N.Y. State Finance Law § 92-ee: New York state higher education endowment

§ 92-ee. New York state higher education endowment. There is hereby

established in the custody of the comptroller a fund to be known as the

New York state higher education endowment. 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. The endowment shall consist of amounts

transferred into such endowment, and any other amounts as may be

deposited in the endowment from other public or private sources. Amounts

transferred to or deposited into the endowment shall be dedicated to the

city university of New York and the state university of New York, and

shall be used for no other purpose and distributions from the endowment

shall be used to supplement, rather than supplant, appropriations from

the state in support of the city university of New York and the state

university of New York. The full amount of the principal of the

endowment shall be preserved and annual payments shall be made from the

investment earnings of the endowment in support of the city university

of New York and the state university of New York, to provide funding for

purposes including, but not 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.