Higher Education - Miscellaneous

Agency Web Site: https://www.nysaves.org/

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 2022 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 2020, New York’s 529 College Savings Program includes $36 billion in assets under management and approximately 1,152,335 account participants.

ALL FUNDS
APPROPRIATIONS
(dollars)
Category	Available FY 2021	Appropriations Recommended FY 2022	Change From FY 2021	Reappropriations Recommended FY 2022
State Operations	675,000	675,000	0	215,000
Total	675,000	675,000	0	215,000

STATE OPERATIONS
ALL FUNDS FINANCIAL REQUIREMENTS BY FUND TYPE
APPROPRIATIONS
(dollars)
Fund Type	Available FY 2021	Recommended FY 2022	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 2021	Recommended FY 2022	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 2022 RECOMMENDED
(dollars)
Program	Total		Personal Service
Program	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 2022 RECOMMENDED CONTINUED
(dollars)
Program	Nonpersonal Service
Program	Amount	Change
College Choice Tuition Savings	350,000	0
Total	350,000	0

Note: Most recent estimates as of 01/19/2021

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