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Higher Education - Miscellaneous

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Agency Web Site: https://www.nysaves.org/Link to External Website

Mission

New York's 529 College Savings Program enables individuals to invest in college, deferred from federal and state income tax. Students may use the investment to pay for college tuition, certain room-and-board expenses, fees, books, supplies and other higher education expenses.

Organization and Staffing

New York’s 529 Savings Program is jointly administered by the Higher Education Services Corporation (HESC) and the Office of the State Comptroller (OSC). Administrative expenses continue to be supported by an annual fee from the vendors who manage the program. Fees received support a program director, investment staff, administrative assistance and legal support provided by OSC.

Budget Highlights

The FY 2021 Executive Budget provides $675,000 for the Higher Education Services Corporation and the Office of the State Comptroller to jointly administer the College Choice Tuition Savings Program aligned with program spending over the past several years.

Program Highlights

As of September 2019, New York’s 529 College Savings Program includes $32 billion in assets under management and approximately 1,098,000 account participants.

ALL FUNDS
APPROPRIATIONS
(dollars)
Category Available
FY 2020		 Appropriations
Recommended
FY 2021		 Change From
FY 2020		 Reappropriations
Recommended
FY 2021
State Operations 675,000 675,000 0 588,000
Total 675,000 675,000 0 588,000

STATE OPERATIONS
ALL FUNDS FINANCIAL REQUIREMENTS BY FUND TYPE
APPROPRIATIONS
(dollars)
Fund Type Available
FY 2020		 Recommended
FY 2021		 Change
Special Revenue Funds - Other 675,000 675,000 0
Total 675,000 675,000 0

STATE OPERATIONS
ALL FUNDS FINANCIAL REQUIREMENTS BY PROGRAM
APPROPRIATIONS
(dollars)
Program Available
FY 2020		 Recommended
FY 2021		 Change
College Choice Tuition Savings
Special Revenue Funds - Other 675,000 675,000 0
Total 675,000 675,000 0

STATE OPERATIONS - OTHER THAN GENERAL FUND
SUMMARY OF APPROPRIATIONS AND CHANGES
FY 2021 RECOMMENDED
(dollars)
Program Total Personal Service
Amount Change Amount Change
College Choice Tuition Savings 675,000 0 325,000 0
Total 675,000 0 325,000 0
STATE OPERATIONS - OTHER THAN GENERAL FUND
SUMMARY OF APPROPRIATIONS AND CHANGES
FY 2021 RECOMMENDED CONTINUED
(dollars)
Program Nonpersonal Service
Amount Change
College Choice Tuition Savings 350,000 0
Total 350,000 0

Note: Most recent estimates as of 01/29/2020

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