The Dormitory Authority of the State of New York (DASNY /ˈdæzniː/) provides construction, financing, and allied services which serve the public good of New York State. More specifically, as a New York State public-benefit corporation, DASNY provides services for public and non-proprietary (i.e., nonprofit) private universities in New York State; for not-for-profit healthcare facilities in the State; and for other New York State-related institutions/purposes (such as State court facilities and State pension bonds).[1] Like other public authorities in New York, DASNY has the flexibility to borrow on behalf of the state through legislative authorization, rather than incurring general obligation debt, which requires voter approval.[2]
The Authority is governed by an eleven-member board of directors: five board members are appointed by the governor, four serve ex officio, one is named by the Speaker of the New York State Assembly, and one is named by the majority leader of the New York State Senate.[3] In 2017, the authority had operating expenses of $2.399 billion, an outstanding debt of $47.856 billion, and a staffing level of 557 people.[4]
History
DASNY was established by a law signed into action by New York Governor Thomas Dewey on April 5, 1944. At first, its only purpose was for the financing and construction of dormitories at eleven State Teachers' Colleges in New York. Since then, the Authority has constructed additional buildings, for different kinds of organizations, and significantly expanded the scope of services that it provides.[5]
In 1964, DASNY gained the power to finance and construct facilities for hospitals with nursing schools. Legislation passed in 1987 enabled DASNY to finance and construct court facilities for New York's county and local governments. The merger, in 1995, of DASNY with two other agencies (the Facilities Development Corporation and Medical Care Facilities Finance Agency) created the largest government building construction agency in the country, as well as the biggest public-authority issuer of tax-exempt bonds.[5] At the end of fiscal year 2015, DASNY's outstanding debt was more than $47 billion. Of this amount, $32 billion was issued on behalf of New York and its municipalities; $10 billion for independent colleges and universities and other non-profit organizations; and $4.9 billion for non-profit health care organizations.[2]
Controversies
In 1982, $300 million of DASNY funds had been lent to Lombard-Wall, Inc., a government securities firm that declared bankruptcy in August of that year. At the time of the bankruptcy filing, or shortly before, DASNY determined that $55 million of this amount lacked collateral, and was therefore at risk. The failure of Lombard-Wall prompted a re-examination of cash management by New York state agencies.[6] A report later that year from the state Commission of Investigation called for the removal of two DASNY board members who, according to the commission, withheld damaging information about the risky investments from other board members. However, the commission found no evidence of corrupt practice or criminal wrongdoing.[7] George D. Gould was appointed chairman of DASNY to direct its recovery efforts; Gould stepped down in 1985.[8]
Issuance of DASNY bonds for economic development projects began in 1998, with the Community Enhancement Facilities Assistance Program (CEFAP). Since then, approximately $1.9 billion has been spent on a number of relatively small projects, through more than ten different programs, among them the State and Municipal Facilities Program (SAM). In 2015, $188 million was awarded across 640 awards. Critics, who accuse the agency of being a source of pork-barrel spending, have called for greater transparency in this exercise of Dormitory Authority borrowing power.[9]
^ abDague, Jamison (1 August 2016). "Inside DASNY: An analysis by the Citizens Budget Commission". City & State New York. Retrieved 21 May 2018.
^Birkland, Thomas A. (2005), "Dormitory Authority of the State of New York", in Eisenstadt, Peter (ed.), The Encyclopedia of New York State, Syracuse, NY: Syracuse University Press, p. 467, ISBN9780815608080, OCLC 636051171
^"NYSABO 2018 Report" (PDF). November 4, 2018. pp. 16, 29, 44.
^Chira, Susan (16 August 1982). "Collapse of Wall St. Concern Stirs Study of State Agencies' Investing". The New York Times. Retrieved 18 June 2018.
^Dunlap, David W. (17 December 1982). "2 Officials Assailed by Panel on Loss by Dormitory Unit". The New York Times. Retrieved 18 June 2018.
^"Dormitory Chief Leaves". The New York Times. 8 January 1985.
^Bragg, Chris (19 December 2016). "Dorm Authority: NY's deepest pork barrel". Times Union. Hearst Communications. Retrieved 14 May 2018.
External links
Official website
Dormitory Authority Act
Facilities Development Corporation Act
New York State Medical Care Facilities Finance Agency Act
Dataset: DASNY (Dormitory Authority of the State of New York) Bonds and Notes: Beginning 1957
March 10, 2023
dormitory, authority, state, york, dasny, provides, construction, financing, allied, services, which, serve, public, good, york, state, more, specifically, york, state, public, benefit, corporation, dasny, provides, services, public, proprietary, nonprofit, pr. The Dormitory Authority of the State of New York DASNY ˈ d ae z n iː provides construction financing and allied services which serve the public good of New York State More specifically as a New York State public benefit corporation DASNY provides services for public and non proprietary i e nonprofit private universities in New York State for not for profit healthcare facilities in the State and for other New York State related institutions purposes such as State court facilities and State pension bonds 1 Like other public authorities in New York DASNY has the flexibility to borrow on behalf of the state through legislative authorization rather than incurring general obligation debt which requires voter approval 2 Dormitory Authority of the State of New YorkTypePublic authorityIndustryconstructionfinanceproject managementFoundedApril 5 1944 78 years ago 1944 04 05 HeadquartersAlbany New York United StatesArea servedNew York StateKey peopleReuben McDaniel III Acting President amp CEOWebsitewww wbr dasny wbr org Contents 1 Organization 2 History 3 Controversies 4 See also 5 References 6 External linksOrganization Edit DASNY Headquarters on Broadway in Albany The Authority is governed by an eleven member board of directors five board members are appointed by the governor four serve ex officio one is named by the Speaker of the New York State Assembly and one is named by the majority leader of the New York State Senate 3 In 2017 the authority had operating expenses of 2 399 billion an outstanding debt of 47 856 billion and a staffing level of 557 people 4 History EditDASNY was established by a law signed into action by New York Governor Thomas Dewey on April 5 1944 At first its only purpose was for the financing and construction of dormitories at eleven State Teachers Colleges in New York Since then the Authority has constructed additional buildings for different kinds of organizations and significantly expanded the scope of services that it provides 5 In 1964 DASNY gained the power to finance and construct facilities for hospitals with nursing schools Legislation passed in 1987 enabled DASNY to finance and construct court facilities for New York s county and local governments The merger in 1995 of DASNY with two other agencies the Facilities Development Corporation and Medical Care Facilities Finance Agency created the largest government building construction agency in the country as well as the biggest public authority issuer of tax exempt bonds 5 At the end of fiscal year 2015 DASNY s outstanding debt was more than 47 billion Of this amount 32 billion was issued on behalf of New York and its municipalities 10 billion for independent colleges and universities and other non profit organizations and 4 9 billion for non profit health care organizations 2 Controversies EditIn 1982 300 million of DASNY funds had been lent to Lombard Wall Inc a government securities firm that declared bankruptcy in August of that year At the time of the bankruptcy filing or shortly before DASNY determined that 55 million of this amount lacked collateral and was therefore at risk The failure of Lombard Wall prompted a re examination of cash management by New York state agencies 6 A report later that year from the state Commission of Investigation called for the removal of two DASNY board members who according to the commission withheld damaging information about the risky investments from other board members However the commission found no evidence of corrupt practice or criminal wrongdoing 7 George D Gould was appointed chairman of DASNY to direct its recovery efforts Gould stepped down in 1985 8 Issuance of DASNY bonds for economic development projects began in 1998 with the Community Enhancement Facilities Assistance Program CEFAP Since then approximately 1 9 billion has been spent on a number of relatively small projects through more than ten different programs among them the State and Municipal Facilities Program SAM In 2015 188 million was awarded across 640 awards Critics who accuse the agency of being a source of pork barrel spending have called for greater transparency in this exercise of Dormitory Authority borrowing power 9 See also EditEmpire State Development Corporation New York State Environmental Facilities Corporation State University Construction FundReferences Edit Our Clients DASNY Retrieved 30 April 2018 a b Dague Jamison 1 August 2016 Inside DASNY An analysis by the Citizens Budget Commission City amp State New York Retrieved 21 May 2018 Birkland Thomas A 2005 Dormitory Authority of the State of New York in Eisenstadt Peter ed The Encyclopedia of New York State Syracuse NY Syracuse University Press p 467 ISBN 9780815608080 OCLC 636051171 NYSABO 2018 Report PDF November 4 2018 pp 16 29 44 a b History DASNY Retrieved 30 April 2018 Chira Susan 16 August 1982 Collapse of Wall St Concern Stirs Study of State Agencies Investing The New York Times Retrieved 18 June 2018 Dunlap David W 17 December 1982 2 Officials Assailed by Panel on Loss by Dormitory Unit The New York Times Retrieved 18 June 2018 Dormitory Chief Leaves The New York Times 8 January 1985 Bragg Chris 19 December 2016 Dorm Authority NY s deepest pork barrel Times Union Hearst Communications Retrieved 14 May 2018 External links EditOfficial website Dormitory Authority Act Facilities Development Corporation Act New York State Medical Care Facilities Finance Agency Act Dataset DASNY Dormitory Authority of the State of New York Bonds and Notes Beginning 1957 Retrieved from https en wikipedia org w index php title Dormitory Authority of the State of New York amp oldid 1134765006, wikipedia, wiki, book, books, library,
