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 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.
New York Legal Code