We offer world-class performance and making facilities, which allow students across the university to learn, create, and inspire. Our space-related costs make up 25 percent of our total expenses.
In recent years, the university has invested in infrastructure to reinforce our commitment to providing our students with the best academic and residential experience possible while increasing our financial sustainability. In March 2022, the university
purchased the Stuyvesant Park Residence Hall for $124.5 million, with the goal of renovating and updating the residence hall. The newly renovated residence hall will reopen for the 2024–2025 academic year with upgraded mechanical, electrical, and
plumbing systems, redesigned kitchens and bathrooms, and improved student amenities.
In addition to improving our students’ residential experience, the purchase and renovation of the building have saved the university money: The annual costs
of borrowing to purchase and renovate the building are lower than the amount the university previously spent to rent the building.
We are dedicated to promoting academic scholarship that goes beyond the conventional, offering students what we believe is a truly new educational experience. In FY22, 59 percent of the university’s expenditures were allocated to academic programs. This
allocation covers everything from faculty salaries and research to new programs, all of which keep the university at the front line of creative, interdisciplinary, and experimental pedagogy.
Over the last 20 years, we have steadily increased the scholarships and financial aid awarded to students, both in amount of support and as a percentage of tuition revenue. In 2002, the university awarded $30.3 million, or 21.5 percent of tuition revenue,
in financial aid and scholarships. In FY22, we awarded more than $154 million, or 32 percent of tuition revenue.