College and University reporting relates to financial reporting for the City University of New York (CUNY) Senior Colleges and the State University of New York - State Operated Colleges (SUNY). Financial information presented as the primary government component of CUNY Senior Colleges and SUNY audited financial statements will be discretely presented in the State’s Basic Financial Statements as Enterprise Funds. Appropriate reclassifications and eliminations will be made to the Governmental Fund Types to ensure proper accounting and reporting. Certain entities comprising the College and University Enterprise Funds are described below.
CITY UNIVERSITY OF NEW YORK SENIOR COLLEGES
The City University of New York was created by the State legislature as an independent system of higher education responsible for the maintenance and operation of various institutions of higher learning in the City of New York. The CUNY system includes both four-year Senior Colleges, and two-year Community Colleges. A seventeen-member Board of Trustees composed of ten gubernatorial appointees, five members appointed by the Mayor of the City of New York, and two members of the University Community who serve ex-officio govern it. The Board of Trustees controls the academic and administrative functions of both the Community Colleges and Senior Colleges. However financial responsibilities for their operations are shared pursuant to legislation enacted in 1978 and 1980. New York State is responsible for funding 100% of Senior College net operating expenses, and since January 1, 1980 title to all real property used by the Senior Colleges rests with the State. The financial position and results of operations of the CUNY Senior Colleges are therefore included in the reporting entity. Financial responsibility for the Community Colleges however is retained by the City of New York (the local sponsor). Oversight responsibility for the Community Colleges therefore rests with the City, and the financial position and results of operations of the Community Colleges are excluded from the State's reporting entity.
Other organizations included in the CUNY Senior Colleges reporting entity include:
Research Foundation of the City University of New York
The Research Foundation of the City University of New York administers gifts, grants, and trusts for the benefit of the City University. The Foundation is administered by a Board consisting of CUNY College presidents, officials from the Chancellor's Office, members of the Board of CUNY, and faculty from the Faculty Advisory Council.
City University of New York Construction Fund
The City University Construction Fund (CUCF) is a corporate governmental agency, which is responsible for providing facilities for the City University of New York. The CUCF has entered into an agreement with the New York State Dormitory Authority under which the Dormitory Authority contracts for the design and construction of the projects and provides the necessary financing through the sale of its own notes and bonds. The State is responsible for providing 100% of CUNY Senior College rental payments due the Dormitory Authority pursuant to all lease agreements, as well as 50% of all rental payments related to CUNY Community College facilities. The remainder of the Community College rental payments will be borne by the City of New York. The CUCF is administered by a seven-member Board which includes the State Director of the Budget, the Chairperson of the Board of CUNY, two Gubernatorial appointees, one person appointed by the Mayor of the City of New York, an appointee of the Temporary President of the State Senate, and an appointee of the Speaker of the Assembly.
STATE UNIVERSITY OF NEW YORK – STATE OPERATED CAMPUSES, STATUTORY COLLEGES AND CENTRAL SERVICES
The State University reporting entity includes the university centers, health science centers (including hospitals), colleges of arts and sciences, colleges of technology and agriculture, specialized colleges, statutory colleges (located at the campuses of Cornell and Alfred Universities), and central services. SUNY is governed by a 17-member Board of Trustees comprised of 15 members appointed by the governor, by and with consent of the New York State Senate, along with the president of the Student Assembly who serves as a voting member and the president of the University Faculty Senate who serves as a non-voting member.
Other organizations included in the SUNY reporting entity include:
Research Foundation of the State University of New York
The Research Foundation of SUNY was chartered by the Board of Regents of New York State and is responsible for the administration of grants, contracts and gifts supporting research, training, and public service programs under the supervision of faculty or staff members of the State University. A Board consisting of the Chancellor of SUNY and ten members elected by the SUNY trustees administers the Foundation. In June of 1977, the Foundation and the University entered into a formal agreement forming the basis for budgetary control and review.
SUNY Construction Fund
The State University Construction Fund (SUCF) is a public benefit corporation, which provides for the construction of academic buildings, dormitories and other facilities for the SUNY system. Upon completion of a project by the SUCF, title to the buildings and facilities are transferred to the State University. The Commissioner of Taxation and Finance is custodian of the monies of the Fund.
Guide to Financial Operations
REV. 01/01/2017