New York Higher Education Services Corporation

The board meeting agenda includes reports from the President and the Ethics Officer, an Audit Committee report, and the presentation of the Leadership Council. Key resolutions to be addressed include a proposed amendment to the regulation for the Get On Your Feet Loan Forgiveness Program and the formal recognition of Dr. Victor G. Alicea. The meeting will conclude with an announcement regarding the date for the subsequent Board of Trustees session.

The Board discussed various HESC updates, including the expansion of the Tuition Assistance Program, FAFSA completion rates, and website enhancements. The Audit Committee presented reports regarding risk and internal review schedules, financial standing for the 2025-2026 fiscal year, and the status of internal audits and recommendations. Resolutions were adopted to amend bylaws concerning contract signature authority and to repeal the Formal Investment Policy. Additionally, the President announced his retirement, and the date for the next meeting was scheduled.

The board discussed updates from HESC staff, including the successful implementation of the college access conference, improvements in call center services, and the expansion of digital student support tools. The audit committee chair provided a report, and the board reviewed proposed resolutions concerning HESP regulations. Additionally, the meeting included ethics training announcements regarding financial disclosure statements and mandatory annual training requirements.

The Board discussed HESC's operational highlights, including program expansions and improvements in college application and FAFSA completion rates. The Ethics Officer provided information on required annual training and financial disclosure obligations. The Audit Committee presented reports regarding risk management, internal controls, records retention, and budget projections for the upcoming fiscal years. The Board passed resolutions to amend bylaws concerning contract signing authority and to repeal the formal investment policy. Additionally, the President announced his upcoming retirement effective at the end of the year, with a transition plan in place.

The meeting agenda included staff updates, a report from the Audit Committee chair, and proposed resolutions concerning amendments to HESK regulations. Key discussions and actions involved the approval of the minutes from the May 14, 2025, meeting, a presentation highlighting successful outcomes from the previous year such as expanding the Tuition Assistance Program (TAP), fee waivers during college application month, and increased website usage. The Audit Committee report detailed progress on risk and internal control reviews, policy approvals, the transition of FFEL loan records, and financial updates indicating a reliance on the fund balance for fiscal year 2526 followed by a transition to general fund support in 2627. The committee also reviewed findings from ongoing audits. Finally, the Board adopted a resolution to amend the bylaws, allowing the acting director of financial administration to sign contracts up to $5 million, and another resolution to repeal the prior formal investment policy.