Stony Brook University has reported a significant increase in philanthropic support for the fiscal year 2024, raising over $654 million. Approximately 85 percent of these funds are directed towards endowment gifts intended to provide long-term support for the university.
Following the announcement of the $500 million Simons Infinity Investment in June 2023, Stony Brook University has established 10 endowed chairs and professorships, one endowed dean, and 24 new endowed scholarships and fellowships. This brings the total number of endowed faculty positions at the university to 70, up from just 16 in 2011.
The rise in endowment giving is attributed to the matching contributions from both the Simons Infinity Investment and New York state's endowment matching challenge. These initiatives triple the impact of endowment gifts. Through April 2026, New York state will provide $1 in state funds for every $2 contributed to university endowments at its four university centers, including Stony Brook. Additionally, the Simons Infinity Investment matches any endowment gift on a 1:1 basis with unrestricted support, which is also matched by the state.
“Stony Brook students and faculty have their sights set on the future to create pivotal change,” said Interim President Richard McCormick. “It is clear that their success is closely tied to the tremendous philanthropy from our supporters and strong partnerships we have been fortunate to build.”
Stony Brook’s sixth annual Giving Day also saw record-breaking results with 3,800 gifts totaling $1.6 million within a span of just 24 hours. The contributions supported more than 100 programs across the university, with alumni from six countries and 38 states participating.
“The Stony Brook community has come forward to support the university in remarkable ways,” said Scott Barrett, interim vice president of advancement. “Because of the historic support from our alumni, friends, faculty, staff and grateful patients, Stony Brook continues to drive pivotal change for our students, conduct research that will make a significant impact on the world, improve the health and well-being of all of our communities, lead the fight against climate change and produce artistic and cultural education and programming that is accessible and enjoyable for all.”
Further details about fiscal year 2024 highlights can be found at SB Matters.