As Stony Brook University President Dr. Samuel L. Stanley Jr. looks confidently to the future, the school’s budget deficit is still at the forefront of his mind.
On Oct. 3, Stanley delivered his ninth state of the university address on the Staller Center’s main stage to an auditorium full of faculty, staff, students and elected officials. During the speech, which lasted about an hour, the university president touched on several topics including enrollment growth, Stony Brook Medicine’s future and financial woes and successes — like the university’s positive economic impact on Long Island.
When it comes to tackling the budget deficit, Stanley did not specify the exact amount but said there is more work that needs to be done to lessen the financial shortfall. He said a hiring freeze still holds for 2018-19 because nothing has changed externally as the university has not received an increase of state support since 2010. He said fee increases and enrollment growth has helped alleviate some of the financial burdens, and the university is actively communicating with the state to seek an increase in allocations.
Stanley touted SBU’s presence as a driver for the local economy, citing about $7.2 billion generated from the hospital’s research; people hired and contracted; start-up companies involved with SBU’s incubator; and purchases of students and faculty in the area, the president said.
“We always take these things with a little grain of salt, but I think it’s an important thing that we need to talk about because again the state puts a significant investment into Stony Brook University,” he said. “We appreciate the investment we get from the state, but it’s really nice to talk about the return on that investment from the state.”
The university also saw positive results from The Campaign for Stony Brook fundraising efforts, which raised $630.7 million. He said many people ask him why money can’t be taken from those funds to help with the school’s budget deficit.
“Ninety-eight percent of that money raised is directly allocated to specific goals that our donors have on campus,” he said, adding the funds are usually put toward scholarships, endowed professorship, research projects or a specific campus building.
Stanley said the four-year graduation rate for the class entering in 2014 has reached 62 percent, which signifies a 17-point jump from a 45 percent graduation rate for the class entering in 2007. Among the factors he credited for the success is the Finish in 4 Grants Program. Initiated in spring 2015, the program assists students in good standing who are about to complete their studies but are confronted with personal circumstances that prevent it.
“We want to continue to build on this momentum, but it’s going to be important that we work very hard and continue to find the resources to support this very important program,” he said.
Stanley said a significant part of the university’s budget, $2.28 billion, is for Stony Brook Medicine.
“We are the destination, I believe, for quality care on Long Island,” he said. “We’re the only provider of a level one trauma center for Long Island. We have the only children’s hospital in Suffolk County.”
In the next few months, Stony Brook University Hospital will be opening the Medical and Research Translation building with a state-of-the-art cancer center, Stony Brook Children’s and Hospital Pavilion, and the Phillips Family Cancer Center in Southampton.