflect deep consideration and care to support requests made by our academic leadership, which included authorization for 78 tenured/tenure-track faculty hires for the upcoming academic year, thus allowing us to begin rebuilding our tenured/tenure-track faculty numbers.
Many in our campus community have asked about the June announcement of the $500 million Simons Infinity Investment to Stony Brook University and how it relates to the state’s new 1:2 endowment matching program. New York State will match the first $200 million of this gift with an additional $100 million. I am grateful to Jim and Marilyn Simons, and Simons Foundation president, David Spergel, for their visionary partnership in making this endowment gift that will be paid over an eight-year period.
Endowments are developed to be invested for the long term. The principal is left to grow for the future while modest investment income, typically 4 to 5 percent annually, is available to support current-year initiatives. As the endowment grows, Stony Brook will be well positioned to invest strategically and respond to emerging opportunities. There will not be any funds available from this gift or match for the 2023-24 academic year, but in the future, income derived from the endowment income will grow over time and will help to ensure excellence for Stony Brook’s future.
A campus budget presentation is planned for the August 28th University Senate meeting. I hope you will attend. Additionally, information about the campus budget and related processes and policies is available online. I am grateful for your continued commitment and creativity in maximizing our resources in order to focus on our ambitions. Together we will continue to meet and exceed expectations as a flagship for the future.
Sincerely,
Maurie McInnis
President