What is the Stony Brook Foundation?
On February 24, 1965, the Stony Brook Foundation, Inc. was incorporated "to assist in advancing the welfare and development of the State University of New York at Stony Brook by accepting and encouraging gifts to this corporation and by using such gifts to advance such purposes in a manner consistent with the educational policies of the State University of New York." The Foundation by-laws state that a Board of Trustees shall "manage the property, affairs, business, and concerns of the Foundation."
If Stony Brook is a public university, why does it need private gifts?
The State of New York provides less than 18 percent of the University's annual operating budget. Private gifts allow the University to attract and retain the best and brightest faculty, provide scholarships, build first-class facilities, and continue the quality education and research programs that are the hallmark of Stony Brook.
Is my gift tax deductible?
The Stony Brook Foundation is a registered 501(c)(3) charitable organization. All gifts to the Foundation are tax deductible to the fullest extent of the law. You should consult with your tax attorney/advisor concerning the deductibility of your gift. The Foundation's federal tax identification number is 11-6077945.
How is my gift spent?
The goal of the Stony Brook Foundation is to maximize the value delivered to the University. By reducing administrative expenses wherever possible and optimizing organizational efficiencies, the Foundation is able to make available to the University millions of dollars each year. Many donors make gifts for discretionary (i.e., unrestricted) use, thus enabling the University President and Deans to invest in programs and priorities of strategic importance to the University's future. Other gifts are made to support specific programs, while other gifts are used to establish permanently endowed funds. Each gift received by the Foundation — regardless of the purpose or amount — is carefully processed to ensure that the donor's wishes are honored and that the University receives the maximum benefit.
Who decides the University’s fundraising priorities?
The University's fundraising priorities are established by President Samuel L. Stanley Jr., MD, in consultation with his Cabinet, Deans, and key faculty and staff, as well as in consultation with the Foundation's Board of Trustees. Fundraising priorities are fluid and are adjusted based upon the University's needs and donor opportunities.
What is the difference between a current use gift and an endowed gift?
Gifts (and grants) given to the Stony Brook Foundation for current use are immediately available to support the University according to the donor's wishes. Current use gifts may be placed into an existing fund and commingled with other gifts that were made for the same purpose. Large current use gifts and grants made for specific purposes are typically placed into new (and separate) gift fund accounts. The Stony Brook Foundation charges a one-time 10% gift fee for current use funds. In the case of endowments , the gift is permanently invested, and the investment earnings are used to support the purpose of the gift in perpetuity.
How are scholarships awarded?
Each year, donors step forward to provide undergraduate scholarship and graduate fellowship support that help to transform the lives of our students. Some scholarship and fellowship awards are based upon merit and reward academic performance, while others are based upon demonstrated financial need. Student assistance can be designated for students within a specific college, school, department or major, for incoming freshmen or upper division students, for students who are the first generation from their families to attend college, or for those who grew up in a certain city, town, or state, or graduated from a particular high school. An annual scholarship of at least $2,500 and a fellowship of at least $5,000 can be awarded in honor of the donor. Other scholarship gifts are commingled with existing University scholarship funds and administered accordingly.