New York announces $500M matching fund for endowed gifts
As part of its fiscal year 2024 budget, New York state will match at 50% donor gifts to the endowments of SUNY’s four university centers, including Binghamton.
The $37.5 million in endowed scholarships generously given by an anonymous family to establish the Binghamton Achievement Scholarship for incoming, first-year undergraduate students and the Graduate Student of the Arts Scholarship for students pursuing a Master of Fine Arts will be among the first to be matched — meaning an additional $18.75 million boost to enhance the University.
Endowed gifts recorded after May 12, 2023, through April 30, 2026, qualify, with up to $500 million in total state funds available for the match.
Donors make gifts to endow new and existing scholarships; faculty positions; equipment funds; high-impact practices such as internships, education abroad, First-year Research Immersion, other pioneering research by students and faculty; and more. In fact, in the EXCELERATE campaign for Binghamton, about 140 new endowed funds have been opened to date.
Endowments are not only special but also vital because they provide a perpetual stream of support, sustaining the strength and stable operations of the University, regardless of any fluctuations in state funding. And, endowed gifts help build the Binghamton University Foundation’s overall endowment, valued at about $144 million and carefully managed and invested to generate income long term.
This lasting, reliable income is essential to Binghamton’s future and ability to plan strategically. It’s also needed to advance EXCELERATE campaign priorities of providing an exceptional education, ensuring extraordinary opportunities remain affordable and within reach of students, and supplying crucial resources for the talented people across campus who are driving world-changing research, innovation and social change. For donors, the impact of their endowed support is seen in their lifetimes and beyond, cementing their legacy at Binghamton.
The amount of the Binghamton University Foundation endowment matters. Binghamton competes against well-known universities that have endowments worth billions of dollars, thanks to loyal backing from their alumni and other donors. Learn more at excelerate.binghamton.edu.