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2007-2008 Cornell Budget: More Money For Financial Aid

The 2007-2008 financial plan for the University has been released, and as usual, it is full of all sorts of juicy information about what Cornell is planning to due in the coming years. The document is available here, and includes a rather nice feature article on the history and future of Cornell’s faculty.

Perhaps most importantly from MetaEzra’s perspective, the University anticipates spending an additional $9 million dollars on financial aid for students in 2007-2008 academic year. It’s unclear how much of this will be allocated to undergraduates, but I suspect they will comprise the vast majority of the recipients. Keep in mind that the Cornell Alumni Magazine claims that it would cost an additional $17 million to match Harvard’s aid program.

Other highlights from the 2007-2008 financial plan include:

- The College of Arts and Sciences is planning to build a $40 million dollar annex to Goldwin Smith Hall by 2011. A renovation of McGraw Hall is also planned.

- The College of Human Ecology is preparing to offer a Masters in Public Policy; how this will compete or overlap with the Masters in Public Affairs offered by the Cornell Institute for Public Affairs (CIPA) is unknown.

- The College of Human Ecology is also planning to spend $150 million over the next ten years to create a physical campus that will “both reflect and foster the innovative, multidisciplinary approach that distinguishes the research, academics, and outreach of both the college and Cornell.”

- There is $1.6 billion planned for capital investment on the Ithaca campus over the next ten years, of which roughly $450 million has yet to be raised. New York State will pay for roughly $400 million dollars of this construction.

- After stagnating for a couple of years, New York State has increased its annual appropriations to Cornell by $16 million to $174 million. The importance of New York State funding to Cornell cannot be understated. To put the increased funding in perspective, it is the equivalent to an additional $320 million dollars in endowment. All said, Cornell’s funding from the State of New York would be the equivalent of an additional $3.5 billion dollars in endowment.

Matthew Nagowski | Posted on June 19, 2007 (#)

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