A REPORT BY THE NEW YORK STATE OFFICE OF THE STATE COMPTROLLER
A REPORT BY THE NEW YORK STATE OFFICE OF THE STATE COMPTROLLER
Alan G. Hevesi COMPTROLLER
RESEARCH FOUNDATION OF THE STATE UNIVERSITY OF NEW YORK
ADMINISTRATIVE AND DISCRETIONARY COSTS
2004-S-13
DIVISION OF STATE SERVICES
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Alan G. Hevesi
COMPTROLLER
Report 2004-S-13 Mr. John R. Ryan Acting Chancellor State University of New York State University Plaza Albany, New York 12246 Dear Mr. Ryan: The following is our audit report addressing the administrative and discretionary costs of the Research Foundation of the State University of New York for the period July 1, 2001 through December 31, 2003. This audit was performed pursuant to the State Comptroller's authority as set forth in Article V, Section 1 of the State Constitution and Article II, Section 8 of the State Finance Law. Major contributors to this report are listed in Appendix A.
Office of the State Comptroller Division of State Services
June 9, 2005
Division of State Services
110 STATE STREET ALBANY, NEW YORK 12236 123 WILLIAM STREET NEW YORK, NEW YORK 10038
EXECUTIVE SUMMARY
RESEARCH FOUNDATION OF THE STATE UNIVERSITY OF NEW YORK
ADMINISTRATIVE AND DISCRETIONARY COSTS
SCOPE OF AUDIT
The Research Foundation of the State University of New York (Foundation) was chartered in 1951 by the Board of Regents as a private, nonprofit educational corporation. The purpose of the Foundation is to expand the educational mission of the State University of New York (University) through fund raising, to administer gifts and grants, and to promote and administer externally sponsored research.
Foundation revenues come mainly from research grants and, to a lesser extent, from miscellaneous sources such as investment income. Furthermore, the Foundation recovers its indirect costs to administer and support grant programs and those of the University as well. During the two fiscal years ended June 30, 2003, grant revenues funded about $1.2 billion of sponsored program (research) and related expenses. For this same period, indirect cost recoveries and miscellaneous revenues provided about $247 million. Of this $247 million, we estimate that about $162 million was spent for the Foundation's administrative and support operations and the balance (about $85 million) was spent for discretionary initiatives. The Foundation's discretionary expenses are intended to support the overall mission of the University, and they are generally made at the direction of senior University officials.
On June 1, 1977, the Foundation and the University made a written agreement (in accordance with Chapter 50 of the Laws of 1977) to formalize their respective relationships, duties, and responsibilities. The agreement provides for the Foundation to make an annual payment to the University's Income Fund in an amount determined by the Foundation and the University. This amount is also subject to the approval of the State Director of the Budget, following consultation with the State Comptroller. The agreed to payment represents a portion of the indirect cost recoveries and miscellaneous revenues and represents amounts beyond that which are required to fund the Foundation's sponsored program administrative and support functions. In this way, some of the funding from indirect cost recoveries and intended for funding University program activities becomes subject to the State appropriation process and the attendant State rules, regulations and oversight.
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