NY S08314

Amends Education Law Section 4204-b to allow institutions for instruction of the deaf and blind to retain excess funds starting in the 2022-2023 school year and thereafter

Limits annual retention to a maximum of 1 percent of the institution's total allowable and reimbursable costs, with a cumulative cap of 4 percent

Retained funds are not recoverable during reconciliation and carry forward as reimbursable costs for calculating future tuition rates

Restricts use of retained funds to purposes authorized by the institution's governing board as allowable costs, with exception for payment of prior year outstanding debts

Requires institutions to submit annual reports detailing total retained fund balances, amounts retained and dispersed in prior school year, and required financial statements to the department