Each year, the budget for the residence halls and the apartments is reviewed extensively with three Rate Review Committees, whose members are selected by RHA, CARA, and SARA, respectively. The students on these committees review the details of all of the areas of expense the comprise the ~$75 million operating budget, apportioned between the four cost centers of the residence halls, and the West, Chapin and Schomburg Apartments. The recommendations of these committees are forwarded through the University’s decision making entities, and are given substantive consideration.
Many of the costs that comprise this budget are driven by formulas, and represent costs that are determined beyond the campus. The formulas, and the many other factors that result in the final budget numbers, are detailed in the footnotes associated with the various categories of expense, as detailed below. One major expense that must be covered by current residents is the debt service expense (the equivalent of a mortgage payment) on the funds borrowed to construct and renovate facilities. Stony Brook began major renovations of all residence halls and apartments in the early 1990’s, and new facilities have been added starting around that same time (Schomburg Apartments), in 2001 (Phase I of West Apartments), in 2004 and 2006 (Phase II of West Apartments), and in 2010 (the Nobel Halls), which have collectively added more than 2,200 beds. Our newest residential hall, 'Toll Drive', is set to open Fall of 2016, adding an additional 759 beds.