To Binghamton University Colleagues:
This 2018-2023 Financial Report is the eighth in a series of annual reports informing the campus community about the fiscal status of Binghamton University. The content of this report tabulates and presents campus revenues, expenditures and enrollment for academic years 2018-19 through 2022-23, with estimates for academic year 2023-24 where possible.
The University is beginning to see some significant changes as we navigate further from the COVID-19 pandemic. One example of this is international graduate school enrollment, which has grown by 500 students since the fall 2020 semester. This growth has helped Binghamton maintain a steady enrollment of more than 18,000 students.
The biggest change in the 2023-24 budget is a 33% increase from the previous year in legislative appropriation, which now totals $60 million. Binghamton received $6.5 million through a State University of New York program to hire 36 new faculty members during the 2022-23 academic year. ANother $8.6 million from the state is being used to add 46 new staff and 12 additional faculty in 2023-24. Since the fall 2011 semester, our full-time tenured and tenure-track faculty (FTTTF) have grown by 176, bringing the total of FTTTF to 628. The University is grateful for support from the state legislature and SUNY System Administration for this funding, which allows for the addition of faculty in key research areas and staff who will provide essential support to students.
Research expenditures are also growing as the University's faculty continue to excel and innovate. We are projecting that research expenditures will reach $66.9 million in 2023-24, a five-year increase of $18.3 million (38%). Much of this increase comes from Build Back Better Regional Challenge and state funding to support the New Energy New York project.
A comprehensive view of this data - expenditures, income, enrollment, hiring and retention - shows that Binghamton is in a strong financial position. The University is also poised to grow in the years ahead. Concluding in June 2024, a comprehensive campaign, EXCELERATE: Moving at the Speed of Binghamton, is set to reach a new super goal of raising $250 million to support vital initiatives. This goal more than doubles what was raised during the previous campaign.
We hope you find this report transparent and useful and encourage you to ask any questions you might have concerning its contents.
Sincerely,
Harvey Stenger
President
Donald E. Hall
Provost and Executive Vice President for Academic Affairs
