Published September 28, 2023
As part of a statewide initiative to improve education and spur investment in SUNY, Gov. Kathy Hochul announced the first-ever state matching fund for SUNY endowment contributions during her State of the State address earlier this year.
This endowment-match program is particularly beneficial for SUNY’s four university centers — Buffalo, Stony Brook, Albany and Binghamton — as the fund provides those campuses the opportunity to generate up to $200 million in state matching funds each through the life of the program.
At UB, University Advancement is informing friends and alumni about the chance to amplify their gifts to UB.
“Growing the university’s endowment is one of the best tools we have to help UB achieve President Tripathi’s Top 25 Ambition,” says Jason Diffenderfer, vice president for university advancement. “Our team is working with donors who want to establish or add to endowments that support our research enterprise, provide funds for student scholarships and fellowships, and establish faculty support in the form of endowed professorships and chairs.”
Per the state matching fund guidelines, gifts to the endowment made between May 2023 and April 2026 will be eligible for these matching funds, unless the total cap of $500 allocated by the state for all four university centers is exceeded before the April 2026 deadline. The matching funds are given at a ratio of 1 to 2, meaning for every $2 a donor contributes to UB the state will add an additional $1 to the endowed fund.
“I want to restore the preeminence of our public higher education system. It has been disinvested in for decades. I want this to be a shining star for all New Yorkers, something we can all be proud of,” Hochul said when she announced the fund.
UB faculty and staff are among the donors who can take advantage of this opportunity to amplify their philanthropic investment in UB. They can give to an existing endowment or establish a named endowment to benefit an area of UB with the minimum amount necessary to establish such a fund (varies by purpose).
Faculty and staff gifting over $10,000 are encouraged to explore the additional benefits of the SUNY Impact Foundation NYS Charitable Tax Credit Program. Qualified contributors may receive tax benefits, including 85% tax credit for New York State taxes, 15% deduction on New York taxes for those who itemize their deductions and/or 15% deduction on federal taxes for those who itemize their deductions.
“This program is an incredible opportunity to grow UB’s endowment and the UB Foundation is, as always, proud of its role in stewarding, growing and expending these funds in furtherance of UB’s goals,” says Stacy Knapper, UB Foundation CEO.
For more information, including setting up an eligible matching endowment, visit UB’s SUNY University Center Endowment Match website.