Section 6401. State aid for certain independent institutions of higher learning

1. Notwithstanding the provisions of any general,  special  or  local  law  to  the  contrary,  the commissioner is hereby authorized to
  apportion for each annual period commencing July first nineteen  hundred
  seventy-six  and  to  pay  to  any  independent  institution  of  higher
  education within the state which meets the requirements  of  subdivision
  two  of this section, upon application by such institution, such amounts
  of state aid as are authorized to be paid by subdivision three  of  this
  section.
    2.  (a)  Notwithstanding  the provisions of any other law, in order to
  qualify for state aid  apportionments  pursuant  to  this  section,  any
  institution  of  higher  education must meet either the requirements set
  forth in subparagraphs (i) through (v) of  this  paragraph  or,  in  the
  alternative,  the  requirements  set  forth  in  paragraph  (b)  of this
  subdivision:
    (i) The  institution  must  be  a  non-profit  college  or  university
  incorporated  by  the  regents  or  by  the  legislature, or a school of
  medicine, dentistry or osteopathy authorized by the  regents  to  confer
  the  degree  of doctor of medicine, doctor of medical science, doctor of
  dental surgery or doctor of osteopathy.
    (ii) The institution must maintain one or more earned degree programs,
  culminating in an associate or higher degree.
    (iii) The institution must meet such standards of educational  quality
  applicable to comparable public institutions of higher education, as may
  be from time to time established by the regents.
    (iv)  The  institution  must  be  eligible  for  state  aid  under the
  provisions of the constitution of the United States and the constitution
  of the state of New York.
    (v) The institution must submit  a  financial  statement  which  shall
  include total assets and liabilities, in such form as may be approved by
  the commissioner.
    (b) An institution of higher education located in this state, at least
  one-half  of  the  students of which are economically disadvantaged, and
  the course credits and degrees of which are offered by a  consortium  of
  sponsoring  colleges,  each  of  which sponsoring colleges satisfies the
  following requirements,  shall  qualify  for  state  aid  apportionments
  pursuant to this section:
    (i)  The  sponsoring  college must be non-profit college or university
  incorporated by the regents or by the legislature.
    (ii) The sponsoring college must maintain one or  more  earned  degree
  programs, culminating in an associate or higher degree.
    (iii)  The  sponsoring college must meet such standards of educational
  quality  applicable  to  comparable  public   institutions   of   higher
  education, as may be from time to time established by the regents.
    (iv)  The  sponsoring college must be eligible for state aid under the
  provisions of the constitution of the United States and the constitution
  of the state of New York.
    (v) The sponsoring college must submit  a  financial  statement  which
  shall  include  total  assets  and  liabilities,  in such form as may be
  approved by the commissioner.
    3. Degree awards. The amount of  such  annual  apportionment  to  each
  institution  meeting the requirements of subdivision two of this section
  shall be computed by multiplying by not to exceed  six  hundred  dollars
  the  number  of  earned associate degrees, by not to exceed one thousand
  five hundred dollars the number of earned bachelor's degrees, by not  to
  exceed nine hundred fifty dollars the number of earned master's degrees,
  and by not to exceed four thousand five hundred fifty dollars the number
  of  earned  doctorate  degrees, conferred by such institution during the

  twelve-month period next preceding the  annual  period  for  which  such
  apportionment  is  made,  provided that there shall be excluded from any
  such computation the number of degrees earned by students  with  respect
  to whom state aid other than that established by this section or section
  sixty-four  hundred  one-a  of  this  article is granted directly to the
  institution, and provided further that, except as otherwise provided  in
  this  subdivision,  the amount apportioned for an associate degree shall
  be awarded only to two year institutions  qualifying  under  subdivision
  two  of  this  section.  The regents shall promulgate rules defining and
  classifying professional degrees  for  the  purposes  of  this  section.
  Institutions  qualifying  for  state  aid  pursuant to the provisions of
  paragraph (b) of subdivision two of this section shall, for purposes  of
  this subdivision, be deemed to be the institutions which confer degrees.
  For  purposes  of  this  subdivision,  a  two-year institution which has
  received authority to confer  bachelor  degrees  shall  continue  to  be
  considered  a  two-year  institution  until such time as it has actually
  begun to confer the bachelor's degree. Thereafter,  notwithstanding  any
  other  provision  of  law  to  the  contrary,  an  institution which was
  formerly a two-year institution for the purposes  of  this  section  and
  which  was  granted authority by the regents to confer bachelor degrees,
  (a) such authority having been granted after  the  first  day  of  June,
  nineteen  hundred  ninety-three,  but  before  the  first  day  of July,
  nineteen hundred ninety-three, or (b) such authority having been granted
  after the first day of May, two thousand five, but before the first  day
  of  June, two thousand five, may elect to continue to receive awards for
  earned associate degrees. Should such institution so elect, it shall not
  be eligible during the time of  such  election  to  receive  awards  for
  earned bachelor's degrees.
    4.  Thirty-five  percent  of  each  such  annual apportionment payable
  pursuant to this section shall be paid on or before  October  fifteenth,
  thirty-five  percent  shall be paid on or before February fifteenth, and
  the remaining thirty percent shall be paid on or before May fifteenth.
    5.  The  commissioner  shall  promulgate  regulations  requiring   the
  submission  to  him, by any institution intending to apply for state aid
  apportionments pursuant to this section, of reports  in  such  form,  at
  such  times  and  containing  such  information  as  he  shall  by  such
  regulations require, concerning, but not limited to such matters as  the
  present  and  contemplated  future programs, curricula and facilities of
  the institution, and its financial affairs, its long range plans and its
  progress in implementing such plans, and  its  administrative  practices
  and  procedures.  No  institution  shall  be  eligible  to  receive  any
  apportionment of state aid, or portion thereof, payable pursuant to this
  section  unless  such  institution  shall  have  submitted  all  reports
  required  pursuant  to  such  regulations,  in  form satisfactory to the
  commissioner.