2010 New York Code
STF - State Finance
Article 6 - (70 - 99-S) FUNDS OF THE STATE
92-EE - New York state higher education endowment.

§  92-ee.  New  York state higher education endowment. There is hereby
  established in the custody of the comptroller a fund to be known as  the
  New  York  state  higher  education endowment. Notwithstanding any other
  provision of law, all of the assets and income of the endowment shall be
  held and invested by the  comptroller  as  trustee  of  such  endowment,
  except such income as may be allocated or distributed by the comptroller
  pursuant  to  appropriation.  The  endowment  shall  consist  of amounts
  transferred into such  endowment,  and  any  other  amounts  as  may  be
  deposited in the endowment from other public or private sources. Amounts
  transferred to or deposited into the endowment shall be dedicated to the
  city  university  of  New York and the state university of New York, and
  shall be used for no other purpose and distributions from the  endowment
  shall  be  used to supplement, rather than supplant, appropriations from
  the state in support of the city university of New York  and  the  state
  university  of  New  York.  The  full  amount  of  the  principal of the
  endowment shall be preserved and annual payments shall be made from  the
  investment  earnings  of the endowment in support of the city university
  of New York and the state university of New York, to provide funding for
  purposes  including,  but  not  limited  to,  employment  of  additional
  full-time  faculty  members,  student  financial  aid to improve access,
  grants for research and development, and for additional higher education
  purposes as may be authorized.