Budget & Finance

The New School is a tuition-driven institution: Most of the university’s revenue comes from graduate, undergraduate, and non-degree student tuition (net of financial aid). 

Other sources of revenue include:

• Auxiliary services (residence halls, student dining)
• Grants
• Endowment spending
• Rental income
• Philanthropic gifts

Visit the University Budget page to learn more.

Salaries, employee benefits, and space-related costs (interest on long-term debt, depreciation, rent, real estate taxes, operating costs, repairs, maintenance, and utilities) make up the bulk of the university's expenses.

Visit the University Budget page to learn more. 

The New School’s financial statements are audited each year by the university’s independent auditors. The  auditors’ report on the university’s financial statements is then submitted to The Board of Trustees. The most recently audited financial statements are posted on the university’s Annual Report webpage. Financial statements from fiscal year 2011 to fiscal year 2022 are posted on the Audited Financial Statements page of the Financial Transparency website.

The New School’s endowment is an investment in the university’s future. The university is permitted to spend a small percentage of the endowment on operations each year. 

The endowment, along with the university’s other invested assets, is managed by the Investment Committee of the Board of Trustees.

The university practices incremental budgeting, which means that each year’s operating budget is based on the previous year’s budget rather than being started fresh each year (zero-based budgeting). The budget process begins each year in the fall, and the budget for the upcoming fiscal year is approved by the Board of Trustees in the spring.

General information on the university budget can be found on the University Budget page.

The New School’s capital budget, which is completely separate from its operating budget, is its plan for capital expenditures for the following year. Capital expenditures are purchases greater than $1,000 with a useful life of greater than one year. Examples include expenditures for construction and renovation, infrastructure, information technology, furniture, and equipment. The capital budget also includes the principal payments on the university’s long-term debt.

The Capital Budget process is outlined on the Financial Transparency website.

The mission of the University Budget Committee (UBC) is to oversee the development of the university’s annual budget, resulting in a recommended budget that is provided to the President’s leadership team, the Finance Committee of the Board of Trustees, and the full Board of Trustees and is in alignment with the university’s mission, vision, values, and Strategic Plan.

The UBC membership includes representation from university leadership and four full-time faculty members (three representing the University Faculty Senate and one appointed by the provost and EVP for Academic Affairs). The committee has recently been expanded for a period of at least 18 months to include a staff senator, a member of the part-time faculty, and student trustees. Temporarily renamed the Expanded University Budget Committee (UBC+), the committee allows for shared governance over the university’s budget development, policies, and practices.

Read more about the UBC+ on the Financial Transparency Council’s University Budget Committee page.

The Financial Transparency Council (FTC) is a body chartered by university leadership with representation from each of The New School’s colleges, its administrative departments and offices, and the student, faculty, and staff senates.

The FTC’s purpose is to develop a broader and deeper understanding of The New School’s finances, its budget, and its budgetary process throughout the university community; to facilitate communication about the budget between all institutional units and levels; and to advocate for a budget and budgetary process that reflect The New School’s mission and vision.

Each year, university leadership and the Board of Trustees conduct a rigorous and comprehensive evaluation of The New School’s finances with the aim of setting up a tuition and fee structure that enables the university to provide students with outstanding academic programming and co-curricular services.

Over the last 20 years, we have steadily increased the scholarships and financial aid provided to students, both in amount of support and as a percentage of tuition revenue.

Scholarships are funded largely by the university’s operating budget. A small percentage of scholarships are funded by endowment or other gifts. The amount in scholarships awarded for the past 20 years is posted on the University Budget page.

Tuition and fees for the 2023–2024 year can be viewed on the university’s Tuition & Fees page. Information for the 2022–2023 year can be viewed here.

There are many ways to support our students’ success at The New School. The Ways of Giving page outlines the different ways individuals, foundations, and corporations can donate to and support The New School.

Contributed funds make up approximately 7 percent of the university’s revenue and include both unrestricted and restricted sources.

Restricted funds are resources provided by external sources that must be retained and invested or spent in accordance with stipulations established by the provider.

Contributed funds from unrestricted sources include the Annual Fund. These budgeted goals—for each college and for the university as a whole—are set by the Development office. Each college has a dedicated development officer who helps administer college-specific gifts. When a college or program secures a donor, a development officer helps bring in the funds and write the document that restricts it to a specific purpose; that purpose is binding.

Read about the Impact of Giving.